Stock Market Today: Top 10 things to know before the market opens on 24th july

The market is likely to see a flat opening as the GIFT Nifty indicates a muted start for the broader index, with a loss of 21 points at 19,745.50.

On July 21, the Sensex tanked 888 points to 66,684, while the Nifty50 declined 234 points to 19,745, and formed a bearish candlestick with long upper shadow on the daily charts.

On the hourly charts, the index took support at 50-day exponential moving average (19,704) and on the daily charts, it defended 19,700, which can be immediate support.

The pivot point calculator suggests that the Nifty may get support at 19,706 followed by 19,662 and 19,590.

In case of an upside, 19,849 can be the key resistance area followed by 19,893 and 19,965.

Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today.

We have collated a list of important headlines across news platforms, which could impact Indian as well as international markets.

GIFT Nifty

The GIFT Nifty indicates a flat start for the broader index with a loss of 21 points on Monday. The futures stood at 19,745.

US Markets

S&P 500 futures were little changed Sunday evening as investors awaited a batch of key earnings reports and a major policy decision from the Federal Reserve.

Futures tied to the broad market index ticked lower by 0.07 percent.

Dow Jones Industrial Average futures were lower by 37 points.

Nasdaq 100 futures gained 0.03 percent.

On Friday, the blue-chip Dow eked out a 2.51-point gain, finishing higher for the 10th day in a row and marking its longest rally since 2017.

The S&P 500 finished the week up by 0.7 percent at 4,536.34, while the Nasdaq Composite fell 0.6 percent in the same period to 14,032.81.

On a weekly basis, the S&P 500 added 0.69 percent, while the Dow gained 2.08 percent.

It was the second positive week in a row for the two indexes. The Nasdaq fell 0.57 percent for the period.

European Markets

The pan-European Stoxx 600 closed 0.3 percent higher, with most sectors in positive territory.

Household goods added 1.2 percent to lead gains, while mining stocks shed 1.5 percent.

Shares in Asia-Pacific were mixed on Friday as investors reacted to Japanese inflation figures, with the core consumer price index rising slightly in June from the previous month.

Back in Europe, UK Prime Minister Rishi Sunak’s Conservative Party suffered a heavy blow in a series of by-elections on Thursday night, losing two seats in Parliament to the main opposition Labour Party and centrist Liberal Democrats.

The results were ominous for Sunak’s ruling party as it looks ahead to a general election in 2024.

FTSE closed 0.23 percent higher at 7663 points. DAX closed 0.17 percent lower at 16,177 points.

Asian Markets

Asia-Pacific markets were mixed on Monday ahead of a slew of economic data from the region, including inflation numbers from Malaysia and Singapore.

In Japan, the Nikkei 225 gained 0.95 percent to start the week, while the Topix was also 0.57 percent up. Japan will also release private surveys for its purchasing managers index in July.

In Australia, the S&P/ASX 200 added 0.13 percent, after the country saw flash estimates for its composite PMI in July fall into a contraction territory for the first time since March.

South Korea’s Kospi was down 0.44 percent, while the Kosdaq saw a 1.07 percent loss after reaching its highest level since April 2022 last week.

Hong Kong’s Hang Seng index looks set to start the week lower, with futures at 18,953 compared to the HSI’s last close of 19,560.57.

Five of India Inc top-10 add Rs 4.23 lakh crore to market valuation 

Five of the top-10 most valued firms together added Rs 4,23,014.4 crore to their market valuations last week, with major contributions coming in from HDFC Bank, which recently completed the merger with its mortgage financier parent HDFC.

HDFC Bank on July 20 became the second most valuable company in the country by market capitalisation, overtaking IT behemoth Tata Consultancy Services.

Last week, the 30-share BSE Sensex jumped 623.36 points or 0.94 percent.

While HDFC Bank, ICICI Bank, ITC, State Bank of India and Bajaj Finance were the gainers, Reliance, Tata Consultancy Services (TCS), Hindustan Unilever, Infosys and Bharti Airtel suffered erosion from their market valuation last week.

HDFC Bank’s market valuation jumped Rs 3,43,107.78 crore to reach Rs 12,63,070.52 crore.

The market capitalization of State Bank of India zoomed Rs 27,220.07 crore to Rs 5,48,819.01 crore, and that of ICICI Bank jumped Rs 24,575.78 crore to Rs 6,97,413.50 crore.

ITC added Rs 21,972.81 crore, taking its valuation to Rs 6,09,924.24 crore.

The market capitalization of Bajaj Finance climbed Rs 6,137.96 crore to Rs 4,59,425.99 crore. However, the market valuation of Reliance Industries fell by Rs 1,37,138.56 crore to Rs 17,15,895.17 crore.

Indraprastha Gas Q1 Results: Net profit jumps 4% to Rs 438.5 crore, misses estimates

Indraprastha Gas Ltd (IGL) on July 23 reported a net profit of Rs 438.5 crore for the first quarter of fiscal year 2023-24, which is 4 percent higher as compared to Rs 421.2 crore recorded in the year-ago period.

Sequentially, the net profit has jumped by 32.9 percent as it stood at Rs 330 crore in the quarter ending March 31, 2023.

The net profit clocked by IGL in Q1FY24, at Rs 438.5 crore, has fallen 5.3 percent short of the CNBC TV-18 poll estimate of Rs 463 crore.

During the quarter under review, the company reported net revenue from operations at Rs 3,406.98 crore, which is 7 percent higher than Rs 3,193.85 crore recorded in Q1FY23.

Sequentially, the revenue was down by 7.6 percent, as it had come in at Rs 3,685 crore in the fourth quarter of the last fiscal.

Bain Capital seals deal to acquire Adani Capital; Gaurav Gupta to stay on as MD

Top global private equity firm Bain Capital has entered into a definitive agreement to acquire 90 percent of Adani Capital and Adani Housing.

The transaction will buy out 100 percent of the Adani family’s private investments in the company, with Gaurav Gupta fully rolling his stake in the company and continuing to serve as Managing Director and CEO.

On May 26, 2023, Moneycontrol was the first to report that Adani Capital had mandated Avendus, was in stake sale mode to raise around Rs 1,500 crore via a primary and secondary issuance of shares and had initiated discussions with private equity suitors for the same.

Oil Prices 

Oil prices rose more than a dollar per barrel on Friday, buoyed by growing evidence of supply shortages in the coming months and rising tensions between Russia and Ukraine that could further hit supplies.

Brent crude futures rose $1.43, or 1.8 percent, to settle at $81.07 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose $1.42, or 1.9 percent, to settle at $77.07 a barrel, the highest since April 25.

Dollar Index

The Dollar index traded 0.20 percent higher in futures at 101.09, whereas the value of one dollar hovered near Rs 82.07.

Gold 

Gold prices advanced to their highest in about two months on Thursday, driven by U.S. dollar’s weakness and growing expectations that the Federal Reserve would conclude its aggressive rate-hiking cycle at its meeting next week.

Spot gold gained 0.2 percent to $1,980.59 per ounce, close to its highest since May 17 at $1,987.39. US gold futures also rose 0.2 percent to $1,984.10 per ounce.

FIIs and DIIs

Foreign institutional investors (FII) sold shares worth Rs 1,998.77 crore, whereas domestic institutional investors (DII) bought shares worth Rs 1,290.73 crore on July 21, provisional data from the National Stock Exchange (NSE) shows.