Stock Market Today: Top 10 things to know before the market opens on 31st july
The market is likely to see a flat opening for the GIFT Nifty with a loss of 3 points for the index trading at 19,788.
On July 28, the BSE Sensex dropped 106 points to 66,160, while the Nifty50 slipped 14 points to close at 19,656, despite a bullish trends in global peers.
The loss was led by banking and financial services, auto, FMCG, oil and gas, and select IT stocks.
The pivot point calculator suggests that the Nifty may get support at 19,584, followed by 19,553 and 19,502.
In case of an upside, 19,686 could be the key resistance followed by 19,717 and 19,768.
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 0.01 percent on Monday.
The futures stood at 19,788 points.
US Markets
Stock futures gained slightly in overnight trading Sunday as the market is poised to wrap up trades for July with strong gains.
Futures on the Dow Jones Industrial Average inched up 34 points, S&P 500 futures climbed 0.2 percent and Nasdaq 100 futures traded 0.4 percent higher.
The S&P was up 3 percent in July, on pace for its fifth positive month in a row for the first time since its seven-month streak ended August 2021.
The tech-heavy Nasdaq Composite has gained 3.8 percent month-to-date, also on track for its fifth straight winning month.
The blue-chip Dow is up 3.1 percent in July.
Last week, the 30-stock average posted a 13-day advance that matched the index’s longest streak of gains going back to 1987.
“This bull market is no longer just a mega-cap story.
A new chapter of broadening participation has developed,” said Adam Turnquist, chief technical strategist at LPL.” Relatively resilient economic data in the U.S., receding inflation pressures and expectations for the end of the Federal Reserve’s rate-hiking campaign have underpinned a notable expansion in market breadth since early June.”
European Markets
European stocks closed slightly lower Friday as investors processed a week of earnings and central bank decisions.
The Stoxx 600 index closed 0.2 percent lower, with most sectors in negative territory.
Media stocks led the losses, down around 1.3 percent.
The Bank of Japan on Friday kept its negative interest rate intact but announced it would allow “greater flexibility” in its target range for 10-year Japanese government bond yields — a move seen by some analysts as a signal for an eventual policy shift, though how significantly remained unclear.
FTSE closed 0.02 percent higher at 7694 points.
DAX closed 0.39 percent higher at 16469 points on Friday.
Asian Markets
Asia-Pacific markets rose ahead of business activity data and inflation reports from countries around the region this week.
Futures for Hong Kong’s Hang Seng index stood at 20,160, pointing to a stronger open compared to compared to the HSI’s close of 19,916.56.
This would be the first time that the HSI breached the 20,000 mark in over a month.
Japan’s Nikkei 225 popped 1.11 percent at the open, while the Topix saw a larger gain of 1.27 percent.
South Korea’s Kospi opened 0.65 percent up and the Kosdaq climbed 1.21 percent.
Australia’s S&P/ASX 200 also rose 0.22 percent, as investors prepare for the Reserve Bank of Australia’s rate decision on Tuesday, with economists polled by Reuters expecting a 25 basis points hike in its benchmark policy rate to 4.35 percent.
ITC, HDFC Bank lead 7 of India Inc Top 10 in Rs 77,434.98-crore loss to market valuation
The combined market valuation of seven of the top-10 most valued firms fell by Rs 77,434.98 crore last week, with ITC and HDFC Bank taking the biggest hit, in line with a muted trend in equities.
Last week, the BSE benchmark fell by 524.06 points or 0.78 per cent.
While Reliance Industries, HDFC Bank, Tata Consultancy Services (TCS), ICICI Bank, Hindustan Unilever, ITC and Bajaj Finance Limited were the main laggards in the top-10 pack, Infosys, State Bank of India and Bharti Airtel made gains in their market capitalization (mcap).
The valuation of ITC fell by Rs 26,192.05 crore to Rs 5,83,732.19 crore.
HDFC Bank’s mcap declined by Rs 22,747.89 crore to Rs 12,40,322.63 crore and that of Bajaj Finance plunged Rs 12,127.47 crore to Rs 4,47,298.52 crore.
NTPC Q1 result: Net profit rises 9.4% YoY to Rs 4,066 crore
State-run power generator NTPC reported a standalone net profit of Rs 4,066 crore for the first quarter of financial year 2023-24, which is up by 9.4 percent as compared to Rs 3,717 crore clocked in the year-ago period.
The total revenue from operations came in at Rs 39,122 crore in the June 2023 quarter, down 2.3 percent as compared to Rs 40,026 crore reported in the corresponding quarter of the previous fiscal year, as per the results declared by the company on July 29.
FPIs’ buying spree continues; invest Rs 45,365 cr in equities in July
Foreign portfolio investors (FPIs) continue with their buying spree in July with a net infusion of Rs 45,365 crore in Indian equity markets on stable macroeconomic fundamentals and steady earnings growth.
However, it appears that the momentum of buying has slowed down and FPIs turned sellers during the two trading days ahead of the US Federal Reserve meeting on July 26.
“The US Fed signalled the possibility of more hikes going ahead and ruled out the likelihood of rate cuts any time soon.
The potential impact of rate hikes on global liquidity would have led foreign investors to re-evaluate their investment decisions,” Himanshu Srivastava, Associate Director – Manager Research, Morningstar India, said.
Oil Prices
Oil prices were steady on Friday, but on track for a fifth straight week of gains with investors optimistic healthy demand and supply cuts will keep prices buoyant.
Bolstered by supply cuts from the OPEC+ alliance announced earlier this month, both oil benchmarks are on track for a 3.6 percent weekly increase – a fifth straight week of gains.
By 1229 GMT, Brent crude slipped 9 cents to $84.15 a barrel, while U.S. West Texas Intermediate (WTI) crude dipped 3 cents to $80.06 a barrel.
Dollar Index
The Dollar index traded 0.07 percent lower in futures at 101.70, whereas the value of one dollar hovered near Rs 82.26
Gold
Gold regained some ground on Friday as the dollar retreated, but still headed for its worst week in five after data pointing to a resilient U.S. economy soured bets for a dovish tilt in U.S. monetary policy.
Spot gold rose 0.6 percent to $1,956.69 per ounce by 1133 GMT, up from its lowest since July 12. U.S. gold futures gained 0.5 percent to $1,955.70.
FIIs and DIIs
Foreign institutional investors (FII) sold shares worth Rs 1,023.91 crore, while domestic institutional investors (DII) purchased Rs 1,634.37 crore worth of stocks on July 28, provisional data from the National Stock Exchange (NSE) shows.
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