Stock Market Today: Top 10 things to know before the market opens on 3rd July
The market is likely to open flat today as the Gift Nifty indicates a muted start for the broader index, with a gain of 15 points after opening the session at 19,360 points.
On June 30, the 30-pack Sensex gained 803.14 points, or 1.26 percent, to close at a new high of 64,718.56.
The broad-based Nifty was up 216.90 points, or 1.14 percent, and saw its best closing at 19,189.
The Sensex touched fresh record highs of 64,768.58 and the Nifty at 19,201.70 intraday, while adding nearly 3 percent each for the week.
The pivot point calculator suggests that the Nifty may get support at 19,071, followed by 19,029 and 18,961, whereas in the case of an upside, 19,206 can be a key resistance area for the index, followed by 19,248 and 19,316.
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 gain of 15 points on Monday.
The futures stood at 19,360 points.
US Markets
Wall Street’s three major indexes advanced solidly on Friday, with the tech-heavy Nasdaq boasting its biggest first-half gain in 40 years as inflation showed signs of cooling while Apple closed with a $3 trillion market valuation for the first time.
Apple Inc breached the $3 trillion mark for the first time since January 2022, adding 2.3 percent to close at $193.97 after hitting a record of $194.48.
It was lifted by growing appetites for growth stocks generally as well as bets the iPhone maker will succeed in new markets.
The Nasdaq registered its strongest first-half performance in 40 years with a more than 31 percent gain.
The Nasdaq 100 index of top technology stocks boasted its biggest first half gain on record, adding around 39 percent.
The Dow Jones Industrial Average rose 285.18 points, or 0.84 percent, to 34,407.6, the S&P 500 gained 53.94 points, or 1.23 percent, to 4,450.38 and the Nasdaq Composite added 196.59 points, or 1.45 percent, to 13,787.92.
Asian Markets
Asia-Pacific markets rose as investors digest a slew of manufacturing activity reports from the region.
China’s Caixin manufacturing purchasing managers index will be released later in the day.
Economists polled by Reuters expect to see a slight expansion despite official government readings recording a third straight month of contraction.
Mainland China markets were higher: The Shanghai Composite gained 0.4 percent in its first hour of trade and the Shenzhen Component edged up 0.7 percent.
Hong Kong’s Hang Seng index rose 1.1 percent and the Hang Seng Tech index climbed nearly 2 percent.
Private surveys for factory activity in Japan, South Korea, Taiwan and India will be released today as well as for some countries in the ASEAN region.
Oil prices slip
Oil prices slipped in early Asian trade on Monday as global macroeconomic headwinds and possible further interest rate hikes from the U.S. Federal Reserves offset forecasts of tighter supplies amid OPEC+ cuts.
Brent crude futures dropped 20 cents, or 0.3 percent, to $75.21 a barrel by 0044 GMT after settling up 0.8 percent on Friday.
US West Texas Intermediate crude was at $70.41 a barrel, down 23 cents, or 0.3 percent, after closing 1.1 percent higher in the previous session.
Brent fell for the fourth straight quarter by the end of June while WTI notched a second quarterly drop as the world’s top two economies, the US and China, lost speed in the second quarter.
RBI’s huge dividend helps limit Centre’s April-May fiscal deficit to Rs 2.1 lakh crore
The Indian government’s fiscal deficit increased to Rs 2.10 lakh crore in April-May, according to data released by the Controller General of Accounts on June 30.
At Rs 2.10 lakh crore, the fiscal deficit for the first two months of the current financial year accounts for 11.8 percent of the full-year target of Rs 17.87 lakh crore.
The fiscal deficit in the first two months of 2022-23 was 12.3 percent of the target.
However, in May, the fiscal deficit was just Rs 76,692 crore – the second-lowest in 13 months and down from Rs 1.29 lakh crore in My 2022 – thanks to non-tax revenue more than tripling to Rs 1.24 crore.
The government’s tax revenue jumped sharply last month because of the far larger than expected dividend transferred by the Reserve Bank of India (RBI).
NDR Warehousing files draft InvIT papers to raise around Rs 1,500 crore; first by a warehousing co
Leading logistics solutions provider NDR Warehousing, which is backed by Bahrain’s Investcorp, has filed draft papers with Sebi to raise approximately Rs 1,500 crs via the InvIT or infrastructure investment trust route, multiple industry sources with knowledge of the matter told Moneycontrol.
If plans fructify, in terms of an asset class, this would be India Inc’s first ever InvIT listing by a warehousing company.
To be sure, TVS Logistics and Industrial Parks is also weighing a capital raise via the InvIT route.
“Yes, the filing of the draft documents has been done with the market regulator.
This will be a privately listed InvIT,” said one of the persons above.
A second person told Moneycontrol that the proceeds of the InvIT would be used to repay debt and fund construction of new projects.
India’s forex reserves drop $2.9 bn to $593.19 billion
India’s forex reserves dropped $2.901 billion to $593.198 billion in the week ended June 23, the Reserve Bank said on Friday.
The overall reserves increased by $2.35 billion to $596 in the previous reporting week.
It can be noted that in October 2021, the country’s forex kitty had reached an all-time high of $645 billion.
The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.
For the week ended June 23, the foreign currency assets, a major component of the reserves, decreased by $2.212 billion to $525.44 billion, according to the Weekly Statistical Supplement released by the RBI on Friday.
GST collections at Rs 1.61 lakh crore in June, up 11.7% from last year
The government collected Rs 1.61 lakh crore as Goods and Services Tax (GST) in June, the Ministry of Finance said on July 1.
This is the third-highest monthly mop-up ever since the new indirect tax regime was introduced exactly six years ago.
At Rs 1.61 lakh crore, the GST collected in June is 11.7 percent higher on a year-on-year basis and 2.8 percent higher than what was collected in May.
Of the total, Central GST was Rs 31,013 crore, State GST was Rs 38,292 crore, Integrated GST was Rs 80,292 crore, and compensation cess was Rs 11,900 crore.
IdeaForge Technology IPO closes, issue subscribed 106.05 times
The maiden public issue of IdeaForge Technology saw a robust demand among investors as the Rs 567-crore offer received bids for 49.3 crore equity shares against the IPO size of 0.46 crore shares.
The offer was subscribed 106.05 times on June 30, the final day of bidding.
The Securities and Exchange Board of India (Sebi) extended the subscription period by a day to June 30 as the market was closed on June 29. The issue opened on June 26.
Retail investors, who have 10 percent reservation in the issue size, have bought 85.16 times the portion set aside for them, while employees have bid 96.58 times the allotted quota of share.
A total of 13,112 equity shares are being reserved for company’s employees who will get the said shares at a discount of Rs 32 per share to the final issue price.
Gold Price Updates:
Gold prices edged lower in early Asian trade on Monday, helped by a slightly stronger U.S. dollar, with chances of more interest rate hikes by the Federal Reserve weighing on bullion’s appeal.
Spot gold was down 0.1 percent to $1,917.19 per ounce by 0053 GMT while U.S. gold futures fell 0.2 percent to $1,925.10.
Bullion in June ended 2.2 percent lower, also falling 2.5% for the second quarter, on expectations of a longer Fed rate hike path ahead.
Bymoneycontrol
