The Indian benchmark equity indices continued stay flat for a for today’s session as well, dragged/Pulled by share prices of SBI, Mahindra & Mahindra and Eicher Motors. The NSE Nifty 50 opened 18.70 points, or 0.07% Up at 25,230.75, while the BSE Sensex opened 119.05 points, or 0.14% up at 82,753.
U.S. President Donald Trump has said that the United States is “close” to finalizing a trade deal with India, with discussions currently ongoing. Speaking on Wednesday, he hinted that a deal could soon materialize, much like the one recently signed with another country.
This statement follows Trump’s earlier remarks where he mentioned that the U.S. is working with India in a manner similar to its recent negotiations with Indonesia. On Tuesday, the U.S. reduced tariffs on Indonesian goods to 19% as part of a new trade agreement. Trump indicated that a comparable outcome could be on the horizon for India, suggesting efforts to “open it up” and strengthen trade ties.
Global Markets
President Donald Trump clarified he has “no plans” to remove Federal Reserve Chair Jerome Powell, calming markets after earlier remarks from a White House official suggested he might seek Powell’s ouster. The initial speculation triggered a dip in the U.S. dollar, stocks, and Treasury yields before Trump’s comments helped stabilize sentiment.
Wednesday’s market movements highlighted how sensitive Wall Street could be to any attempt to replace Powell, a move analysts warn could shake global financial markets. Trump has frequently criticized Powell for not cutting interest rates and for the costs related to renovating the Fed’s Washington headquarters.
On trade, Trump took a softer tone toward China in hopes of arranging a summit with President Xi Jinping and securing a deal. He also announced plans to notify over 150 countries about new tariff rates, which could be set at 10% or 15%.
- The S&P 500 Index closed up 19.94 points, or 0.32%, at 6,263.70.
- The Dow Jones Industrial Average closed up 231.49 points, or 0.53%, at 44,254.78.
- The FTSE 100 closed down 11.77 points, or 0.13%, at 8,926.55.
- DAX closed down 50.91 points, or 0.21%, at 24,009.38.
Asian Indexes
Asian markets opened on a cautious note, lacking clear direction after a choppy trading session in the U.S. Investors remain uncertain amid ongoing speculation about the future of Federal Reserve Chair Jerome Powell.
- Nikkei Down 0.15%
- Hang Seng Down 0.13%
- Kospi Down 0.24%
Commodities Market
- WTI crude is trading at $66.81, up 0.65% for the day.
- Brent crude is at $68.86, up 0.48%.
- Gold is up 0.01% and now trading at Rs. 9,857 per gram.
- Silver is up 0.01% and now trading at Rs. 1,11,651 per kg.
- Copper is down 0.32% and now trading at Rs. 881.25 per kg.
Results to Watch – July 17
A host of major companies are set to announce their quarterly results today. Key names include Axis Bank, Wipro, Jio Financial Services, and LTIMindtree. Other notable firms reporting earnings include HDFC Asset Management, 360 ONE WAM, Alok Industries, Ceat, Clean Science, Indian Hotels, Nuvoco Vistas, Polycab India, Shoppers Stop, South Indian Bank, Sunteck Realty, Sterling and Wilson Renewable Energy, Tata Communications, and Waaree Renewable Technologies.
To be announced Today
On Thursday, Europe is set to release its core CPI figures, offering insight into inflation trends. In the U.S., key data includes core retail sales, jobless claims, and both export and import price indices. The UK will report its latest unemployment rate. Markets will also keep a close eye on speeches from Fed Governor Christopher Waller and FOMC member Mary Daly.
Stocks to Watch
- Maruti Suzuki India: Maruti has added six airbags as standard in Ertiga and Baleno models. This led to a price hike of 1.4% for Ertiga and 0.5% for Baleno from July 16.
- State Bank of India (SBI): Launched its QIP issue with a floor price of ₹811.05, which is below its last close. It may offer up to 5% discount on this floor price.
- Godrej Properties: Godrej has entered Raipur by acquiring 50 acres for a premium residential project. It expects to develop around 9.5 lakh sq. ft. of saleable area.
- Hindustan Zinc: The government has named Hindustan Zinc the preferred bidder for a mineral block in Rajasthan. The block spans over 1,841 hectares.
- Zydus Lifesciences: Zydus’ Gujarat facility cleared a USFDA assessment for Atorvastatin tablets. No observations were issued, and the site is recommended for approval.
- Emcure Pharmaceuticals: Emcure signed an exclusive deal with Sanofi India to market its oral anti-diabetic drugs in India. The agreement is now effective.
- JSW Energy: The Supreme Court restored Himachal Pradesh’s right to 18% free power from JSW Hydro’s 1,045 MW project. This overturned a previous 13% cap by the High Court.
- Lupin: Lupin has launched an eye-drop drug, Loteprednol Etabonate, in the US market. The product has an estimated $55 million market there.
- Infosys: Infosys opened an innovation lab in Germany focused on SAP and AI solutions. It aims to help clients explore data-driven innovations.
- Reliance Power: The company plans to raise up to ₹6,000 crore via equity and ₹3,000 crore through NCDs. The move supports its funding needs.
- Nazara Tech: Nazara’s subsidiary Nodwin Gaming is raising new funds, with Nazara not participating. This will bring its stake below 50% as it focuses on core IPs.
- PNC Infratech: PNC has emerged as the lowest bidder for NHPC’s 1,200 MW solar project. This strengthens its renewable energy portfolio.
- Glenmark Pharma: Glenmark expects its investigational drug ISB 2301 to enter trials by 2027. It continues investing around $70 million annually in oncology R&D.
- Waaree Renewable Technologies: The company clarified it has no knowledge of recent share volume spikes. It attributed the surge to general market activity.
- Manali Petrochemicals: The company has launched a new Propylene Glycol facility in Chennai. This marks a boost in its chemical manufacturing capabilities.
- SRF: SRF’s board will meet on July 23 to consider raising ₹750 crore via NCDs. This is aimed at funding future growth.
- Godawari Power & Ispat: The company received clearance to set up a 2 million tonne steel plant in Raipur. This boosts its manufacturing footprint.
- MedPlus Health: One of its stores in Maharashtra faced a drug licence suspension. The reason for suspension wasn’t disclosed.
- LTIMindtree: The company has dissolved its step-down subsidiary Syncordis. The move is part of internal restructuring.
- Neogen Chemicals: Neogen received an additional ₹30 crore insurance payout related to a fire. Total claims received now stand at ₹80 crore.
- Omaxe: Omaxe has allotted ₹39.8 crore worth of NCDs via private placement. This provides additional working capital.
- Capital India Finance: The company approved a plan to raise ₹50 crore via NCDs. The funds will be raised through private placement.
- TVS Motor: TVS launched its Apache RTR 310 motorcycle, starting at ₹2.39 lakh. It adds to the brand’s premium bike lineup.
- Shipping Corporation of India: SCI’s subsidiary got stamp duty exemption from Maharashtra for its demerger plan. This facilitates the restructuring process.
Bulk Deal
Marathon Nextgen Realty saw a stake purchase by Sageone Investment Managers, which acquired 3.7 lakh shares which is equivalent to a 0.79% stake at a price of Rs 740 per share.
Main Board IPO listing today:
- Smartworks Coworking Spaces: Smartworks will debut its mainboard IPO on July 17, with its shares priced at Rs 407 each. The company’s Rs 582.56-crore IPO saw strong demand, being subscribed 13.45 times on the final day of bidding. The listing adds to the growing coworking sector’s public presence.
Written By Fazal Ul Vahab C H
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