The Indian benchmark equity indices continued to fall for the 3rd session as well, dragged down by share prices of Axis Bank and Wipro earnings. The NSE Nifty 50 opened 2.9 points flat at 25,108.55, while the BSE Sensex opened 65.62 points, or 0.07% down at 82,193.62.
High valuations and weaker-than-expected earnings, particularly from the IT sector, are delaying market recovery. Investors are now closely watching Reliance Industries, which is scheduled to announce its Q1 results later today.
Global Markets
- U.S. stocks edged higher on Thursday, supported by encouraging economic data and solid corporate earnings. The market rally reflected growing investor confidence in the strength of the economy despite ongoing global uncertainties.
- Fresh data added to the upbeat sentiment. Weekly jobless claims fell to 221,000, a decline of 7,000 from the previous week, signalling continued labour market strength. Retail sales rose 0.6% in June, triple the 0.2% gain forecast by Dow Jones, highlighting resilient consumer spending.
- The S&P 500 Index closed up 33.66 points, or 0.54%, at 6,297.36.
- The Dow Jones Industrial Average closed up 229.71 points, or 0.52%, at 44,484.49.
- The FTSE 100 closed up 46.09 points, or 0.52%, at 8,972.64.
- DAX closed up 361.55 points, or 1.51%, at 24,370.93.
Asian Indexes
MSCI’s All Country Asia Index rose on Friday, following Wall Street’s gains as strong U.S. economic data and solid corporate earnings helped ease concerns over tariffs. On the other hand, the yen weakened for a second straight week ahead of Japan’s upper house elections. Japan’s core inflation slowed in June due to temporary utility bill cuts but remained above the Bank of Japan’s 2% target, with rising living costs, including soaring rice prices, affecting public sentiment.
- Nikkei down 0.31%
- Hang Seng up 0.96%
- Kospi Down 0.46%
Commodities Market
- WTI crude is trading at $67.4, down 0.21% for the day.
- Brent crude is at $69, up 0.17%.
- Gold is down 0.21% and now trading at Rs. 9,835 per gram.
- Silver is up 0.07% and now trading at Rs. 1,12,408 per kg.
- Copper is up 0.02% and now trading at Rs. 882.80 per kg.
Results to Watch – July 18
Several companies are scheduled to announce their quarterly results, including Reliance Industries, JSW Steel, Bandhan Bank, Aarti Drugs, Atul, Hindustan Zinc, IndiaMART InterMESH, Indian Overseas Bank, L&T Finance, Mahindra EPC Irrigation, Mastek and Mangalore Refinery and Petrochemicals.
To be announced today
Europe is set to release its current account and construction output figures. In India, updates on bank loan growth and foreign exchange reserves are expected. Meanwhile, the US will publish several indicators, including Housing Starts and Building Permits.
Stocks to Watch
- Afcons Infra: Afcons emerged as the lowest bidder for two highway construction contracts worth Rs 4,535 crore from Croatian Motorways.
- Allied Blenders and Distillers: The Bombay High Court ordered the company to maintain the status quo on the product launch and continue using the ‘Mansion House’ and ‘Savoy Club’ brands.
- Ambuja Cements: Received NSE’s no-objection letter for its scheme of arrangement with Sanghi Industries.
- Bajaj Auto: Subsidiary Bajaj Auto Credit received board approval to issue NCDs up to Rs 5,000 crore and commercial papers up to Rs 3,000 crore.
- Bharat Forge: Subsidiary Kalyani Strategic Systems formed a joint venture named Aegis Advanced Systems SL in Spain.
- Delhivery: Received Competition Commission of India approval for acquiring Ecom Express.
- EMS: Bagged an electrical works order worth Rs 19.46 crore from Deltabulk Shipping India.
- HAL (Hindustan Aeronautics): Received first set of LCA Mk1A wing assemblies from Larsen & Toubro.
- Hariom Pipe Industries: To temporarily shut its Telangana-based facilities from July 20–30 for maintenance.
- IndoStar Capital Finance: Completed sale of Niwas Housing Finance to EQT affiliate Witkopeend B.V. for Rs 1,705.95 crore.
- Inox Wind: Approved raising up to Rs 1,250 crore through a rights issue.
- Lupin: USFDA issued Form 483 with four observations after inspecting Pithampur Unit-2 (July 8–17) and three observations for Unit-3 (July 7–17). Also received GMP certification from Australia’s TGA for its Dabhasa API facility.
- Mahindra & Mahindra: Approved full participation in Mahindra Logistics’ Rs 749 crore rights issue at Rs 277 per share, including additional and unsubscribed shares.
- Orchid Pharma: Executed deed of hypothecation with HDFC Bank to secure Rs 143 crore credit for its Cefiderocol Project.
- One 97 Communications (Paytm): Incorporated a new step-down subsidiary in Saudi Arabia under the Paytm brand.
- Satin Creditcare: Allotted 4,410 non-convertible debentures worth Rs 44 crore.
- Seamec: Drydock work for vessel SEAMEC II is progressing; efforts are underway to avoid delays.
- South Indian Bank: Approved fundraising of Rs 1,000 crore through bonds.
- Sun Pharma: Incorporated a new subsidiary, Sun Pharma (Hainan), in China.
- Tracxn Technologies: Raised buyback price to Rs 75 per share and reduced buyback quantity to 10.67 lakh shares (0.99% of equity).
- Veranda Learning Solutions: Launched QIP on July 17 with a floor price of Rs 236.92 per share.
Bulk Deal
- Capital Small Finance Bank: Prashant Jain and his wife, Seema Jain, through Tikri Partners LLP, acquired 10 lakh shares of Capital Small Finance Bank at Rs 280 per share, securing a 2.21% stake in the company.
Written By Fazal Ul Vahab C H
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