Stock Market Today: All You Need To Know Going Into Trade On July 10

Asian markets were set for mixed open on risk of higher interest rates and recession to a potential turning point for Chinese tech companies and constructive dialogue between Beijing and Washington.

Equity futures for Australia and Hong Kong rose earlier, while those for Japan slipped slightly. Friday’s session on Wall Street saw U.S. stocks close on the backfoot, two-year treasury yields fell while 10-year yields rose and a gauge of dollar strength slipping the most in more than three months.

The S&P 500 fell 1.2% over the shortened holiday week while the Nasdaq 100 slid 0.9%. Futures for these benchmarks fluctuated after the open of Asian trading. Traders will be closely watching this week’s U.S. consumer price print.

Meanwhile, Brent crude was above $78 a barrel and West Texas Intermediate was trading below to $74-mark. The yield on the 10-year U.S. bond was trading at 4.06%, whereas Bitcoin was above 30,000-level.

At 05:27 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 0.38% or 74 points at 19,474.

The S&P BSE Sensex ended 575.22 points, or 0.87%, lower at 65,280.42, while the NSE Nifty 50 fell 165.50 points, or 0.85%, to end at 19,331.80. On a weekly basis, the NSE Nifty 50 and S&P BSE Sensex gained for the second straight week by 0.74% and 0.87%, respectively. All sectors, except Nifty IT, advanced in trade this week, led by Nifty Media, Nifty PSU Banks, and Nifty SmallCap 100. The local currency weakened about 24 paise to close at 82.74 against the U.S. dollar on Thursday.

Overseas investors in Indian equities remained net buyers for the eighth day in a row on Friday. Foreign portfolio investors mopped up stocks worth Rs 790.4 crore. However, domestic institutional investors remained net sellers for the fifth straight day and offloaded equities worth Rs 2,964.2 crore.

• Reliance Industries: The conglomerate will reduce equity share capital held by shareholders in Reliance Retail Ltd. other than its promoter and holding company, Reliance Retail Ventures. The shares held by such shareholders shall be cancelled and extinguished upon reduction. A consideration of Rs 1,362 per share will be paid towards the capital reduction.
  

• Vedanta: The company has acquired two units of Twin Star Technologies, Vedanta Foxconn Semiconductors and Vedanta Displays, via share transfer, thus adding semiconductors and display glass ventures to its portfolio. The share purchase price of Vedanta Displays has a face value of Rs 5 lakh. The share purchase price of Vedanta Foxconn is at a face value of Rs 5 lakh, including net operating liabilities of about Rs 4 crore.
  

• Indian Oil Corporation: The company has agreed to raise capital up to Rs 22,000 crore by issuing equity shares on a rights basis. Separately, it inked a pact with Sun Mobility Singapore to form a 50:50 joint venture for the battery swapping business. Indian Oil will invest Rs 1,800 crore in equity till fiscal 2026–27. It will also invest $78.31 million in IOCL Singapore for the purchase of preference shares and warrants of Sun Mobility Singapore.
  

• Samvardhana Motherson International: The company has inked a contract to acquire a 100% stake in Rollon Hydraulics. The business will be housed under the company's precision metals and modules division.
  

• Aurobindo Pharma: The company’s unit, CuraTeQ Biologics, has inked an exclusive licencing agreement with U.S.-based BioFactura Inc. to sell the BFI-751 biosimilar. BFI-751 is a proposed biosimilar of Ustekinumab, which is a recombinant monoclonal antibody sold under the brand Stelera. It is used to treat Crohn's disease, ulcerative colitis, plaque psoriasis, and psoriatic arthritis. BioFactura will get licence fees up to $33.5 million. CuraTeQ will receive 57%–60% of the profits, depending on the markets. CuraTeQ will have global manufacturing rights for the Ustekinumab biosimilar.

• ITC: The conglomerate clarified a media report regarding the demerger of the hotel business. It said the company remains committed to implementing its 'asset-right' strategy with respect to the hotel business. It is committed to focusing on sweating existing assets, creating additional revenue streams, and pursuing alternate structures to enhance growth and value. ITC said it will inform regarding any material development of company affairs to the stock exchanges.   
  

• Suzlon Energy: The board of Suzlon Energy has approved a fund raising of Rs 2,000 crore via equity and debt instruments. Fundraising is subject to the approval of shareholders.

• Tata Motors Group Q1 Update (Year-on-Year)

  • Total global wholesales, including Jaguar Land Rover, rose 5% to 3.22 lakh.

  • Global wholesales of commercial vehicles and Tata Daewoo fell 15% to 88,456.

  • Global wholesales of passenger vehicles rose 8% to 1.40 lakh.

  • Global wholesales for Jaguar Land Rover were 93,253 vehicles.

  • Jaguar wholesales for Q1 were 10,324 vehicles, while Land Rover wholesales for the quarter were 82,929 vehicles.

• Sula Vineyards Q1 Update (Year-on-Year)

  • The company’s own brand sales went up 24% YoY, led by premiumisation 

  • The company estimates its net revenues will grow by 17%.

  • Elite, premium wines drove sales of the winemaker’s own brands, with the segment estimated to grow 24% to Rs 103.5 crore.

  • The company sold off its lowest-priced Heritage brand, which was only available in Karnataka.

  • The wine tourism business grew 11% to Rs 11.4 crore. There has been a 70% jump in visitor numbers to Domaine Sula winery, near Bengaluru.

• FSN E-Commerce Ventures (Year-on-Year)

  • Beauty and personal care category consumption remains strong despite a slowdown in discretionary spends

  • Expect the beauty and personal care segment to grow in the early twenties on a YoY basis in Q1.

  • Discretionary spending will improve with the revival of seasonal demand.

  • Nykaa Fashion's net sales value for the quarter is expected to grow in low to mid-teens on YoY basis.

  • For Q1 FY24, on a consolidated basis, company expects revenue to grow in the mid-twenties YoY.
    

• Cyient DLM: The shares of Cyient DLM will be listed on the exchanges on July 10, Monday. The issue price for the IPO was Rs 265 per share. The maiden share sale was subscribed 67.31 times with insituitional buyers leading the demand. The QIB portion was subscribed 90.44 times, whereas the HMI portion saw 45.05 times subscription. The retail portion was subscribed 49.22 times, whereas the basket reserved for employees was subscribed 2.45 times.

• Usha Martin: Societe Generale bought 16.6 lakh shares (0.5%) at Rs 279.99.

• PCBL: To meet investors and analysts on July 12.

• Kilburn Engineering: To meet investors and analysts on July 10.

• JSW Energy: To meet investors and analysts on July 14.

• Sterling and Wilson Renewable Energy: To meet investors and analysts on July 14.

• Inflame Appliances: To meet investors and analysts on July 10.

• Radico Khaitan: To meet investors and analysts on July 10.

• Balaji Amines

• Price Band Revised From 20% To 10%: Zee Media Corporation

• Ex-Date Dividend: LTIMindtree, Onward Technologies

• Move Into Short-Term ASM Framework: Black Box

• Move Out Of Short-Term ASM Framework: Ram Ratna Wires

• Chambal Fertilisers and Chemicals: Promoter Zuari Industries released a pledge of 3.7 lakh shares on July 5.

• Nifty July futures ended at 19,391.95, a discount of 144.15 points.

• Nifty July futures fell 5.61%, with 12,451 shares in open interest.

• Nifty Bank July futures ended at 45,003, a discount of 408.20 points.

• Nifty Bank July futures fell 4.41%, with 8,478 shares in open interest.

• Securities in the ban period: Bharat Heavy Electricals, Delta Corp., Granules India, India Cements

Indian rupee rose 0.28% to close at 82.74 against the U.S. dollar on Friday.