US - India trade deal is very close to announce, markets await details
Markets
in Asia Pacific region have been mixed during the morning session. Index
futures for equities in the US and Europe marginally rose while futures for
Hong Kong’s Hang Seng Index down 0.06%. Nikkei 225 is down 0.8% while South
Korean Kospi up 1.6% in the early morning. Wall Street ended at record while
the dollar sunk against most major currencies. The GIFT Nifty traded higher by
31.5 points or 0.12% at 25,632.5 in the morning, signalling a higher start to
Indian equities Earlier, Indian markets snapped a four-session rally as
investors rushed to take some profits off the table.
The
broader markets bucked the trend to gain around 50 basis points each, despite
the muted market sentiment seen in the benchmarks. Foreign institutional
investors (FII/FPI) were net sellers on June 30, selling shares worth Rs 832
crore, while domestic institutional investors (DII) were net buyers of shares
worth Rs 3,497 crore, provisional data showed.
Fundamental Update
- L&T - The company's subsidiary L&T
Energy Green Tech has incorporated a wholly owned arm, Panipat Green Hydrogen. Positive
- Hindustan Copper – It signed MoU with Coal
India to identify and evaluate opportunities in copper and critical minerals. Positive
- ESAF Small Finance Bank – It
transferred NPAs and technically written-off loans worth Rs 733.4 crore to an
asset reconstruction company for Rs 73.34 crore. Neutral
- Bharat Electronics – It secured additional orders
worth Rs 528 crore, including radars, EVMs, jammers, shelters, and control
centres. Positive
Technical
Update
- NIFTY
- The
Nifty index witnessed pull back of over 120 points to settle at 25,517 on
Monday. Index encountered profit booking at higher level. Index need to cross
25,750 for further decisive move. Today’s range – 25,450 – 25,750.
- BANKNIFTY - Bank nifty too slipped towards 57K to close at 57,312 on Monday. Index has been supported at 57,200 indicating likely resumption of upward journey. Today’s range – 57,000 – 57,800.
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