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#OnCNBCTV18 | US recession fears likely to stay in the near term. India has the ability to generate more domestic demand, says Chetan Ahya of Morgan Stanley pic.twitter.com/0DJ8RGsFg0— CNBC-TV18 (@CNBCTV18Live) July 8, 2022
June Mutual Fund data: Net equity inflow at Rs 15,480 crore against Rs 17,669 crore (MoM). Hybrid fund outflow at Rs 2,279.4 crore against Rs 5,123.2 crore inflow (MoM). Liquid fund outflow at Rs 15,783 crore against Rs 1,777 crore inflow (MoM). ETF inflow at Rs 5,359 crore against Rs 6,056 crore inflow (MoM). Credit risk outflow at Rs 482 crore against Rs 730 crore outflow (MoM). Total debt scheme outflow at Rs 92,248 crore against Rs 32,722 crore outflow (MoM). Corporate bond fund outflow at Rs 9,086 crore against Rs 2,147 crore outflow (MoM). Total assets under management at Rs 35.64 lakh crore against Rs 37.22 lakh crore (MoM).
Market update at 11 AM: Sensex is up 287.34 points or 0.53% at 54465.80, and the Nifty added 77.60 points or 0.48% at 16210.50.
Nifty Metal index shed 0.5 percent dragged by the Jindal Steel, Tata Steel, SAIL India
BSE Information Technology index rose 0.7 percent supported by the Nucleus Software Exports, RateGain Travel Technologies, Cyient
AAV Ranga Raju acquires 2.87% stake of NCC via preferential allotment, reported CNBC-TV18.
Sharekhan View on Titan Company
Titan is aiming to generate revenue CAGR of over 20% revenue during FY2022-FY2027 on back of its ambitious growth plan in the medium term. This along with consistent margin improvement will help cash flows to improve strongly in the coming years.
FY2023 will be a strong year for the company due to low base in core businesses. The stock has corrected by ~15% in the past three months, in-line with substantial correction in the broader indices. The company’s strong growth outlook, industry tailwinds in the medium term, and strong balance sheet make it a best play in the retail space. Hence, we maintain our Buy recommendation on the stock with an unchanged price target (PT) of Rs 2,900.
Pritam Patnaik, Head – Commodities, HNI and NRI Acquisitions, Axis Securities:
Gold prices had a brief respite from the massive drubbing the prices have witnessed in the last few weeks . A softening dollar, lower bond yields and a strong technical support at $1730 have facilitated stabilization in gold prices.
Additionally, a rather poor US jobs data, further facilitate in stalling the falling gold prices. The number of Americans filing new claims for unemployment benefits unexpectedly rose last week, with layoffs surging to a 16-month high in June.
As the Fed continues with its aggressive monetary policy, pushing economy towards recession, the macro numbers are going to come in weak, which in turn could be supportive for gold bargain hunters.
Gold Prices Today: Short covering likely in precious metals ahead of US jobs data
Tapan Patel, Senior Analyst (Commodities), HDFC Securities expects gold prices to trade sideways to up for the day with COMEX Spot gold support at $1730 and resistance at $1760 per ounce. MCX Gold…