Market update at 11 AM: Sensex is down 266.08 points or 0.49% at 54215.76, and the Nifty shed 68.10 points or 0.42% at 16152.50.
Banking, auto and capital goods can be the new pack of wolves for the next 3 to 5 years, suggest PMS AIF thought leaders
Growth in capex in the coming years will be driven by data centres, renewable energy, robotics & automation, and efficiency-driven capex.
L&T bags orders:The Buildings & Factories (B&F) Business of L&T Construction has secured contracts from various important clients. B&F has secured orders from renowned Data Center Service providers to construct Data Centers of a total capacity of 10.8 MW at Mumbai and Navi Mumbai within stringent timelines.
Motilal Oswal View on TCS
Increase in interest rates, slow economic growth, and elevated geo-political tensions have impacted the macro environment and raised concerns over IT spends.
Given TCS’ size, order book, and exposure to long duration orders, and portfolio, it is well positioned to withstand the weakening macro environment and ride on the anticipated industry growth.
TCS has consistently maintained its market leadership position and shown best-in-class execution. It allows the company to maintain its industry-leading margin and demonstrate superior return ratios.
We maintain our positive stance on TCS. Our target price of Rs 3,730 implies 28x FY24E EPS, with a 14 percent upside potential. We reiterate our Buy rating.
Buzzing:
Avenue Supermarts share price added nearly 4 percent in early trade on July 11 after the company came out with its June quarter earnings.
The DMart operator on July 9 reported a massive 490 percent year-on-year growth in standalone profit for the quarter ended June.
The standalone profit jumped to Rs 680 crore during the June quarter, up from Rs 115 crore in the corresponding period last fiscal. Sequentially, the profit rose nearly 46 percent.
Standalone revenue from operations grew 95 percent year-on-year to Rs 9,807 crore during the quarter ended June. On a sequential basis, revenue growth stood at 14 percent.
Gold Prices Today: Precious metals look oversold, recovery expected but with limited upside
Gold has support at Rs 50,400 and resistance at Rs 51,300. Silver has support at Rs 56,000 and resistance at Rs 58,400, Nirpendra Yadav of Swastika Investmart said
India inflation likely held steady just above 7% in June – Reuters poll
India’s retail inflation likely held steady in June, but well above the Reserve Bank of India’s tolerance limit for a sixth month as lower fuel and cooking oil prices offset higher services and food costs, a Reuters poll found.
Despite a substantial recent increase in food prices, rising at the fastest pace in nearly two years, overall inflation was partly contained after the government cut taxes on petrol and diesel and imposed restrictions on food exports.
But most economists warned the near-term outlook was highly uncertain as a heatwave last month pushed up vegetable prices. The government has also cut estimates of wheat production because of dry spells in northern India.
The July 4-8 Reuters poll of 42 economists showed inflation as measured by the consumer price index (CPI) was steady at an annual 7.03 per cent in June, versus 7.04 per cent in May.
Forecasts for the data, due at 1200 GMT on Thursday, July 7, were in a 6.45 per cent-7.70 per cent range.
Buzzing:
Shares of Bharti Airtel tanked nearly 5 percent in early deals on July 11 following the reports that Adani Group may enter the telecom space, which may lead another round of disruption in the market.
An Adani Group entity has joined the race to acquire 5G telecom spectrum, which would pit it against Mukesh Ambani’s Reliance Jio, Sunil Bharti Mittal’s Airtel and Vodafone-Birla Group joint venture Vi.
However, Adani Group in a statement clarified that its intention to acquire 5G spectrum is to provide a private network for airports and its ports business and not providing mass telecom services.
Market sustains uptrend for 3rd straight week: Top 10 trading ideas for next 3-4 weeks
A formation higher bottoms on the weekly chart and last week’s low at Rs 381 could be considered as a new higher bottom of the sequence for KEC International. Weekly 14 period RSI (relative strength…
Market at 10 AMBenchmark indices were trading lower with Nifty around 16150.The Sensex was down 288.78 points or 0.53% at 54193.06, and the Nifty was down 70.60 points or 0.44% at 16150. About 1584 shares have advanced, 1179 shares declined, and 155 shares are unchanged.
Bank of Korea to hike rates by historic 50 bps
South Korea’s central bank will deliver its first-ever 50 basis point rate rise to 2.25% on Wednesday, turning up the heat on a rate-hiking campaign as inflation tops a 24-year high and has yet to peak, a Reuters poll showed on Monday.
One of the first central banks to start raising rates, in August 2021, the Bank of Korea is still grappling with inflation, which reached 6.0% in June, the highest since November 1998 when an Asian financial crisis was in full swing.
Hang Seng Index is down nearly 3%, as China’s Alibaba, Tencent got regulatory fine over past transactions.
