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V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
The recovery in Nifty and Nifty Midcap by 6% and 10% respectively from their recent lows indicates the resilience of the markets and its potential to scale newer heights under a favorable macro construct.
The present rally is driven partly by expectations that given the steady decline in commodity prices inflation will start showing a declining trend enabling central banks to go a bit slow on hiking rates, and partly by short covering.
It is quite probable that central banks may not tighten policy as much as the market feared earlier. If emerging data indicates the possibility of a soft landing for the US economy, the rally may gather momentum. Therefore, commodity prices have to be closely watched.
Daily Voice | Better to bet on commodity users rather than producers now, says Kotak Mahindra AMC Equity CIO Harsha Upadhyaya
The June quarter’s results are unlikely to bring in any positive surprises as commodity cost inflation likely impacted corporate profitability margins across many sectors, says the President & Chief…
BSE Capital Goods index up 1 percent led by the L&T, Bharat Electronics, Timken India
Shriram City Union Finance gets shareholders’, creditors’ nod for merger
Shriram City Union Finance Ltd on Thursday said it has received approval from equity shareholders and creditors for its merger with Shriram Transport Finance Company (STFC).
Of the total final votes, 99.7 percent of the equity shareholders, 100 percent of the secured creditors, and 99.9 percent of unsecured creditors were in the favour of the deal, according to a vote count at the company’s National Company Law Tribunal (NCLT) convened a meeting on July 6, a release said.
Shriram City Union Finance was quoting at Rs 1,696.20, down Rs 13.00, or 0.76 percent.
Gainers and Losers on the BSE Sensex in the early trade:
Market Opens: Indian indices opened higher on July 8 with Nifty above 16200 on the back of firm global cues.
At 09:17 IST, the Sensex was up 297.67 points or 0.55% at 54476.13, and the Nifty was up 87.60 points or 0.54% at 16220.50. About 1409 shares have advanced, 445 shares declined, and 87 shares are unchanged.
Prashanth Tapse, Vice President (Research), Mehta Equities:
Domestic equities in all probability would start the session on a firm note in view of upbeat global markets sentiment. However, the fear of global recession looming large along with higher inflationary concerns and rising interest rate scenario would keep a check on the raging bulls.
Overnight the 2-year/10-year yield curve remained inverted, indicating a key recession warning. That explains potential for a pause in rate hikes in the U.S later this year should growth metrics quickly deteriorate.
Our call of the day suggests Nifty will look to end the week on a winning note —— aggressive targets seen at 16,500 mark. Also, helping sentiments are reports that China is planning a $75 billion infrastructure fund to revive the economy.
ICICI Direct
Indian markets are likely to open gap up today tracking strong global cues after the Fed hinted at a more tempered programme of hikes in interest rates. IT stocks will be in focus as TCS announces its Q1 result today.
US markets ended higher tracking gains in technology stocks amid release of macroeconomic data.
Rupee Opens:
Indian rupee opened flat at 79.18 per dollar on Friday against previous close of 79.17.
Market at pre-open: Benchmark indices are trading higher in the pre-opening session.
At 09:02 IST, the Sensex was up 378.99 points or 0.70% at 54557.45, and the Nifty was up 79.40 points or 0.49% at 16212.30.
GMR Infra JV with Angkasa Pura II takes charge of Kualanamu International Airport, Indonesia
Angkasa Pura Aviasi (APA), the Joint Venture Company of GMR Airports Limited (Subsidiary of GMR Infrastructure Limited) and Indonesia’s state-owned airport operator Angkasa Pura II (AP2), announced that it has assumed the operational charge of the Kualanamu International Airport in Medan, Indonesia.
