Import tax hikes on gold:The market cap of Diamond & Jewellery sector fell 6.76 percent in today’s trade after import duty tax on gold has been hiked by five percent – rising from 7.5 to 12.5 percent.
Hot Stocks | ‘ITC, Linde India, TVS Motor can give double-digit returns in short term’
Talking about overall mood in market, Vidnyan Sawant of GEPL Capital said the current trend in Nifty is rangebound between 15,930 and 15,367 but is negative-biased
Escorts Kubota June sales data:
Escorts Kubota Limited Agri Machinery Segment (EAM) in June 2022 sold 10,051 tractors as against 12,533 tractors sold in June 2021.
Domestic tractor sales in June 2022 were at 9,265 tractors as against 11,956 tractors sold in June 2021.
Export tractor sales in June 2022 was at 786 tractors against 577 tractors sold in June 2021, registering a growth of 36.2%.
Escorts Kubota was quoting at Rs 1,445.55, up Rs 3.40, or 0.24 percent on the BSE.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
H1 of 2022 has ended with the benchmark S&P 500 correcting sharply by 21% – the worst half since 1970. This weakness has reflected declines in other markets too. But it is important to appreciate the fact that India has outperformed with Nifty correcting only around 9%.
With the economy showing signs of “gradual recovery despite global headwinds” (RBI), the prospects for H2 appear better for markets.
Leading indicators suggest improving prospects for banking, IT, telecom and autos. Stock price movements in the near-term in July will be in anticipation of better-than-expected Q2 results in these segments. Metals stocks are likely to bottom out absorbing the poor Q1 results.
Gainers and Losers on the BSE Sensex in the early trade:
Market Opens: Indian indices opened on negative note on July 1 with Nifty below 15700.
At 09:16 IST, the Sensex was down 373.53 points or 0.70% at 52645.41, and the Nifty was down 120.70 points or 0.76% at 15659.60. About 728 shares have advanced, 926 shares declined, and 82 shares are unchanged.
Titan Company, M&M, Tata Motors, Bajaj Auto and Maruti Suzuki were among major losers on the Nifty, while gainers were Cipla, Tech Mahindra, TCS, Power Grid Corp and Apollo Hospitals.
Indian Bank raises MCLR rates by 0.15% across tenors
State-owned Indian Bank said it has raised the Marginal Cost of Funds based Lending Rates (MCLR) across tenors by 0.15 per cent with effect from Sunday.
The benchmark one-year tenor MCLR — against which most of the consumer loans are based upon — will be 7.55 per cent as against 7.40 per cent presently, Indian Bank said in a regulatory filing.
Hindustan Copper to seek shareholders’ nod to raise Rs 500 crore
State-owned Hindustan Copper said that its board has suggested seeking shareholders’ approval to raise up to Rs 500 crore through debentures.
The board has also recommended taking the approval of the shareholders in the ensuing annual general meeting for raising funds by issue of equity shares through Qualified Institutional Placement.
Trade Spotlight | What should you do with Talbros Automotive Components, Sobha, Eveready Industries on Friday?
After short term correction, Talbros Automotive Components took support near 200 day SMA (Rs 413) and reversed sharply. Post reversal, in this week so far, it rallied over 15 percent and also formed a…
US consumer spending, underlying inflation slow in May
US consumer spending rose less than expected in May as motor vehicles remained scarce while higher prices forced cutbacks on purchases of other goods, another sign that the rebound in economic growth early in the second quarter was losing steam.
Consumer spending, which accounts for more than two-thirds of US economic activity, gained 0.2% in May, the smallest rise in five months. Data for April was revised down to show outlays increasing 0.6% instead of 0.9% as previously reported.
Indian rupee opened flat at 78.97 per dollar but immediately touch a record low of 79 on Friday versus Thursday’s close of 78.97.
Market at pre-open: Benchmark indices are trading mixed in the pre-opening session.
At 09:02 IST, the Sensex was up 190.58 points or 0.36% at 53209.52, and the Nifty was down 72.40 points or 0.46% at 15707.90.