Stock Market LIVE: Indices in green, Sensex up 150 points; IndusInd gains

Share Market LIVE Update: Benchmark indices were green with Sensex and Nifty up 0.3%. Media, Realty were up 1%, whereas Kotak, Reliance lagged. Wall Street ended the day with gain but investors are still wary about the latest corporate earnings and geopolitical risks in Europe.

Wall Street ended with gains on Wednesday as investors welcomed another batch of encouraging profit reports from U.S. companies. However, a slowdown in China, geopolitical risk in Europe, and the prospect of a US recession are weighing in on the market. Rupee closed above 80 against the dollar for the first time on Wednesday.

Market likely to remain upbeat in the near-term: Sameet Chavan, Angel One Ltd

“Going forward, our market is likely to remain upbeat in the near term, wherein any minor dip could be seen as an opportunity for the bulls to add long positions. We might also witness major traction outside the indices in the broader market space. Hence, it’s advisable to keep focusing on such potential movers, which are likely to provide better trading opportunities. Meanwhile, keeping a close tab on global and domestic macro developments is advisable.": Technical & Derivatives Report by Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd

Key gas pipeline from Russia to Europe restarts after break

Natural gas started flowing through a major pipeline from Russia to Europe on Thursday after a 10-day shutdown for maintenance, the operator said. But the gas flow was expected to fall well short of full capacity.

The Nord Stream 1 pipeline to Germany had been closed since July 11 for annual maintenance work. Amid growing tensions over Russia's war in Ukraine, German officials had feared that the pipeline — the country's main source of Russian gas, which has accounted for around a third of Germany's gas supplies — might not reopen at all.

Russia's Gazprom notified deliveries Thursday of only about 30% of the pipeline's capacity, the head of Germany's network regulator, Klaus Mueller, said on Twitter.

Maruti Suzuki hopes govt will support 'green' tech beyond EVs

India's top-selling carmaker, Maruti Suzuki, believes the government will show support for "green" car technology beyond full electric vehicles (EVs), such as hybrid, if it benefited the country, the company's chief executive said.

The comments come after Maruti unveiled its first strong hybrid car in India, the Grand Vitara sport-utility vehicle (SUV), seen as key to helping recover ground lost to competitors such as Hyundai Motor and Kia Motor.

India's taxes on hybrid cars range as high as 43%, compared to the low rate of 5% for EVs, which also stand to benefit from billions of dollars in incentives to companies that build them domestically.

Indian rupee just shy of record low; focus on RBI intervention

The Indian rupee on Thursday was trading just shy of its lifetime tracking losses in most other Asian peers but traders expect dollar-selling intervention by the central bank to limit losses. The partially convertible rupee was fetching 80.01/02 per dollar by 0337 GMT.

Polycab India: Brokers maintain a positive outlook for the stock.

Yes Securities recommended ‘BUY’, whereas ICICI Securities maintained a ‘HOLD’ position for Polycab India.

IndusInd Bank up 5% after a 60% rise in first quarter profit

IndusInd Bank on Wednesday reported a 60% rise in its first quarter consolidated net profit to ?1,631 crore on lower provisioning for bad assets.

India records 21,566 fresh cases, 45 more fatalities

India saw a single-day rise of 21,566 coronavirus cases, the highest in 152 days, taking its COVID-19 tally to 4,38,25,185, while the number of active cases in the country climbed to 1,48,881 on Thursday, the Union health ministry said. The death toll due to the viral disease has gone up to 5,25,870 with 45 more fatalities, according to the ministry's data updated at 8 am.

BUY rating on BEML with a Target Price of ?2,000: Reliance Securities

“BEML’s revenue and PAT clocked 5% and 12% CAGR, respectively, over FY16-FY22. Looking ahead, we expect the company to witness 10% CAGR in order inflow over FY22-FY24E.

We have a BUY rating on BEML with a Target Price of ?2,000."

Wipro (Stock in Focus) trades near 52-week low. What brokerages recommend??

Shares of Wipro Ltd plunged more than 2% in Thursday's opening deals, trading near its 52-week low level after the company missed analyst estimates for June-quarter profit on Wednesday, as higher employee-related costs pushed up the information technology services firm's overall expenses

Sensex and Nifty open flat; IndusInd gains

Benchmark indices opened flat on Thursday. Sensex was marginally in red by around 30 points. Nifty was trading at around 16,500.

Gold prices today fall to near 1-year lows. In India, rates dip below ?50,000

In global markets, gold rates fell to their lowest in nearly a year, buffeted by an elevated US dollar. Prospects of more interest rate hikes by major central banks also weighed on bullion's appeal. Spot gold today fell to $1,691.40, the lowest since August 2021. A stronger US dollar makes greenback-priced bullion more expensive for buyers holding other currencies.

Next risk for Indian rupee is $79 billion of unhedged debt

The nation’s firms had $79 billion of unhedged offshore loans at the end of March, about 44% of their total overseas borrowings, according to the latest data from the Reserve Bank of India. The cost of repaying that has been soaring as the rupee has tumbled more than 7% this year.

BOJ raises inflation forecast, no change in interest rates

The Bank of Japan raised its inflation forecast on Thursday, but maintained ultra-low interest rates and warned of risks to the economic outlook in a sign it will remain an outlier among a global wave of central banks tightening monetary policy. As widely expected, the BOJ kept unchanged its -0.1% target for short-term interest rates, and 0% for the 10-year government bond yield by an 8-1 vote.

Rakesh Jhunjhunwala adds this auto stock in portfolio

Big Bull Rakesh Jhunjhunwala has bought a stake in the auto company Escorts Kubota. Big Bull's name has appeared in the latest shareholding pattern of the company.

Stocks to Watch: Wipro, SBI, IndusInd, CEAT

RBL Bank, Hindustan Zinc, Mphasis, IDBI, JSW Energy, and PVR will be in focus as they declare their June quarter earnings today.

Oil Declines as Traders Assess Weak US Gasoline Demand, China

Oil declined as investors assessed signs of lacklustre US gasoline demand and expanding stockpiles. West Texas Intermediate fell toward $99 a barrel after losing about 1% on Wednesday.

After rallying for most of the first half following Russia’s invasion of Ukraine, oil prices have been dragged lower in recent weeks by fears of recession, central bank tightening, and a broad move by investors away from commodities. Crude futures are on course in July to cap their first back-to-back monthly loss since 2020 despite signs physical markets remain tight.

EPFO adds nearly 17 lakh PF subscribers in May 2022

The Employees' Provident Fund Organisation (EPFO) added 16.82 lakh net subscribers in May 2022, as per the payroll data released by the Ministry of Labour and Employment on Wednesday.

In April, EPFO added 17.08 lakh net subscribers. A year-on-year comparison of payroll data shows an increase of 7.62 lakh net subscribers in May 2022 as compared to the net subscription in the month of May 2021.

India to get its 15th President today, Murmu's hometown all set for celebrations

As the votes polled in the presidential elections will be counted today, NDA's presidential candidate Droupadi Murmu's hometown, Odisha's Rairangpur has already begun preparations for her victory against Opposition candidate Yashwant Sinha.

If NDA's presidential candidate Draupadi Murmu, who is seen to have a clear edge against Opposition candidate Yashwant Sinha, is elected, she will be the first tribal woman to occupy the top constitutional post in the country.

ADB Cuts Asia GDP Forecast as China Sticks to Covid Zero

The Asian Development Bank cut its forecast for gross domestic product growth in developing Asia this year as China’s Covid Zero approach to containing the virus creates ripple effects on regional supply chains and economic development. The bank expects the region to grow 4.6% this year compared to an earlier forecast of 5.2%, according to a report published Thursday.

The bank also slashed the forecast for East Asia -- a region that includes China, Hong Kong, Taiwan and South Korea -- to 3.8% from 4.7%. South Asia’s growth forecast was lowered to 6.5% from 7% for 2022, and to 7.1% from 7.4% for 2023 mainly due to the economic crisis in Sri Lanka and high inflation and associated monetary tightening in India.

Euro braces for ECB hike, Russian gas restart

The euro hung below a two-week high to the dollar as investors braced for the European Central Bank's first interest rate increase since 2011 and the scheduled reopening of a key Russian gas pipeline later in the day. The single currency also faced pressure from the looming collapse of the Italian government.

Tesla profit tops target

Tesla Inc on Wednesday reported a smaller-than-expected drop in quarterly profit as a string of price increases on its electric vehicles (EVs) helped offset production challenges caused by COVID-19 lockdowns in China.

The EV maker posted an adjusted profit of $2.27 per share for the quarter versus analysts' consensus estimates of $1.81. This was down from $3.22 in the preceding quarter.

Its automotive gross margin fell to 27.9%, down from a year earlier and the preceding quarter, amid inflationary pressure.

Tesla does not have a demand problem, but a production problem, Musk told a conference call. He dismissed the idea that global economic problems were hurting interest in Tesla, despite vehicle prices' rising to what he called "embarrassing levels."

Adani asks SBI for ?14,000 cr loan

Adani Group has approached the country’s largest lender, State Bank of India (SBI), for a ?14,000 crore loan to build a coal-to-polyvinyl chloride (PVC) plant in Gujarat’s Mundra, two people aware of the development said.

One of the largest project credit proposals in recent months, the loan is even larger than the ?12,770-crore loan Adani Enterprises arm Navi Mumbai International Airport secured in March. The Gautam Adani-led conglomerate also recently raised ?6,071 crore for a greenfield copper refinery project at Mundra.

Indian economy to grow 7-8% in coming couple of decades: Panagariya

Niti Aayog Chairman Arvind Panagariya on Wednesday informed that the Indian economy which has already grown quite rapidly in the past 17 years, will further stretch out at around 7-8% in the coming couple of decades

Rupee closed below 80 level for 1st time

The rupee for the first time dropped below the 80 level against the US currency on Wednesday due to strong dollar demand from importers and fiscal slippage concerns. The local unit closed at a record low of 80.05 to a dollar, showing a net loss of 13 paise over the previous close.

India’s economic recovery falters as falling rupee, high prices start to bite

India’s economic activity showed early signs of cooling off in June as acute price pressures, rising interest rates, and a falling rupee dampened sentiment after a strong showing the previous month. India’s rupee fell past 80 to a dollar as foreign investors pulled out money amid monetary policy tightening by the Federal Reserve.

Tokyo shares open lower

Tokyo stocks opened slightly lower Thursday as investors locked in profits after recent gains and ahead of a Bank of Japan policy decision later in the day. The benchmark Nikkei 225 index slipped 0.04%, or 11.38 points, to 27,668.88, while the broader Topix index fell 0.25%, or 4.47 points, to 1,941.97.

Wall Street ended with more gains

The S&P 500 rose 0.6%, tacking more onto its big gains from a day earlier when the benchmark index soared 2.8%, its best day in weeks. The Dow Jones Industrial Average managed a modest 0.2% gain after recovering from a midafternoon pullback. The Nasdaq composite climbed 1.6%.

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