The NSE Nifty 50 closed 0.03% higher at 24,332.35, while the BSE Sensex closed 0.04% higher at 80,029.61.

Senco Gold expects the company to grow at 18% to 20% in FY24-25. The company’s retail sales growth stood at 11%, SSSG at 4% in the first quarter of FY25. The company’s total sales growth was 9% on year in Q1.

“USDINR CMP- 83.4650 (spot) Indian Rupee gained by 0.04% today on a weak Dollar and decline in crude oil prices. However, weak domestic markets capped sharp gains. US Dollar declined on disappointing non-farm payrolls report on Friday, which raised expectations that the US Federal Reserve may cut interest rates in its September FOMC meeting,” said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas. “We expect Rupee to trade with a slight positive bias on weak tone in the US Dollar and FII inflows. However, a correction in the domestic markets and political uncertainty in France as the election results indicate at a hung parliament may cap sharp upside. USDINR spot price is expected to trade in a range of Rs 83.20 to Rs 83.70,” he said.

WTI Oil prices lost momentum on Monday to trade at $82.50 down by 0.8% in the mid-European session, after posting 2% weekly gains for the fourth straight week. The talks of cease fire may have seen some profit booking, but the geo-political risk will be sustained in the Red Sea and the Middle Eastern region. To minimise the damage of the Beryl hurricane, ports of Corpus Christi, Houston, Galveston, Freeport, and Texas City closed on Sunday. Temporary closure of ports could halt crude and liquefied natural gas exports, oil shipments to refineries, and motor fuel deliveries from those plants, which may push oil prices higher in coming sessions, said Mohammed Imran, Research Analyst at Sharekhan by BNP Paribas.

“The expectation of interest rate cuts from the US jumped after Friday’s softer labour market report will put pressure on Dxy and support oil prices. We expect WTI to trade sideways to lower bias today amid profit booking, but the trend remains bullish. WTI remains supportive around $81.50/b while resistance remains around $85,” he said.

Courtesy: NSE

Courtesy: NSE

ONGC, ITC, Hindustan Unilever, Nestle India, and Wipro are the top gainers on NSE Nifty 50 index whereas the top laggards include Titan Company, Divis Lab, Shriram Finance, BPCL and Adani Enterprises.

According to Morgan Stanley’s latest report on Titan, the firm has maintained an “equal weight” rating on the stock, with a target price set at Rs 3526 per share. The report highlights a slow single-digit growth in Q1 top-line figures.

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Falling below estimates primarily due to an 8% growth in Titan’s Indian jewellery business, which was significantly lower than the expected 20%. Morgan Stanley suggests that given these conditions, Q1 jewellery margins are likely to disappoint compared to their target estimate of 11%.

Shares of Indian Railway Finance Corporation surged 9.4% to hit an all-time high of Rs 206 from its previous close of Rs 188.23. While the upped band is placed at Rs 225.87, or 20%.

The NSE Nifty 50 was down 41 points or 0.17% at 24,283, while the BSE Sensex was down 115 points or 0.14% at 79,881.42.

Courtesy: NSE

Goldman Sachs has revised Titan’s target price downward from Rs 3800 to Rs 3700, citing maintenance concerns. The report notes that Titan’s Q1 revenue update was disappointing, with a sharper slowdown in jewellery sales than anticipated. 

Key competitors outperformed Titan during the same period, raising concerns among analysts. Additionally, Goldman Sachs predicts that Titan’s jewellery margins are likely to weaken, adding further challenges for the company in the near term.

Courtesy: BSE

Courtesy: NSE

“The Bank Nifty index witnessed a volatile trading session, mainly declining due to a fall in HDFC Bank. The index is currently stuck in a range with resistance visible at 53000-53200, where aggressive call writing is observed, and support at the 52300-52100 zone. The index needs to break decisively on either side for trending moves. However, within the range, the view remains bullish, and declines should be utilized to buy the index,” Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities. 

The stock of Rail Vikas Nigam climbed 15.56% to hit a 52-week high of Rs 567.50 after it signed an MoU with Delhi Metro Rail Corporation for participation in the upcoming projects in India and abroad as project service provider for metro/ railways/ high speed rails/ highways/ tunnels/ institutional buildings/ workshops or depots/ S&T works/ railway electrification, said the company in an exchange filing.

“International spot and domestic gold and silver futures posted their highest settlements since May on Friday, as downbeat U.S. economic data helped put pressure on the dollar and fuelled expectations for an interest-rate reduction by the Federal Reserve. The U.S. Treasury Yields too eased on Friday and lent support to bullion. The U.S. created a larger-than-expected 206,000 new jobs in June, official data showed Friday,” said Sriram Iyer, Senior Research Analyst at Reliance Securities.

“However, the data also showed 111,000 fewer jobs were created in May and April than originally reported and the unemployment rate rose to 4.1% for the first time since November 2021. The data clearly indicates that the Fed is facing significant challenges as the economy continues to deteriorate and possibly risks of U.S. recession rise and lent support to gold.”

“From an intraday perspective, international gold prices have started marginally weaker this early Monday morning in Asian trading on a possible technical correction. However, the downside could be capped supported by increased expectations of early rate cuts by the Federal Reserve following soft US economic data. Markets are currently pricing in about a 78% chance of the Fed starting to cut rates in September, and pricing in hopes of a second rate cut by the end of the year,” Iyer said.

The key triggers this week will be the release of CPI and PPI data for June, followed by Federal Reserve Chair Powell’s semi-annual testimony on monetary policy at the Senate Banking Committee.

Tata Motors, Cipla, Apollo Hospitals, Dr Reddy’s Lab, and Mahindra & Mahindra are the top gainers on NSE Nifty 50 index whereas the top losers include Titan Company, Shriram Finance, Asian Paints, Bajaj Auto, Divis Labs.

The NSE Nifty 50 opens up by 5.60 points or 0.02% at 24,329.45, while the BSE Sensex drops 81.60 points or 0.10% to 79,915 in the opening trade.

“Nifty continued its bullish momentum from Friday, reaching its highest closing level. On Wall Street, the S&P 500 and Nasdaq 100 hit record highs. Nifty bulls remain strong despite overbought conditions, with the Economic Survey for 2023-24 and the Union Budget presentation by Finance Minister Nirmala Sitharaman on July 23 in focus. This week’s key events include Federal Reserve Chair Jerome Powell’s testimony on July 9, US CPI data on July 11, TCS’s Q1 earnings kick-off, and India’s CPI & IIP data on July 12. In Friday’s trade, FIIs bought Rs. 1241 crores while DIIs sold Rs. 1651 crores. Nifty is expected to trade between 23500-25000, with significant resistance at 25000,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

While the product (Freedom 125, CNG bike) has an attractive look and feel, whether customers adopt this vehicle for personal use remains to be seen. “We refrain from forecasting any incremental sales numbers for Bajaj Auto after this launch as it is too early to gauge the product’s success. However, the stock has already witnessed a significant rerating in the last 12 months on the back of its market share gains in 125cc+ domestic motorcycles, improved margins and a one-of-a-kind policy to reward shareholders. After a recent rally, the valuation now at 29x/25 FY25E/26E EPS appears reasonable. We reiterate our “Neutral” rating with a target price of Rs 8,660 (premised on 22x June-26E consol EPS),” said Motilal Oswal on Bajaj Auto after the launch of Freedom 125, the world’s first bike to run on CNG.

The NSE added Aditya Birla Fashion and Retail, Bandhan Bank, GNFC, Hindustan Copper, India Cement, and Piramal Enterprises in F&O on July 8, 2024.

According to provisional data from the NSE, foreign institutional investors (FII) purchased shares worth Rs 1,241.33 crore, while domestic institutional investors (DII) sold shares worth Rs 1,651.36 crore on July 05, 2024.

The US Dollar Index (DXY), which gauges the dollar’s value against a basket of six foreign currencies, rose by 0.11% to reach 105.

On Monday morning, WTI crude prices traded at $83.06, marking a decrease of 0.46%, while Brent crude prices were at $86.60, down by 0.42%.

Wall Street stock indexes closed firmer on Friday, with the tech-heavy Nasdaq and benchmark S&P 500 reaching record highs. New data indicating weakness in the U.S. labor market boosted expectations for interest rate cuts as early as September, reported Reuters.

The Nasdaq Composite rose by 164.46 points, or 0.90%, to 18,352.76. The S&P 500 increased by 30.17 points, or 0.54%, to 5,567.19, while the Dow Jones Industrial Average gained 67.87 points, or 0.17%, closing at 39,375.87.Come from Sports betting site VPbet