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Market Updates

Stocks in News

* LUPIN: The company launched Loteprednol Etabonate Ophthalmic Suspension, 0.5% in the US for treating steroid-responsive inflammation, targeting a $55 million annual market.

* NAZARA TECH: Subsidiary Nodwin Gaming will raise fresh capital from existing shareholders to fuel growth in esports and youth media. Nazara has opted out, bringing its stake below 50% as it sharpens focus on core gaming IPs.

* INFOSYS: The company launched the Infosys Enterprise Innovation Lab for SAP Solutions in Germany, in collaboration with SAP, to help enterprises explore AI and data-driven opportunities.

* PNC INFRATECH: Emerged as the lowest bidder in NHPC’s tender to set up 1,200 MW of interstate transmission-connected solar power projects.

* NEOGEN CHEMICALS: Received an additional ?30 crore from an insurance company for fire damage, taking the total claim received to ?80 crore.

* JSW ENERGY: The Supreme Court overturned a High Court ruling that capped free electricity supply to Himachal Pradesh at 18%, restoring the earlier 13% cap.

* MARUTI SUZUKI: Announced six airbags as standard in Ertiga and Baleno models, leading to an average ex-showroom price hike of 1.4% for Ertiga and 0.5% for Baleno, effective today.

* ZYDUS LIFE: US FDA inspection at the Gujarat unit concluded with zero observations for the prior approval supplement of atorvastatin calcium tablets.

* GLENMARK PHARMA: Investigational drug ISB 2301 is set to enter clinical development in 2027, while two new oncology programs progress, with annual strategic investments estimated at $70 million.

* SBI: The bank opened its QIP issue with a floor price of ?811.05 per share and may offer a discount of up to 5%.

* HINDUSTAN ZIC: Declared preferred bidder for a composite licence for a Potash and Halite block in Rajasthan.

Economic News

* PM Scheme for 100 agri districts gets approval: The Union cabinet has approved the Prime Minister Dhan-Dhaanya Krishi Yojana (PMDDKY), allocating ?24,000 crore annually for six years. This scheme aims to develop 100 agricultural districts by converging 36 schemes across 11 ministries. Districtlevel master plans, aligned with national goals like crop diversification and organic farming, will be created and implemented through committees at various levels.

Global News

* Australia Jobs Data Weakens, Boosting Rate Cut Bets: Australia's labour market showed signs of weakening in June, with employment rising just 2,000 and the jobless rate climbing to 4.3% its highest since late 2021 and above RBA's year-end forecast. This, along with a 38,200 drop in full-time jobs and a 0.9% fall in hours worked, fueled rate-cut expectations, with markets pricing in an 85% chance for an August cut. The Australian dollar fell 0.7% and bond yields dropped 10 bps. Analysts say the softening data, amid sluggish economic growth and weak consumer spending, puts pressure on the RBA to shift focus from inflation to jobs.

Technical Snapshot

Key Highlights:

NIFTY SPOT: 25212.05 (0.06%)

TRADING ZONE:

Resistance :25300 (Pivot Level) and 25500 (Key Resistance).

Support: 25150 (Pivot Level) and 25000 (Key Support).

BROADER MARKET: OUTPERFORMED

MIDCAP 150: 59620.65 (0.01%), SMALLCAP 250: 19140.05 (0.03%)

VIEW: Bullish till above 25000 (Key Support).

BANKNIFTY SPOT: 57168.95 (0.28%)

TRADING ZONE:

Resistance: 57300 (Pivot Level) / 57600 (Key Resistance)

Support: 56500 (Pivot Level) / 56000 (Key Support).

VIEW: Bullish till above 56000 (Key Support).

Government Security Market:

* The Inter-bank call money rate traded in the range of 4.75% - 5.45% on Wednesday ended at 4.90%. ? The 10 year benchmark (6.33% GS 2035) closed at 6.3118% on Wednesday Vs 6.3090% on Tuesday .

Global Debt Market:

U.S. Treasury yields moved lower on Wednesday as investors awaited further inflation data and considered the impact of tariffs on consumer prices. The 10-year Treasury yield was down one basis point to 4.447%, while the 30-year yield also declined a basis point to 5.009%. The 2-year Treasury yield was less than a basis point lower at 3.95%. Investors are anticipating more inflation data on Wednesday, as the producer price index for June is set to be released at 8:30 a.m. ET, and is expected to show a 0.2% increase on a monthly basis, according to Dow Jones estimates. That comes after the consumer price index came in as expected on Tuesday, with core CPI, which excludes food and energy prices, rising 0.2% on a monthly basis and 2.9% on a yearly basis. The monthly change was just less than expected, while the yearly move matched a Dow Jones consensus. “Inflation has started a slow climb as signs of tariff-induced inflation are now evident within durable and nondurable imports,” said Joe Brusuelas, chief economist at RSM U.S. “That prompts an important question: Will service and housing inflation, which is easing but still elevated, cool further to offset what will be a more pronounced increase in durable and nondurable goods?” “Our sense is that the Federal Reserve will continue to display patience as the direction of inflation evolves,” he added. Investors are also monitoring the impact of President Donald Trump’s tariffs on the U.S. economy. Trump announced 30% tariffs on Mexico and the European Union over the weekend, set to start from Aug. 1. He also announced on Tuesday that the U.S. had reached a trade deal with Jakarta, with a 19% tariff on its exports to the U.S.

10 Year Benchmark Technical View :

The 10 year Benchmark (6.33% GS 2035) yield likely to move in the range of 6.30% to 6.32% level on Thursday

SEBI Registration number is INH000000081.

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