IGI Logo

Stocks in News

* LUPIN: USFDA completed inspection at the Pithampur Unit-2 facility from July 8–17 and issued a Form 483 with four observations.

* ALLIED BLENDERS AND DISTILLER: The Bombay High Court directed the company to maintain its current position of not launching products in India and to continue using the brands 'Mansion House' and 'Savoy Club' until a final verdict is delivered.

*  MAHINDRA & MAHINDRA: Mahindra Logistics, the company’s subsidiary, received approval for a Rs 749 crore rights issue at an issue price of Rs 277 per share.

* HARIOM PIPE INDUSTR: The Induction Furnace, Continuous Casting Machine, and Rolling Mill in Telangana will undergo a temporary shutdown from July 20–30.

* AFCONS INFRA: The company emerged as the lowest bidder for two road construction contracts worth Rs 4,535 crore from Croatian Motorways.

* EMS: The company received a Rs 19.46 crore order for electrical works from Deltabulk Shipping India.

* SEAMEC: Scheduled drydock activities for vessel SEAMEC II are progressing well, with all measures in place to avoid delays.

* ORCHIDPHARMA: The company executed a deed of hypothecation to secure Rs 143 crore in credit facilities from HDFC Bank for its Cefiderocol Project.

* DELHIVERY: The company received Competition Commission of India’s approval for the acquisition of Ecom Express.

* AMBUJA CEMENTS: The company received a no objection letter from NSE for its scheme of arrangement with Sanghi Industries.

*  HINDUSTAN AERONAUTIC: The company received the first set of wing assemblies for LCA Mk1A from L&T.

* BHARAT FORGE: Kalyani Strategic Systems, the company’s arm, incorporated a joint venture named Aegis Advanced Systems SL in Spain.

Economic News

* India has no basis to hit back against steel, auto tariffs: The US has informed the WTO that India's proposed retaliatory tariffs on American steel, aluminum, and automobiles lack a legal foundation. This stance comes after India asserted that US safeguard measures would significantly impact its exports, leading to substantial duty collections. The US defends its tariffs under a national security statute, even as bilateral trade agreement talks continue.

Global News

* UK Unemployment Rate rises to 4.7% in the quarter to May vs. 4.6% expected: UK's unemployment rate rose to 4.7% in the three months to May, above the expected 4.6%. Jobless claims increased by 25.9K in June, higher than May's revised 15.3K and the 17.9K estimate. Employment rose by 134K in May, while wage growth slowed slightly, with both average earnings (with and without bonus) rising 5.0% YoY. The mixed data had limited impact on GBP, with GBP/USD trading 0.19% lower at 1.3398.

Technical Snapshot

Key Highlights:

NIFTY SPOT: 25111.45 (-0.4%)

TRADING ZONE:

Resistance :25250 (Pivot Level) and 25500 (Key Resistance).

Support: 25000 (Pivot Level) and 24900 (Key Support).

BROADER MARKET: UNDERPERFORMED

MIDCAP 150: 59519.1 (-0.17%), SMALLCAP 250: 19117.3 (-0.12%)

VIEW: Bullish till above 25000 (Pivot Level).

BANKNIFTY SPOT: 56828.8 (-0.59%)

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% - 5.40% on Thursday ended at 5.05%.

* The 10 year benchmark (6.33% GS 2035) closed at 6.3010% on Thursday Vs 6.3118% on Wednesday 

Global Debt Market:

U.S. Treasury yields moved higher on Wednesday after President Donald Trump shut down speculation that he’s planning to fire Federal Reserve Chair Jerome Powell imminently. The 10-year Treasury yield was up 2 basis points to 4.479%. Similarly, the 2-year yield rose 2 basis points to 3.91%. The 30-year note was over 2 basis points higher, yielding 5.03%. Investors are monitoring the Trump-Powell situation after the president denied plans to fire the central bank leader, despite saying he would do so earlier in the day on Wednesday. “We’re not planning on doing it,” he said at the White House. “I don’t rule out anything ... but I think it’s highly unlikely, unless he has to leave for fraud.” That was hours after Trump had a meeting in the Oval Office, where he asked a group of House Republicans if they thought he should fire Powell. On receiving support for the move, Trump said he would follow through, per a senior White House official. “So, for about an hour, we had a brief glimpse of the likely market reaction as investors started to view Powell’s removal as a serious prospect. Notably, there was a huge steepening in the yield curve as investors ramped up the prospect of a near-term rate cut,” Deutsche Bank analysts said in a note. “Ultimately, the bulk of those moves unwound after Trump’s comments,” they added. On the economic data front, investors will await a slew of reports including weekly initial jobless claims, retail sales data for June, and last month’s import and export price indexes.

10 Year Benchmark Technical View :

The 10 year Benchmark (6.33% GS 2035) yield likely to move in the range of 6.2950% to 6.31% level on Friday.

SEBI Registration number is INH000000081.

Please refer disclaimer at https://geplcapital.com/term-disclaimer