IGI Logo

Stocks in News

• NTPC: The company approved the partial transfer of its coal mining business to its subsidiary and cleared a revised cost estimate of Rs.2,865.6 crore for the Rammam-III HEPP project.

• GE POWER: GE Power India obtained an initial injunction against Jaiprakash Power Ventures over invocation of Rs.77.5 crore bank guarantees, later modified by the Delhi High Court to allow fund deposit, and is now evaluating further legal options.

• SHUKRA PHARMA: The company secured a Rs.24 crore authorization to supply medicines and diagnostic kits to Afghanistan.

• AFCON INFRA: Shapoorji Pallonji Mistry resigned as chairman and nonexecutive non-independent director and was appointed chairman emeritus in an honorary, non-board role.

• ICICI BANK: The company accepted the early retirement of group chief compliance officer Subir Saha and appointed Anish Madhavan as his successor.

• CG POWER: The company’s arm, CG Semi Pvt., launched India’s first outsourced semiconductor assembly and test facility in Sanand.

• ALCARGO LOGISTICS: The company reported a 5% YoY decline in LCL volume to 774 cubic meters in July.

• MUTHOOT FINANCE: The company allotted 3.25 lakh shares to its arm Muthoot Money, valuing nearly Rs.500 crore.

• HEXAWARE TECH: The company formed a strategic partnership with Replit to enable secure vibe coding for enterprises.

Economic News

• India's economy likely slowed in April-June ahead of US tariff blow: India's economic growth likely decelerated in the April-June quarter due to weak urban demand and slow private investment. U.S. tariff hikes on Indian goods, including textiles and footwear, are expected to further impact exports. While GDP growth is estimated at 6.7%, concerns remain about the long-term effects of tariffs on key sectors and overall economic expansion.

Global News

• US Q2 GDP revised to 3.3% on AI-led investment, but tariff pressures threaten growth ahead: The U.S. economy expanded faster than initially estimated in Q2, with GDP revised up to 3.3% from 3.0%. The upgrade was led by stronger business investment in AI-driven intellectual property and equipment. Consumer spending, the key growth driver, was also revised higher to a 1.6% pace. Business investment in intellectual property grew 12.8%, the fastest in four years. Equipment investment was upgraded to 7.4% from 4.8%, showing resilience in capital spending. Profits rebounded by $65.5 billion last quarter after falling in Q1. Corporate margins held steady at 20.8%, despite tariffs raising costs for businesses. Tariffs remain a major drag, with Caterpillar warning of $1.5 billion in costs this year. GM reported a $1.1 billion tariff hit in Q2, while Abercrombie flagged $90 million higher costs. Economists warn growth could slow to 1.5% for 2025, down from 2.8% in 2024. They see Q2’s strength as temporary, masked by import disruptions and tariff pauses. Labor market data showed jobless claims slipping to 229,000, but hiring remains muted. Unemployment is expected to edge up to 4.3% in August from 4.2% in July. A shrinking labor pool due to immigration curbs is easing pressure on unemployment. Fed Chair Powell signaled possible rate cuts in September to counter labor market risks.

Technical Snapshot

Key Highlights:

NIFTY SPOT: 24500.9 (-0.85%)

TRADING ZONE:

Resistance : 24600 (Pivot Level) and 24750 (Key Resistance).

Support: 24400 (Pivot Level) and 24250 (Key Support).

BROADER MARKET: UNDERPERFORMED

MIDCAP 150: 56047.5 (-1.27%),

SMALLCAP 250: 17294.35 (-1.45%)

VIEW: BEARISH TILL BELOW 24750(Key Resistance).

BANKNIFTY SPOT: 53820.35 (-1.16%)

TRADING ZONE:

Resistance: 54500 (Pivot Level) / 55500 (Key Resistance)

Support:53500 (Swing Low) / 53200 (Key Support)

VIEW: BEARISH TILL BELOW 55500 (Key Resistance).

Government Security Market :

* The Inter-bank call money rate traded in the range of 4.75%- 5.60% on Thursday ended at 5.00% .

* The 10 year benchmark (6.33% GS 2035) closed at 6.5328% on Thursday Vs 6.5997% on Tuesday .

Global Debt Market:

U.S. Treasury yields held steady on Thursday as investors looked ahead to a key inflation gauge and monitored President Donald Trump’s continued attempts to control the Federal Reserve. At 5:19 a.m. ET, the 10-year Treasury yield was down less than one basis point to 4.234%, while the 2-year yield was up less than a basis point to 3.627%. Investors remain concerned about the repeated threats to the Fed’s independence, as Trump has escalated his attacks in recent days, including announcing that he’s firing Fed Governor Lisa Cook on social media on Monday. The president referred to allegations by Federal Housing Finance Agency Director Bill Pulte that Cook made false statements on applications for one or more of her home mortgages. Cook intends to sue Trump and is filing a lawsuit to challenge the decision. The president said on Tuesday that he’ll “have a majority very shortly” of his nominees on the central bank’s board of governors as he attempts to exert more influence over the Fed’s short-term interest rate decisions. Investors will also keep an eye on economic data, including the gross domestic product data growth rate for the second quarter, which is set to be released on Thursday morning. They will also await the personal consumption expenditures price index — the Fed’s preferred inflation gauge — on Friday morning, which will offer fresh insights into the health of the U.S. economy.

10 Year Benchmark Technical View :

The 10 year Benchmark (6.33% GS 2035) yield likely to move in the range of 6.53% to 6.55% level on Friday.

SEBI Registration number is INH000000081.

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