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Stocks in News

* TATA MOTORS: Tata Motors will acquire Italy-based truckmaker Iveco S.p.A in an all-cash deal worth €3.82 billion (approx. Rs.33,360 crore) by purchasing all 27.2 crore outstanding shares at €14.10 per share through a public tender offer.

* HIKAL: The company’s Bangalore facility received Good Manufacturing Practices (GMP) certification from Japan’s Pharmaceutical & Medical Device Agency after a May 19–22 inspection.

* AXIS BANK: The company partnered with Antara Psychiatric Hospital to set up the Institute of Health Sciences with Antara.

* RELIANCE INDUSTRIES: Shareholders approved Anant Ambani’s appointment as whole-time director with majority support.

* NHPC: The board approved raising up to Rs.2,000 crore via private placement of unsecured bonds.

* TATA MOTORS: The company will acquire IVECO Group, a European commercial vehicle leader, aiming to create a new global commercial vehicles group with enhanced reach, product range, and industrial strength.

* HEG: The board approved a Rs.650 crore expansion to add 15,000 TPA to the existing 1,00,000 TPA capacity for Graphite Electrodes and related products, to be completed in 30 months using internal accruals and possible debt.

* AUROBINDO PHARMA: The company’s subsidiary will acquire 100% membership interest in Lannett Co LLC from Lannett Seller Holdco at an enterprise value of $250 million.

* IRFC: The company received a letter of award for a $300 million External Commercial Borrowing with a five-year tenure, secured through Sumitomo Mitsui Banking Corporation at GIFT City

Economic News

* Crude import bill may be pushed up after US tariffs: Potential US tariffs on Russian crude oil imports could significantly impact India's energy sector. With Russia supplying 35% of India's crude in 2024-25, a shift back to West Asia could raise import costs and reduce refining margins. Global oil prices may surge, affecting India's economy, though diversification efforts and alternative suppliers could mitigate the impact.

Global News

* China’s factory slump deepens as weak demand and export pressure push policymakers toward consumer-driven reforms: China’s manufacturing activity contracted for the fourth consecutive month in July, with the official PMI falling to 49.3 from 49.7 in June — the lowest since April and below the 50-mark that signals growth. This reflects fading export momentum following earlier tariff-driven demand and continued sluggish domestic consumption. New orders turned negative, export orders contracted for the 15th straight month, and employment remained weak as companies cut costs. Although output prices rose, suggesting attempts to counter price wars, structural challenges persist — including overcapacity, a prolonged property market slump, and tepid household demand. Despite a Q2 GDP growth of 5.2% and IMF raising the full-year forecast to 4.8%, concerns remain. In response, China’s leadership has pledged to curb disorderly competition, support foreign trade firms with better financing, and shift toward consumption-led growth. Measures like a new childcare subsidy of 3,600 yuan annually until age three mark early steps toward this transition. Analysts stress the need for sustained reforms to reduce dependence on exports and stimulate domestic demand for long-term economic stability

Technical Snapshot

Key Highlights:

NIFTY SPOT: 24855.05 (0.14%)

TRADING ZONE:

Resistance : 24950 (Pivot Level) and 25100 (Key Resistance).

Support: 24700 (Pivot Level) and 24600 (Key Support).

BROADER MARKET: UNDERPERFORMED

MIDCAP 150: 57942.25 (-0.07%), SMALLCAP 250: 18156.85 (-0.52%)

VIEW: Bearish till Below 25100 (Key Resistance).

BANKNIFTY SPOT: 56150.7 (-0.13%)

TRADING ZONE:

Resistance: 56500 (Pivot Level) / 57000 (Key Resistance)

Support: 55700 (Pivot Level) / 55500 (Key Support).

VIEW: Bearish till below 56500 (Pivot Level)

Government Security Market

* The Inter-bank call money rate traded in the range of 4.75% - 5.42% on Wednesday ended at 5.05%.

* The 10 year benchmark (6.33% GS 2035) closed at 6.37% on Wednesday Vs 6.3589% on Tuesday .

Global Debt Market:

U.S. Treasury yields held steady on Wednesday as investors keenly awaited the Federal Reserve’s interest rate decision as well as a batch of economic data. The 10-year Treasury yield was little changed at 4.328%. The 2-year yield was down less than a basis point to 3.867%, and the 30-year note yield was also higher by less than a basis point to yield 4.867%.The Fed will make its interest rate announcement on Wednesday afternoon, and it’s widely expected to keep interest rates unchanged. Traders are pricing in a nearly 98% likelihood that the central bank will keep its key rate in a range of between 4.25% and 4.5%, according to CME Group’s FedWatch tool. “In terms of near-term policy, our economists think Powell is unlikely to remove a September rate cut from consideration nor intentionally raise the probability of that outcome,” Deutsche Bank analysts said in a note.“ Even though political pressure on Powell to cut rates remains high, our view is that due to modestly stronger inflation prints over the coming months, the first cut should be in December, after which we expect a further 50bps reduction in Q1 2026.”Fed Chair Jerome Powell will also give a speech at the press conference after the decision, which investors will monitor for hints about future monetary policy decisions, especially as President Donald Trump has tried to pressure the central bank leader to lower rates in recent months. Investors will also monitor Fed Chair Jerome Powell’s speech at the press conference after the decision for hints about future monetary policy decisions. On the economic data front, the ADP employment change, gross domestic product growth rate, and pending home sales are due in the morning

10 Year Benchmark Technical View :

The 10 year Benchmark (6.33% GS 2035) yield likely to move in the range of 6.3575% to 6.3750% level on Thursday

SEBI Registration number is INH000000081.

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