The market is expected to see muted start today as the GIFT Nifty indicates a flat opening for the broader index, with a loss of 14.50 points after opening the session at 19,543.50.
On July 13, the Sensex was up 164.99 points or 0.25 percent at 65,558.89, and the Nifty was up 29.50 points or 0.15 percent at 19,413.80.
The pivot point calculator suggests that the Nifty may get support at 19,386, followed by 19,344 and 19,274, whereas in the case of an upside, 19,525 can be a key resistance area followed by 19,568 and 19,637.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms, which could impact Indian as well as international markets.
GIFT Nifty
The GIFT Nifty indicates a flat start for the broader index with a loss of 14.5 points on Friday. The futures stood at 19,543.50.
US Markets
U.S. stocks extended recent gains to end higher on Thursday, with the Nasdaq rising more than 1% for a second straight day, as data showed the annual increase in U.S. producer inflation was the smallest in nearly three years.
The Dow Jones Industrial Average rose 47.71 points, or 0.14%, to 34,395.14, the S&P 500 gained 37.88 points, or 0.85%, to 4,510.04 and the Nasdaq Composite added 219.61 points, or 1.58%, to 14,138.57.
Asian Markets
Asia-Pacific markets largely rose on Friday after more inflation data out from the U.S. came in softer than expected, raising optimism that inflation could come down without weakening the labor market.
European Markets
European stock markets closed higher Thursday after another cooler-than-expected U.S. inflation reading and a dip in U.K. gross domestic product.
The pan-European Stoxx 600 provisional closed up 0.7%, with tech stocks up 1.8% and the majority of sectors ending the session in the green.
The U.K. economy contracted 0.1% in May, official figures showed, though this was less than the 0.3% month-on-month contraction forecast in a Reuters poll of economists. It comes amid intense focus on the country’s ongoing inflation battle, particularly after this week’s strong wage growth data.
Wipro Q1 Results
IT services firm Wipro on July 13 reported 11.9 percent year-on-year (YoY) growth in net profit in the first quarter ended June 30, 2023. Sequentially, however, net profit was down by 6.6 percent due to decline in all major financial metrics.
Wipro's standalone net profit for Q1FY24 stood at Rs 2,870 crore, missing analyst estimates of Rs 2,976 crore for this quarter. The Bengaluru-based IT services major had posted a net profit of Rs 2,563 crore in the year-ago period.
Revenue for the quarter grew 6 percent YoY at Rs 22,831 crore as compared to Rs 21,528 crore in Q1FY23, missing estimates of Rs Rs 23,014 crore.
The decline in revenue was expected primarily due to persistent weakness in the banking, financial services and insurance (BFSI) vertical as well as its higher exposure to consulting at a time that discretionary spends have fallen.
Dollar Updates:
The dollar slumped to its lowest since April 2022 on Thursday, as cooling U.S. inflation bolstered expectations that the Federal Reserve would hike interest rates just one more time this year, eroding the greenback's yield advantage over peers.
Against a basket of six major currencies, the dollar index fell 0.5% to 100, after dropping earlier to 99.968, a new 15-month trough. The dollar index was headed for its biggest weekly slide so far in 2023.
The euro rose 0.6% against the dollar to $1.1190, after hitting a new 16-month high earlier in the session. The euro headed for a sixth daily gain, its longest stretch of rises against the dollar this year.
Crude Price Updates:
Oil prices rose on Friday on support from tighter supply amid issues in Libya and Nigeria and easing U.S. inflation, which markets hope may bring an end to interest rate hikes in the world's biggest economy.
Brent crude futures rose 27 cents, or 0.3%, to $81.63 per barrel at 0028 GMT. U.S. West Texas Intermediate crude futures rose 35 cents, or 0.5%, to $77.24.
Gold Price Updates:
Gold prices on Thursday fluttered around their highest level in nearly a month, helped by a weaker dollar and expectations that the U.S. Federal Reserve is soon nearing an end to its rate-hike cycle.
Spot gold was up 0.2% at $1,960.20 per ounce by 10:18 a.m. EDT (1418 GMT), its highest since June 16. U.S. gold futures rose 0.1% to $1,963.
The dollar index fell to its lowest in more than a year, making gold more affordable to overseas buyers. Benchmark U.S. yields were also at their lowest in more than a week, cutting the opportunity cost of holding non-yielding gold.
FII and DII data
Foreign institutional investors (FII) have net bought shares worth Rs 2,237.93 crore, whereas domestic institutional investors (DII) net sold shares worth Rs 1,196.68 crore on July 13, provisional data from the National Stock Exchange (NSE) shows.
Stocks under F&O ban on NSE
The NSE has added Delta Corp to its F&O ban list for July 14, while retaining Hindustan Copper, Indiabulls Housing Finance, India Cements, Manappuram Finance, Punjab National Bank, and Zee Entertainment Enterprises. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
With inputs from Reuters and other agencies
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