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Indian equity markets cool off after record run? RIL, Vedanta in focus | Cyient DLM lists today

Indian stock market continued its northward journey for yet another week, though there was profit booking on last Friday amid signals of possible rate hike by the United States Federal Reserve (Fed) in next policy meeting post rise in US treasury yields and tight jobs data. Positive economic data, healthy provisional numbers by corporates ahead of June quarter earnings and consistent buying by foreign institutional investors (FIIs) supported the market. Sensex jumped 562 points to 65,280, and the Nifty50 climbed 143 points to 19,332, while the Nifty Midcap 100 and Smallcap 100 indices gained 0.9 percent and 2.6 percent, respectively, for the week. Most of sectors contributed to the up move. Overall, the momentum may sustain despite possible intermittent consolidation and correction in the coming week, with focus on India and US inflation for more cues, while the stock-specific action due to the beginning of corporate earnings season will be seen. TCS kicks off the Q1 earnings season on Wednesday (July 12) and HCL Tech and Wipro will follow suit. Among stocks in focus today on July 10 will be Reliance Industries (RIL), Vedanta, HDFC Bank and Indian Oil Corporation (IOC). Plenty of action in the primary markets as well. Cyient DLM gears up to make its D-street debut today. Meanwhile, sources suggest NSDL has filed draft papers with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). Catch Nandita Khemka in conversation with Ajay Srivastava, Dimensions Corporate Finance Services; and Rajesh Palviya, Axis Securities. Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

first published: Jul 10, 2023 08:44 am