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Market Outlook: Indian Equities May Have a Flat to Negative Opening on July 8

  • Posted on July 8, 2024
  • News
  • By TSW NEWS DESK
  • 293 Views

Indian equities are set for a flat to negative start on July 8, 2024, influenced by weak global cues. Key stocks like NLC India, IndusInd Bank, and Bank of Baroda are in focus due to significant business developments and Q1FY25 performance updates.

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Indian equities are expected to open on a rather low note as the new trading week commences on Monday, July 8, 2024, due to low global market sentiments. The GIFT Nifty futures, a near-month contract, suggests a marginal up-move with a reading of only 5 points above Nifty50 futures at 23,384 levels.

Most Asian markets are trading lower today, led by Japan’s Nikkei index that is down by 0. 17% and the Topix index down by 0. 47%. Kospi, South Korea has dropped by 0. 07%, however a small-cap market index known as the Kosdaq has slightly recovered and has increased by 0. 86%. Hang Seng index futures are another index that is also lower by 0. 78%.

This cautious sentiment comes after a mixed session on Friday in US markets; while the S&P 500 and NASDAQ edged higher by 0. 54% and 0. 0. 33% to close at 26932. 50 and the NASDAQ increased by 0. 90% to close at 7444. 25 and the Dow Jones Industrial Average by 0. 17%.

Several key stocks are in focus today:Several key stocks are in focus today:

1. The firm has obtained the rights to develop the Machhakata coal mine in Odisha which is its second commercial coal mining project in the state.

2. Year on year analysis of IndusInd Bank reveals that the gross advances were up by 16% while the deposits were higher by 15% in Q1FY25.

3. Bank of Baroda recorded an 8% increase in the share of its customers who were using internet banking. A Global business rate rise of 52% year on year for Q1 to Rs 23 billion for the company. 77 trillion.

4. The board of directors of the JM Financial has passed the directive for acquiring strategic stakes in its subsidiaries.

5. Specifically, Signature Global India posted phenomenal YoY growth in Q1FY25, and pre-sales zoomed up by 255%.

6. Titan Company has further reported a sales growth of 9% for its standalone business YoY for Q1FY25 with the company having a total of 3096 stores.

7. Marico anticipates that the blended revenue growth of its consolidated numbers for Q1FY25 will be in the range of high single digits and this is primarily on account of the international operations.

Also Read: India, Stock Market: Ready for the Growth After the Budget?

When the market opens, investors will be focusing on such developments in the market and their effects on their sentiment in general.

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