Market overview: The benchmark index failed to maintain the initial lead and closed down the second consecutive session yesterday 10 July. The Nifty closed below 25400. Investors appeared worried about the tariff policy of US President Trump before TCS’s first quarter results. The Indian benchmark index Sensex and Nifty are expected to have a weak start on July 11, as the gift Nifty was trading with lethargy around 25,278 this morning.
Stay with Moneycontrol to know what is happening in currency and equity markets today. Here we are releasing a list of such important news on all the news platforms that can affect Indian and international markets.
American market
The S&P 500 and Nasdaq composites reached a record high with a slight lead on Thursday. Dow Jones Industrial Average rose 192.34 points or 0.43% to 44,650.64, which is less than 1% of the record levels seen in early December. The S&P 500 index rose 17.20 points or 0.27% to 6,280.46 and the Nasdaq Composite rose 19.33 points or 0.09% to 20,630.67.
Signs of big gapdown opening from gift Nifty
Gift Nifty is indicating large gapdowns. After the weak results of TCS, Infosys, Wipro has seen a huge decline in ADR. They are broken up to 5 percent. Trump’s 35 % tariff on Canada and FIIS’s large selling in F&O has spoiled and deteriorated. The gift Nifty is trading below 150 points. The Dow Futures have fallen more than 200 points. However, Asia is mixed. At the same time, the US markets were closed yesterday.
Brent below $ 69 for fear of falling demand, silver at a height of 13 years
Trump tariff has increased the movement in the commodity market. Brent has fallen by 2 per cent to $ 69 per barrel due to the possibility of demanding demand. Due to weakness in dollars, silver has reached the height of 14 years in the international market, so copper is trading close to record levels.
TCS: Q1 CC Revenue declines by 3.3%, Tata Elxsi’s Q1 profit decreased by 21%
TCS estimates can also increase the pressure on the market. The company’s performance of Indian business has been weak. The CC revenue has seen a decline of 3.3 per cent on a quarterly basis. However, margin has been better than expected. The new deals have seen stability. After the TCS results, Infosys and Wipro’s ADR has seen a decline of 3 to 4 percent. On the other hand, the results of Tata Elxsi have been weak by estimates. Its profit decreased by 21 per cent on a quarterly basis.
Glenmark- A large deal of $ 70 CR between ABBVIE, an agreement for cancer medicine
Glenmark has signed a $ 70 million licensing agreement with American pharmaceutical company ABB-Vie. This agreement has been reached for the development and sale of cancer drug. Glenmark will have licenses for India and emerging markets.
Rohit Java’s resignation from the post of CEO of HUL, Priya Nair will become Hul CEO and MD
Hindustan Unilever has made Priya Nair CEO and MD. Rohit Java has resigned from the post of CEO of the company. Priya Nair will be the first woman to command the country’s largest consumer staple company.
ZEEL share holders shock promoters, voting against warrant issue offer
Public share holders of Zee Entertainment have dismissed the promoters’ venue issue. More than 40 percent of shareholders have voted against this proposal.
Asian market
Today, mixed business is being seen in Asian markets. The gift Nifty is trading with a decline of 112 points, or 0.44 per cent. At the same time, Nikkei has been trading with a decline of about 0.13 per cent. The Straight Times showed an increase of 0.55 per cent. While Taiwan’s market is trading at a 0.02 percent gain. Hangseng is trading with a gain of 1.71 percent. At the same time, there is a weakness of 0.08 percent in Kospi. At the same time, Shanghai Composite is trading with a gain of 0.76 percent.
FII and Dii Fund Flow
Foreign institutional investors bought equity worth Rs 221 crore on July 10, while domestic institutional investors also bought equity worth Rs 591 crore on the same day.