The frontline indices ended near the flat line with some negative bias on Monday. The Nifty settled below the 24,350 level. FMCG, oil & gas and IT stocks advanced while PSU bank, consumer durables and metal shares declined.
As per provisional closing, the barometer index, the S&P BSE Sensex was down 36.22 points or 0.05% to 79,960.38. The Nifty 50 index shed 3.30 points or 0.01% to 24,320.55.
In the broader, the S&P BSE Mid-Cap index fell 0.14% and the S&P BSE Small-Cap index shed 0.22%.
The market breadth was negative. On the BSE, 1,804 shares rose and 2,254 shares fell. A total of 111 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 7.12% to 13.60.
Economy:
The Pre-Budget consultations for Union Budget 2024-25 that started from 19th June 2024 onward in the Ministry of Finance and chaired by Union Minister for Finance & Corporate Affairs Nirmala Sitharaman, concluded on 5th July 2024. In the course of the in-person consultations, more than 120 invitees across 10 stakeholder groups, including experts and representatives from farmer associations & agriculture economists; trade unions; education & health sector; employment & skilling; MSME; trade & services; industry; economists; financial sector & capital markets; as well as, infrastructure, energy and urban sector, participated in the meetings, the ministry noted.
Buzzing Index:
The Nifty PSU Bank index fell 1.60% to 7,238.90. The index added 2.49% in the past three consecutive trading sessions.
Bank of Baroda (down 4.33%), Indian Bank (down 2.55%), Canara Bank (down 2.51%), Union Bank of India (down 1.9%), Indian Overseas Bank (down 1.49%), Punjab National Bank (down 1.24%), Bank of Maharashtra (down 1.08%), Punjab & Sind Bank (down 1%), UCO Bank (down 0.95%) and Central Bank of India (down 0.77%) slipped.
On the other hand, Bank of India (up 0.28%) edged higher.
Bank of Baroda slipped 4.33%. The public sector bank reported 8.51% rise in domestic advances to Rs 8,81,817 crore as on 31 June 2024 from Rs 8,12,626 crore as on 31 June 2023.
Stocks in Spotlight:
Marico jumped 4.01% after the FMCG major said that its domestic business saw a modest uptick in underlying volume growth on a sequential basis.
Titan Company fell 3.33%. The Tata Group company on Friday announced that its jewellery business jumped 9% year-on-year in Q1 FY25, the watches and wearables business increased 15% year-on-year, the Eyecare business grew 3% YoY in Q1 FY25,Carat Lane business jumped 18% YoY, emerging business grew 4% YoY during the period under review. TCL business grew 9% YoY in Q1 FY25.
Meanwhile, the company added a total of 61 stores during the quarter, expanding its combined retail network presence to 3,096 stores.
Adani Wilmar advanced 1.92% after the firm said that it has achieved robust volume growth of 13% YoY in Q1 FY25, propelled by market-specific strategies in each category, aimed at gaining market share, especially in under-indexed markets.
Larsen & Toubro added 0.13%. The company said that its Renewable arm has finalised mega orders with a leading developer in the Middle East to build two gigawatt-scale solar PV plants with a cumulative capacity of 3.5 gigawatt (GW).
Dabur India rallied 2.94% after the company's consolidated revenue is expected to register mid to high single digit growth during Q1 FY25.
FSN E-Commerce Ventures (Nykaa) shed 0.62%. The company said that it has expected a consolidated revenue growth to be around 22-23% YoY in Q1 FY25.
Tata Motors rose 0.93%. The company's global wholesales in Q1 FY25, including Jaguar Land Rover were at 3,29,847 units, rising 2%, as compared to Q1 FY24.
GE Power India soared 8.04% after the company secured a purchase order from NTPC, India's major power producer.
KPI Green Energy rallied 3.21% after the company signed a power purchase agreement (PPA) for a 50MW Solar-Wind Hybrid Power Project with Gujarat Urja Vikas Nigam (GUVNL).
Global Markets:
European stocks advanced on Monday, as markets reacted to a surprise win for a left-wing coalition of parties in French elections.
On the other hand, Asian stocks declined, with China leading the decline. Investor concerns swirled around a potential trade war with the West, fueled by the EU's tariffs on Chinese electric vehicles mirroring similar US actions. This escalation heightened fears of a wider conflict and retaliation from China. Additionally, disappointing economic data from Japan and Australia dampened overall sentiment.
In stark contrast, US stocks soared on Friday, reaching record highs. Investors interpreted a weaker-than-expected jobs report as a sign of potential future interest rate cuts from the Federal Reserve. The S&P 500 and Nasdaq both closed at all-time highs, while the Dow Jones also gained slightly.
The US economy added 206,000 new nonfarm jobs in June, exceeding economist expectations. However, the unemployment rate rose slightly to 4.1%, which was unexpected. All eyes are now on Fed Chair Jerome Powell's comments and key inflation data this week for further clues on the direction of US monetary policy.
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