Stock Market Today: Top 10 things to know before the market opens

The market is likely to open flat as the GIFT Nifty indicates a muted start for the broader index, with a loss of 7.50 points at 19,439.

On July 3, the Sensex was up 486.49 points or 0.75 percent at 65,205.05, and the Nifty was up 133.50 points or 0.70 percent at 19,322.50 with the Sensex and the Nifty touching fresh record highs of 65,300.35 and 19,345.10 on Monday.

The pivot point calculator suggests that the Nifty may get support at 19,258, followed by 19,232 and 19,190, whereas in the case of an upside, 19,343 can be a key resistance area for the index, followed by 19,369 and 19,411.

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 7.50 points on Tuesday. The futures stood at 19,439.

US Markets

Wall Street’s main indices ended with slim gains in a holiday-shortened session on Monday, helped by a surge in Tesla and strength in bank shares as the second half of the year kicked off on a subdued note.

The Dow Jones Industrial Average rose 10.87 points, or 0.03 percent, to 34,418.47; the S&P 500 gained 5.21 points, or 0.12 percent, at 4,455.59; and the Nasdaq Composite added 28.85 points, or 0.21 percent, at 13,816.77.

Asian Markets

Economists polled by Reuters expect the Reserve Bank of Australia to hike its benchmark interest rate by another 25 basis points to 4.35 percent, bringing it to its highest level since December 2011. Australia’s S&P/ASX 200 opened to the flatline on Tuesday.

In Japan, the Nikkei 225 retreated from a new 33-year high recorded on Monday, falling 0.72 percent, with the Topix also recording a smaller loss of 0.45 percent.

South Korea’s Kospi fell marginally, while the Kosdaq bucked the trend and climbed 0.13 percent. The country’s consumer price index grew at a slower rate of 2.7 percent in June, marking a fifth straight month of decline.

Hong Kong’s Hang Seng index is set to fall after gaining over 2% on Monday, with futures at 19,176 compared to the HSI’s last close of 19,306.59.

Avenue Supermarts Q1 update: Standalone revenue up 18% YoY to Rs 11,584 crore

D Mart-operator, Avenue Supermarts, while announcing its Q1 business update of the financial year 2023-24 (April–June 2023), said its standalone revenue from operations for the quarter ended June 30 stood at Rs 11,584.44 crore, a jump of 18 percent compared to the year-ago period.

The company reported a standalone revenue of Rs 9,806.89 crore in Q1 FY22. In Q1 FY21 and Q1 FY20, the company reported a standalone revenue of Rs 5,031.75 crore and Rs 3,833.23 crore, respectively.

The total number of D-Mart stores as of June 30 stood at 327, Avenue Supermarts informed the stock exchanges in a regulatory filing.

Ratnaveer Precision Engineering receives SEBI green light to go ahead with IPO

Gujarat-based stainless steel products manufacturer Ratnaveer Precision Engineering has received approval from the capital market regulator for fundraising through an initial public offering. It was the second public issue that received a go-ahead from the Securities and Exchange Board of India (Sebi) last week, after another Gujarat-based company, SPC Life Sciences.

The public issue of 1.74 crore equity shares of Ratnaveer comprises a fresh issue of 1.53 crore shares and an offer for sale of 21 lakh shares by promoter Vijay Ramanlal Sanghavi, as per the draft prospectus.

Senco Gold IPO opens today

The public issue of Kolkata-based jewellery retailer Senco Gold to open on July 4 and close on July 6. The anchor book opened for investors for bidding for a day on July 3.

The price band for the offer has been fixed at Rs 301-317 per share. The company has sought a market capitalisation of Rs 2,351-2,462 crore at the said price band range.

The company is planning to mop up Rs 405 crore via its maiden public issue. The offering comprises a fresh issuance of shares worth Rs 270 crore and an offer-for-sale (OFS) of Rs 135 crore by investor SAIF Partners India IV.

IDFC First Bank merger: Ratio fixed at 155:100, amalgamation to complete this year

IDFC First Bank, at its meeting held on July 03, 2023, has approved the composite Scheme of Amalgamation amongst IDFC Financial Holding Company Limited and IDFC Limited and the Bank, and their respective shareholders.

The share exchange ratio for the amalgamation of IDFC Limited into and with IDFC First Bank shall be 155 equity shares (credited as fully paid-up) of face value of Rs 10 each of IDFC FIRST Bank for every 100 fully paidup equity shares of face value of Rs 10 each of IDFC Limited.

The Scheme is subject to the receipt of requisite approvals from the Reserve Bank of India, Securities and Exchange Board of India, the Competition Commission of India, the National Company Law Tribunal, BSE Limited and the National Stock Exchange of India Limited and other statutory and regulatory authorities, and the respective shareholders, under applicable laws.

US manufacturing extends slump in June: ISM survey

The slump in US manufacturing continued for an eighth straight month in June on the back of weak demand and slowing production, according to survey data published Monday.

The data from the Institute for Supply Management (ISM) also indicates the ongoing contraction in the sector is picking up pace, at the same time as other sectors of the US economy show signs of unexpected buoyancy.

“The June composite index reading reflects companies continuing to manage outputs down as softness continues and optimism about the second half of 2023 weakens,” ISM Business Survey Committee Chair Timothy Fiore said in a statement.

The ISM figure for June came in at 46 percent, down from 46.9 percent last month, the ISM said in a statement. This was well below the median forecast of economists surveyed by MarketWatch.

Oil prices

Oil prices held steady on Tuesday as markets weighed supply woes from cuts for August by top exporters Saudi Arabia and Russia against economic data that hinted at weak crude demand.

Brent crude futures were up 22 cents, or 0.3 percent, at $74.87 a barrel by 0033 GMT. US West Texas Intermediate crude were at $70.06, up 27 cents, or 0.3 percent.

FII and DII

Foreign institutional investors (FII) bought shares worth Rs 1,995.92 crore, whereas domestic institutional investors (DII) sold shares worth Rs 337.80 crore on July 3, provisional data from the National Stock Exchange shows.

With inputs from Reuters and other agencies