Market Live Updates Today: Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 82 points
The BSE Sensex jumped more than 600 points to 53,751, while the Nifty50 climbed nearly 180 points to 15,989 and formed a bullish candlestick pattern on the daily charts.
image for illustrative purpose
The BSE Sensex jumped more than 600 points to 53,751, while the Nifty50 climbed nearly 180 points to 15,989 and formed a bullish candlestick pattern on the daily charts.
As per the pivot charts, the key support level for the Nifty is placed at 15,857, followed by 15,724. If the index moves up, the key resistance levels to watch out for are 16,067 and 16,144.
US Markets
Wall Street ticked upwards, while oil continued to slide on Wednesday as investors juggled concerns over inflation versus a recession after Federal Reserve minutes showed officials rallied around a large rate hike at their June meeting.
All three major indices ended higher after the release of the Fed minutes, which showed officials agreeing that the inflation outlook had deteriorated and expressing concern over lost faith in the Fed's ability to stem it. The Fed at that meeting hiked rates by 0.75 percent for the first time since 1994.
The Dow Jones Industrial Average was up 0.22 percent, the S&P 500 climbed 0.36 percent and the Nasdaq Composite was up 0.35 percent.
Asian Markets
Asia-Pacific markets traded higher on Thursday as investors watch for market reaction to the latest Fed minutes. Japan's Nikkei 225 gained 0.83 percent, and the Topix index rose 0.84 percent.
In South Korea, the Kospi advanced 1.04 percent after closing more than 2 percent lower on Wednesday. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.17 percent higher.
Live Updates
- 7 July 2022 9:15 AM IST
FII and DII data
Foreign institutional investors (FIIs) turned net sellers, offloading shares worth Rs 330.13 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 1,464.33 crore on July 6, as per provisional data available on the NSE
- 7 July 2022 9:14 AM IST
Inflation continued to 'hit hard' FMCG industry in June quarter: GCPL
The country’s FMCG industry continued to be ”hit hard by inflation levels” leading to successive price hikes as well as impacting volumes during the three months ended June, according to Godrej Consumer Products Ltd (GCPL).
In its update for the first quarter of the current fiscal, the leading FMCG player also said that rural markets witnessed slower growth compared to urban markets during the period. In its update for the first quarter of the current fiscal, the leading FMCG player also said that rural markets witnessed slower growth compared to urban markets during the period.
GCPL expects to deliver early double-digit sales growth on a high base in India and the growth will be mostly ”price-driven”. The company would have ”mid-single-digit volumes drop on a high base, with a 3-year volume CAGR close to mid-single digits,” in the domestic market, as per the update.
- 7 July 2022 9:14 AM IST
RBI lines up steps to boost foreign inflows to stem decline in rupee
The Reserve Bank of India (RBI) has announced a series of measures to diversify sources of forex funding to mitigate volatility and dampen global spill overs.
“The global outlook is clouded by recession risks. Consequently, high risk aversion has gripped financial markets, producing surges of volatility, sell-offs of risk assets and large spillovers, including flights to safety and safe haven demand for the US dollar,” the RBI said in a release. “As a result, emerging market economies (EMEs) are facing retrenchment of portfolio flows and persistent downward pressures on their currencies."
- 7 July 2022 9:13 AM IST
Government asks edible oil companies to cut prices by up to Rs 10 per litre
Amid a fall in global prices, the government has directed edible oil manufacturers to further cut the maximum retail price (MRP) of imported cooking oils by up to Rs 10 per litre within a week, and maintain a uniform MRP of the same brand of oil across the country.
As India imports more than 60 per cent of its edible oil requirement, retail prices came under pressure in the last few months taking cues from the global market. However, there has been a correction, resulting fall in global prices.
"We made a detailed presentation and told them that global prices have declined by 10 per cent in last one week alone. This should be passed on to consumers. We have asked them to reduce the MRP," Pandey told PTI after the meeting.
- 7 July 2022 9:13 AM IST
Treasury yields surge as Fed minutes underscore inflation fight
Treasury yields surged after minutes of the most recent Federal Reserve meeting underscored commitment to tighten aggressively to keep inflation from becoming entrenched.
The selloff in bonds intensified after the record from the Fed’s June meeting showed officials saw the possibility of “even more restrictive” policy should price pressures persist. The selling pressure extended after Wall Street closed with two-, and three-year yields - among those that are more sensitive to central bank policy - back to 3 percent for a rise of more than 18 basis points on the day.
The benchmark 10-year rate climbed more than 12 basis points to 2.93 percent, rebounding from a session low of 2.74 percent.
- 7 July 2022 9:12 AM IST
Oil prices extend drop as recession fears cloud global demand outlook
Oil prices slipped in early Asian trade on Thursday, after hitting a nearly three-month low during the previous session, as fears of a potential global recession spurred concerns about oil demand.
Brent crude futures fell 71 cents to $99.98 a barrel by 0013 GMT. WTI crude futures fell 62 cents to $97.91 a barrel. The declines follow a dramatic fall on Tuesday. WTI slid 8 percent while Brent tumbled 9 percent - a $10.73 drop that was the third biggest for the contract since it started trading in 1988.
- 7 July 2022 9:12 AM IST
Fed's fear of entrenched high inflation fuelled big rate hike, minutes show
A deteriorating inflation situation and concern about lost faith in the Federal Reserve's power to make it better prompted US central bank officials to rally around an outsized interest rate increase and a firm restatement of their intent to get prices under control, minutes of the June 14-15 policy meeting showed.
Data released in the days just prior to that meeting showed consumer inflation in May had accelerated to an annualised rate of 8.6 percent, defying the Fed's hopes that the pace of price increases had peaked in the spring.
"Participants concurred... that the near-term inflation outlook had deteriorated since the time of the May meeting," the minutes stated, justifying last month's 0.75-percentage-point rate increase as part of a move to "restrictive" monetary policy.
