Sensex and Nifty ended flat. Tata Motors rose 0.93%, gaining 182%, supported by averages and EPS, and in accumulation phase. Avoid Adani Wilmar despite its 1.92% rise. PC Jewellers jumped 10%, rebounding off the 50-day average and hitting strong RSI levels. Target for Tata Motors is 1170. Recommendations for these stocks vary.
Biden will welcome NATO leaders and the first lady and he will host a 75th anniversary commemoration event at the Mellon Auditorium on Tuesday. That is the site where the NATO treaty was formally signed in 1949.
Hurricane Beryl minimally impacted Texas oil production, lowering prices. Brent fell to $85.71, WTI to $82.28. Texas, producing 40% of U.S. oil, saw Corpus Christi Ship Channel reopen and Port of Houston resuming operations. Gulf Coast refineries reported minimal impact. A potential Middle East ceasefire in Gaza, with U.S. officials in Egypt for talks, influenced the market.
The SEC will redraft swing pricing rules for open-end funds, originally met with objections. The 2022 proposal aimed to address market stresses, like during the coronavirus pandemic. Requirements included a seven-day liquidity standard. Chair Gary Gensler consulted banking regulators. BlackRock, Vanguard, and Fidelity previously saw a similar rule scrapped for money market funds, as it jeopardized investments.
Tata Motors and Mahindra challenge Hyundai for India's No.2 spot amid Hyundai's $3.5 billion IPO plan. Hyundai held 13.5% sales, Tata 13.2%, Mahindra 12.4%, Maruti Suzuki tops with 40%. Hyundai faces market challenges, acknowledges COO Tarun Garg. Significant investments in EVs and capacity expansions are planned by 2026, according to the Federation of Automobile Dealers.
Oil prices declined as Hurricane Beryl impacted U.S. refinaries, lowering Brent futures to $85.75. Gaza ceasefire hopes eased supply concerns. Texas faced significant damage; Kazakhstan to compensate for OPEC+ excess. China’s imports fell, India’s fuel consumption rose. Analysts, including Gelber and Ritterbusch, noted de-risking. U.S. and UK elections may influence outcomes.
India's stock indices saw record gains in 2024, signaling an ageing bull market. Investors exhibit 'bear fatigue,' with Reliance Industries leading. Despite positive cycles, fine-tuning portfolios and risk management is key. Interest rates by the US Federal Reserve and potential Black Swan events could impact the market, reinforcing the need for cautious investment strategies, particularly in smaller shares.
A United Airlines Boeing 757-200 lost a wheel taking off from LA Monday, landed safely in Denver. No injuries among 174 passengers, 7 crew. Previous Boeing wheel incident in March, Alaska Airlines fuselage issue. FAA investigates. Boeing agreed to DOJ settlement over 737 MAX crashes. The 757, produced until 2004, is 30 years old. Boeing admitted to fraud.
Sebi has updated rules on investments by passively managed mutual fund schemes in sponsor group companies. The new norms restrict investments to 25% of net assets, except for equity ETFs and index funds.
"I will look to Prime Minister Modi's public remarks to see what he talked about but as I said, we have made quite clear directly with India our concerns about their relationship with Russia," State Department spokesperson Miller said in a press briefing. Prime Minister Modi is currently on a two-day visit to Russia and was hosted by President Vladimir Putin on Monday night at the Russian leader's dacha.
The NSE 500 index sees 86% of stocks trading above the 200-DMA, indicating a strong bullish trend. Analysts suggest potential minor corrections but no significant reversal expected soon. Fifth bull run in Nifty 500 continues.
The Enforcement Directorate is investigating technology firms and unicorns for violating FEMA through offshore fundraising tactics. The 'gift' of shares to Indian founders is under scrutiny, raising concerns over overseas direct investment. Indian promoters are being questioned and may need to explain past transactions.
Amid daily Chinese provocations in Taiwan, Ministry of National Defense (MND) has decided to invest in the mass production of domestically designed loitering munitions, also known as "kamikaze drones"
The S&P 500 and Nasdaq hit records, boosted by Nvidia, Intel, and AMD. Investors await inflation data, Powell's semiannual testimony, and earnings from Citigroup, JPMorgan Chase, and Wells Fargo. Concerns grow over labor markets and rate cuts. Declines in communication services and energy; Paramount merged with Skydance; Boeing resolves fraud investigation.
President Biden responds to calls for his resignation by daring opponents to challenge him at the Democratic National Convention. He emphasizes his focus on defeating Trump and dismisses distractions from his poor debate performance.
A financial audit and top-level reshuffle are in the works at business-to-business (B2B) startup for medical supplies Medikabazaar. Details on this and more in today’s ETtech Morning Dispatch.
Domestic markets closed unchanged as investors brace for earnings season. Analysts predict a consolidation phase with stable input prices. Global markets show mixed movements. Foreign investors turn net buyers. Rupee ends slightly lower against the US dollar.
