Market Outlook: US futures were trading flat as the cash market was closed yesterday due to a public holiday. Today's release of the FOMC meeting minutes will offer additional insights into the FED's position on inflation, economic growth and interest rates. Meanwhile, Asian markets began with a flat to negative opening ahead of the release of major economies PMI data including India's service PMI. GIFT Nifty is indicating a slightly positive opening. Yesterday, we have witnessed some cool-off in the broader markets due to profit booking. However, buying interest seen at the lower levels. Overall, we expect the momentum to continue with intermittent minor declines.
Actionable: Buy Bank of Baroda, LTIMindtree ltd, Jindal steel and power ltd.
Global market:
DOW: 34418 (unchanged)
GIFT NIFTY: + 10 (prev. close 19493)
NIFTY 50 : 19389
Sensex : 65479
Institution:
FII: + 2134 Cr
DII: - 785 Cr
NSE:
Advances: 1567 / Declines: 1945
Currency:
Dollar: $ 82.02
Dollar Index: 103.14
Commodity:
Gold: $ 1931 per ounce
Crude: $ 75.85 per barrel
Bonds:
10 year US bond rate: 3.84
10 year Indian Bond rate: 7.12
Derivative:
PCR: 1.30
VIX: 11.70
Updates:
HDFC Bank - Q1 Business Update - The Bank’s advances jumped around 15.8% YoY, 0.9% QoQ. Domestic retail loans grew by 20% YoY, 4% QoQ. Deposits grew by 19.2% YoY, 1.6% QoQ. CASA grew by 10.7% YoY and were lower by around 2.7% QoQ. CASA ratio stood at around 42.5% vs 45.8% last year and vs 44.4% March quarter. Bank purchased loans aggregating ₹ 116.32 billion through the direct assignment route under the home loan arrangement with HDFC.
IndusInd Bank - Q1 Business Update - June quarter Net advances up 21% YoY, 4% QoQ. Deposits up 15% YoY, 3% QoQ. CASA Ratio at 39.9% from 43.2% last year.
LTIMindtree: The Index Maintenance Sub-Committee (Equity) of NSE Indices has decided to exclude HDFC and include LTIMindtree in the Nifty50 with effect from July 13. Jindal Steel & Power is going to replace HDFC in the Nifty 100 index.
AU Small Finance Bank - Q1 Business Update - Gross advances rose 29% YoY, 8% QoQ. Deposits grew 27% YoY and flat for QoQ. CASA grew by 14% YoY and decline by 9% QoQ. Average cost of funds (COF) for Q1was 6.58%, an increase of 29 basis point over COF of Q4’FY23 at 6.29%. During the quarter, the Bank opened 49,000+ savings account via Video banking + AU 0101.
RBL Bank - Q1 Business Update - Total deposits grew up by 8% YoY, 1% QoQ. Gross Advances jumped by 20% YoY, 4% QoQ. Retail advances grew 32% YoY while wholesale advances grew 8% YoY. CASA grew by 12% YoY, 1% QoQ.
Bandhan Bank - Q1 Business Update - Loans and advances grew nearly 7%, while total deposits rose 16.6%. Retail deposits up 10.6%, while bulk deposits rise 55.4% YoY. CASA ratio at 36% from 43.2% YoY. In other news, the Bank's chief financial officer Sunil Samdani resigned with effect from October 1, 2023.
Indian Oil Corporation Ltd (IOC) : said a meeting of its board members is scheduled on Friday to consider raising of capital through right issue of equity shares to meet the capital expenditure plan for its various projects.
Strides Pharma Science: on Monday said it has entered into a binding agreement to sell biologics Unit-3 manufacturing facility of its associate company Stelis Biopharma (SBL) to Syngene International on a slump sale basis for ₹702 crore in an all cash deal. The sale will help Strides in paring its debt.
Genus Power - Signs definitive agreements with Gem View Investment Pte Ltd., an affiliate of GIC Singapore to set up a platform for undertaking advanced metering infrastructure service provider concessions. GIC will hold 74 percent stake in the platform. Initial pipeline will have a capital outlay of $2 billion. Chiswick Investment, another GIC affiliate will invest up to Rs.519 crore via preferential warrant allotment.
Securities in ban: IBULHSGFIN.
Derivative View: On option front, weekly maximum Call OI is at 19400 then 19500 strike while Maximum Put OI is at 19300 then 19000 strike. Option data suggests an immediate trading range in between 19250 to 19500 zones.
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