Monday, July 3, saw a stronger start to the domestic equities market as it took cues from Wall Street indices. At 9:31 am IST today, the Sensex and the Nifty, two local equity indexes, were up 0.56% and 0.52%, respectively, to 65,082.67 and 19,288.70 points. Monday’s opening of the Indian rupee at 82 against the US dollar was 4 paise higher due to increased risk appetite and FII inflows into Indian equities.
Due to strong macroeconomic statistics and improving global cues as recession fears in the US subsided, investors were upbeat about the long-term prospects of the Indian market on Friday (June 30), causing the two benchmark indices, the Sensex and the Nifty, to conclude at their fresh closing highs. The Nifty closed the session up 1.14% at 19,189.05 points, while the Sensex finished the session up 1.26% at 64,718.56 points.
The Indian rupee, however, ended Friday’s trading two paise higher at 82.04 to the dollar.
The Dow Jones Industrial Average increased by 0.84%, the S&P 500 index increased by 1.23%, and the NASDAQ Composite index increased by 1.45% to close at 13,787.92 points on Friday.
HDFC
Investors will continue to monitor the share prices of Housing Development Finance Corporation (HDFC) and HDFC Bank on Monday following the completion of the two organisations’ merger last week. Following the merger, existing HDFC shareholders would own 41% of the bank, making public shareholders the sole owners of HDFC Bank.
Transmission by Adani
After the Rajiv Jain-led GQG Partners purchased 2.13 crore shares in Adani Transmission in two bulk acquisitions, the share price of Adani group equities, including Adani Transmission, will be in the focus today.
Vedanta
Today’s attention will be on Vedanta shares after the market regulator SEBI fined the company Rs 30 lakh for breaking disclosure rules. According to reports, Vedanta misled the market about its intentions to enter the semiconductor industry.
MotoCorp Hero
In today’s early morning trading, shares of Hero MotoCorp were trading down. At 9:50 IST today, the stock was down 0.56% at 2,893.80 points. With effect from July 3, 2023, the company is anticipated to increase the ex-showroom costs of its bikes and scooters.
