Global Market Cues

Global markets presented a mixed picture overnight, setting a cautious tone for the Indian bourses.

• US Markets: On Wednesday, July 9, major US indices closed in positive territory. The Nasdaq Composite surged 0.94% to close at a record 20,611.34, the S&P 500 gained 0.61% to reach 6,263.26, and the Dow Jones Industrial Average advanced 0.49% to 44,458.30. This upward movement was partly fueled by Federal Reserve meeting minutes, which hinted that inflation concerns, even those tied to tariff measures, might not derail potential interest rate cuts later in the year. However, US President Donald Trump's announcement of a 50% tariff on Brazilian imports effective August 1, and a warning about similar tariffs on copper imports, introduced some uncertainty.
• Asian Markets: Asian markets displayed mixed trends in early Thursday trading. Japan's Nikkei 225 was down by 0.39% to 0.45%, and the Topix fell by 0.48% to 0.54%. In contrast, South Korea's Kospi rose by 0.91% to 0.24%, and Australia's ASX 200 advanced by 0.65% to 0.51%. Markets in Shanghai and Hong Kong had closed lower on Wednesday.
• European Markets: European markets concluded Wednesday's session higher across the board, contributing to a supportive global sentiment.
• Crude Oil: Brent crude prices edged up 0.51% to $70.51 a barrel as of Tuesday, July 8, with traders currently weighing rising US stockpiles against the potential impact of Trump's new levies.

GIFT Nifty and Domestic Cues

The GIFT Nifty indicates a muted to flat start for the Indian market today.

• As of early Thursday morning (around 6:32 AM - 7:25 AM IST), GIFT Nifty futures were trading around 25,571 to 25,572.5, indicating a tepid or flat opening for the Nifty 50. It was trading 13 points higher at 25,571 at 6:32 AM IST.
• On Wednesday, July 9, Indian benchmark indices closed lower, with the Nifty 50 declining by 0.18% to 25,476.1 and the Sensex falling by 0.21% to 83,536.08.
• Selling pressure was observed in IT and oil & gas sectors.
• Foreign Institutional Investors (FIIs) were net buyers of Indian equities, purchasing shares worth ₹74.48 crore on July 9. Domestic Institutional Investors (DIIs) also showed strong buying interest, with net purchases amounting to ₹1,037.19 crore on the same day.
• Despite the benchmark indices closing lower, market breadth remained positive, suggesting an improved underlying sentiment. The Nifty Midcap 100 Index saw its fourth consecutive day of profit-booking, while the Nifty Smallcap 100 Index advanced.

Key Stocks in Focus

Several stocks are expected to be in focus today due to corporate results and recent market activity.

• TCS: Tata Consultancy Services (TCS) is scheduled to announce its Q1 earnings today, kicking off the earnings season for IT majors. This will be a significant event for market sentiment.
• Hind Copper, JSW Energy, Railtel Corp: These stocks are identified as being in focus for today's trading session.
• Wednesday's Performers/Laggards: Shriram Finance, Bajaj Finance, and Coal India were among the top gainers in the Nifty on July 9, while HCL Tech, Hindalco, and Tata Steel faced selling pressure. Vedanta also saw a significant drop following a critical report.

Key Events to Watch Today

Investors will be monitoring several economic data releases and ongoing developments.

• TCS Q1 Earnings: The earnings announcement from TCS will be a major event influencing the IT sector and broader market.
• US Initial Jobless Claims: The release of US initial jobless claims data for the week ended July 5 will provide insights into the health of the US labor market.
• India's M3 Money Supply YoY: This economic indicator for June 27 will be released, providing data on the country's money supply.
• US Tariff Developments: The implications of President Trump's recently announced tariffs on Brazilian imports and warnings on copper imports will continue to be watched closely.

TAGS: Pre-Market, Stock Market, Nifty, Sensex, Market Update

Tags: Pre-Market Stock Market Nifty Sensex Market Update