News:The GIFT Nifty indicates a flat start for the broader index with a loss of 8 points on Wednesday. The futures stood at 19,529. The initial public offer of Utkarsh Small Finance Bank is set to open on July 12 and bidding will close on July 14. The anchor book, the part of qualified institutional buyers, was opened on July 11. HCL Technologies is expected to report a net profit of Rs 3,782 crore in Q1FY24, according to average of the estimates by Philip Capital, Nirmal Bang, AMP, and HDFC Securities. This is a 5.3 percent decline quarter-on-quarter, and a 8.1 percent increase year-on-year.
Events/Results:Tata Consultancy Services, HCL Technologies, 5paisa Capital, Anand Rathi Wealth, Steel Strips Wheels, Artson Engineering, Hathway Bhawani Cabletel & Datacom, and Sanathnagar Enterprises will be in focus ahead of quarterly earnings on July 12.
The NSE has added Manappuram Finance to its F&O ban list for July 12, while retaining BHEL, Delta Corp, Granules India, Indiabulls Housing Finance, India Cements, Punjab National Bank, and Zee Entertainment Enterprises
Market wrap up(DWM,T,N,E):After two days of consolidations and correction, the market rebounded to near-record highs but could not sustain all those gains due to profit booking in the later part of the session. The Nifty50 sustained above 19,400 levels throughout the session, which seems to be important for further direction on either side of the market. “Technically, this pattern reflects an emergence of selling pressure at the highs. Presently, the Nifty is hovering within a high low range of around 19,300-19,500 levels over the last six sessions and presently tagging the upper band at 19,500 levels,” the momentum is expected to strengthen only on the Nifty moving beyond this range on either side. “a decisive upside breakout of 19,500 levels is expected to pull the Nifty towards another hurdle of 19,800 levels in a quick period of time. However, any weakness below 19,300 levels could result in a downward correction towards the next support of 19,100-19,000 levels in the near term,” Auto, FMCG, pharma, oil & gas, and select technology stocks supported the market, while the broader markets performed better than benchmarks as the Nifty Midcap 100 and Smallcap 100 indices gained 0.88 percent and 1.26 percent respectively.
