BAROMETERS TURN RANGEBOUND; EUROPEAN MKT OPENS HIGHER

The frontline indices traded in a narrow range with minor cuts in afternoon trade. The Nifty traded below the 24,300 level. Oil & gas, media and FMCG stocks were in demand while realty, healthcare and pharma shares declined. Trading could be volatile due to weekly F&O series expiry today.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 152.82 points or 0.19% to 79,771.95. The Nifty 50 index lost 34 points or 0.14% to 24,290.45.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.19% and the S&P BSE Small-Cap index gained 0.53%.

The market breadth was positive. On the BSE, 2,186 shares rose and 1,655 shares fell. A total of 115shares were unchanged.

Economy:

Union Commerce Minister Piyush Goyal stated that India is on track to become the world`s third-largest economy within the next 3-4 years. Goyal highlighted the government`s commitment to transforming India into a global manufacturing hub and achieving a $2 trillion export target by 2030. He emphasized that India`s rapidly growing start-up ecosystem, expanding infrastructure, and investments in manufacturing are creating numerous opportunities for trade, business, jobs, and exports. The government is working to integrate India into global value chains and establish more global capacity centers to boost services exports. Goyal asserted that the $2 trillion export target is feasible with the right building blocks and a strong macroeconomic foundation.

The government is finalizing `Jan Vishwas 2.0` to converge industry interests with national goals, decriminalize certain aspects, and reduce compliance burden. The government remains committed to calibrated reforms, expanding healthcare, providing basic amenities, and speeding up infrastructure development. With the right policies and industry collaboration, India is poised to achieve its ambitious economic goals in the coming years.

Gainers & Losers:

Coal India (up 2.82%), ONGC (up 2.67%), BPCL (up 2.11%), Tata Motors (up 1.74%) and ITC (up 1.25%) were major Nifty gainers.

Nestle India (down 1.56%), Bajaj Finance (down 1.55%), Sun Pharmaceuticals Industries(down 1.38%) ICICI Bank (down 1.29%), and NTPC (down 1.28%) were major Nifty losers

Stocks in Spotlight:

Tata Elxsi slipped 2.14%. The company�s revenue increased 2.3% YoY to Rs 926 crore in Q1 FY25. Net profit declined 6.5% to Rs 184 crore in Q1 FY24 from Rs 197 crore in Q1 FY224.

HPL Electric & Power locked in an upper circuity of 20% after the company announced that it has received work orders of Rs 2,100.71 crore from its regular leading customers.

GE Power India jumped 6.18% after the company�s board approved to sell its hydro business undertaking to GE Power Electronics and its Gas business to GE Renewable Energy Technologies through slump sale basis.

Power Grid Corporation of India shed 0.98%. The company said that its board approved to borrow funds upto Rs 16,000 crore through various sources during the financial year 2025-2026.

Global Markets:

European stocks advanced on Thursday, as global markets look ahead to the next U.S. inflation reading.

Asian stocks edged higher, fueled by tech gains and record highs in Japan, after chipmaker TSMC`s strong revenue boosted optimism for AI. TSMC`s record revenue in June, driven by surging AI demand, pushed its share price up nearly 2% in Taiwan.

The rally followed a surge on Wall Street overnight, where the S&P 500 and NASDAQ hit records on hopes of a soft economic landing and potential Fed rate cuts later this year. All eyes are now on upcoming consumer inflation data, which will heavily influence the Fed`s decision on interest rates.

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