Stock Market Today: Domestic indices likely to start on a negative note; HDFC Bank, Tata Motors in focus

Stock Market Today: GIFT Nifty on the NSE IX traded 20.5 points, or 0.11 percent, lower at 19,437.50, indicating Dalal Street would have a down day on Monday. Nifty on Friday closed 165.5 points down to form a long bear candle with a lengthy upper shadow on the daily charts, breaking its higher lows pattern of the previous 7 trading days. On a weekly basis, the index, which has been making higher lows for the past 15 weeks, formed a small-bodied bullish candle.

Wall Street and Tokyo stocks

After Wall Street fell on Monday as a result of data showing weaker hiring in the US, Tokyo markets began lower.The larger Topix index down 0.15 percent, or 3.37 points, to 2,251.53, while the benchmark Nikkei 225 index dropped 0.18 percent, or 56.79 points, to 32,328.63. As investors processed a U.S. jobs report that revealed weaker-than-expected growth and awaited additional economic data and corporate profits in the coming weeks, Wall Street's major indexes ended lower on Friday.

Stock Market Today: Stocks in focus

HDFC Bank

Following the acquisition of HDFC, MSCI has added HDFC Bank to its Global Standard Indexes. The Housing Development Finance Corporation (HDFC) is thus removed from the indices. Beginning on July 13, the MSCI Global Standard Indexes will reflect the revisions. The Bank will sell the second tranche, or 2% of its equity interest, through an IPO for the National Securities Depository (NSDL). The bank, which now owns 8.95% of NSDL, sold 1% of its stock (the first tranche) for Rs 110 crore at Rs 2,750 per share in December 2022.

Stock Market Today: Tata Motors

A 5% increase over Q1FY23, the business has reported group global wholesales for the April to June quarter of FY24 at 3.22,159 vehicles, including Jaguar Land Rover. Global wholesales of passenger vehicles climbed by 8% to 1.4 lakh units within the same time period, while wholesales of commercial vehicles and Tata Daewoo declined by 15% YoY to 88,456 vehicles. Global wholesales for Jaguar Land Rover were 93,253 automobiles, with 10,324 for the quarter for Jaguar and 82,929 for Land Rover.

Indian Oil Corporation

The board has given the state-owned oil marketing business permission to raise up to Rs 22,000 crore through a rights offering. A joint venture company for the battery swapping industry in India was also given board approval as a private limited company. IOC and Sun Mobility Pte Ltd Singapore (SMS) will collaborate 50/50, and up until FY27, IOC would invest Rs 1,800 crore in the battery swapping industry. The investment of $78.31 million in IOC subsidiary 10CL Singapore Pte Ltd, Singapore, for the purchase of SMS preference shares and warrants, was also approved by the board.

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