Important Information For July 6 Stock Trading Strategy

The Indian equity benchmarks are likely to open higher on Wednesday as indicated by the Nifty Futures traded on the Singapore Exchange. The Nifty Futures on Singapore Exchange also known as SGX Nifty Futures rose 48 points or 0.3 per cent to 15,814.

Benchmark BSE Sensex on Tuesday reversed its intra-day gains to close down by 100 points due to fag-end selling in FMCG, banking and IT stocks amid a weak opening in European stock markets.

The 30-share BSE index declined by 100.42 points or 0.19 per cent to settle at 53,134.35 points.

The index opened higher and later jumped 631.16 points or 1.18 per cent to touch the day's high of 53,865.93 after buying in banking, metals, energy and pharma shares boosted by gains in most Asian markets.

Here are key things to know before market opens on Wednesday:

Asia Markets

Most of the Asian markets were trading lower with Japan's Nikkei down 1.33 per cent, Hong Kong's Hang Seng fell 0.44 per cent, South Korea's KOSPI declined 1.07 per cent and Taiwan Weighted tumbled 1.19 per cent.

US Markets

Stock indexes on Wall Street ended with meager gains Tuesday, as a late-afternoon rally led by technology companies stemmed the market’s losses after an early slump.

The S&P eked out a gain of 0.2 per cent after having been down 2.2 per cent earlier in the day. The Dow Jones Industrial Average lost 0.4 per cent, while the tech-heavy Nasdaq composite closed 1.7 per cent higher.

The weak opening, which followed a long weekend for the Independence Day holiday, came about as the price of U.S. crude oil fell sharply, eventually settling below $100 a barrel for the first time since early May. Bond yields also fell, a sign traders were seeking less risky assets.

Crude Oil and Gold Price Check

Benchmark U.S. crude oil for August delivery fell $8.93 to $99.50 a barrel Tuesday. Brent crude for September delivery fell $10.73 to $102.70 a barrel.

Gold for August delivery fell $37.60 to $1,763.90 an ounce. Silver for September delivery fell 55 cents to $19.12 an ounce and September copper fell 18 cents to $3.42 a pound.

The dollar fell to 135.67 Japanese yen from 135.71 yen. The euro fell to $1.0263 from $1.0425.

Foreign Flows

Foreign institutional investors turned net buyers on Tuesday and bought shares worth Rs 1,296 crore while domestic institutional investors sold shares worth Rs 258 crore. 

Rupee Check

The rupee fell by 41 paise to close at a fresh lifetime low of 79.36 (provisional) against the US dollar on Tuesday amid a strong greenback overseas and unrelenting foreign fund outflows.

At the interbank forex market, the local unit opened at 79.04 against the greenback and witnessed an intra-day high of 79.02 and a low of 79.38.

It finally settled at 79.36 (provisional), down 41 paise over its previous close. On Monday, the rupee had closed at 78.95 against the US dollar.

Stocks In Focus

TCS: IT major Tata Consultancy Services has been selected by Finnish stainless steel company Outokumpu to transform its IT landscape with an agile and secure cloud-based digital core to reduce its carbon footprint and support its strategic aspirations.

Headquartered in Finland and operating in more than 30 countries with around 9,000 employees, Outokumpu aims to strengthen its industry leadership and competitive differentiation and has therefore signed mutli-year deal with TCS to build a hybrid cloud platform.

Adani Transmission: Adani Transmission on Tuesday said that it will seek shareholders' approval for the proposed related-party transactions worth up to Rs 10,600 crore in 2022-23. 

Three resolutions for the purpose of related party transactions during 2022-23 are listed on the agenda as per the notice of the company's AGM (Annual General Meeting) scheduled on July 27.

PTC India: PTC India posted over two-fold jump in its standalone net profit at Rs 155.89 crore in January-March, 2022 quarter compared to the same period a year ago.

The company had reported a standalone net profit of Rs 63.35 crore in the quarter ended on March 31, 2021, a BSE filing showed.

Biocon: Biocon Biologics, an arm of Biocon, on Tuesday said its Bengaluru-based manufacturing plant has received EU GMP certification from Ireland's Health Products Regulatory Authority (HPRA).

The company's new monoclonal antibodies (mAbs) drug substance manufacturing facility (B3) at Biocon Park, Bengaluru has received the certification following a GMP inspection in April 2022, a Biocon Biologics spokesperson said in a statement.