Reiteration of 9th July deadline by Trump put pressure on markets
Most of Asian Pacific region indices were down after US President Donald Trump said he wouldn't delay the July 9 deadline for imposing higher levies on trading partners. Japan’s Topix index was down 0.16% while Kospi was down by 1.35% in the morning. Australia’s S&P/ASX 200 was up 0.38%. The GIFT Nifty was trading 20.5 points higher at 25,677 as of early morning, indicating a positive start for the 50-stock benchmark on the NSE later in the morning.
US index futures were little changed. Foreign portfolio investors stayed net sellers of Indian equities for the second consecutive day on Tuesday and net sold shares worth Rs 1,970.1 crore, according to the provisional data from the National Stock Exchange. Domestic institutional investors stayed net sellers and offloaded equities worth Rs 771.1 crore.
Fundamental Update
- Hyundai Motor India – Company’s passenger vehicle sales in June stood at 60,924 units, above the estimate of 59,400 units. Domestic sales were 44,024 units versus 43,861 units in May. Positive
- Maruti Suzuki - Total sales fell 6% year-on-year to 1.68 lakh units, versus an estimate of 1.675 lakh units. Neutral
- JSW Energy - Subsidiary JSW Renew Energy signed a purchase pact with Rajasthan Vidyut Utpadan Nigam for a 250 MW/500 MWh battery energy storage system. Positive
- India Pesticides – It commissioned an expansion of its formulation plant, increasing capacity by 3,500 MTPA from 6,500 MTPA. Positive
Technical Update
- NIFTY – The Nifty index traded in narrow range during day and settle at 25,541 on Tuesday. Index finds support at 25,500 while 25,600 remain near term resistance. Today’s range – 25,450 – 25,750.
- BANKNIFTY – Bank nifty traded marginally positive and closed higher by 150 points at 57,460 on Tuesday. Index is well supported at 57,100 indicating buying emerges on dips. Today’s range – 57,150 – 57,800.
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