06:27 PM
Indian Oil Corp approves rights issue of shares worth Rs 22000 crore
* Jv with 50:50 collaboration between Co and Sun Mobility Pte. Ltd. Singapore
* Co’s equity investment of Rs 1800 crore in Jv
* Also accorded approval for Investment of $78.31 Million in Iocl Singapore Pte. Ltd
06:25 PM
June US jobs growth cools, but wages won’t comfort Fed
U.S. job growth slowed more than expected in June after surging in the prior month, but labor market conditions remain tight, with the unemployment rate retreating from a seven-month high and fairly strong wage gains continuing.
Nonfarm payrolls increased by 209,000 jobs last month, the Labor Department said on Friday. May payrolls were revised lower to up 306,000 from up 339,000. Economists polled by Reuters had forecast payrolls rising 225,000. The unemployment rate slipped to 3.6% from 3.7% in May. MARKET REACTION STOCKS: S&P e-mini futures briefly turned higher but were last down 0.2%
05:33 PM
Dollar steady ahead of jobs data, yen shines after Japan wage data
The U.S. nonfarm payrolls report is due later in the day and is expected to show the U.S. economy created 225,000 jobs in June.
The release follows data on Thursday that showed private payrolls surged last month, while the number of Americans filing new claims for unemployment benefits increased only moderately last week, suggesting the jobs market is on solid ground.
05:16 PM
Reliance Retail opts for reduction of share capital, payout at Rs 1,362 per share
“The Board of Directors of the Company at its meeting held on July 4, 2023, has approved a proposal to reduce the equity share capital to the extent held by shareholders other than its Promoter and holding company, namely, Reliance Retail Ventures Limited,” RIL said in a regulatory filing.
Upon such reduction, these shares held by such shareholders shall stand cancelled and extinguished and a consideration of Rs 1,362 per share shall be paid to shareholders towards the capital reduction.
Markets witnessed profit taking on Friday and shed nearly a percent, tracking feeble global cues. After the initial downtick, Nifty tried to inch higher but pressure in the index majors across sectors pushed the index lower as the day progressed. Consequently, it settled closer to the day’s low at 19331.80 levels. Most sectors ended lower wherein FMCG, realty and energy were among the top losers. The broader indices too witnessed a dip and lost in the range of 0.5%-0.9%.The decline has engulfed Thursday’s bullish move and indicates the possibility of consolidation in Nifty ahead. The key is to manage positions amid the consolidation phase as we generally see volatility swings. We thus recommend keeping a check on position size and maintaining strict risk management rules in place.
– Mr. Ajit Mishra, SVP – Technical Research, Religare Broking
03:52 PM
Rupee falls 14 paise to close at 82.74 (provisional) against US dollar.
The rupee traded weak, falling below 82.72 with a decline of 0.28rs. Market participants are considering the negative impact of upcoming interest rate hikes, along with the strength of the US dollar and rising crude prices supported by OPEC cuts, which are contributing to the weakness in the rupee. The strength in the Indian capital market helped limit the rupee’s fall, but there was profit booking observed in broad market indices today, adding further pressure on the rupee. Support for the rupee is now expected around 82.90-83.00, which may provide some relief from the depreciation.
– Jateen Trivedi, VP Research Analyst at LKP Securities
The domestic market succumbed to profit-booking as heat waves from weak global markets hit the shore. Global equities declined due to a spike in US bond yields, fuelled by expectations of a prolonged high-interest rate environment following a sharp increase in US private payroll data. Investors are eagerly awaiting the release of key US non-farm payroll and unemployment data today, which will provide further clues on the Fed’s policy direction ahead of its July meeting.
– Vinod Nair, Head of Research at Geojit Financial Services.
03:37 PM
Top gainers & losers in closing trade
03:34 PM
Closing Bell: Sensex resumes downtrend after 1-day break, plunges 505 pts; Nifty…
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