Nifty50: 19,398 ▲ 9.5 (+0.05%)
Sensex: 65,446 ▼ 33 (-0.05%)
Namaste, friends!
The markets may have been lacklustre today, but there is something that is shining brighter than usual. Yes, we’re talking about the supermoon! In case you missed it last night, don’t fret. You may still be able to catch it as the celestial phenomenon is expected to last three days this time. So, go ahead and get moonstruck!
- Benchmark indices traded within a range and closed nearly unchanged
- In all, 30 of the Nifty50 stocks closed in the green
- India's service sector growth fell to a three-month low of 58.5 in June from 61.2 in May
Among the Nifty sectoral indices, FMCG (+1.8%) and Auto (+1.6%) were the top gainers, while Financial Services (-0.8%) and Bank (-0.3%) were the top losers.
| Top gainers | Today's change |
| Bajaj Auto | 4,900 ▲ 274 (+5.9%) |
| Divi’s Labs | 3,760 ▲ 209 (+5.9%) |
| HDFC Life | 675 ▲ 28 (+4.3%) |
| Top losers | Today's change |
| HDFC Bank | 1,676 ▼ 51 (-2.9%) |
| HDFC | 2,800 ▼ 84 (-2.9%) |
| Eicher Motors | 3,313 ▼ 88 (-2.6%) |
What’s trending
⭐ Banks post robust Q1 business update
Major private banks reported steady credit growth in the first quarter of FY24. Market leader, HDFC Bank reported 15.8% YoY rise in its advances to ₹16.1 lakh crore, while its deposits jumped 19.2% YoY to ₹19.1 lakh crore. Similarly, IndusInd Bank’s net advances rose 21% YoY to 2.4 lakh crore. Meanwhile, its deposits increased by 15% to 3.0 lakh crore.
⭐ LTIMindtree moves on Nifty50 inclusion
IT services major LTIMindtree is set to replace HDFC on the Nifty 50 index from July 13 onwards. As a result, the stock rose 1% intraday and hit a high of ₹5,425, although it closed -0.3% lower at ₹5,235. HDFC is set to removed from the Nifty50 after its merger with HDFC Bank.
⭐ Samvardhana Motherson soars after acquisition
Shares of auto parts maker Samvardhana Motherson International (SAMIL) soared by 6% to ₹90 after the company announced that it will acquire an 81% majority stake in Yachiyo Industry's four-wheeler business, which is a subsidiary Honda Motor. The transaction is valued at approximately $158.54 million or JPY 22.9 billion. SAMIL’s total revenue increased by 23% to ₹78,957 crore YoY in FY23.
⭐ Crude oil trades lower
International oil benchmark Brent Oil traded lower today as concern over global economic slowdown overshadowed supply cuts announcement by oil exporters Saudi Arabia and Russia. Service activity in China, one of the biggest oil importers, fell to 53.9 in June, which is the slowest pace of expansion in the last five months. Meanwhile, Eurozone service PMI revised downward to 52 in June 2023.
In Focus
Telecom sector is buzzing
The Indian telecom sector has been buzzing with news of late, from new phone launches, fundraising plans to the successful expansion of 5G services. Here’s the latest on what’s trending in this sector.
Jio Bharat launch
Reliance Jio is coming out with its Jio Bharat feature-loaded phone for ₹999. The beta trial for the first one million handsets is set to begin from 7 July 2023. The company aims to capture 2.5 crore feature phone users through this new offering and gain market share at the lower end of the market.
As per experts, this new phone is set to increase competitive intensity within industry as Reliance aims to target 2G feature phone users of Airtel and Vodafone. Also, the Jio Bharat phone launch could restart the telecom pricing war as its monthly plans are priced 30% cheaper than those of other operators.
Following this announcement, shares of Bharti Airtel and Vodafone Idea were trading under pressure. Currently, Reliance Jio leads the industry with market share of 37.9%, followed by Bharti Airtel at 32.4% and Vodafone at 20.4%, as on 30 April 2023.
Vodafone 5G launch
As per reports, Vodafone Idea has started working towards its 5G launch. The company is in the final stage to raise funds and may deploy its 5G services as soon as this month, which could help it arrest the loss of market share to competitors.
Expansion of 5G network
Meanwhile, Airtel and Reliance Jio are successfully deploying its 5G services. So far, Airtel 5G services are available in over 3,500 cities and it has surpassed 10 million unique 5G customers, while Jio 5G is available in around 5,700 cities and towns.
Will the 5G launch turnaround fortunes for Vodafone Idea? Will Reliance Jio gain market share with its new handset? Only time will tell.
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