AVERAGE
India records 11% below normal rainfall in June, weather department says
The central, north-western and north-eastern regions received 14%, 33%, and 13% below average rainfall, respectively, in June, data compiled by the India Meteorological Department (IMD) showed.
Stock Radar: Page Industries back above 40,000; stock breaks out from 15-month consolidation
Page Industries Ltd breaks out from a consolidation phase, supported by key technical indicators, suggesting a bullish trend ahead with targets set at 43000-46000. Traders can consider accumulating the stock within a specified range for potential gains.
Housing sale decline by 8% Q-o-Q as prices continue to rise
During the April-June quarter, residential sales witnessed an 8% drop compared to the previous quarter, attributed to the election season, heatwave, and rising property prices. Anarock data shows that 1,20,340 units were sold in Q2 2024 across the top 7 cities, down from 1,30,170 units in Q1 2024.
Stock Radar: 20% rally in 3 months! City Union Bank hits fresh 52-week high in June; time to buy or book profits?
City Union Bank (CUB) has surged over 20% in 3 months, supported by technical indicators like RSI and MACD. Analyst Shilpa Rout sees a short-covering rally potential above 170 levels with 150 as a key support.
Why deal sizes are shrinking for top Indian IT companies
IT service providers are experiencing shrinking average deal sizes to as low as $25 million due to cost efficiencies, GenAI transformation, and shorter tenure projects amid uncertain macro-economic conditions. Despite an increase in large deal volume during FY23, industry analysts report a decrease in the average value of those deals. This comes even though Indian software exporters remain major players on the global stage.
Nasdaq ends lower as Nvidia drags the tech sector for second day
S&P 500 and Nasdaq closed slightly lower on Friday, impacted by Nvidia's decline. Market volatility was observed due to triple witching, with positive PMI data.
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Ahead of Market: 10 things that will decide D-Street action on Thursday
The NSE Nifty 50 and S&P BSE Sensex opened at all-time highs, rising about 0.3% each, before closing with the Nifty down 0.18% to 23,516 and the Sensex up 0.05% to 77,337. The MACD indicator signals bullish momentum for Hitachi Energy India, Axis Bank, Force India, Ingersoll-Rand India, and JITF Infralogistics.
Stock Radar: Traders could consider Deepak Nitrite after a swift 20% rally from June low; could hit fresh 52-week high
Deepak Nitrite Ltd, a specialty chemical stock, witnessed a swift 20% rally from the June low, making it a tactical buy at current levels. Short-term traders with high-risk profiles could look at buying the stock on dips for a target of 2,800-3,000 levels in the next few months, as suggested by experts.
Stock Radar: Balrampur Chini breaks out from 6-month consolidation range; time to buy?
Balrampur Chini Mills Ltd, a major player in the sugar industry, experienced a significant stock rally and breakout, supported by technical indicators. The stock's positive momentum suggests a potential upside towards 485-490 levels.
Stock Radar: This pharma stock breaks out from 13-week consolidation to hit record highs; time to buy?
Cipla Ltd, a leading pharma company, broke out to a new high from a 13-week consolidation, supported by technical indicators. It moved in a range after hitting a high of 1,519 in March 2024.
Father’s Day 2024: Popular gifts, average spending and origins
Data from the National Retail Federation reveals that Americans are expected to spend approximately $22.4 billion on this Father’s Day. This is the second highest spending recorded on Father’s Day. Though, Americans have spent more purchasing gifts on Mother's Day in 2024 than the expected spending on Father's Day. This is higher than the spending recorded in the pre-pandemic years.
Nasdaq retreats from record peak as investors brace for cautious Fed signal
Market expectations have remained strong for a September start to policy easing, with the CME's FedWatch tool indicating over a 70% chance of a rate cut at that meeting. Traders are anticipating two cuts by the end of the year. However, this contrasts with the central bank's latest forecasts released on Wednesday, where policymakers reduced their projections from three cuts this year to just one.
Inflation expected to average 4.5% this fiscal: Crisil
CRISIL forecasts inflation at 4.5% this fiscal year, anticipating softer food inflation and higher non-food inflation. The report flags worries about food categories like cereals and pulses.
Overall ADTO declines MoM as new demat accounts rise: Motilal Oswal
In May 2024, demat account additions surged by 36 lakh, but the overall average daily turnover (ADTO) in the financial markets declined by 3% to Rs 433 lakh crore. While F&O ADTO decreased by 3%, cash ADTO rose by 5.5%. Active users on NSE increased to 4.29 crore.
Stock Radar: Double Bottom pattern makes Bayer Cropscience an attractive buy; upside potential up to 16%
Bayer Cropscience Ltd, an agrochemical stock, exhibits strong bullish momentum with potential for record highs above 7000 levels, supported by key technical indicators like moving averages, RSI, and MACD.
Stock Radar: 107% rally in 1 year! This IT stock is showing signs of bottoming out post 4-month fall; time to buy?
Stocks of IT company Birlasoft hit a high of 861 in February 2024 but failed to sustain the momentum. It has recorded a 107% rise in one year till June 10, 2024.
99 pc of new ministers are crorepatis, avg asset worth Rs 107 cr: ADR
99% of the new ministers are crorepatis with average assets totaling Rs 107.94 crores. Notable ministers include Dr Chandra Sekhar Pemmasani, Jyotiraditya M. Scindia, H D Kumaraswamy, and Ashwini Vaishnaw, with significant asset declarations exceeding Rs 100 crores each.
Wall St cautious ahead of key inflation data, Fed meeting
This week's focus includes the Consumer Price Index inflation report for May and the conclusion of the Fed's two-day policy meeting, both scheduled for Wednesday. The central bank is expected to release updated economic and policy projections and is widely anticipated to hold interest rates steady. The S&P 500 trimmed its early losses, while gains in Microsoft, Amazon.com, and Broadcom helped lift the Nasdaq slightly higher. These stocks rose between 0.8% and 2.5%.
Stock Radar: 100% rally in a year! This auto stock gives a breakout from 10-week consolidation; time to buy?
Bajaj Auto, part of the auto space, doubled investors’ wealth in the last year, hitting a record high in June 2024. Analysts suggest further upside potential with technical indicators supporting the bullish trend.
F&O Radar: Deploy Bull Call Spread in JSW Steel to capitalize on potential up-move
From April onwards, JSW Steel prices have consistently formed higher highs, indicating an upward trend. On the downside, the stock has found support around the 830 levels.
Smartwatch companies turn to premium buyers looking for upgrade
Leading smartwatch brands like Noise, Boult, and Boat are targeting repeat buyers with premium hardware to increase average selling prices and improve profitability amid declining shipments and intense competition. They are using their own processors, high-end materials, and aesthetic enhancements, while aggressively expanding into offline retail channels. This shift follows a 7.3% drop in Q1 2024 shipments and a fall in ASP to $20.65. The focus is now on offering premium products with better features to attract discerning consumers.
Average age of MPs elected to 18th Lok Sabha stands at 56: PRS Legislative Research
PRS Legislative Research analysis: Average age of 18th Lok Sabha MPs is 56 (down from 59). BJP leads with 240 seats, followed by Congress (99) and Samajwadi Party (37). Youngest winners are Pushpendra Saroj, Priya Saroj (25); oldest is T R Baalu (82).
S&P 500, Nasdaq close at record highs as data supports Fed easing
S&P 500 and Nasdaq hit record highs on Wednesday fueled by tech stocks amid expectations of Fed's easing cycle, impacting various sectors and economic indicators.
UN weather agency predicts that 1.5-degree Celsius target limit for global temperatures likely to be surpassed by 2028
The UN's weather agency predicts an 80% chance of global temperatures surpassing the 1.5°C target in the next five years, as outlined in the Paris climate accord. The World Meteorological Organization expects temperatures from 2024 to 2028 to be 1.1 to 1.9°C hotter than the start of the industrial era. UN Secretary-General António Guterres highlighted this threat in a speech for World Environment Day. The EU's climate service reported May as the hottest ever, with 12 consecutive months of record temperatures, attributing the trend to fossil fuel burning.
Wall St Week Ahead-Struggling Dow transport stocks could be economic warning signal
The Dow Jones Transportation Average has fallen 5% this year, contrasting with the S&P 500 and Dow Jones Industrial Average. Chuck Carlson sees it as a barometer for economic activity, signaling a possible slowdown ahead.
How much an average lower-middle class Indian earns in 2024
A new study by Home Credit India (HCIN) sheds light on the financial situation of lower-middle-class Indians. Titled 'The Great Indian Wallet Study: Consumer behaviour towards key financial aspects', the study surveyed over 2,500 individuals in 17 cities across India including Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Ahmedabad, Pune, Lucknow, Jaipur, Bhopal, Patna, Ranchi, Chandigarh, Dehradun, Ludhiana and Kochi. The sample size was approximately 2,500 in the age group of 18-55 years, with an annual income between Rs 2 lakh to Rs 5 lakh.
Cheaper 5G phones chip away at average prices
Flat Average selling prices (ASP) in the March quarter was largely due to a 22% on-year rise in shipments of mass budget phones priced at $100-200 at 16.3 million units, compared with 13.4 million units a year earlier, marking a resurgence from previous quarters.
Indian hospitality sector witnesses 11.4% YoY RevPAR Growth in Q1 2024: JLL
In the first quarter of 2024, the Indian hospitality sector experienced positive growth, with a significant increase in Average Daily Rate (ADR) driving Revenue Per Available Room (RevPAR) up by 11.4% compared to the same period in 2023. This growth was fueled by a rise in corporate travel, weddings, and MICE demand. The sector also saw a 5.5% increase in RevPAR from the fourth quarter of 2023, supported by strong occupancy levels and ADR growth. The outlook for the sector remains optimistic, with continued growth expected in the second quarter driven by business travel and leisure demand.
Sebi changes rule for calculating market cap, six-month average to be used now
The regulator said instead of using the market capitalisation of a single day which is currently March 31, listed companies will now have to use the average market capitalisation for a six- month period.
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