Tata Consumer Products, HDC Bank, Adani Ports, Axis Bank, and Kotak Mahindra Bank are the top gainers on NSE Nifty 50 index, whereas the top laggards include Titan Company, TCS, Reliance Industries, Hindalco Industries, Divis Lab.

Orient Paper shares have delivered positive returns across various time frames. Over the last month, the stock has shown a positive return of 29%, indicating short-term growth. In the last six months, the performance has been even more impressive, with a substantial increase of 40%, showcasing the stock’s resilience and upward momentum.

Year-to-date, Orient Paper shares have surged by 39.42%, emphasizing the stock’s positive trajectory in the current calendar year. Looking back over the last twelve months, the stock has demonstrated significant growth, surpassing 47.82%. These consistent positive returns underscore the stock’s strong performance and appeal to investors.

Commenting on the dollar rupee outlook Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas, said that Indian Rupee depreciated by 0.04% on strength in crude oil prices, which touched a two-week high yesterday. However, a firm tone in domestic markets and favorable macroeconomic data cushioned the downside. India’s composite PMI rose to 60.9 in June vs 60.5 in May while services PMI rose to 60.5 from 60.2 during the same period. Domestic equities touched fresh all-time highs with Sensex hitting the 80,000 mark briefly for the first time. Dollar declined on dovish comments from Fed Chair Jerome Powell.

Powell also added that We expect Rupee to trade with a slight positive bias on softening of the US Dollar and rise in global risk sentiments. Strength in the domestic markets may also support sentiments. However, elevated crude oil price and FII ouflows may cap sharp upside. Traders may take cues from ADP non-farm employment, weekly unemployment claims, ISM services PMI, Challenger job cuts, trade balance and factory orders data from the US. Investors may remain cautious ahead of FOMC meeting minutes tonight. USDINR spot price is expected to trade in a range of Rs 83.20 to Rs 83.80.

The stock of Vraj Iron and Steel debuted at Rs 240 on NSE, a premium of 16% to the issue price. Vraj Iron and Steel IPO collected Rs 171 crore from investors. The IPO had an entirely fresh segment of 8.3 million shares. It was opened to investors on June 26 and bidding ended on June 28. The allotment was finalised on July 1.

In terms of stock performance, JK Papers shares have demonstrated positive returns across multiple time frames. Over the past month, the stock has given a commendable 58.07% return, showcasing its stability and growth potential. The last six months have seen even more impressive results, with a substantial increase of 52.81%, indicating a strong upward trend.

Year-to-date, JK Papers shares have surged by 49.93%, reinforcing the stock’s positive momentum in the current fiscal year. Looking at the broader picture, the stock has delivered an impressive return of over 90.97% in the last twelve months, emphasizing its sustained growth and attractiveness to investors.

Commenting on the key levels of Nifty Drumil Vithlani Technical Research Analyst at Bonanza Portfolio said that the Nifty on daily chart nifty managed to sustain above 24000 mark in previous week however in yesterday’s session index formed a reasonable negative candle that has placed beside the small positive candle indicating minor negative sentiment for Indian markets although higher bottom is still intact until 23800 is not breached , the sustained uptrend is driven by sectoral rotation.

Vithalani also added that the technical perspective market is overly stretched hence traders should refrain from chasing breakout moves and use intraday dips if any towards 23950-24000 to add long positions until index holds above 23800 options data highlights, that market is expected to move sideways signaling narrow range of 24000-24200 and broader range of 23800-24400,moreover pcr is now standing at 0.99 from previous day 1.07indicating tug of war between the bulls & bears.

“Sensex crossing the 80000 mark is a big achievement for the Indian stock market. 16 years ago it was at 8800 on the day when Lehman, the leading bank in the US markets, crashed. Nine times returns in 16 years. However, four years ago during the time of Covid it was at 26000, which seems unrealistic but it is true. It gives confidence that equity markets did perform well in the long run, we need patience and confidence while investing and even after it. Based on the current domestic macros, our advice is to continue investing systematically in equities with a long term perspective,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

The NSE Nifty 50 was up 135 points or 0.56% at 24,258.95, while the BSE Sensex was up 435 points or 0.55% at 79,876.86.

Commenting on the gold and silver outlook Renisha Chainani, Head Research – Augmont – Gold For All said that gold and silver prices lack the conviction to break out of the range since it is becoming more widely accepted that the Fed will likely cut interest rates at its meeting in September and that lower borrowing costs in December would again support the bullion price.

Chainani also added that Concerns about slowing global economic growth, geopolitical tensions, and political uncertainty in the US and Europe may support the safe-haven precious metal. Investors are now looking forward to releasing the FOMC meeting minutes, expected later today, for some major momentum ahead of Friday’s much-awaited US NFP report.

“Sensex milestones are a journey and not a destination. Do remember that this journey is both forward as well as backward. Nasdaq went so backwards that it took 17 years to come back to the previous peak. Invest in the market as per your risk appetite, have a long term horizon, significantly moderate your return expectations and follow the dharma of asset allocation,” said Nilesh Shah, MD, Kotak Mahindra AMC on Sensex crossing 80,000 market for the first time ever.

The stock of Vraj Iron and Steel debuted at Rs 240 on NSE, a premium of 16% to the issue price. Vraj Iron and Steel IPO collected Rs 171 crore from investors. The IPO had an entirely fresh segment of 8.3 million shares. It was opened to investors on June 26 and bidding ended on June 28. The allotment was finalised on July 1.

“Crude oil prices experienced significant volatility and declined from their highs due to easing fears about Hurricane Beryl in the United States. According to the latest survey, Beryl is not expected to shut down a major amount of offshore oil production in the U.S., with only minimal shutdowns anticipated. Hurricane Beryl is a dangerous Category 4 hurricane tearing through the Caribbean Sea. Crude oil prices also slipped due to the record weakness of the Japanese yen and demand concerns from Japan and China. However, better-than-expected U.S. JOLTS job openings data provided support for crude oil prices at lower levels. We expect crude oil prices to remain volatile in today’s session. Crude oil has support at $82.10-81.50 and resistance at $83.10-83.70. In INR, crude oil has support at Rs 6,870-6,810 and resistance at Rs 7,040-7,110,” said Rahul Kalantri, Vice President of Commodities at Mehta Equities.

HDFC Bank, Britannia, HDFC Life Insurance, Tata Consumer Products, and ICICI Bank were the top gainers in the Nifty 50. While TCS, Infosys, Tech Mahindra, HCL Technologies, and Sun Pharma were the major losers in the Nifty 50 on July 03.

“Yesterday, Nifty dropped sharply after hitting an all-time high of 24,236.35 due to profit booking. FIIs were net sellers by ₹2000 crores, while DIIs bought ₹648 crores. Nifty is likely to trade between 23,500-24,500, with 24,500 as a major resistance level. Federal Reserve Chairman Powell’s remarks on inflation suggest a cautious market outlook. Key events include FOMC meeting minutes on Wednesday and the Nonfarm Payrolls report on Friday,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

“On the downside, we expect the Bank nifty to find support around the 51600 – 51500 zone where support in the form of the Fibonacci retracement level is placed. Going ahead we expect the Bank Nifty to consolidate in the range of 51700 – 52500 from a short-term perspective,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.

“The Nifty has been unable to sustain at higher levels as the hourly momentum indicator is not supportive which is having a negative crossover. Thus, there shall be some more consolidation before it starts a fresh leg of the upmove. The range of consolidation is likely to be 23900 – 24200. An ideal strategy to trade such a consolidation would be to buy on decline near support zone 24080 – 24000,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.

Foreign institutional investors (FII) sold shares net worth Rs 2,000.12 crore. However, domestic institutional investors (DII) bought shares net worth Rs 648.25 crore on July 02, 2024, according to the provisional data available on the NSE.

WTI crude prices were trading at $83.12 up by 0.37%, while Brent crude prices were trading at $86.54 up by 0.35%, on Wednesday morning.

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading up 0.03% at 105.71 on Wednesday morning.

The Wall Street or US markets closed on a record high note after Jerome Powell, Fed Chairperson, said that the US is on a disinflationary path but not ready for a rate cut. The broader market index, the S&P 500, advanced 0.62% to close at 5,509, marking its frist close above the psychological level of 5,500. Similarly, the tech-heavy Nasdaq Composite rose 0.84% to settle at 18,028.76, closing at a record high, buoyed by a 10% jump in Tesla shares. Following the trend, the Dow Jones Industrial Average gained 162.33 points, or 0.41%, to end at 39,331.85.

The U.S. is back on a “disinflationary path,” Federal Reserve Chair Jerome Powell said on Tuesday. However, policymakers need more evidence before cutting interest rates to verify that recent weaker inflation readings provide an accurate picture of the economy. “I think the last reading … and the one before it to a lesser suggest that we are getting back on the disinflationary path,” Powell said, reported Reuters. “We want to be more confident that inflation is moving sustainably down toward 2% … before we start … loosening policy.”