Sensex, Nifty higher as banks, auto, realty stocks jump

India bad bank takes shape with SBI exec as first chief

The National Asset Reconstruction Co. Ltd (NARCL), or the so-called bad bank, has been registered in Mumbai with a paid-up capital of ₹74.6 crore, according to filings with the Registrar of Companies (RoC).

The bad bank will be headed by Padmakumar Madhavan Nair, a stressed assets expert from State Bank of India (SBI), as the managing director. The other directors are Indian Banks’ Association (IBA) chief executive Sunil Mehta, SBI deputy managing director Salee Sukumaran Nair and Canara Bank’s representative Ajit Krishnan Nair. (Read here)

Sectoral indices at this hour

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Sunteck Realty surges after robust sales growth in Q1FY22

The company reported a 74% year-on-year rise in bookings to Rs176 crore for the quarter ended June. The rise in bookings was led by mid-income and affordable housing projects.

Broad market indices at this hour

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Shilpa Medicare rises on transfer of API business to subsidiary

The board of the company has approved the transfer of its API business consisting of Unit-1 and Unit-2 situated at Raichur, Karnataka, by way of slump sale to a wholly owned subsidiary of the company, subject to shareholder approval.

Southwest monsoon advanced into Delhi 13 July: IMD

Sensex stocks in opening deals

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Nifty in opening deals

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Sensex in opening deals

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Nifty at pre-open

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Sensex higher at pre-open

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Oil price check

In early deals today, US crude ticked up 0.3% to $74.32 a barrel while Brent crude rose to $75.37 per barrel.

Despite surging prices, govt says no to tax cut on auto fuel

The Union finance ministry has decided to hold fire on making any tax adjustments, despite retail petrol prices breaching the ₹100 per litre mark in several places across the country. The decision follows a high-level review of the rising trajectory of global oil prices.

The Centre’s decision comes amid mounting expenses to support an economic revival and strengthen India’s healthcare infrastructure when the second wave of the covid-19 pandemic is raging across the country. (Read here)

RBI issues scheme for retailers to invest in government securities

The Reserve Bank of India (RBI) on Monday issued the ‘RBI Retail Direct’ scheme, which is a one-stop solution to facilitate retail investment in government securities. Under this, retail investors (individuals) will have the facility to open and maintain the ‘Retail Direct Gilt Account’ (RDG Account) with RBI, the central bank said.

Stocks to Watch

Shares of RIL, Future Retail, PNB Housing Finance, Dr Reddy’s will be in focus today.

Mindtree, Tata Metaliks, Deccan Health Care, Gagan Gases, Shree Ganesh Remedies, TPI India, and WS Industries are scheduled to announce their quarterly earnings on Tuesday.

SGX Nifty futures trade higher

SGX Nifty futures traded at 15,829.50, up 119 points or 0.8%, hinting at a higher opening for domestic benchmarks.

FM-led panel to decide quantum of LIC stake sale

With the Cabinet Committee on Economic Affairs (CCEA) having cleared disinvestment of Life Insurance Corp of India, the country’s largest insurer, a panel headed by the finance minister will now decide on the quantum of stake dilution, according to a PTI report.

The Department of Investment and Public Asset Management (DIPAM) had in January appointed actuarial firm Milliman Advisors LLP India to assess the embedded value of LIC ahead of the IPO (Initial Public Offering), which is touted to be the biggest public issue in Indian corporate history.

The government expects to come out with the LIC IPO by the end of current fiscal. Up to 10% of the LIC IPO issue size would be reserved for policyholders.

Asian equities follow US stocks higher

Asian stocks opened firmer Tuesday after their U.S. counterparts notched yet more all-time highs as investors awaited second-quarter earnings season. Treasury yields were steady as the U.S. sold debt.

Benchmarks rose in Japan and South Korea, with more subdued gains in Australia, where the Sydney lockdown is weighing on confidence. U.S. contracts fluctuated after the S&P 500 and the tech-heavy Nasdaq 100 closed at new highs.

S&P 500 futures were little changed in early Asian deals. The S&P 500 rose 0.4%

Topix index gained 0.6%, while Australia’s S&P/ASX 200 Index added 0.1%

Kospi index rose 0.6% and Hang Seng Index futures were up 0.3%.

Wall Street indices end higher boosted by Tesla

Wall Street’s main indexes closed at their highest levels ever on Monday, lifted by Tesla and bank stocks as investors eyed the start of the second-quarter earnings season and a batch of economic data.

The S&P 500 financials, communication services and real estate sector indexes each gained more than 0.8%.

The Dow Jones Industrial Average rose 0.36% to end at 34,996.18 points, while the S&P 500 gained 0.35% to 4,384.63.

The Nasdaq Composite climbed 0.21% to 14,733.24.

All three closed at their highest levels ever.