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Has the trend reversed? will the bulls take some rest now?

Good Morning Everyone, The week goes so quickly & we are already on the last trading day of the week.

Bears attacked the Nifty in the form of DII's & FII's yesterday as both of them turned net sellers yesterday bringing the market down by almost 1%. If you have not read the post-market

a report yesterday, you can read it by clicking here.

This time too Nifty missed the 16000 mark and nos seem like a distant dream at least for the next few weeks, as the market turns bearish for some time now. IT & FMCG sector stocks may not be affected much, but other sectors may continue to be affected.

Global Markets:

US markets also finally started falling yesterday after the FED meet and uncertainties on the pace of US economic recovery. The Dow Jones Industrial Average fell 259.86 points, or 0.75%, to 34,421.93, the S&P 500 lost 37.31 points, or 0.86%, to 4,320.82 and the Nasdaq Composite dropped 105.28 points, or 0.72%, to 14,559.79.

Shares in Asia-Pacific fell in Friday morning trade as investors reacted to the release of Chinese inflation data. In Japan, the Nikkei 225 led losses among the region’s major markets as it fell 2.01% in morning trade while the Topix index shed 1.85%.

Indian Market:

Trends on the SGX nifty show yet another muted opening in the Indian market, leading to a small gap-down opening. However, we need to see how the market reacts to the TCS results that came out after the market hours yesterday.

Results Today

Avenue Supermarts, PTC Industries, Castex Technologies, Gujarat Hotels, Indo-City Infotech, and Oriental Trimex will release quarterly earnings on July 10.

Stock Specific News:

Tata Consultancy Services | The company’s Q1FY22 net profit fell 2.6 percent to Rs 9,008 crore from Rs 9,246 crore, revenue rose 3.9 percent to Rs 45,411 crore from Rs 43,705 crore, QoQ. $ revenue rose 2.8 percent to $6,154 million from $5,989 million, QoQ. EBIT decreased by 1.2 percent to Rs 11,588 crore, while the EBIT margin fell by 130 bps to 25.5 percent.

Tata Steel | CARE upgraded the long-term credit rating on the company to AA+ from AA and the outlook to Stable from Negative. (Image: Reuters)

Tata Motors | The company has inked a two-year memorandum of understanding (MoU) with Jammu & Kashmir Bank for retail finance.

Bharat Dynamics | The company has signed a contract worth about Rs 499 crore with the Ministry of Defence for the manufacture and supply of Akash Missiles to the Indian Air Force.

Union Bank of India | The bank has accepted bids to raise to Rs 1,150 crore by issuing Basel III-compliant bonds.

JSW Ispat Special Products | The company’s crude steel production in Q1FY22 was at 0.14 million tonnes, down 6 percent from 0.15 million tonnes in Q4FY21 and up 76 percent from 0.08 million tonnes, YoY.

Elgi Equipments | The company’s US subsidiary has formed a Joint Venture company “Gentex Air Solutions, LLC” and invested $95,000 for a 33.33 percent stake.

Texmaco Rail & Engineering | CARE reaffirmed long-term credit rating on the company at A-, but downgraded outlook to Negative from Stable.

Jammu & Kashmir Bank | The Reserve Bank of India has imposed a penalty of Rs 1 crore on the bank, on account of contravention of directions contained in circulars on 'Lending to Non-Banking Financial Companies (NBFCs) and Bank Finance to Non-Banking Financial Companies (NBFCs)'.

Dwarikesh Sugar Industries | The company has embarked upon a project to set up a 175 KLPD distillery at its Dwarikesh Dham Unit in Bareilly, Uttar Pradesh with an investment of Rs 232 crore.

Sangam Renewables | The company divested its entire stake in its subsidiary Waacox Energy to Aditya Birla Renewable at an enterprise value of Rs 81,57,55,500 on the transaction. The company will use these proceeds to reduce its short-term debt by Rs 40,32,92,379 on a standalone basis.

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