GIFT Nifty

The GIFT Nifty, an early indicator of the Nifty 50, traded at 24,228, signalling a positive start for domestic markets compared with Tuesday's Nifty close of 24,383.

India Market Recap

Indian equity benchmarks snapped their four-session winning streak on Tuesday as investors booked profits amid weekly F&O expiry and weak global cues. The NSE Nifty 50 slipped 31.65 points, or 0.13%, to close at 24,398.70, while the BSE Sensex declined 104.35 points, or 0.13%, to settle at 78,180.72. The indices erased early gains as cautious sentiment prevailed through the second half of the session. Investor focus also remained on developments in the Strait of Hormuz after another shipping-related incident highlighted lingering geopolitical risks. On the technical front, Nifty support is placed in the 24,200–24,300 range, while resistance is seen between 24,550 and 24,700.

US Market Recap

Wall Street opened on a mixed note on Tuesday as weakness in semiconductor stocks weighed on the broader technology sector. The S&P 500 opened 0.10% lower at 7,526.74, while the Nasdaq Composite declined 0.5% to 25,967.17. In contrast, the Dow Jones Industrial Average gained 0.33% to open at 53,220.77, supported by strength in non-technology stocks and its relatively lower exposure to the semiconductor sector.

Asian Market Update

Asian markets traded lower on Wednesday as investors reacted to renewed geopolitical tensions following fresh US strikes on Iran, raising concerns about regional stability and global energy supplies. Japan's Nikkei 225 fell 0.90%, while South Korea's Kospi edged 0.07% lower. Australia's ASX 200 declined 1.29% as investors adopted a cautious stance amid rising geopolitical uncertainty.

Commodity Check

Crude oil prices moved higher on Wednesday as escalating tensions in the Middle East renewed concerns over potential disruptions to global energy supplies. Brent crude rose as much as 2.8% to trade above $76 per barrel, while US benchmark West Texas Intermediate (WTI) climbed above $72 per barrel. The latest gains reflected growing fears that further escalation in the region could affect oil exports and shipping activity through the strategically important Strait of Hormuz.

Stocks In News

• Ceigall India: Received appointed dates for three HAM road projects with a combined project cost of Rs. 4,050 crore, enabling the commencement of construction for Varanasi–Ranchi–Kolkata Highway Package 11 (Rs. 1,656 crore), Package 12 (Rs. 1,305 crore) and the Indore–Ujjain Greenfield Highway (Rs. 1,089 crore).
• ideaForge Technology: Opened its QIP issue on July 7, 2026, and fixed the floor price at Rs. 835.86 per share. The company may offer a discount of up to 5% to the floor price.
• Panacea Biotec: Filed appeals before the Punjab & Haryana High Court against three industrial tribunal awards relating to worker transfers, wage revision and reinstatement with back wages. An appeal against the fourth award is also being filed.
• Embassy Developments: Q1FY27 pre-sales surged 338% YoY to Rs. 868 crore, while collections increased 54% YoY to Rs. 496 crore. Net institutional debt stood at Rs. 3,363 crore as of June 30, 2026.
• JSW Infrastructure: Wholly owned subsidiary JSW Jatadhar Marine Services entered into a novation agreement with JSW Utkal Steel for the development of the captive jetty at Jatadhar Muhan, Odisha.
• NTPC Green Energy: Declared the commercial operation of the first 50.4 MW phase of the Vanki Wind Energy Project in Kutch, Gujarat through subsidiary NTPC Renewable Energy with effect from July 8, 2026. The group's commercial capacity increased to 10,671.4 MW, while total installed capacity rose to 10,721.8 MW.
• Restaurant Brands Asia: The Lenexis Foodworks-led acquirer group completed the acquisition of control in the company with a total investment of Rs. 2,235 crore. The group acquired a 41.78% stake, which may increase to 48.04% upon warrant conversion. The acquirers became the new promoters, while QSR Asia and F&B Asia Ventures ceased to be promoters. Madhusudan Agrawal and Aayush Agrawal joined the board as Non-Executive Directors, with Madhusudan Agrawal appointed Chairman.
• Epigral: Incorporated wholly owned subsidiary Epigral Advanced Materials to undertake chemical manufacturing activities.
• Edelweiss Financial Services: Wholly owned subsidiary Edel Investments incorporated Edelweiss Investments & Advisory Services Inc. in the US as a wholly owned subsidiary to undertake investment advisory business.
• Viyash Scientific: Received an administrative warning letter from SEBI regarding the maintenance of the Structured Digital Database (SDD) for the period between June 26, 2024 and October 18, 2024.
• Maruti Suzuki India: Received a customs order demanding differential duty of Rs. 4.74 crore, along with an equal penalty of Rs. 4.74 crore and applicable interest, over the alleged incorrect payment of duty on imported goods.
• Advait Energy Transitions: Received a turnkey order worth Rs. 51.62 crore from DGVCL for the supply, installation, testing and commissioning of 11KV 55mm² AAAC Medium Voltage Covered Conductor under the Vanbandhu Kalyan Yojana-2 scheme. The execution period is 15 months.
• Shilpa Medicare: India Ratings upgraded the company's bank facilities rating to IND AA-/Stable/IND A1+ from IND A+/Positive/IND A1. The bank facilities rating of material subsidiary Shilpa Pharma Lifesciences was also upgraded to IND AA-/Stable/IND A1+.
• Refex Industries: Bagged an ash transportation order worth around Rs. 20.94 crore for NHAI and Central/State Government/PMGSY road projects in Maharashtra. The order will be executed over 12 months.
• Silver Touch Technologies: Won an AI-native DPR appraisal platform order from RITES.
• Axis Bank: Completed the pricing of an additional USD 100 million Additional Tier-1 (AT1) notes at 6.875%, taking the total size of the issuance under the series to USD 600 million. S&P Global Ratings assigned a BB- rating to the additional USD 100 million AT1 notes, which will be consolidated with the existing USD 500 million AT1 notes issued on June 30, 2026.
• Raymond: Received in-principle approvals from NSE and BSE for the preferential issue of 66.57 lakh convertible warrants to promoter entities at a price of not less than Rs. 497 per warrant.
• Tata Capital: Allotted secured redeemable non-convertible debentures worth Rs. 1,000 crore on a private placement basis at a coupon rate of 8.15%, maturing on June 11, 2029. The NCDs have been rated CRISIL AAA/Stable and ICRA AAA/Stable.
• Arvind: Subsidiary Arvind Atelier FZC (UAE) acquired a 100% stake in newly incorporated Arvind Atelier UK.
• Syngene International: Received an income tax order giving effect to the National Faceless Appeal Centre (NFAC) order for AY2014-15 and disclosed the development as an update on its ongoing tax litigation.
• Uno Minda: Approved its entry into the four-wheeler passenger vehicle seating systems segment through JV Uno Minda Tachi-S Seating. The company will set up a greenfield manufacturing facility in Chhatrapati Sambhajinagar with an investment of around Rs. 320 crore. The plant, with a capacity of 2.4 lakh units per annum, is expected to commence operations in Q4FY28. Uno Minda will invest up to Rs. 93 crore in the JV, which has already secured an order from a leading OEM.
• PC Jeweller: Repaid and cleared all outstanding debt under the September 30, 2024 settlement agreement with two consortium banks, marking the beginning of its plan to become debt-free during the current quarter.
• Honasa Consumer: Incorporated Honasa Health as a wholly owned subsidiary on July 7, 2026.
• Onida Electronics: Revised its preferential issue disclosures to include already granted ESOPs in the fully diluted shareholding calculation. Post-conversion promoter holding stands at 35.7%, while public shareholding stands at 64.3%.
• HCL Technologies: Actian, the data and AI division of HCLSoftware, completed the acquisition of Jaspersoft and integrated its embedded analytics and reporting capabilities into Actian's data management portfolio.
• Sterlite Technologies: ICRA upgraded the company's long-term credit rating to ICRA AA (Stable) from ICRA AA- (Stable) and reaffirmed the short-term rating at ICRA A1+ for facilities aggregating Rs. 4,975 crore and EUR 25.15 million.
• Tata Power: Shareholders approved the appointment of Nishi Vasudeva and Deepak Kapoor as Directors and Independent Directors.
• Dilip Buildcon: A landslide occurred at the Anakkampoyil–Kalladi–Meppadi tunnel project site in Wayanad amid exceptionally heavy rainfall. The company said it is cooperating with rescue and investigation efforts.
• NTPC Green Energy: Will issue unsecured NCDs worth Rs. 2,500 crore on July 9, 2026, through private placement at a coupon rate of 7.27% for a 10-year tenor maturing on July 9, 2036. The proceeds will be used for capex, refinancing and funding subsidiaries and joint ventures.
• Religare Enterprises: Received NSE's observation letter with "no objection" and BSE's observation letter with "no adverse observations" for the proposed demerger scheme between Religare Enterprises and Religare Finvest.
• RBL Bank: ICRA assigned an issuer rating of ICRA AAA (Stable) and reaffirmed the ratings on the bank's Tier-II bonds and fixed deposits.
• Torrent Pharmaceuticals: Received the certified copy of the NCLT Ahmedabad order approving the amalgamation of J.B. Chemicals & Pharmaceuticals with the company.
• Midwest: Signed an MoU with Midwest Energy, NFTDC and Indonesia's state-owned PERMINAS to collaborate on exploration, mining, processing, refining and rare earth magnet manufacturing for critical minerals and rare earth resources in Indonesia.
• MTAR Technologies: ICRA upgraded the company's long-term credit rating to ICRA A+ (Stable) from ICRA A and reaffirmed the short-term rating at ICRA A1 for bank facilities aggregating Rs. 1,470 crore.
• Pricol: CRISIL placed the company's Rs. 145 crore fund-based facilities rating of CRISIL AA- on "Rating Watch with Developing Implications" from the earlier CRISIL AA-/Stable.
• Cochin Shipyard: The government exercised the oversubscription option in the OFS, increasing the offer size to 1.33 crore shares, representing a 5.04% stake, from 66.30 lakh shares, representing a 2.52% stake. Ten percent of the issue has been reserved for retail investors, while 26,308 shares have been reserved for eligible employees.
• L&T Finance: Allotted non-convertible debentures worth Rs. 1,000 crore on a private placement basis, comprising two tranches of Rs. 500 crore each.
• Orchid Pharma: Signed an exclusive licensing and supply agreement with Russia's Pharmasyntez JSC to commercialise Exblifep in Russia. Orchid will supply the finished dosage form under the agreement, which has a potential opportunity of around $178 million over the first 10 years.
• Indian Overseas Bank: Shareholders approved raising up to Rs. 5,000 crore through equity capital and the extension of MD & CEO Ajay Kumar Srivastava's tenure until Oct. 8, 2027.
• Heritage Foods: Clarified that the use of the word "Fresh" does not relate to product quality, safety or standards.