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Oil falls in volatile trade as investors seek OPEC clarity

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The Organization of the Petroleum Exporting Countries and its allies including Russia, known as OPEC+, have restrained supply for more than a year since demand crashed during the coronavirus pandemic


Oil prices fell more than $1 a barrel on July 7 in another seesaw trading session, as investors feared this week's collapse in OPEC+ talks could mean more supply, not less, is on the way.

Crude markets have been volatile over the last two days following the breakdown of discussions between major oil producers Saudi Arabia and the United Arab Emirates, signaling investors are unclear on what the OPEC+ standoff means for worldwide production.

Brent crude settled at $73.43 a barrel, falling $1.10, or 1.5%. U.S. West Texas Intermediate settled at $72.20 a barrel, shedding $1.17 or 1.6%. Both benchmarks rallied more than $1 a barrel earlier in the session, similar to Tuesday's action.

The Organization of the Petroleum Exporting Countries and its allies including Russia, known as OPEC+, have restrained supply for more than a year since demand crashed during the coronavirus pandemic.

The group is still maintaining nearly 6 million BPD of output cuts. It was expected to add to supply, but three days of meetings failed to close divisions between the Saudis and the Emiratis.

For now, the existing agreement - which keeps supply restrained more - remains in force. But the breakdown also could lead producers, eager to capitalize on the rebound in demand, to start supplying more oil.

"Some people are fearing a production war, but I think most people think that's unlikely," said Phil Flynn, senior analyst at Price Futures Group in Chicago. "It is possible the UAE could leave OPEC and just do its own thing, and if that happens, then it would be a question of competition for market share."

Russia is now leading efforts to close divisions between the Saudis and UAE to help strike a deal to raise oil output in the coming months, three OPEC+ sources said.

Saudi Energy Minister Prince Abdulaziz bin Salman dampened concerns of a price war in an interview with CNBC on Tuesday. Oil prices were also pressured by a rally in the U.S. dollar, which typically moves inversely with crude prices, said John Kilduff of Again Capital in New York said.

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The first of this week's two reports on U.S. inventories, from the American Petroleum Institute, is out at 4.30 p.m. EDT (2030 GMT). Analysts expect crude stocks to fall by 3.9 million barrels.

Article Source:- Moneycontrol

Nifty Closing Note

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Benchmark indices ended higher in the volatile session on July 7 with Nifty above 15,850.

At close, the Sensex was up 193.58 points or 0.37% at 53054.76, and the Nifty was up 61.40 points or 0.39% at 15879.70. About 1737 shares have advanced, 1372 shares declined, and 136 shares are unchanged.

Tata Steel, JSW Steel, Bajaj Finserv, Hindalco, and UPL were among the top gainers on the Nifty. Top losers were Titan Company, ONGC, Maruti Suzuki, SBI Life Insurance, and Shree Cements.

On the sectoral front, Realty and Metal indices rose 2 percent each, while selling was seen in the auto and oil & gas stocks. BSE midcap and smallcap indices ended marginally in the green.

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Topic :- Time:3.20 PM

Just In:

Jyotiraditya Scindia, Narayan Rane, Pashupati Paras, Pritam Munde are likely to be part of the new Modi team as 43 leaders are expected to take oath at 6 PM today.

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Topic :- Time:3.00 PM

Nifty spot if closes above 15840 levels then expects some further up move in the market in coming sessions however this consolidation phase has started bothering day traders now. Let's expect it to end soon and be ready to witness another break out in the market soon.

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Topic :- Time:2.50 PM

Just In:

Health Minister Harsh Vardhan resigns from Union Cabinet.

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Topic :- Time:2.30 PM

GOLD Trading View:

GOLD is trading at 47857. If it manages to trade and sustain above 47900 levels then some upmove can be seen in it and if it breaks and trades below 47800 levels then some decline can follow in GOLD.

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Topic :- Time:2.00 PM

Nifty is showing some momentum however movement is still very slow. Nifty spot if manages to trade and sustain above 15860 levels then more move can be seen in the market and if it breaks and trade below 15820 level then some decline can follow in the market.

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Topic :- Time:1.30 PM

COPPER Trading View:

COPPER is trading at 732.30. If it manages to trade and sustain above 733 level then expect some upmove and if it breaks and trade below 730.80 level then some decline can follow in it.

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Topic :- Time:1.10 PM

Nifty is highly rangebound. Nifty spot if manages to trade and sustain above 15840 then some up move can be seen and if it breaks and trade below 15800 levels then some decline can follow in the market.

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Topic :- Time:12.00 PM


Nifty is rangebound. Traders are advised to trade in small quantities and should wait for clear movement.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex, Nifty volatile; realty stocks up, IT stocks slide

2. Legendary actor Dilip Kumar passes away at 98

3. Former WhatsApp business head Neeraj Arora may rejoin Paytm Board

4. Finance ministry begins an independent survey on faceless scheme

5. Nasper-backed PayU in talks to acquire BillDesk for up to $4 billion

6. Fuel price hike: Petrol price crosses Rs 100/litre mark in Delhi

7. Covid-19 in numbers Cases 30,663,665 | Deaths 404,211 | Vaccination 361,323,548

8. Titan Company dips 3% after June quarter business update

9. Paper stocks on a roll; Star Paper, Seshasayee Paper rally up to 15%

10. NSE clarifies on Nifty Futures freak trade, seeks explanation from broker

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Topic :- Time:11.00 AM


After flat opening nifty is still trading flat. Nifty spot if manages to trade and sustain above 15860 level then expect some upmove and if it breaks and trade below 15800 level then some decline can be seen in the market.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For Today:

Nifty to turn volatile as the day progresses. Global cues to be eyed.

Nifty spot if manages to trade and sustain above 15840 levels then expect some upmove and if it breaks and trade below 15800 levels then some decline can be seen in the market. Please note this is just an opening view and should not be considered as the view for the whole day.

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List of New Upcoming IPOs in July 2021

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List of New Upcoming IPOs in July 2021

2021 has certainly been a year of IPOs. Every month we are witnessing some action-packed IPOs from leading companies. IPOs are amongst the most lucrative options for investors because they allow them to acquire the shares of a company at their true price.

IPO or Initial Public Offering is the process by which a company offers its shares for the first time to the public for raising capital. The raised capital can be used by the company for business expansion or other corporate purposes including debt settlement. The shares bought by the investors give them a proportion of ownership in the company.

For an IPO, a company mandatorily needs to have an approval from SEBI. The investment banker of the company files a Draft Red Herring Prospectus (DRHP) with SEBI which includes all the fundamentals about the company. The DRHP also has all the data with respect to the IPO. Once the DRHP is approved by the SEBI, the company can get a go ahead from the exchanges. Once all of these is in place, the company can roll out its IPO.

Today, we will discuss about some of the upcoming IPOs in July 2021. These includes the companies whose DRHP has been approved by the SEBI.

Clear Science Technology

The IPO for Clean Science Technology aims to raise around 1400 Crore from the public. The IPO will be open for bidding on 7th July. Clean Science Technology is a renowned chemical manufacturer incorporated in the year 2003 and specializes in FMCG chemicals, pharma chemicals and performance chemicals. The IPO will be priced in between 880-900 with a lot size of 16 shares.

GR Infraprojects

The second IPO for the month of July 2021 is from the road engineering and construction company – GR Infraprojects. The IPO plans to raise 963.28 Crores from the public with a price band of 828 – 837 and an IPO lot size of 17 shares. The issue will be open for bidding on 7th July and close on 9th July. The shares of the company will be listed on both BSE and NSE.

Glenmark Life Sciences

The company is a subsidiary of the pharma giant Glenmark Pharmaceuticals Ltd. Glenmark got an approval from SEBI for rolling out their first public issue. The issue is expected to include an Offer for Sale (OFS) of 7.31 million shares from the parent company (Glenmark Pharmaceuticals Ltd.) and a fresh issue of shares worth 1160 Crores.

Utkarsh Small Finance Bank

Another IPO expected in July 2021 is from Utkarsh Small Finance Bank. The public issue plans to raise 1350 Crores from the public. The issue includes an OFS (Offer for Sale) of around 600 Crores and a fresh issue of 750 Crores. The company plans to utilize the proceeds for augmentation of the capital base of Tier-I for meeting its future capital requirements.

Conclusion

These are some of the IPOs which are expected in July 2021. It must be noted that it is important to understand the fundamentals of a company before planning to buy its shares in an IPO. An investment advisor can help you in choosing the best IPO stocks by on the basis of fundamental research.

Happy Investing!

Technical View: Nifty forms bullish candle, experts say create long side bets above 15,900

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The Bank Nifty outperformed the Nifty to settle with gains of 402.10 points at 35,212.

The Nifty rebounded and traded higher throughout the session to close more than half a percent higher on July 5, driven by banking & financials, metals, select auto, and FMCG stocks.

The index formed a bullish candle on the daily chart as the closing was higher than the opening level after forming a Hammer pattern on July 2. Experts feel 15,900 will be the crucial level to watch out for.

Though trading bias looks bullish, traders should wait for a close above 15,900 before creating long side bets, said Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory at Chartviewindia.in.

The Nifty50 opened higher at 15,793.40 and hit the day’s high of 15,845.95 in the final hours of trade. The index climbed 112.20 points to close at 15,834.40.

As long as the Nifty sustains above the day’s minor gap area of 15,762–15,738, it can bounce to the higher end of the range by retesting lifetime highs of around 15,915, Mohammad said.

For a sustainable up move, the index needs a close above 15,900, which will open up a higher target of 16,300, he said.

In the next session, intraday traders can expect a minor hurdle at 15,846 on the upside, he said. Intraday support is placed at 15,738, and if the Nifty closes below it, then it can again make the index vulnerable to a bear attack, with an initial target close to 15,600.

Volatility continues to fall, hovering near its lowest level in 18 months. India VIX fell marginally by 0.19 percent from 12.09 to 12.06 levels.

On the options front, maximum Put open interest was seen at 15,500 followed by 15,000 strikes, while maximum Call open interest was seen at 16,000 followed by 16,500 strikes. Call writing was seen at 16,200 then 16,300 strikes, while Put writing was seen at 15,600 then 15,800 strikes. Option data indicated that the Nifty50 could see an immediate trading range of 15,600 to 16,000 in the coming sessions.

The Bank Nifty opened the gap up above 35,000 and moved in the position direction throughout the day towards 35,234. It outperformed the Nifty to settle with gains of 402.10 points at 35,212. It formed a bullish candle on a daily scale and negated its lower highs-lower lows of the last four sessions." The Bank Nifty has to hold above 35,000 to move up towards 35,500 and 35,750, while on the downside support is seen at 34,750 and 34,500," said Chandan Taparia, Vice President | Analyst-Derivatives, Motilal Oswal Financial Services.

On the front of the stock, a bullish setup was seen in Muthoot Finance, Tata Power, IRCTC, Godrej Consumer Products, DLF, Pidilite Industries, Hindalco, NALCO, SBI, HPCL, Federal Bank, Manappuram Finance, L&T, Bajaj Finance, ICICI Bank, Axis Bank, and Divis Labs. Weakness was seen in NMDC, Adani Enterprises, Wipro, Bata India, Britannia, and Lupin, he said.
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IRDAI rejects licence renewal application of Alankit Insurance TPA

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Alankit TPA can appeal to the Securities Appellate Tribunal against this order. But since the renewal application is canceled, all contracts with insurers will have to close.

Insurance

Insurance Regulatory and Development Authority of India (IRDAI) has rejected the license renewal application of Alankit Insurance TPA (third party administrator). This was on account of the non-submission of business data.

This means that Alankit cannot use the word 'TPA' in its company name. All existing agreements with insurance companies and network providers will be discontinued. Alternate steps including the appointment of another TPA will have to be taken.

A TPA acts as an intermediary between the insurance company and the policyholder. When the policyholder wants to lodge a health insurance claim, she is expected to contact the TPA, which in turn identifies a network hospital and guides the customer.

IRDAI said that Alankit TPA did not comply with the minimum business requirements. Each TPA has set targets for policy servicing based on the number of years of its operation.

The regulator has said that Alankit TPA can file an appeal with the Securities Appellate Tribunal against this order.

In case of cashless claims, the TPA issues an authorization letter, coordinates with the hospital authorities, and after the treatment, collects the documents, bills, etc. from the hospital, and sends them to the insurer for settlement.

In the case of non-network hospitals, the policyholder pays first and later sends the claim documents to the TPA. The insurer then reimburses the policyholder. The TPA does not make a decision pertaining to the payment or rejection of the claim; its role is restricted to being a facilitator

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In January 2019, IRDAI had canceled the license of E-Meditek Insurance TPA citing financial irregularities.
Article Source:- Moneycontrol

India's manufacturing sector contracts in June; first time in 11 months: Survey

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The seasonally-adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) declined to 48.1 in June from 50.8 in May.

The index fell below the critical 50.0 mark for the first time since July 2020. In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction.

The index fell below the critical 50.0 mark for the first time since July 2020. In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction.

India's manufacturing sector activities contracted for the first time in 11 months in June as rise in coronavirus cases and strict containment measures adversely impacted demand as well as resulted in job losses, a monthly survey said on Thursday.

The seasonally-adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) declined to 48.1 in June from 50.8 in May.

The index fell below the critical 50.0 mark for the first time since July 2020. In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction.

The latest reading highlighted renewed contractions in factory orders, production, exports and quantities of purchases. Moreover, with business optimism fading over the month, job shedding continued, the survey said.

COVID-19 restrictions also curtailed international demand for Indian goods and new export orders decreased for the first time in ten months.

"The intensification of the COVID-19 crisis in India had a detrimental impact on the manufacturing economy. Growth of new orders, production, exports and input purchasing was interrupted in June as containment measures aimed at bringing the pandemic under control restrained demand," Pollyanna De Lima, Economics Associate Director at IHS Markit, said.

Lima, however, noted that in all cases, rates of contraction were softer than during the first lockdown.

Business confidence was dampened in June by uncertainty over when the pandemic can be brought under control. Companies were at their least optimistic for almost a year. "As a result of subdued optimism, jobs were shed again in June," Lima said.

On the price front, input costs increased further in June, with firms reporting higher prices for chemicals, electronic components, energy, metals, and plastics.

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Additional cost burdens were again transferred on to clients, with goods producers hiking their fees for the tenth straight month, the survey said.

"Out of the three broad areas of the manufacturing sector monitored by the survey, capital goods was the worst affected area in June. The output here declined at a steep rate due to a sharp fall in sales.

"The sector also saw the fastest contraction in buying levels and was the only to post job shedding," Lima said.

Article Source:- Moneycontrol

Dollar off to firm start as US price data fail to quell inflation worries

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The euro was little changed at $1.19385, struggling to recover the $1.20 level while the dollar consolidated at 110.80 yen, not far from June 23's 5-month high of 110.105.

Representative image: AP

The dollar held firm on June 28 after slightly softer-than-expected US inflation did little to chip away investors' conviction that the Federal Reserve could tighten monetary policy if consumer price pressures continue to intensify.

The dollar's index against six other major currencies was steady at 91.793, having recovered from Friday's low of 91.524 hit in the wake of the inflation readings.

The euro was little changed at $1.19385, struggling to recover the $1.20 level while the dollar consolidated at 110.80 yen, not far from Wednesday's 15-month high of 110.105.

The U.S. personal consumption expenditures (PCE) price index, excluding the volatile food and energy components, increased 0.5% after advancing 0.7% in April.

In the 12 months through May, the so-called core PCE price index, the Fed's favorite gauge of inflation, shot up 3.4%, the largest gain since April 1992.

Although inflation is expected to slow towards the year-end, signs of a tight labor market kept many investors fretting over wage-driven price pressures.

Among a raft of economic indicators due this week, Friday's payroll data is a key focus, with economists expecting an increase of 675,000 nonfarm payrolls.

"Depending on the outcome of the payroll's data, the market could start pricing in more chances of a rate hike next year," said Yukio Ishizuki, senior currency strategist at Daiwa Securities.

December 2022 Fed funds rate futures are almost fully pricing in a 0.25 percentage point rate hike by the end of next year.

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The general mood around an ongoing economic recovery remained solid, as Republican Senate negotiators on an infrastructure deal were optimistic about a $1.2 trillion bipartisan bill after President Joe Biden withdrew his threat to veto the measure unless a separate Democratic spending plan also passes Congress.

Cryptocurrencies bounced back from their weekend lows but ended the week lower.

Bitcoin traded at $32,820, having declined 3.1% last week. Ether fetched $1,831, not far from Tuesday's three-month low of $1,700, and registering its third straight week of loss.

Britain's financial regulator said last week that Binance, one of the world's largest cryptocurrency exchanges, cannot conduct any regulated activity and issued a warning to consumers about the platform.

Article Source:- Moneycontrol

Indian economy may grow 8.4-10.1% in current financial year: NCAER

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Releasing its quarterly review of the economy, the National Council of Applied Economic Research (NCAER) has pitched for strong financial support to push economic growth.


Economic think-tank NCAER expects the Indian economy to grow 8.4-10.1 percent for the current financial year as against a contraction of 7.3 percent in the last fiscal.

Releasing its quarterly review of the economy, the National Council of Applied Economic Research (NCAER) has pitched for strong financial support to push economic growth.

"We estimate that gross domestic product (GDP) will grow 11.5 percent in Q1 (first quarter) and 8.4-10.1 percent for the whole year 2021–22.

"However, these high growth rates are also a reflection of strong base effect since 2021-22:Q1 follows the very steep decline in 2020-21:Q1. At the end of 2021-22 GDP, on constant prices, would still be about the same as Rs 146 trillion (Rs 146 lakh crore) as in 2019-20," the NCAER said in a statement.

The economic growth, according to NCAER's estimates, had contracted by 7.3 percent during 2020-21.

The report further said the second COVID-19 wave, four times greater in ferocity as compared to the first wave in terms of a number of cases and deaths, has further disrupted the growth process, which had already been severely damaged by the first wave.

High-frequency indicators show a sharp decline in economic activity during April and May 2021, the peak of the second COVID-19 wave, though there are some indicators of recovery in June as unlocking proceeds, it added.

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To restore the growth process after this situation for two consecutive years, the process now needs a strong positive push, NCAER said adding that fortunately, export growth is projected to remain buoyant with recovery in the global economy.

This, combined with a strong expansionary macroeconomic policy thrust, could help revive normal growth." The required fiscal policy stance in this context is public expenditure push," it said.

As per the think-tank, the fiscal deficit may remain high for a second consecutive year with revenues affected by the depressed level of economic activity.
Article Source - Moneycontrol

Eurozone economy booms at fastest rate in 15 years

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Economic data group IHS Markit said the "impressive progress" of vaccinations was jumpstarting the single-currency area, fuelled by eased restrictions that are at their lowest since September.


Business activity in the eurozone jumped at its fastest rate in 15 years this month, a closely watched survey said on Wednesday, as a reopened economy unleashed pent-up demand.

Economic data group IHS Markit said the "impressive progress" of vaccinations was jumpstarting the single-currency area, fuelled by eased restrictions that are at their lowest since September.

This "brightening prospect of life increasingly returning to normal has...  pushed confidence to an all-time high, fuelled greater spending and encouraged hiring," said Chris Williamson, Chief Economist at IHS Markit.

Accordingly, the firm's PMI index -- which indicates trends in the manufacturing and service sectors -- said activity leaped from 57.1 in May to a booming 59.2 in June, far above the 50-point level that indicates growth.

The data set the scene for major growth in the second and third quarters, closing the chapter on a double-dip recession that came with the lockdowns of last autumn and winter, the firm said.

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The explosive growth was creating its own spillover effects, with supply chains under pressure and prices reflecting the sharp increase in demand, IHS Markit said.

"The strength of the upturn – both within Europe and globally – means firms are struggling to meet demand, suffering shortages of both raw materials and staff," Williamson said.

"Under these conditions, firms' pricing power will continue to build, inevitably putting further upward pressure on inflation in the coming months."

Article Source:- Moneycontrol



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