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Kolkata-based jewellery retailer Senco Gold has raised Rs 121 crore ($16.3 million) from anchor investors ahead of its initial public offering. Investors who participated in the round include Nippon MF, White Oak, Jupiter Asset Management, Bandhan MF, and 3P India Equity Fund. 3P India Equity Fund picked up a 9.22% portion of the anchor investor segment.

Indian IT companies, including TCS, HCL Technologies, and Infosys, are set to release their earnings for the first quarter of 2023. Despite an uncertain global environment and muted demand, Jefferies expects a small decline in aggregate revenue and a contraction in margins. They anticipate Infosys may lower its guidance, while TCS could announce a buyback. Motilal Oswal predicts a modest year-on-year revenue growth but a drop in profit. Analysts also speculate that Infosys and HCL Technologies may revise their sales growth outlook for FY24 due to weak earnings.

He has vast experience of about 25 years in planning, design and execution of various railway projects as well as maintenance and operation of major infrastructure and an expert in matters related to establishment, budget, tenders and contract management etc.

Singapore Exchange (SGX) has shifted all open positions to Gift City, as SGX Nifty fully settles a five-year feud between NSE and Singapore Exchange. Nithin Kamath, CEO of Zerodha, believes this shift will help GIFT City become an international financial centre and attract more capital. Kamath also pitches for relaxations in the cumbersome NRI account opening process to further popularize GIFT City. V Balasubramaniam, CEO of NSE IX, expects the liquidity pool to grow as all Singapore orders will be routed into their platform, while local brokers from IFSC can also trade.

Saudi Arabia and Russia have announced that they will extend cuts to their oil production in order to support prices. The Saudi Energy Ministry will maintain its output at 9 million barrels per day, while Russia will reduce production by an additional 500,000 barrels a day in August. These voluntary cuts are in addition to earlier reductions agreed to by the OPEC oil cartel and allied producers. Despite the cuts, oil prices have not seen a significant increase, which has provided relief for consumers. The uncertain outlook for fuel demand amid economic weakness and travel restrictions remains a concern for oil producers.

Increased caution among clients due to macro uncertainties led to weak discretionary spending and program deferment/cancellation, which will lead to slow growth in FY24

On its first trading day, the rebranded GIFT Nifty recorded over $9 billion in open interest and $1.13 billion in turnover on the NSE International Exchange. The NSE IX-SGX GIFT Connect aims to create a bigger liquidity pool and more Nifty products for investors by unifying international and domestic participants. The benchmark Nifty 50 also benefited from the positive trading, surpassing the 19,300-mark for the first time. GIFT Nifty contracts are available for trading for approximately 21 hours, overlapping with trading hours in Asia, Europe, and the US. The integration of GIFT City with international financial markets will provide easier access for international investors.

The Relative Strength Index (RSI) is a momentum oscillator used by investors to assess whether a stock is overbought or oversold. When the RSI value crosses above 70, it indicates that the stock is in an overbought zone. StockEdge reported over 40 stocks trading up recently, and ETMarkets selected 10 stocks that are currently in an overbought zone. Some of the stocks include Indian Bank, IDBI Bank Ltd, and Tata Consultancy Services Ltd. Please note that the data is subject to change.

Russia, seeking to nudge up global oil prices in concert with Saudi Arabia, will reduce its oil exports by 500,000 bpd in August, Deputy Prime Minister Alexander Novak said on Monday, further tightening global supplies.

The Nifty IT index was trading 0.33 per cent down at 29466.15.