Latest Stock Market News

The Reserve Bank of India advised major banks to stop increasing their positions against the rupee, which had reached record lows. RBI officials contacted the banks to prevent the rupee from breaching the 84/$ level. The central bank also intervened by selling $1.5 billion in the non-deliverable forward market.

On the options front, the maximum Call Open Interest (OI) is at the 25,000 and 26,000 strike prices, while the maximum Put OI is at the 24,000 and 23,500 strike prices. Call writing is observed at the 25,000 and 24,200 strike prices, while Put writing is seen at the 23,700 and 23,500 strike prices. Option data suggests a broader trading range between 23,500 and 24,500, with an immediate range between 23,800 and 24,300.

Tuesday saw Indian markets close marginally lower amid volatility and mixed signals. Companies like Pidilite, Godrej Consumer, and NHPC announced their first-quarter results. Noteworthy financial updates were reported by PB Fintech, Tata Power, and others. In a significant move, Challa Sreenivasulu Setty was appointed as the chairman of SBI.

On Tuesday, Indian markets closed lower, with the Nifty dipping below 24,000 for the first time in six weeks. Despite gains in Asian markets, local equities failed to sustain growth due to concerns over US economic conditions and geopolitical issues. Foreign investors continued to sell, weakening the rupee further.

Oil prices decreased in early Asian trading following a short-lived rebound due to unexpected increases in U.S. crude and gasoline inventories. Brent crude futures dropped to $76.27 a barrel, and WTI crude declined to $72.95 a barrel. Tensions in the Middle East and lower production at Libya’s Sharara oilfield have added to global supply concerns.

Ola Electric Mobility’s ₹6,146 crore IPO, the biggest so far in 2024, was oversubscribed 4.27 times. The offering included ₹5,500 crore in new shares and ₹645.6 crore from existing investors. Funds will support plant expansion, debt repayment, and R&D. Listing is expected on August 9.

JSW Steel sought ₹2,500 crore through SBI and ICICI Bank for capital expenditure. The company aimed to issue non-convertible debentures at an 8.5% interest rate. JSW intended to invest ₹20,000 crore in FY25 to enhance production capacity, targeting 50 million tonnes by FY31. Talks were reportedly in advanced stages.

Sebi proposed alterations to the regulatory framework for investment advisers and research analysts to reduce registration requirements and compliance costs. It also suggested relaxing eligibility criteria, including qualifications, and removing experience and net worth requirements. Sebi recommended maintaining a deposit for arbitration and conciliation purposes, aiming to address concerns about business continuity in the profession.

SEBI recommended stricter disclosure norms for offshore derivative instruments and foreign portfolio investors with segregated portfolios. The objective was to uphold concentration norms, requiring detailed disclosures for FPIs with significant assets in a single corporate group or large AUMs. In July 2024, 35 FPIs were identified with numerous segregated portfolios.