Friday trading witnessed a challenging day for domestic shares as investors opted to capitalize on their profits, influenced by weak global cues. However, FIIs remained net buyers for 8 consecutive days as they purchased shares worth a net amount of ₹790.40 crore, while DIIs sold shares worth a net amount of ₹2,964.23 crore.
Vinod Nair, Head of Research at Geojit Financial Services said, “Global equities declined due to a spike in US bond yields, fuelled by expectations of a prolonged high-interest rate environment following a sharp increase in US private payroll data. Investors are eagerly awaiting the release of key US non-farm payroll and unemployment data today, which will provide further clues on the Fed’s policy direction ahead of its July meeting.”
The U.S. added the fewest jobs in 2-1/2 years in June, although persistently strong wage growth pointed to still-tight labour market conditions, U.S. government data showed. The Fed is still widely expected to raise rates at its meeting later this month after pausing in June, as job growth remains above the pace in the decade before the pandemic.
10 Jul 2023, 07:23:51 AM IST
Cyient DLM IPO listing date today. GMP, experts signal strong debut of shares
Today, the initial public offering (IPO) of Cyient DLM Ltd is set to enter the secondary market as its listing date has been scheduled for Monday, July 10, 2023. As per the information available on the official website of the Bombay Stock Exchange (BSE), the equity shares of Cyient DLM Limited will be listed and traded under the ‘B’ group of securities.
Stock market experts anticipate a positive listing for the Cyient DLM IPO. They suggest that in a bullish scenario, the opening share price may range between ₹450 and ₹480. However, in a bearish scenario, the shares could list at approximately ₹400 to ₹420. (Read More)
10 Jul 2023, 07:22:23 AM IST
Wall Street ends choppy day lower on Friday after weaker-than-expected jobs data
Wall Street’s main indexes ended lower on Friday in a seesaw session, as investors digested a U.S. jobs report that showed weaker-than-expected growth and awaited more economic data and corporate earnings in the weeks ahead.
The U.S. added the fewest jobs in 2-1/2 years in June, although persistently strong wage growth pointed to still-tight labor market conditions, U.S. government data showed.
The benchmark S&P 500 was solidly higher for most of the afternoon, but stocks sold off toward the end of the session.
“Investors are more cautious going into a very important week with the beginning of earnings season and a very important inflation reading mid-week,” said Quincy Krosby, chief global strategist at LPL Financial.
The report showing nonfarm payrolls increased by 209,000 jobs last month followed a sell-off on Thursday sparked by a surge in June private payrolls that stoked fears the Federal Reserve would move aggressively to hike interest rates to tame inflation.
“The jobs report today I think is consistent with what the Fed would like to see,” said Josh Jamner, investment strategy analyst at ClearBridge Investments.
“That’s not to say, mission accomplished or the job is done. But continued cooling in the jobs market ultimately will make their lives easier.”
On Friday, the Dow Jones Industrial Average fell 187.38 points, or 0.55%, to 33,734.88, the S&P 500 lost 12.64 points, or 0.29%, to 4,398.95 and the Nasdaq Composite dropped 18.33 points, or 0.13%, to 13,660.72. (Reuters)
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