Sensex trades lower today | RVNL rises 9% | M&M, Axis Bank biggest losersImage source: DNY59/www.istockphoto.com

Asian markets split on Wednesday after new data from Wall Street and comments from the Fed chairman suggesting the U.S. central bank would cut interest rates later this year, without giving a clear timetable.

While major European stock markets fell on Tuesday amid political uncertainty in France.

The tech-heavy Nasdaq index and the broader S&P 500 hit new records on Tuesday (July 9).

Below is a table showing the performance of US stocks on Tuesday:

Shares/Index LTP Change ($) Change (%) Day high Day low 52-week high Lowest price of the last 52 weeks
Alphabet 190.44 -0.04 -0.02% 192.86 190.23 192.86 115.83
Apple 228.68 0.86 0.38% 229.40 226.37 229.40 164.08
Meta 530.00 0.68 0.13% 537.48 528.19 542.81 274.38
Tesla 262.33 9.39 3.71% 265.61 250.30 299.29 138.80
Netflix 685.74 0.00 0.00% 695.27 684.72 697.49 344.73
Amazon 199.34 0.05 0.03% 200.57 199.05 201.20 118.35
Microsoft 459.54 -6.70 -1.44% 467.33 458.00 468.35 309.45
Dow Jones 39291.97 -52.82 -0.13% 39492.28 39146.60 40077.40 32327.20
Nasdaq 20453.02 13.48 0.07% 20543.90 20395.57 20543.90 14058.33

Source: Equitymaster

Currently, the BSE Sensex is trading down 131 points and the NSE Nifty is down 23 points.

Bajaj Auto, Eicher Motors and Maruti Suzuki are among the biggest gainers today.

M&M, Axis Bank and JSW Steel, on the other hand, are among the biggest losers today.

For a comprehensive overview of the key players in the financial sector, check out the list of Fin Nifty companies.

For the impact of the Bank Nifty companies and a comprehensive overview of the index, see Equitymaster’s Bank Nifty Companies list.

Broader markets are trading positive. BSE Midcap index is trading 0.2% higher and BSE Smallcap index is trading flat.

Sectoral indices are trading positively today, with socks in real estate, healthcare and FMCG sectors seeing the most bargains. Meanwhile, stocks in metals, autos and banking sectors are experiencing selling pressure.

The rupee is trading at 83.49 rupees against the US dollar.

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In the commodity markets, gold prices rose 0.2% to Rs 72,551 per 10 gram today.

Now follow the biggest movers in the stock market using the stocks to watch today section. This should help you stay up to date with the latest developments…

Speaking of the stock market, shipping is of great importance today as 80% of world trade by volume and 70% by value is carried out by ships.

If India wants to become a major player in the global supply chain, it must also become a hub for shipbuilding and repair.

Currently, the country accounts for about 20% of the global market demand for commercial vessels.

Research analyst Tanushree Banerjee tells us in her latest video whether we should be cautious about trading stocks or whether we can expect huge gains.

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RVNL’s new order win

State-owned Rail Vikas Nigam Ltd (RVNL) on Tuesday (July 9) emerged as the lowest bidder for a Rs 2 billion project of the South Eastern Railway.

The project comprises design, supply, erection, testing and commissioning of 132 KV traction substation, section posts (SPs) and sub-section posts (SSPs) in 2×25 KV system on Kharagpur-Bhadrak section of Kharagpur division.

This contract is intended to support the railway’s capacity to handle 3000 MT of traffic. The project is to be executed within a time frame of 18 months.

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A major block deal took place in the shares of Rail Vikas Nigam, with 14 million shares of the railway PSU worth Rs 8.3 billion changing hands. The transaction, according to data available with the stock exchanges, accounts for 0.7% of the company’s total equity. The shares were trading at an average price of Rs 585 per share.

The Union government currently holds 72.8% stake in Rail Vikas Nigam as of March quarter. The shareholding pattern of June quarter is yet to be updated.

The railway company also crossed a market capitalisation of over Rs 1 trillion on Friday (July 5), becoming only the second railway company after IRFC to achieve this milestone.

RVNL Stock Price - 1 Year Performance

Wipro settles lawsuit

Software company Cognizant Technology Solutions Corporation on Tuesday (July 9) announced that it has settled a lawsuit filed by Wipro against its former CFO Jatin Dalal.

According to a filing with the U.S. Securities and Exchange Commission (SEC) dated July 2, 2024, Cognizant’s board of directors has approved a payment of US$505,087 to cover settlement and legal costs related to the litigation.

Wipro had sought damages and an injunction, alleging that Dalal breached the non-competition and confidentiality obligations under his compensation agreements by joining Cognizant.

The settlement was reached without any admission of liability by either party. The payment by Cognizant compensates Dalal for the settlement amount paid to Wipro and his legal fees.

Last year in November, Wipro had filed a lawsuit in the Bengaluru civil court against its former CFO Jatin Dalal, seeking payment of damages of Rs 25,15,52,875 with 18% interest, for allegedly violating a clause in his employment agreement with the company. Dalal resigned from Wipro in September 2023.

The non-compete clause reportedly prevents Dalal from joining a competitor within one year of leaving the company. If he does not, he would have to compensate Wipro with the value of his restricted stock units (RSU) or the sum of his total compensation in the preceding 12 months.

Revealed: A potential huge investment opportunity for investors

Delhivery Block Deal

Shares of Delhivery are in the spotlight on Wednesday, July 10, after a large trade took place in the logistics service provider during a pre-market block window.

According to data available on the stock exchanges, as many as 23.4 million shares, or 3.2% of the total equity, were traded in the block deal.

Shares changed hands at an average price of Rs 388.45 per share. The total transaction value is said to be Rs 9.1 billion.

At the end of the March 2024 quarter, CPPIB held 5.9% stake in Delhivery. On April 25, it divested 2.8% stake in Delhivery through block deals, selling as many as 2 crore shares, worth over Rs 9 billion.

Fidelity Funds, HSBC and Smallcap World Fund were among the buyers in the Delhivery block deal at the time.

The logistics service provider has continued to report losses for the past six years, with losses in fiscal 2022 and 2023 spiralling to over Rs 10 billion.

Delhivery’s shares were listed on May 24, 2022 at Rs 495, a premium of almost 2% over the offer price of Rs 487 per share.

Want to know what’s happening in the Indian stock markets today? Check out the latest stock market updates here.

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