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Indian indices ended a volatile session with small gains ahead of the Union Budget tomorrow, which is expected to invigorate a stagnating economy. Among sectors, except metal and pharma all other indices ended higher led by the PSU bank, auto, FMCG, energy, IT, and infra. Positive global shares also supported gains. Global stocks edged higher after weaker-than-expected US economic data gave investors cause to anticipate that the Federal Reserve will cut interest rates at its upcoming July meeting.

Global Markets

Zalando will build a 140,000 square meter warehouse near the Dutch port of Rotterdam to serve its customers in the Benelux countries, France, Spain and the United Kingdom. Canada stocks were higher after the close on Wednesday, as gains in the REITs, Consumer Staples and Real Estate sectors led shares higher. The S&P/TSX Composite added 0.64% to hit a new 1-month high.

Stock Snippets

Vedanta awarded 10 exploration blocks in India at a total bid cost $245 mn.

NCLT approved the transfer of Bharti Airtel’s optical fibre cable business to Telesonic Networks.

ONGC clarified on the news of Cairn India stopping paying royalty on Rajasthan’s block stating that claims and counterclaims were currently under arbitration.

Kolte-Patil Developers bags 3 projects: Shares of Kolte-Patil Developers rose 4 percent on Thursday after company signed 3 new projects in Pune.

Cummins India shares fell 2.7 percent on July 4 after Japanese brokerage house Nomura downgraded the stock to reduce from neutral.

Shares of Adani Enterprises gained 1% after the Cabinet has approved the Ministry of Civil Aviation’s proposal to privatize three out of six state airports on Wednesday.

Cox & Kings defaulted in the payment of interest on NCDs worth Rs7.2cr which were due on June 30.

Global Markets

Japan stocks were higher after the close on Thursday, as gains in the Paper & Pulp, Railway & Bus and Real Estate sectors led shares higher. The Nikkei 225 gained 0.30%.

Australia stocks were higher after the close on Thursday, as gains in the A-REITs, Healthcare and Financials sectors led shares higher. The S&P/ASX 200 rose 0.49% to hit a new 5-year high.

China’s Shanghai Composite and the Shenzhen Component were down 0.2% and 0.4% respectively.

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