Asian stocks are trading in the green today as demand for tech stocks buoyed Japan's market, while a data-packed week promises to be pivotal in the outlook for the Chinese economy and US interest rates.

Both the Nikkei and the Hang Seng index are trading up 1.7%. While Shanghai composite was up 1.3%

Wall Street's three major indexes advanced solidly on Friday, with the tech-heavy Nasdaq boasting its biggest first-half gain in 40 years as inflation showed signs of cooling while Apple closed with a US $3 trillion (tn) market valuation for the first time.

The Dow Jones Industrial Average ended 0.8% higher, and the tech-heavy Nasdaq Composite rallied 1.6%.

Here's a table showing how US stocks performed on Friday:

Data source: Equitymaster

Back home, Indian share markets are trading on a positive note.

At present, the BSE Sensex is trading higher by 486 points. Meanwhile, the NSE Nifty is trading up by 130 points.

UltraTech Cement and ICICI Bank are among the top gainers today.

Maruti Suzuki and Power Grid on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading higher by 0.3% and the BSE Small Cap index is trading up by 0.5%.

Sectoral indices are trading on a mixed note. Stocks in the banking sector and the metal sector witness buying.

On the other hand, stocks in the IT sector and auto sector witness selling.

Shares of MRF and Abbott India hit their 52-week high today.

The rupee is trading at Rs 81.81 against the US dollar.

In commodity markets, gold prices are trading lower by Rs 111 at Rs 58,100 per 10 grams today.

Meanwhile, silver prices are trading 0.2% higher at Rs 69,103 per 1 kg.
 

SGX Nifty rechristened as Gift Nifty

Marking the shift of a US$ 7.5 billion (bn) derivative trade from the Singapore Exchange to the NSE International Exchange (NSE IX) in Gujarat's Gandhinagar, SGX Nifty futures contracts have been rebranded as Gift Nifty with effect from today 3 July.

Gift Nifty is nothing, but a new identity given to SGX Nifty as all open positions in SGX have been shifted to NSE IX with effect from today. Instead of Singapore Exchange, US dollar-denominated contracts of Nifty futures will now trade in NSE IX which is in GIFT City SEZ and works under the regulatory framework of the International Financial Services Center Authority (IFSCA).

Gift Nifty will be accessible for almost 21 hours, and it overlaps with Asia, Europe, and US trading hours. It is open in two sessions - from 6.30 am to 3.40 pm and then again from 4.35 pm to 2.45 am in the second session.

Gift Nifty figures can be checked on the NSE IX website here.

For retail traders and investors, there are not many changes as it is just a migration from one stock exchange to another.
 

BoB plans to sell stake in BoB Financial Solutions

Bank of Baroda (BoB) plans to sell up to 49% stake in credit card business arm BOB Financial Solutions.

Currently, it is 100% owned by the public sector bank.

The bank has floated a request for a proposal for roping in a strategic investor, and the process is expected to complete in one year.

BOB intends to offload up to 49 % in a combination of primary and secondary capital from one or multiple investors to create more value in BOB Financial Solutions and take it to the next level of growth.

BOB Financial doubled the acquisition of new credit cards in FY23 by issuing close to 1.2 million (m) credit cards compared to 0.5 m a year ago.

Retail spends too more than doubled compared to FY 2022, clocking approximately Rs 173 billion (bn) in FY 2023 compared to Rs 70 bn in FY 2022.

At the same time, the net profit of the NBFC also more than doubled to Rs 246.2 m against Rs 100.7 m in the year-ago period.

Speaking of BoB, FY 2023 was a great year for the banking company as it posted record-high profits. The public sector bank's profitability increased by almost 100% in the financial year 2023.

Little wonder BoB share price rallied 95.8% last year.

Maruti Suzuki sales up 2% in June

India's leading automobile manufacturer, Maruti Suzuki India, reported a 2% rise in its total wholesale for the month of June. It has dispatched around 159,418 units to dealers as compared to 155,857 units in June 2022,

The domestic passenger vehicle sales of Maruti Suzuki saw an 8% growth, reaching 133,027 units compared to 122,685 units during the same period last year.

However, sales in the mini car category, which includes popular models like Alto and S-Presso, saw a slight decline, with 14,054 units sold compared to 14,442 units in June 2022.

In the compact segment, encompassing models such as Swift, Celerio, Ignis, Baleno, and Dzire, the company faced a significant slump of 17%, selling 64,471 units compared to 77,746 units in June 2022.

On the contrary, the mid-sized sedan Ciaz witnessed a surge in sales, with 1,744 units sold in June 2023, surpassing the 1,507 units sold in the same month of the previous year.

The auto company also experienced substantial growth in utility vehicle sales, which includes popular models like Brezza, Grand Vitara, and Ertiga. The sales in this segment more than doubled, reaching 43,404 units, compared to 18,860 vehicles sold in the corresponding month of the previous year, as reported by MSI.

However, the company's exports faced a setback, declining by 17 % with 19,770 units exported in June 2023, as opposed to 23,833 units exported in the same month last year.

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