Asian shares are trading lower on Friday following a selloff in US stocks after stronger-than-expected jobs data increased fears of more interest rate hikes by the Federal Reserve.

The Nikkei is trading 0.5% lower, and the Hang Seng index is trading 1% lower. While Shanghai Index is trading lower by 0.4%.

US stocks ended lower on Thursday in a broad selloff after data showing a strong labor market boosted bond yields and fanned fears the Federal Reserve will be aggressive in raising US interest rates.

The Dow Jones Industrial Average ended 1.1% lower, and the tech-heavy Nasdaq Composite ended 0.8% lower.

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

Data source: Equitymaster

Back home, Indian share markets are trading lower.

At present, the BSE Sensex is trading lower by 94 points. Meanwhile, the NSE Nifty is trading down by 31 points.

Titan and Reliance Industries are among the top gainers today.

Adani Port and IndusInd Bank on the other hand are among the top losers today.

Broader markets are trading on a mixed note. The BSE Mid Cap index is trading 0.2% lower and the BSE Small Cap index is trading marginally higher.

Sectoral indices are trading on a mixed note with stocks in the energy sector, and the telecom sector witnessing buying. While stocks in the banking sector and FMCG sector are trading lower.

Shares of Coforge and Bosch hit their 52-week high today.

The rupee is trading at Rs 82.67 against the US dollar.

In commodity markets, gold prices are trading marginally lower at Rs 58,377 per 10 grams today.

Meanwhile, silver prices are trading marginally lower at Rs 70,296 per 1 kg.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...
 

Tata Steel Q1 update

Tata Steel on 6 July announced that its India crude steel production stood at 5 million (m) tonnes (provisionally), with a growth of 2% year-on-year (YoY) primarily driven by the ramp-up at Neelachal Ispat Nigam (NINL) for the quarter ended 30 June 2023.

The company also added that the production was lower QoQ on planned maintenance shutdowns.

Deliveries at 4.8 m tonnes were higher by 18% on a YoY basis, driven by a rise in domestic deliveries, while exports moderated on YoY basis to 0.3 m tonnes.

The Tata group's automotive and special products segment deliveries were broadly similar on YoY basis. Among the sub-segments, production of passenger vehicles and 2-wheelers was up while commercial vehicles declined.

Moreover, branded products and retail segment deliveries increased by 37 % YoY. This was driven by best ever Q1 sales of well-established brands - Tata Tiscon and Tata Steelium.

Additionally, the steel company announced that the planned relining of BF6 at Tata Steel Netherlands commenced in April and this has led to a drop in crude steel production at Tata Steel Europe. Crude steel production stood at 1.8 m tonnes while deliveries stood at 2 m tonnes.

The Q1 update might finally bring out the company from its downward trajectory. It is down 5% in 2023 so far.

SBI announces leadership changes

State Bank of India (SBI), the country's largest lender, is re-jigging its senior leadership positions with at least four key executives getting new positions.

Rajay Sinha, chief general manager in charge of global markets, will become managing director and chief executive at the brokerage arm SBI Capital Markets, according to the reports.

Sinha replaces Amitava Chatterjee, who'll now return to the bank to oversee its vertical catering to corporate clients. Chatterjee will be the deputy managing director in his new role.

Nand Kishore took over as the deputy managing director of the global markets division in Mumbai last week, while Abhijit Chakravorty has been elevated as the managing director and CEO at SBI Cards.

The public sector bank is fortifying its dominance at a time when a merger between HDFC Bank and its mortgage unit has created a new private-sector mega rival.
 

NCLT approves Reliance Industries' financial services demerger

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the demerger of the financial services business of Reliance Industries.

The company announced that it, along with Reliance Strategic Investments, will take necessary steps including fixing the record date for allotment and listing of equity shares of Reliance Strategic Investments.

In May, shareholders and creditors approved the spinoff of Mukesh Ambani Group company, which will be renamed Jio Financial Services.

Once demerged, experts expect it to be the fifth-largest financial services company by net worth.

Last October, Ambani's flagship announced the demerger of its financial services business.

Reportedly Reliance Industries was testing a consumer durables financing program under the Jio brand at select Reliance Digital outlets before a full-fledged launch of Jio Financial Services later this year. Reliance Industries is seeking to challenge established financiers such as Bajaj Finance by launching Jio Financial Services.

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