Opening Bell:
SGX Nifty is up by 13.5 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets are set to fall as Wall Street saw a pause in its market rally and the broad market index fluctuated near its highest closing levels since August 2022. markets are lower today with shares in Hong Kong off the most. The Hang Seng is down 0.75% while China’s Shanghai Composite is off 0.38% and Japan’s Nikkei 225 is lower by 0.08%.
Stock futures were flat on Wednesday evening, as investors await the next market catalyst. Futures linked to the S&P 500 ticked lower by 0.04 percent, while Nasdaq 100 futures inched down by 0.09 percent. Futures tied to the Dow Jones Industrial Average dropped 17 points or 0.05 percent.
Stocks News:
👉Tech Mahindra: Life Insurance Corporation of India has increased its stake in the IT services provider by 2.015% to 8.88% from 6.87%, via open market transactions in around six months. The average buying price for these shares stood at Rs 1,050.77 per share.
👉Zydus Lifesciences: The pharma company has received final approval from United States Food and Drug Administration (USFDA) for Tadalafil tablets. Tadalafil relaxes muscles of the blood vessels and increases blood flow to particular areas of the body. It is used to treat pulmonary arterial hypertension and improve exercise capacity in men and women.
👉Tata Elxsi has partnered with Indian Space Research Organization (ISRO) to enable the upcoming Gaganyaan Mission. Tata Elxsi has designed and developed Crew Module Recovery Models (CMRM) for recovery team training of the space mission.
👉Mazagon Dock Shipbuilders, the state-owned shipbuilding company has signed a non-binding / non-financial MoU with Thyssenkrupp Marine Systems, for cooperation and preparation for submarine project P75-I, in India. Thyssenkrupp Marine Systems would contribute to the engineering and design of the submarines as well as the consultancy support to this joint project, while Mazagon Dock would take responsibility for constructing and delivering the respective submarines.
👉Foreign institutional investors (FIIs) bought shares worth Rs 1,382.57 crore, whereas domestic institutional investors (DIIs) sold shares worth Rs 392.30 crore on June 7, provisional data from the National Stock Exchange shows.
Domestic and International Events
- The monetary policy committee (MPC), which has three members from the RBI and three external members, is expected to leave the repo rate at 6.50% for a second straight meeting. All 64 economists polled by Reuters expect no change. The repo rate has been raised by a total 250 basis points since May last year to quell high inflation which has finally started showing signs of easing.
- The initial public offering (IPO) of IKIO Lighting continued to garner interest from investors, as the offer was subscribed 6.83 times by June 7 morning, the second day of bidding. Investors bought 10.4 crore equity shares against an offer size of 1.52 crore shares, subscription data available on exchanges shows. Retail investors had bid 5.92 times their allotted quota of shares, while the portion set aside for high-net worth individuals was subscribed 15.99 times.
- Oil prices were little changed in early Asia trade on Thursday as investors weighed demand concerns over a global economic slowdown against an expected fall in supply from Saudi output cuts.
- Gold prices fell on Wednesday, weighed by an uptick in U.S. bond yields, while investors looked forward to inflation data and Federal Reserve policy meeting next week for more clarity on interest rate path. Spot gold was last down 1.15 percent to $1,940.2676 per ounce. U.S. gold futures settled down 1.2 percent to $1,958.40.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,252 | 0.8 % |
| Shanghai Composite | 3,198 | 0.1 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,665 | 0.3 % |
| DAX | 15,961 | (0.2) % |
| FTSE 100 | 7,624 | (0.1) % |
| Nikkei | 31,914 | (1.8) % |
| Straits Times | 3,180 | (0.3) % |
