Opening Bell:
SGX Nifty is up by 28.5 points in the early morning trade, indicating a positive opening for Indian stock market.
Asian markets are broadly higher today with shares in Japan leading the region, South Korea and Australia opened higher Friday after a rally in technology stocks pushed the S&P 500 into a bull market with a gain of more than 20% from its October low. The Nikkei 225 is up 1.62% while China’s Shanghai Composite is up 0.13% and Hong Kong’s Hang Seng is up 0.08%.
US stocks closed higher on Thursday regaining some of their momentum thanks to a rebound by technology stocks, while volatility dropped to record lows ahead of an eventful economic and policy calendar next week. Stocks added to their recent rally during Thursday’s regular session, with the S&P 500 posting its highest closing level this year. The broader index climbed 0.62 percent to 4,293.93 — just shy of a key 4,300 threshold. Meanwhile, the Dow Jones Industrial Average added 168.59 points, or 0.5 percent, in its third straight day of gains. The Nasdaq Composite rallied 1.02 percent.
Stocks News:
👉Kotak Mahindra Bank, Canada Pension Fund is likely to sell 1.66% stake in the private sector lender Kotak Mahindra Bank, reports CNBC-TV18 quoting sources. The deal size may be around $754 million. Canada Pension Plan Investment Board holds 4.34% stake or 8.63 crore shares in the bank as of March.
👉Tata Power: Tata Power Renewable Energy through its subsidiary TP Vardhaman Surya received Letter of Award (LoA) to set up 966 MW RTC (round-the-clock) hybrid renewable power for Tata Steel. The project has the hybrid renewable capacity of 379 MW solar and 587 MW wind power. Tata Steel will invest 26% equity in the said project. The project will be commissioned by June 1, 2025.
👉Hindustan Aeronautics: The state-owned defence company said the meeting of the Board of Directors will be held on June 27 to consider a proposal of sub-division of equity shares. Hence, the trading window for trading in the securities of the company will remain closed for all insiders including designated persons, connected persons and their immediate relatives, from June 9 till 48 hours after declaration of the outcome of the board meeting.
👉Biocon: The Active Pharmaceutical Ingredient (API) manufacturing facility in Bangaluru has received a certificate of GMP (good manufacturing practice) compliance from the Competent Authority of Germany. The said Bangaluru facility went under an EU GMP inspection in February.
👉Foreign institutional investors (FIIs) bought shares worth Rs 212.40 crore, whereas domestic institutional investors (DIIs) sold shares worth Rs 405.01 crore on June 8, provisional data from the National Stock Exchange shows.
Domestic and International Events
- The Reserve Bank of India (RBI) has approved the First Loss Default Guarantee (FLDG) programme, a popular product that fintech’s in the country use to form partnerships with banks and non-banking financial companies (NBFCs). The RBI had said in its Digital Lending Guidelines last year that it was not opposed to the idea of FLDG. This is the first time that the banking regulator has explicitly approved such a product. However, RBI has capped the FLDG amount at 5 percent of the total loan value.
- RBI Deposit and lending rates remain on a steady path, Once every two months, the Monetary Policy Committee (MPC) of the Reserve Bank of India meets to review interest rates and other aspects of policy related to the economy. Prior to a review meeting, the market builds in expectations on interest rate action, i.e., a hike or cut. Prior to yesterday’s meeting, the expectation was that interest rates would be left unchanged.
- Oil prices fell in early Asia trade on Friday as demand concerns outweighed the prospect of tighter supply from global producers while investors remained sceptical that the United States and Iran could strike a nuclear deal.
- Gold prices climbed 1 percent on Thursday after data showed U.S. weekly jobless claims surged last week, cementing expectations that the Federal Reserve will pause its interest rate hiking cycle. Spot gold rose 1.4 percent to $1,967.16 per ounce. US gold futures gained 1.2 percent to $1,982.4.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,299 | 0.3 % |
| Shanghai Composite | 3,214 | 0.5 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,834 | 0.5 % |
| DAX | 15,990 | 0.2 % |
| FTSE 100 | 7,600 | (0.3) % |
| Nikkei | 31,641 | (0.9) % |
| Straits Times | 3,187 | 0.2 % |
