Opening Bell:
SGX Nifty is up by 75.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets are trading mixed as investors return from a strong week and look forward to major central bank meetings scheduled ahead. The US Federal Open Market Committee (FOMC) takes place on June 13-14, the European Central Bank meets on Thursday, and the Bank of Japan’s meeting will conclude on Friday. The Nikkei 225 is up 0.45%. the Topix rose 0.48 percent. South Korea’s markets also saw a positive open, with the Kospi climbing 0.32 percent and the Kosdaq up by 0.2 percent. Shanghai Composite is leading the Hang Seng lower. They are down 0.62% & 0.38% respectively.
S&P 500 futures were little changed Sunday night as traders looked ahead to the latest inflation data and the Federal Reserve policy meeting this week. S&P 500 futures added 0.14 percent. Dow Jones Industrial Average futures rose by 19 points, or 0.06 percent, while Nasdaq 100 futures advanced 0.27 percent.
Stocks News:
👉Tata Motors: HSBC India has teamed up with Tata Motors for financing the purchase of electric vehicles by the employee working in the corporate sector. Under the collaboration, consumers holding a salaried account with HSBC India will get a chance to apply for a tailor-made loan to purchase an electric vehicle from Tata Motors’ EV portfolio. The customers will be able to apply for a loan with zero down payment, no hypothecation, low processing fee and no documentation charges, among others.
👉TVS Motor Company: TVS Credit, the subsidiary of TVS Motor, has approved the execution of certain share purchase agreements entered into between PI Opportunities Fund-I Scheme-II, TVS Credit and certain existing shareholders of TVS Credit. PI Opportunities Fund will acquire certain additional equity shares of TVS Credit for Rs 257.02 crore. After completion of proposed primary and secondary investments, PI Opportunities Fund will hold approximately 9.72% stake in TVS Credit, which is raising the proposed investment from PI to ensure sufficient capital for its growth plans.
👉Power Finance Corporation: PFC Consulting, the subsidiary of power sector public financial institution, has incorporated 2 new special purpose vehicles – Bikaner III Neemrana Transmission, and Neemrana II Bareilly Transmission – for development of independent transmission projects.
👉Cochin Shipyard: The Indian Navy has declared shipbuilding company as L1 for MR/Mid Life upgrade of an Indian naval ship. The estimated contract value of the said project is around Rs 300 crore and the project is estimated to be executed in 24 months.
👉Foreign institutional investors (FII) sold shares worth Rs 308.97 crore, whereas domestic institutional investors (DII) bought shares worth Rs 1,245.51 crore on June 9, provisional data from the National Stock Exchange shows.
Domestic and International Events
- Moody’s on Sunday said the Indian economy is expected to clock a 6-6.3 per cent growth in June quarter, and flagged risks of fiscal slippage arising from weaker-than-expected government revenues in the current fiscal. Moody’s growth estimate is lower than the 8 percent projection for the first quarter made by the Reserve Bank last week.
- The RBI MPC left the repo rates unchanged at 6.5 percent at its meeting on June 08, as the Street had expected. The MPC continued with the ‘withdrawal of accommodation’ stance, as liquidity has turned into a significant surplus mode, further increased by the impact of deposits of Rs 2000 notes. A change in policy stance at this juncture might not be in sync with the current liquidity conditions. Headline CPI is still higher than the medium-term target of 4 percent, even on a 12-month forecast horizon. A sustained moderation in inflation may prompt the shift from a “withdrawal of accommodation” to a “neutral” stance.
- Oil prices fell more than a dollar a barrel on Friday to record a second straight weekly decline, as disappointing Chinese data added to doubts about demand growth after Saudi Arabia’s weekend decision to cut output.
- Gold eased on Friday on a stronger dollar and higher yields, but was set for its best week since early May after weaker jobs data bolstered bets for the Federal Reserve to hold pat on interest rates next week. Spot gold fell 0.3 percent to $1,961.39 per ounce by 12:10 p.m. EDT (1610 GMT). But it is headed for a 0.7 percent weekly climb, helped by a 1.5 percent jump on Thursday after a surge in US weekly jobless claims.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,390 | 0.5 % |
| Shanghai Composite | 3,231 | 0.6 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,877 | 0.1 % |
| DAX | 15,950 | (0.3) % |
| FTSE 100 | 7,562 | (0.5) % |
| Nikkei | 32,265 | 2.0 % |
| Straits Times | 3,187 | 0.0 % |
