Opening Bell:
SGX Nifty is up by 47.5 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets largely rose on Tuesday ahead of the U.S. inflation report and Federal Reserve’s two-day meeting later in the day – the central bank is widely expected to hold rates for the first time in 15 months while inflation’s annual outlook marked a two-year low in the latest New York Fed survey. Japan’s Nikkei 225 opened 0.78 percent higher and reached new 2023-highs, while the Topix was 0.61 percent higher. South Korea’s Kospi rebounded and rose 0.43 percent, with the Kosdaq also up 0.48 percent, Hang Seng index is set to snap a four day winning streak, with futures at 19,358 compared to the HSI’s close of 19,404.31.
Stock futures were little changed in overnight trading after the S&P 500 and Nasdaq Composite each notched their highest close since April 2022. Wall Street also looked ahead to May’s consumer price index, out Tuesday. Futures tied to the S&P 500 and Dow Jones Industrial Average futures traded flat. Futures connected to the Nasdaq Composite inched 0.2 percent higher.
Stocks News:
👉Hero MotoCorp: The world’s largest manufacturer of motorcycles and scooters has launched the new Passion+. The new Passion+ is available at dealerships across the country at a price of Rs 76,301 (ex-showroom) in Delhi.
👉JSW Steel: The company is declared as a preferred bidder, by the Directorate of Mines and Geology, Goa, for grant of mining lease for iron ore mineral in two blocks in Goa. Two blocks are VI- Cudnem-Cormolem Mineral Block, and IX-Surla-Sonshi Mineral Block in North Goa, with projected iron ore resources of 9.77 MMT and 65.73 MMT respectively.
👉Go Fashion India: ICICI Prudential Life Insurance Company, BNP Paribas Arbitrage, Kuwait Investment Authority Fund 223, and Societe Generale have bought total 24.44 lakh equity shares or 4.52% stake in the women’s apparel manufacturer via open market transactions at an average price of Rs 1,135 per share. However, Sequoia Capital India Investments IV was the seller and exited the company, offloading 54.98 lakh shares or 10.18% stake in the company at an average price of Rs 1,136.1 per share.
👉Inox Wind: The wind energy solutions provider said its board members have approved merger of Inox Wind Energy into the company. The merger is subject to various regulatory approvals and compliances. The appointed date for the amalgamation is set as July 1, 2023. As per the proposed amalgamation, Inox Wind will issue its 158 equity shares for every 10 equity shares to shareholders of Inox Wind Energy, and also issue 158 share warrants with an issue price of Rs 54 each, to shareholders of Inox Wind Energy, for every 10 share warrants with an issue price of Rs 847 each held by them.
👉Foreign institutional investors (FII) sold shares worth Rs 626.62 crore, whereas domestic institutional investors (DII) bought shares worth Rs 1,793.85 crore on June 12, provisional data from the National Stock Exchange shows.
Domestic and International Events
- May CPI data suggests that India’s macro picture is still steady,” said ASSOCHAM Secretary General Deepak Sood. As headline inflation, based on the Consumer Price Index, dropped to 4.25 percent in May 2023, and industrial growth revived to 4.2 percent in April, Sood said, “Retail inflation is just about near the RBI target of four percent, while manufacturing is clearly showing an uptick as per the latest data. The Indian economy is on a steady move even in the midst of global challenges.
- India’s industrial output grew by 4.2 percent in April, data released by the Ministry of Statistics and Programme Implementation showed on June 12. At 4.2 percent, the latest industrial growth figure as per the Index of Industrial Production (IIP) is significantly higher than that for March, when it had come in at a five-month low of 1.1 percent. That number has now been revised to 1.7 percent. IIP growth was 6.7 percent in April 2022.
- Oil prices fell by around $3 a barrel on Monday after analysts highlighted rising global supplies and concerns about demand growth just ahead of key inflation data and a U.S. Federal Reserve meeting later this week. Brent crude futures fell $2.95, or 3.9 percent, to settle at $71.84 a barrel, their lowest since Dec. 2021. U.S. West Texas Intermediate (WTI) crude fell $3.05, or 4.4 percent, to settle at $67.12 a barrel.
- Gold prices dipped on Monday as the dollar and bond yields firmed, while traders braced for a busy week of key U.S. inflation prints and major central bank policy meetings, with all eyes on the Federal Reserve. Spot gold fell 0.14 percent to $1,957.6471 per ounce. U.S. gold futures settled 0.4 percent lower at $1,969.70.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,404 | 0.1 % |
| Shanghai Composite | 3,229 | (0.1) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,066 | 0.6 % |
| DAX | 16,098 | 0.9 % |
| FTSE 100 | 7,571 | 0.1 % |
| Nikkei | 32,434 | 0.5 % |
| Straits Times | 3,196 | 0.3 % |
