Opening Bell:
SGX Nifty is flat in the early morning trade, indicating a positive flat for Indian stock market.
Asia-Pacific markets largely fell on Monday, with Japan’s markets still hovering near 33-year highs. The Nikkei 225 has posted weekly gains for the last 10 weeks but slipped 0.14% at the open on Monday along with the Topix, which was down 0.1%. South Korea’s Kospi dropped of 0.41%, while the Kosdaq was 0.5% lower. Australia bucked the trend, with the S&P/ASX 200 higher by 0.2%. Hong Kong’s Hang Seng index looks to start the week lower, after the index saw a strong rally last week. HSI futures stood at 19,988, compared to its last close of 20,040.37.
Stocks slipped on Friday as Wall Street closed out a huge week in which investors received a pause on rate hikes from the Federal Reserve, plus encouraging inflation data. The S&P 500 ticked down 0.37%, while the Dow Jones Industrial Average slipped 0.32%, The Nasdaq Composite lost 0.68%.
Stocks News:
👉Dr Reddy’s Laboratories: The US Food and Drug Administration (USFDA) completed a good manufacturing practice (GMP) inspection at company’s API manufacturing facility in Bollaram, Hyderabad. The inspection was conducted during June 12 and June 16, and closed with zero observations. After inspection by the USFDA of the formulations facility in Srikakulam in May 2023, the company had received the Establishment Inspection Report (EIR). The USFDA has classified the said inspection as Voluntary Action Indicated (VAI).
👉Adani Enterprises: Subsidiary Adani Digital Labs (ADL) has signed a Share Purchase Agreement for proposed acquisition of 100% stake in Stark Enterprises. Stark is also known as Trainman, an online train booking and information platform. The company has not disclosed the cost of acquisition.
👉Kalyan Jewellers India: The US-based private equity major Warburg Pincus backed Highdell Investment has sold 6.41 crore equity shares or 6.2% stake in the jewellery company at an average price of Rs 113.1 per share. Nomura India Investment Fund Mother Fund, Franklin Templeton Mutual Fund via Franklin India Flexi Cap Fund, and BNP Paribas Arbitrage were the buyers for some of those shares, acquiring 3.39 lakh shares or 3.3% stake in the company at same price.
👉IKIO Lighting: Quant Mutual Fund via Quant Quantamental Fund has acquired 6.01 lakh shares and Quant Multi Asset Fund bought 6.02 lakh shares in the LED lighting solutions manufacturer via open market transactions, at an average price of Rs 409.08 per share.
👉Foreign institutional investors (FII) purchased shares worth Rs 794.78 crore, while domestic institutional investors (DII) bought shares worth Rs 681.33 crore on June 16, provisional data from the National Stock Exchange shows.
Domestic and International Events
- The Union government has collected Rs 3.8 lakh crore in the form of direct taxes in the first two-and-a-half months of 2023-24, the finance ministry said on June 18. As per the ministry, as on June 17, the direct tax collected was 11.2 percent higher compared to the same period last financial year. This comprised of corporate tax mop-up of Rs 1.57 lakh crore and personal income tax – including Securities Transaction Tax – of Rs 2.22 lakh crore.
- The primary market will remain active this week, as we will have four IPOs hitting Dalal Street with one on the main board and three in the SME segment. Gujarat-based healthcare services provider Aatmaj Healthcare will be the first initial public offering opening this week on June 19. It is a fixed-price issue. The company is planning to raise Rs 38.40 crore by issuing 64 lakh shares at a price of Rs 60 per share. The offer will close on June 21 and list on the NSE Emerge on June 30.
- Oil rose on Friday and posted a weekly gain, as higher Chinese demand and OPEC+ supply cuts lifted prices, despite expected weakness in the global economy and the prospect for further interest rate hikes. Brent crude gained 94 cents to settle at $76.61 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.16 to $71.78. Brent posted a weekly gain of 2.4 percent and WTI rose 2.3 percent.
- Gold prices were choppy on Friday as investors juggled a hawkish Federal Reserve outlook on interest rates, which offset support from the dollar’s overall retreat this week. Spot gold edged up 0.1 percent to $1,958.83 per ounce by 12 p.m. EDT (1800 GMT), en route to a 0.1 percent weekly dip. U.S. gold futures settled nearly unchanged at $1,971.20.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 20,040 | 1.1 % |
| Shanghai Composite | 3,273 | 0.6 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,299 | (0.3) % |
| DAX | 16,358 | 0.4 % |
| FTSE 100 | 7,643 | 0.2 % |
| Nikkei | 33,706 | 0.7 % |
| Straits Times | 3,260 | 0.5 % |
