Opening Bell:
Gift Nifty is up by 802.5 points in the early morning trade, indicating a positive opening for Indian stock market
Asian markets traded higher on Monday, buoyed by a rally on Wall Street and in anticipation of key regional economic data. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.3%, recovering from a 2.5% drop the previous week. Japan’s Nikkei 225 surged 1.01%, with the Topix index up 1.02%. South Korea’s Kospi advanced 1.26%, and the Kosdaq increased by 0.42%. Hong Kong’s Hang Seng index futures pointed to a slightly higher opening.
The US stock market ended higher on Friday, with the Dow recording its largest daily percentage gain since November 2023. The Dow Jones Industrial Average soared 574.84 points, or 1.51%, to 38,686.32. The S&P 500 rose 42.03 points, or 0.80%, to 5,277.51, while the Nasdaq Composite edged down by 2.06 points, or 0.01%, to 16,735.02. For the month, the S&P 500 advanced approximately 4.8%, the Nasdaq surged 6.9%, and the Dow increased by 2.4%.
Stocks News:
👉 Adani International Ports Holdings Pte (AIPH), a wholly owned subsidiary of Adani Ports, has signed a 30-year concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 at Dar es Salaam Port in Tanzania. The Adani Ports-led consortium will acquire the project company in Tanzania, which includes all port handling equipment and employees, for $39.5 million. Container Terminal 2 has a capacity of 1 million TEUs and handles about 83% of Tanzania’s container volume.
👉 Coal India: Reported a 7.5% increase in coal production for May, reaching 64.4 million tonnes year-on-year. Coal offtake also rose by 7.2% to 68.2 million tonnes.
👉 MOIL: Announced price hikes for various grades of manganese ore effective June 1. Prices of all ferro grades with manganese content of Mn-44% and above were increased by 35%, while those with manganese content below Mn-44% saw a 30% hike. Prices of all SGMR, fines, and chemical grades were also raised by 30%.
👉 Defence, industrials, green energy stocks: The BJP manifesto provided investors with insights into the NDA’s agenda for its third term. With continued focus on infrastructure development, green energy, affordable housing, PLI for automobiles, and defence manufacturing, analysts expect these sectors to see significant gains on Monday.
👉 The Foreign institutional investors (FIIs) turned net buyers on the final day of the month, as they bought Indian equities worth Rs 1,613.24 crore, while domestic institutional investors bought equities worth Rs 2,114.17 crore on May 31.
Domestic and International Events
- A majority of the exit polls released on Saturday forecast a historic third term for Prime Minister Narendra Modi. The Bharatiya Janata Party-led National Democratic Alliance is expected to win over 350 seats in the Lok Sabha.
- US inflation remained steady in April, with the personal consumption expenditures (PCE) price index rising 0.3% for the month, consistent with the unrevised increase in March. On a year-over-year basis, the PCE price index climbed 2.7%, maintaining the same growth rate as in March. Economists surveyed by Reuters had predicted a monthly increase of 0.3% and an annual rise of 2.7%.
- India’s economic growth surprised on the upside as the gross domestic product (GDP) grew at 7.8% annually in the fourth quarter of FY24, beating all expectations. The government now estimates the overall growth rate for FY24 to be 8.2%, official data showed.
- India’s gross goods and services tax (GST) collections rose to ₹1.73 lakh crore in May, growing 10% year-on-year (YoY) driven by increased revenues from domestic transactions.
- The government’s fiscal deficit for FY24 stood at 5.63% of the GDP, marginally better than the 5.8% estimated in the Union Budget, according to official data. In actual terms, the fiscal deficit was at ₹16.53 lakh crore.
- The OPEC group of oil-producing nations and its 10 allies have agreed to extend their production cuts until the end of 2025, with the group-wide supply reductions totaling about two million barrels per day (bpd). Crude oil prices declined, with Brent crude oil down 0.30% to $80.87 per barrel, while US West Texas Intermediate (WTI) crude futures fell 0.25% to $76.80 per barrel.
EMERGING | LATEST | % 1D |
Hang Seng | 18,080 | (0.8) % |
Shanghai Composite | 3,087 | (0.2) % |
DEVELOPED | LATEST | % 1D |
Dow Jones | 38,686 | 1.5 % |
DAX | 18,498 | 0.0 % |
FTSE 100 | 8,275 | 44.3 % |
Nikkei | 38,488 | 1.1 % |
Straits Times | 3,337 | 0.4 % |