Opening Bell:
SGX Nifty is up by 27.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets are mixed after Wall Street saw a tech sell-off Monday, with Tesla tumbling 6% after Goldman Sachs downgraded the electric car maker, citing pricing headwinds. Other tech names like Nvidia, Alphabet and Meta Platforms also lost more than 3% each. In Australia, the S&P/ASX 200 opened 0.28%. In Japan, the Nikkei 225 extended its losses after three straight days of declines, falling 0.25%, with the Topix seeing a smaller loss of 0.06%. South Korea’s Kospi and Kosdaq also was in the red, dropping 0.46% and 0.53% respectively in early trade. Hong Kong’s Hang Seng index look set to snap its five-day losing streak, with futures at 18,894 compared to the HSI’s close of 18,794.13.
Stock futures were modestly higher Monday night as investors looked toward the next batch of economic data and readied for the end of June and the second quarter. Futures tied to the Dow Jones Industrial Average added 41 points, or 0.1% . S&P 500 futures and Nasdaq-100 futures each also gained around 0.2%
Stocks News:
👉Bharti Airtel: The telecom operator has announced changes to its leadership team in Airtel Business. Ajay Chitkara has resigned as CEO of Airtel Business and will continue with the company until the third week of August 2023. Consequently, Airtel Business will operate as three business and channel segments. Global business will be led by Vani Venkatesh, Domestic business by Ganesh Lakshminarayanan, and Nxtra Data Centers by Ashish Arora.
👉JSW Steel: After the approval for the scheme of amalgamation by NCLT, JSW Vallabh Tinplate, Vardhman Industries, and JSW Steel Coated Products filed the said order with the Registrar of Companies. The said scheme has become effective from June 26. Accordingly, JSW Vallabh Tinplate and Vardhman Industries have merged with JSW Steel Coated Products, the subsidiary of JSW Steel, and ceased to exist from the effective date
👉Aditya Birla Capital: The Aditya Birla Group company opened its qualified institutional placement (QIP) issue on June 26. The floor price has been set at Rs 175.99 per share. Sources told CNBC-TV18 that the fundraising is likely to be at Rs 1,750 crore.
👉BLS International Services: The outsourcing service provider said the board members of its subsidiary BLS E-Services have approved fundraising via initial public offering (IPO). The size of the offer, price and other details of the proposed IPO will be determined in due course. Post the proposed IPO, BLS E-Services would continue to be a subsidiary of the company.
👉Foreign institutional investors (FII) sold shares worth Rs 409.93 crore, while domestic institutional investors (DII) offloaded shares worth Rs 250.12 crore on June 26, provisional data from the National Stock Exchange shows.
Domestic and International Events
- Tech major Google has filed an appeal in the Supreme Court, challenging the order of National Company Law Appellate Tribunal’s (NCLAT) order upholding Rs 1,338 crore penalty for anti-trust violations. “Today, we filed an appeal in the Supreme Court regarding the NCLAT’s decision in the Android case. The NCLAT correctly found that harm for anti-competitive behavior needs to be proven but did not apply this requirement to several of the CCI’s directions that it upheld. We look forward to presenting our case before the Supreme Court and demonstrating how Android has benefitted Indian users, developers, and OEMs, and powered India’s digital transformation” a Google spokesperson said in a statement.
- Cyient DLM IPO opens today; will be the second public issue this week. Cyient DLM, a subsidiary of software services firm Cyient, will be the second public issue to open for subscription this week, after IdeaForge Technology which floated its IPO on Monday.
- Oil prices pared early gains on Monday, tracking a broader calm in financial markets as investors watched warily to see if there’ll be further fallout from an attempted insurrection in Russia that could disrupt energy supplies from one of the world’s largest oil producer nations.
- Gold prices on Monday firmed above last session’s more than three-month low, as concerns surrounding the political turmoil in Russia drove flows into safe-haven bullion, outweighing risks from the Federal Reserve’s hawkish outlook. Spot gold was up 0.2 percent at $1,925.53 per ounce, while gold futures gained 0.4 percent to $1,938.00.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 18,794 | (0.5) % |
| Shanghai Composite | 3,151 | (1.5) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,715 | (0.0) % |
| DAX | 15,813 | (0.1) % |
| FTSE 100 | 7,454 | (0.1) % |
| Nikkei | 32,699 | (0.3) % |
| Straits Times | 3,190 | (0.1) % |
