Opening Bell:
SGX Nifty is up by 9.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets started the final week of June mixed, even as US markets snapped a multi-week winning streak Friday. In an early Monday note, CMC Markets analyst Tina Teng, wrote that “economic concerns took central stage again as recession fears mounted, with spiking rates in both Europe and the US rattling global markets”. In Japan, the Nikkei 225 fell 0.38% and continued its retreat, while the Topix fell 0.34%. South Korea’s Kospi bucked the trend and gained marginally, while the Kosdaq saw a larger gain of 0.14%. Hong Kong’s Hang Seng index is also poised to fall, with futures at 18,764 compared to the HSI’s close of 18,889.97.
Stock futures were flat on Sunday evening as Wall Street looked to see if the market rally could find more momentum in the final week of June. Futures tied to the Dow Jones Industrial Average ticked up 55 points, or less than 0.2%. S&P 500 futures and Nasdaq 100 futures were also higher by about 0.2%.
Stocks News:
👉Asian Paints: The paint manufacturer has acquired additional 11% equity stake in Obgenix Software (brand name White Teak) for Rs 54 crore, from promoters Pawan Mehta, and Gagan Mehta. The company now holds 60% stake in White Teak, up from 49% earlier and as a result, White Teak has become a subsidiary of Asian Paints.
👉Ipca Laboratories: The US Food and Drug Administration (US FDA) has issued Form 483 with 8 observations for company’s Pithampur formulations manufacturing facility in Madhya Pradesh. The USFDA inspected the facility during June 15-June 23, 2023.
👉HDFC Life Insurance Company: The Insurance Regulatory and Development Authority of India (IRDAI) has granted its approval for transfer of shares of HDFC Life, from HDFC to HDFC Bank in view of the proposed amalgamation between HDFC and HDFC Bank. IRDAI also granted approval for HDFC to acquire additional shares in HDFC Life, so the holding to be more than 50% of its total share capital.
👉Rail Vikas Nigam: The state-owned railway company has emerged as the lowest bidder a project of design and construction of elevated metro viaduct, from Maharashtra Metro Rail Corporation. The cost of project is Rs 394.9 crore and the project is expected to be executed in 30 months.
👉Foreign institutional investors (FII) sold shares worth Rs 344.81 crore, while domestic institutional investors (DII) offloaded shares worth Rs 684.01 crore on June 23, provisional data from the National Stock Exchange shows.
Domestic and International Events
- Foreign portfolio investors (FPIs) continue to show confidence in Indian equities and pumped more than Rs 30,600 crore in June so far, as they bet on the country’s stable macroeconomic profile and sturdy corporate earnings outlook. This came following a nine-month high investment of Rs 43,838 crore in equities in May, Rs 11,631 crore in April and Rs 7,936 crore in March, data with the depositories showed.
- The primary market seems to be gathering steam, with three main board initial public offerings (IPOs) and four from the small and medium enterprises (SME) segment set to hit Dalal Street this week. The seven issues are expected to raise a total of over Rs 1,600 crore. The SME issues are slated to mop up Rs 110 crore.
- Oil prices fell on Friday, headed for a weekly decline as traders worried interest rate hikes could sap demand despite signs of tighter supplies including lower US crude stocks. In a second straight day of losses, Brent crude settled down 0.39 percent, or 29 cents, at $73.85 barrel. US West Texas Intermediate (WTI) crude fell 0.50 percent, or 35 cents, at $69.16 a barrel.
- Gold prices on Friday notched their biggest weekly percentage fall in over four months, weighed by a stronger dollar and hawkish stance on rate hikes from Federal Reserve officials. Spot gold was up 0.3 percent to $1,918.79 per ounce, after rising as much as 1.2 percent on a retreat in US bond yields and closed 2.1 percent lower for the week. US gold futures gained 0.3 percent to $1,928.90.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 18,890 | (1.7) % |
| Shanghai Composite | 3,198 | (1.3) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,727 | (0.7) % |
| DAX | 15,830 | (1.0) % |
| FTSE 100 | 7,462 | (0.5) % |
| Nikkei | 32,782 | (1.5) % |
| Straits Times | 3,192 | (1.0) % |
