Opening Bell:
SGX Nifty is down by 16.5 points in the early morning trade, indicating a negative opening for Indian stock market.
Asia-Pacific markets are set for a mixed open as investors look to inflation data out of Japan and Singapore, as well as flash estimates from the au Jibun bank on Japan’s manufacturing and services activity. In Japan, the Nikkei 225 rebounded and climbed 0.56%, while the Topix also rose 0.39%. South Korea’s Kospi fell 0.12% in early trade, but the Kosdaq extended its gains from yesterday and gained 0.35%. Australia’s S&P/ASX 200 opened 0.49% lower, after two straight days of losses and following its largest one-day fall in June on Thursday. Hong Kong’s Hang Seng index is poised for a higher open as it comes back from a public holiday, with futures at 19,243 compared to the HSI’s close of 19,218.35.
Stock futures were little changed in overnight trading Thursday as Wall Street headed for a losing week. Futures tied to the S&P 500 inched up by 0.05%, while Nasdaq-100 futures gained about 0.1%. Futures connected to the Dow Jones Industrial Average rose 29 points, or 0.08%.
Stocks News:
👉Bharat Petroleum Corporation: The oil marketing company said the meeting of the board of directors is scheduled on June 28 to consider various modalities for capital infusion including rights issue. The funds will help the company in achieving energy transition, net zero and energy security objectives.
👉Vedanta: The mining company has issued clarification note to exchanges after the media reports saying Vedanta is selling the Sterlite copper plant in Thoothukudi. The said media articles are wrong, baseless and incorrect and the same is refuted by the company.
👉Housing Development Finance Corporation: The Corporation has sold entire 9.65% stake in Ruralshores Business Services. It also sold 10 lakh shares in HDFC Property Ventures, and 5 lakh shares in HDFC Venture Capital, which both are wholly owned subsidiaries, to Vividh Distributors, for Rs 1.20 crore and Rs 0.30 crore, respectively. However, HDFC bought 3.86% shares in Bonito Designs for Rs 25 crore, while the Corporation via HDFC Capital Advisors purchased 914 compulsorily convertible preference shares (CCPS) in Cognilements.
👉Eros International Media: Eros International Media’s Managing Director Sunil Arjan Lulla and CEO Pradeep Kumar Dwivedi have been restrained from holding any board positions or key managerial positions by the market regulator Sebi, through an interim ex-parte order. The two senior executives, the company, Eros Worldwide FZ and Eros Digital have been banned from accessing the securities markets until further orders too. Eros is in the process of seeking legal advice on Sebi order.
👉Foreign institutional investors (FII) sold shares worth Rs 693.28 crore, while domestic institutional investors (DII) purchased shares worth Rs 219.42 crore on June 22, provisional data from the National Stock Exchange shows.
Domestic and International Events
- The Reserve Bank of India’s (RBI) Deputy Governor Michael Debabrata Patra said monetary policy needs to remain in ‘brace’ mode, ensuring that the effects of these shocks dissipate without leaving scars on the economy, according to the minutes of the meeting released on June 22. Beyond the first quarter, however, pressure points emanating from specific supply-demand mismatches could impart upward pressure to the momentum of prices and offset favourable base effects, especially in the second half of 2023-24, he said.
- Prime Minister Narendra Modi achieved a remarkable feat by becoming the first Indian Prime Minister to address the US Congress twice. This historic milestone underscored the growing ties between India and the United States, generating a wave of excitement that filled the Congress hall with chants of ‘Modi Modi’. With 15 standing ovations and 79 applauses, Prime Minister Narendra Modi’s impactful speech left a lasting impression on the audience.
- Oil futures fell about 4 percent on Thursday, as a bigger-than-expected Bank of England rate hike prompted worries about the economy and fuel demand that outweighed support from a surprise draw in US oil supplies. Brent futures settled down $2.98, or 3.9 percent, to $74.14 a barrel. US West Texas Intermediate (WTI) crude futures were down $3.02, or 4.2 percent, at $69.51.
- Gold dropped nearly 1 percent to a fresh three-month low on Thursday as the second day of US Federal Reserve Chair Jerome Powell’s testimony was underway, with the possibility of more rate hikes overriding any support from signs of a softer labour market. Spot gold was down 0.9 percent to $1,914.20 per ounce by 11:00 a.m. EDT (1500 GMT), set for its fifth straight daily decline for the first time in four months. U.S. gold futures fell 1 percent to $1,925.20.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,218 | (2.0) % |
| Shanghai Composite | 3,198 | (1.3) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,947 | (0.0) % |
| DAX | 15,988 | (0.2) % |
| FTSE 100 | 7,502 | (0.8) % |
| Nikkei | 33,265 | (0.9) % |
| Straits Times | 3,222 | (0.0) % |
