Opening Bell:
SGX Nifty is down by 37.5 points in the early morning trade, indicating a negative opening for Indian stock market.
Asia-Pacific markets traded largely in the green after US Federal Reserve Chairman Jerome Powell forecast more rate hikes this year, saying that “the process of getting back down to 2 percent has a long way to go”. “Nearly all FOMC participants expect that it will be appropriate to raise the interest rates somewhat further by the end of the year,” Powell said in remarks prepared for testimony before the House Financial Services Committee. In Japan, the Nikkei 225 climbed 0.19 percent to extend its gains from Wednesday, while the Topix was up 0.66 percent. South Korea’s Kospi was up 0.2 percent and the Kosdaq was 0.25 percent up and Australia’s S&P/ASX 200 saw a loss of 0.65 percent, extending its losses from Wednesday.
Stock futures were flat in overnight trading on Wednesday after the market suffered three consecutive days of decline as the tech-powered rally faded. Futures on the Dow Jones Industrial Average rose 23 points, or 0.07 percent. S&P 500 futures inched up 0.05 percent and Nasdaq 100 futures changed little.
Stocks News:
👉Tata Consultancy Services: TCS and the UK’s largest workplace pension scheme Nest expanded their long-standing partnership to focus on digitally transforming Nest’s scheme administration services, and delivering enhanced member experiences. TCS’ digital-first platform powered by BaNCSTM will help transform scheme administration and deliver personalised experience. The contract value was signed for 840 million pounds with an initial tenure of 10 years. The total maximum estimated value of the contract, if extended to the entirety of its 18-year tenure, will be 1.5 billion pounds.
👉Delhivery: Global private equity firm Carlyle is planning to offload about 1.84 crore shares or 2.5% equity stake in the Gurugram-based logistics company in Delhivery via block deals, reports CNBC-Awaaz quoting sources. The floor price for deal may be at Rs 385.50 per share.
👉HDFC Asset Management Company: SBI Mutual Fund, Zulia Investments Pte Limited, Smallcap World Fund Inc, and Societe Generale have bought, in total, 99.1 lakh equity shares or 4.64% stake in the asset management company via open market transactions at an average price of Rs 1,873 per share. However, Abrdn Investment Management has exited the company by selling entire 2.18 crore shares or 10.2% stake at same price, which amounted to Rs 4,079.07 crore.
👉Kalpataru Projects International: The company said the executive committee of the board has approved the issuance of non-convertible debentures of Rs 300 crore on private placement basis. The coupon rate offered for these NCDs is 8.07% per annum.
👉Foreign institutional investors (FII) bought shares worth Rs 4,013.10 crore, while domestic institutional investors (DII) purchased shares worth Rs 550.36 crore on June 21, provisional data from the National Stock Exchange shows.
Domestic and International Events
- Modi govt has been forced to re-look at the current pension system (known as the new pension system or NPS), adopted after a significant fiscal reform in 2004, as some states switched back to the older system (OPS), fiscally straining system of fully funding a guaranteed pension. The Central government will likely assure its employees a minimum pension of 40%-45% of their last drawn salary by altering the current market-linked pension scheme to assuage some holdout states, two government officials told Reuters.
- The initial public offering (IPO) of HMA Agro Industries saw 50 percent overall subscription on Day 2, on June 21. Investors have put in bids for 33.56 lakh equity shares against an IPO size of 60.54 lakh shares, as per the data available with the exchanges. Retail investors have bought 38 percent shares of the allotted quota, while high net-worth individuals have bid 1.20 times the reserved portion. The part set aside for qualified institutional buyers has been subscribed 37 percent.
- Oil prices gained a dollar a barrel on Wednesday as the US corn and soybean prices raced to multi-month highs, raising expectations that crop shortfalls around the globe could lower biofuels blending and increase oil demand. Brent futures rose $1.22, or 1.6 percent, to settle at $77.12 a barrel, while the US West Texas Intermediate (WTI) crude futures rose $1.34, or 1.9 percent, to settle at $72.53 a barrel. Both contracts hit two-week highs earlier in the session.
- Gold prices pared losses on Wednesday, helped by a retreat in the dollar, although an uptick in bond yields after U.S. Federal Reserve Chair Jerome Powell’s congressional testimony kept bullion near a three-month low. Spot gold was steady at $1,936.96 per ounce after dropping as much as 0.9 percent earlier. US gold futures settled 0.1% lower at $1,944.9.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,218 | (2.0) % |
| Shanghai Composite | 3,198 | (1.3) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,952 | (0.3) % |
| DAX | 16,023 | (0.6) % |
| FTSE 100 | 7,559 | (0.1) % |
| Nikkei | 33,575 | 0.6 % |
| Straits Times | 3,224 | 0.1 % |
