Opening Bell:
Gift Nifty is down by 20.5 points in the early morning trade, indicating a negative opening for Indian stock market
Asian markets exhibited mixed performance on Monday as investors awaited significant economic data from the region. Japan’s Nikkei 225 edged up by 0.19%, and the Topix increased by 0.38%. Conversely, South Korea’s Kospi declined by 1%, and the Kosdaq dipped by 0.5%. Markets in mainland China, Hong Kong, Taiwan, and Australia were closed for the day.
The US stock market closed slightly lower on Friday amid choppy trading, as stronger US jobs data sparked concerns that the Federal Reserve might delay cutting interest rates. The Dow Jones Industrial Average fell by 87.18 points, or 0.22%, to 38,798.99. The S&P 500 decreased by 5.97 points, or 0.11%, to 5,346.99. The Nasdaq Composite dropped 39.99 points, or 0.23%, to 17,133.13. Despite the day’s losses, the weekly performance was positive, with the S&P 500 gaining 1.32%, the Nasdaq rising 2.38%, and the Dow increasing 0.29%.
Stocks News:
👉 Dr Reddy’s Laboratories: The pharmaceutical company reported that the US FDA issued a Form 483 with four observations for its API manufacturing facility (CTO-6) in Srikakulam, Andhra Pradesh, on June 7. The company has stated its commitment to addressing these issues within the stipulated timeline.
👉 Dalmia Bharat: The company announced that its subsidiary, Dalmia Cement, will acquire 26% of Solarcraft Power India 23 Pvt Ltd. The acquisition involves 10.3 million equity shares and 8.437 million compulsory debentures for ₹18.76 crore and is expected to be completed within 60 days.
👉 Mphasis: BCP Topco IX Pte, a Singapore-based private limited company associated with Blackstone, plans to sell a 10.6% stake in Mphasis at a base price of ₹2,350 per share. The transaction, valued at ₹4,700 crore, could increase to 15.1%, raising the deal’s total potential value to ₹6,697 crore. The deal includes a 180-day lock-in period for the shares involved in the block deals.
👉 ONGC: The state-run company is seeking a technical service provider to boost oil and gas production from the Mumbai High field. The provider will be selected through an international competitive bidding process, with bids due by September 15. The selected provider will conduct a comprehensive review of field performance and assist in implementing technological interventions to enhance production. The bidding is open to international oil and gas majors with annual revenues exceeding $75 billion.
👉 Foreign institutional investors (FIIs) turned net buyers on June 7 as they bought Indian equities worth Rs 4,391.2 crore, while domestic institutional investors sold equities worth Rs 1,289.75 crore on same day.
Domestic and International Events
- Narendra Modi was sworn in for his third consecutive term as Prime Minister on Sunday evening, alongside his 71 ministers. In the new coalition government, President Droupadi Murmu administered the oath of office and secrecy to 30 Cabinet Ministers, five Ministers of State (Independent Charge), and 36 Ministers of State.
- Japan’s economy contracted less than initially reported for the January-March period, according to government data. The revised figures show Japan’s GDP shrank at an annualized rate of 1.8% in the first quarter, compared to economists’ median forecast of a 1.9% contraction and a preliminary estimate of a 2.0% decline. This translates to a quarter-on-quarter contraction of 0.5% in price-adjusted terms, unchanged from last month’s initial reading, Reuters reported.
- Crude oil prices remained flat after a weekly decline, following OPEC’s decision to begin restoring supply. Brent oil edged down by 0.04% to $79.59 a barrel, after a 2.5% drop last week, while West Texas Intermediate fell by 0.05% to $75.49 a barrel.
| EMERGING | LATEST | % 1D |
| Hang Seng | 18,367 | (0.6) % |
| Shanghai Composite | 3,051 | 0.1 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 38,799 | (0.2) % |
| DAX | 18,557 | (0.5) % |
| FTSE 100 | 8,245 | (0.5) % |
| Nikkei | 38,684 | (0.1) % |
| Straits Times | 3,331 | 0.0 % |
