Opening Bell:
SGX Nifty is down by 11.0 points in the early morning trade, indicating a negative opening for Indian stock market.
Asian markets are mixed today. In Asia, New Zealand fell into a technical recession after its first quarter gross domestic product fell 0.1 percent year on year, after reporting a revised 0.7 percent decline in the final quarter of 2022. In Japan, the Nikkei 225 inched up marginally, while the Topix fell 0.13 percent as the Bank of Japan kicks off its two-day monetary policy meeting. South Korea’s Kospi opened 0.54 percent up, with the Kosdaq seeing a larger gain of 1.23 percent. The Hang Seng is up 1.28% while the Shanghai Composite gains 0.35%.
US stock futures were roughly flat after the Federal Reserve skipped a rate hike at its meeting that ended Wednesday, but signaled two more rate hikes may still be in store later this year. Dow Jones Industrial Average futures rose by 2 points, or 0.01 percent. S&P 500 and Nasdaq-100 futures climbed 0.07 percent and 0.11 percent, respectively.
Stocks News:
👉Axis Bank: Global private investment firm Bain Capital is likely to sell stake up to $267 million in the private sector lender, reports CNBC-TV18 quoting sources. The stake sale is likely to take place in the offer price range of Rs 964-977.70 per share.
👉HCL Technologies: The IT services company and Google Cloud expanded their strategic partnership to help enterprises leverage generative artificial intelligence (AI) and develop joint solutions powered by Google Cloud’s generative AI technologies. HCL Tech’s AI platforms and solutions will utilize Google Cloud’s full suite of enterprise generative AI products and services.
👉Mahindra & Mahindra: The utility vehicle and tractor maker’s subsidiary has incorporated Gelos Solren, and Furies Solren, for production and sale of power and generating electricity, distributed Energy including rooftop solar installation for commercial, industrial, institutional and residential segment. Gelos, and Furies are wholly owned subsidiaries of Mahindra Susten, which is a subsidiary of Mahindra Holdings, which in turn is a wholly owned subsidiary of M&M.
👉Central Depository Services: The BSE (Bombay Stock Exchange) has sold 47.44 lakh equity shares or 4.5% stake in the central securities depository via open market transactions at an average price of Rs 985.98 per share, amounting to Rs 467.74 crore. BSE held 20% stake in CDSL as of March 2023. However, ICICI Prudential Technology Fund was the buyer for some of those shares, acquiring 5.28 lakh shares in CDSL at an average price of Rs 985 per share.
👉Foreign institutional investors (FII) purchased shares worth Rs 1,714.72 crore, whereas domestic institutional investors (DII) offloaded shares worth Rs 654.77 crore on June 14, provisional data from the National Stock Exchange shows.
Domestic and International Events
- The Federal Reserve kept its key interest rate unchanged Wednesday after having raised it 10 straight times to combat high inflation. But in a surprise move, the Fed signalled that it may raise rates twice more this year, beginning as soon as next month. The Fed’s move to leave its benchmark rate at about 5.1 percent, its highest level in 16 years, suggests that it believes the much higher borrowing rates it’s engineered to have made some progress in taming inflation. But top Fed officials want to take time to more fully assess how their rate hikes have affected inflation and the economy.
- India’s wholesale prices sank deeper into the deflationary zone in May, data released on June 14 by the commerce ministry showed. The Wholesale Price Index (WPI) inflation fell to -3.48 percent from -0.92 percent in April, with a favourable base effect again playing a starring role. At -3.48 percent, the latest WPI inflation print is the lowest in seven-and-a-half years. The last time wholesale inflation was lower was in November 2015, when it had come in at -3.68 percent. The wholesale inflation data comes after the statistics ministry said on June 12 that headline retail inflation fell to a 25-month low of 4.25 percent in May.
- Oil prices fell on Wednesday after the US Federal Reserve projected more interest rate hikes this year, worrying markets about demand just hours after government data showed an unexpected, large build in US crude oil stocks. Brent crude futures settled $1.09, or 1.5 percent, lower at $73.20 a barrel, while US West Texas Intermediate (WTI) crude closed $1.15, or 1.7 percent, lower at $68.27. Both benchmarks had climbed more than 1.5 percent earlier in the session.
- Gold prices pared gains on Wednesday after the US Federal Reserve kept interest rates unchanged, as widely expected, but pointed to more rate hikes down the year. Spot gold was up 0.1 percent at $1,945.19 per ounce. US gold futures settled 0.5 percent up at $1,968.9.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,408 | (0.6) % |
| Shanghai Composite | 3,229 | (0.1) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,979 | (0.7) % |
| DAX | 16,311 | 0.5 % |
| FTSE 100 | 7,603 | 0.1 % |
| Nikkei | 33,502 | 1.5 % |
| Straits Times | 3,218 | 0.9 % |
