Opening Bell:
Gift Nifty is up by 110.0 points in the early morning trade, indicating a positive opening for Indian stock market
Asian markets had a mixed performance on Wednesday, reflecting the previous night’s gains on Wall Street. Japan’s Nikkei 225 dropped by 1.14%, and the Topix index decreased by 1.4%. In contrast, South Korea’s Kospi advanced by 0.63%, and the Kosdaq edged up by 0.21%. Meanwhile, Hong Kong’s Hang Seng index futures suggested a weaker start.
The US stock market closed higher on Tuesday as softer labor market data fueled expectations of a Federal Reserve rate cut. The Dow Jones Industrial Average increased by 140.26 points, or 0.36%, to close at 38,711.29. The S&P 500 gained 7.94 points, or 0.15%, ending at 5,291.34, while the Nasdaq Composite rose by 28.38 points, or 0.17%, to finish at 16,857.05.
Stocks News:
👉 Hindalco Industries: Novelis Inc., a subsidiary of Hindalco Industries, has postponed its IPO due to market conditions. Originally aiming to raise between $810 million and $945 million, the company will reevaluate the timing of the offering. AV Minerals (Netherlands) NV and another shareholder were set to sell 45 million Novelis shares in the IPO.
👉 Tata Motors: Tata Motors Finance, a subsidiary of the company, is set to merge with Tata Capital, pending regulatory approvals. The board has also approved the creation of a wholly-owned subsidiary, TML Commercial Vehicles, to house its commercial vehicles business.
👉 State Bank of India: The bank’s board will convene on June 11 to discuss raising up to $3 billion in long-term funds through public or private placements of senior unsecured notes in FY 2024-25.
👉 NLC India: The company plans to raise up to $600 million in foreign currency loans through ECBs on June 10, subject to RBI guidelines. It will also seek assistance from MDBs for upcoming renewable power projects.
👉 A huge selling was seen from Foreign institutional investors (FIIs) on June 4 as they sold Indian equities worth Rs 12,436.22 crore, while domestic institutional investors also sold equities worth Rs 3,218.98 crore on same day.
Domestic and International Events
- The Indian rupee slumped on Tuesday after vote counting trends signalled that Prime Minister Narendra Modi’s Bharatiya Janata Party-led alliance would win a narrower majority than was expected, spurring a selloff in local equities. The rupee closed at 83.53 against the U.S. dollar, down 0.47% on the day, its worst single-day percentage fall since February last year. The Reserve Bank of India (RBI) likely stepped in to limit the rupee’s decline, traders said. State-run banks were spotted offering dollars near 83.50 levels, likely on behalf of the RBI.
- US job openings fell more than expected in April, pushing the number of available jobs per job-seeker to its lowest in nearly three years, Reuters reported. Job openings were down 296,000 to 8.059 million on the last day of April, the lowest level since February 2021, the Job Openings and Labor Turnover Survey, or JOLTS report said. That left 1.24 openings in April for every unemployed person, down from 1.3 in March and the lowest since June 2021.
- Crude oil prices extended losses for the sixth consecutive session after builds in US crude and fuel stockpiles. Brent crude futures fell 0.14% to $77.41 a barrel, while US West Texas Intermediate crude futures declined 0.23% to $73.08 a barrel.
| EMERGING | LATEST | % 1D |
| Hang Seng | 18,444 | 0.2 % |
| Shanghai Composite | 3,078 | (0.3) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 38,711 | 0.4 % |
| DAX | 18,406 | (1.1) % |
| FTSE 100 | 8,232 | (0.4) % |
| Nikkei | 38,837 | (0.2) % |
| Straits Times | 3,339 | (0.3) % |
