Opening Bell:
Gift Nifty is up by 3.0 points in the early morning trade, indicating a positive opening for Indian stock market
Asian markets showed mixed performance on Friday, influenced by varied signals from Wall Street overnight and the anticipation of important economic data from China and Japan. Japan’s Nikkei 225 and Topix indices remained stable, while South Korea’s Kospi climbed 1.45% and the Kosdaq increased by 0.6%. Meanwhile, futures for Hong Kong’s Hang Seng index suggested a positive opening.
The US stock market closed with mixed results on Thursday due to sell-offs in technology and utility stocks, as investors awaited the crucial US nonfarm payrolls report set to be released later today. The Dow Jones Industrial Average increased by 78.84 points, or 0.20%, to 38,886.17. The S&P 500 edged down by 1.07 points, or 0.02%, to 5,352.96, while the Nasdaq Composite declined by 14.78 points, or 0.09%, to 17,173.12.
Stocks News:
👉 ITC: Shareholders of ITC have approved the demerger of the company’s hotel business, paving the way for the listing of ITC Hotels. This decision was made during a virtual meeting, with 99.6% of shareholders voting in favor. The new entity, ITC Hotels, will handle the hotel and hospitality business.
👉 Bajaj Finance: Bajaj Finance has approved the initial public offering (IPO) of Bajaj Housing Finance, which includes a fresh issue of equity shares amounting to up to ₹4,000 crore. The IPO is to comply with RBI’s regulatory norms requiring “upper layer” NBFCs to list within three years of being notified.
👉 Wipro: The company has secured a $500-million contract from a leading US communication service provider. The IT major will provide managed services for certain products and industry-specific solutions over a five-year period.
👉 IRB Infrastructure Developers: The company, along with its associate IRB Infrastructure Trust, reported a strong year-on-year toll revenue growth of 30% for May 2024. The combined toll collections for the month reached ₹536 crore, significantly higher than the ₹411 crore collected in May 2023.
👉 Foreign institutional investors (FIIs) continued their selling on third consecutive session on June 6 as they offloaded Indian equities worth Rs 6,867.7 crore , while domestic institutional investors bought equities worth Rs 3,718.38 crore on same day.
Domestic and International Events
- Japanese household spending rose for the first time in 14 months in April from the year earlier. Consumer spending rose 0.5% in April YoY, slightly below the median market forecast for a 0.6% uptick. On a seasonally adjusted, month-on-month basis, spending fell 1.2%, versus an estimated 0.2% rise.
- The European Central Bank delivered its first interest rate cut since 2019 on Thursday, citing progress in tackling inflation even as it acknowledged the fight was far from over. ECB officials led by President Christine Lagarde cut the key deposit rate by 25 basis points (bps) to 3.75% from a record-high of 4.0%.
- Crude oil prices traded higher with the global benchmark Brent oil above $80 a barrel. Brent crude oil rose 0.26% to $80.08 a barrel, while the US West Texas Intermediate (WTI) crude futures gained 0.25% to $75.74.
| EMERGING | LATEST | % 1D |
| Hang Seng | 18,477 | 0.3 % |
| Shanghai Composite | 3,049 | (0.5) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 38,886 | 0.2 % |
| DAX | 18,653 | 0.4 % |
| FTSE 100 | 8,285 | 0.5 % |
| Nikkei | 38,704 | 0.6 % |
| Straits Times | 3,331 | 0.0 % |
