Opening Bell:
Gift Nifty is up by 61.5 points in the early morning trade, indicating a positive opening for Indian stock market
Asian markets experienced a downturn on Tuesday after a mixed performance on Wall Street the previous night. Japan’s Nikkei 225 slipped 0.4%, with the Topix down 0.14%. South Korea’s Kospi decreased by 0.28%, and the Kosdaq saw a slight dip of 0.09%. Futures for Hong Kong’s Hang Seng index pointed to a lower opening.
The US stock market concluded a volatile session on Monday with mixed results, influenced by weak manufacturing data and a technical issue on the NYSE. The Dow Jones Industrial Average fell 115.29 points, or 0.30%, to 38,571.03. In contrast, the S&P 500 edged up 5.89 points, or 0.11%, to 5,283.40. The Nasdaq Composite gained 93.66 points, or 0.56%, finishing at 16,828.67.
Stocks News:
👉 Mahindra & Mahindra Financial Services: The company reported a 7% year-on-year increase in overall disbursements, totalling ₹4,430 crore. The company’s business assets reached approximately ₹1,05,250 crore in May, reflecting a 23% year-on-year growth.
👉 Welspun Corp: The company announced that its associate entity, EPIC, has signed multiple agreements worth SAR 1.65 billion (about ₹3,670 crore) with Saudi Arabian Oil Co. (Aramco) for the supply of steel pipes.
👉 Dr. Reddy’s Laboratories: The company’s subsidiary, Aurigene Pharmaceutical Services, a global CRDMO, has inaugurated its biologics facility in Hyderabad, which offers process development and clinical scale manufacturing capabilities.
👉 Biocon: The company has received approval from the US FDA for its complex injectable product, micafungin, available in 50mg and 100mg vials. This antifungal drug is used to treat fungal or yeast infections.
👉 The Foreign institutional investors (FIIs) extended their buying on June 3 as they bought Indian equities worth Rs 6,850.76 crore, while domestic institutional investors also bought equities worth Rs 1,913.98 crore on same day.
Domestic and International Events
- Indian shares hit lifetime highs while the rupee gained and bond yields dropped, as investors were buoyed by expectations of sustained economic growth after exit polls indicated a decisive mandate and a third term for Prime Minister Narendra Modi. Weekend exit polls projected the alliance led by Modi’s Bharatiya Janata Party (BJP) would increase its 303 seats in the 543-member lower house and likely get a two-thirds majority – enough to initiate amendments to the constitution.
- A technical glitch at the New York Stock Exchange caused significant volatility in the shares of many companies, including Warren Buffett’s Berkshire Hathaway. Trading was temporarily halted for at least 60 NYSE-listed stocks due to the issue, but activity resumed once the problem was resolved.
- The US Institute for Supply Management (ISM) reported that its purchasing managers index (PMI) for manufacturing dropped to 48.7 in May from 49.2 in April, falling from an 18-month high of 50.3 recorded in March.
- Crude oil prices held losses near four months low on OPEC’s plan to return barrels to the market. Brent futures fell 0.31% to $78.12 a barrel, while the West Texas Intermediate (WTI) crude declined 0.28% to $74.01.
| EMERGING | LATEST | % 1D |
| Hang Seng | 18,403 | 1.8 % |
| Shanghai Composite | 3,078 | (0.3) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 38,571 | (0.3) % |
| DAX | 18,608 | 0.6 % |
| FTSE 100 | 8,263 | (0.2) % |
| Nikkei | 38,923 | 1.1 % |
| Straits Times | 3,349 | 0.4 % |
