Opening Bell:
Gift Nifty is up by 9.5 points in the early morning trade, indicating a positive opening for Indian stock market
Asian markets were trading lower in the early trade as Japan’s May core inflation data came in slightly cooler than expected.
Wall Street shares pulled back from record highs hit early on Thursday in sympathy with rallying overseas indexes, as Treasury yields shook off soft U.S. data and rose anticipating new supply next week.
The Dow rose 0.77% to close at 39,134.96, the S&P 500 lost 0.25% to 5,473.22, and the Nasdaq Composite lost 0.79% to close at 17,721.59.
Stocks News:
👉 CE Info Systems Ltd., the owner of MapmyIndia, surged to a 20 percent upper circuit on June 20 after Goldman Sachs initiated coverage with a ‘buy’ rating and a price target of Rs 2,800. This target suggests a potential upside of 40 percent from the stock’s last closing level.
👉 Bengaluru-based furniture maker Stanley Lifestyles raised Rs 161.1 crore from 16 anchor investors on June 20, ahead of its Rs 537-crore IPO opening on June 21. The subscription will remain open until June 25. The company allocated 43,66,051 equity shares to anchor investors at Rs 369 per share, the upper price band, according to its exchange filing.
👉 Fertiliser stocks, including National Fertilisers (NFL), Chambal Fertilisers, and RCF, surged up to 20 percent, continuing their previous session’s gains. The rally was driven by reports of a proposal to remove Goods and Services Tax (GST) on fertilisers. The first GST Council meeting under Modi Government 3.0 is set for Saturday, June 22, where a decision on this matter is expected.
👉 Blue Dart Express rose by up to 2.5 percent to Rs 8,049 per share on June 20 after launching drone deliveries in collaboration with Skye Air. However, by 11:58 am, the stock had retreated to Rs 7,878, up just 0.4 percent, while the Nifty 50 index was up 0.1 percent at 23,557.
👉 The Foreign institutional investors (FIIs) extended their buying as they bought equities worth Rs 415 crore on June 20, while domestic institutional investors sold equities worth Rs 325 crore on the same day.
Domestic and International Events
- India slipped seven ranks to 15 in the World Investment Ranking in 2023 as foreign direct investment inflows fell 43 percent to $28 billion, a report released by the United Nations Conference of Trade and Development (UNCTAD) showed on June 20. The country was ranked eighth last year, as it attracted inflows worth $48 billion.
- To burnish production-linked incentive (PLI) schemes, the government is considering an overhaul of some of them relating to sectors such as textiles and pharma, and making incentive payments quarterly, officials in the know said. In a bid to cut the delay in processing incentive claims, the government is looking at switching to a quarterly disbursement of incentives. Currently, in most schemes, incentives are annual. As a result, hardly any progress is seen for most of the year.
- Gold and Silver prices were trading with marginal gains in the early trade on Friday.
- Crude oil futures slid in early trade on Friday on the prospect of higher-for-longer interest rates in Asia and the United States, while falling U.S. oil inventories kept prices from moving lower.
| EMERGING | LATEST | % 1D |
| Hang Seng | 18,335 | (0.5) % |
| Shanghai Composite | 3,005 | (0.4) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 39,134 | 0.8 % |
| DAX | 18,254 | (1.0) % |
| FTSE 100 | 8,272 | 0.8 % |
| Nikkei | 38,633 | 0.2 % |
| Straits Times | 3,304 | (0.1) % |
