Opening Bell:
SGX Nifty is up by 46.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets are largely higher as the inflation in the U.S. rose at a 4 percent annual rate in May, the lowest in two years. This gives room for the Federal Reserve to pause and skip a rate hike when they meet later this week. The Topix also continued to set new year highs, climbing 0.85 percent. In Australia, the S&P/ASX 200 climbed 0.32 percent, while South Korea’s Kospi slipped 0.22 percent and the Kosdaq traded close to the flatline. The Nikkei 225 is up 1.06% while Hong Kong’s Hang Seng is up 0.30% and China’s Shanghai Composite is up 0.29%.
Stocks rose Tuesday night after new inflation data showed price pressures slowed again in May, adding to investor optimism that the Federal Reserve could skip a rate hike when it next decides on policy this week. The Dow Jones Industrial Average traded higher 0.43%, The S&P 500 added 0.69%, the Nasdaq Composite advanced 0.83%.
Stocks News:
👉Zydus Life Sciences: The group’s injectables manufacturing facility at Zydus Biotech Park in Changodar, Ahmedabad, underwent USFDA inspection during June 5-13. The current good manufacturing practice (CGMP) inspection concluded with nil observations.
👉Zee Entertainment Enterprises: Investment entity Plutus Wealth Management LLP has bought 75 lakh equity shares or 0.78 percent stake in the media & entertainment company via open market transactions at an average price of Rs 191.44 per share, which amounted to Rs 143.58 crore.
👉Anupam Rasayan India: The custom synthesis & specialty chemical company has signed a Letter of Intent worth revenue of $265 million (Rs 2,186 crore) for the next 5 years with a Japanese specialty chemical company to supply new age patented life science active ingredient. The product will be in validation phase for the next eighteen months and upon successful validation, the supply will commence from CY2025. This product will be manufactured in existing multipurpose manufacturing facilities.
👉LTIMindtree: The technology consulting and digital solutions company has joined the Microsoft Intelligent Security Association (MISA). LTIMindtree’s MDR is designed to deliver cybersecurity and resiliency services through a modular, systematic, platformised approach.
👉Foreign institutional investors (FII) bought shares worth Rs 1,677.60 crore, whereas domestic institutional investors (DII) sold shares worth Rs 203.32 crore on June 13, provisional data from the National Stock Exchange shows.
Domestic and International Events
- A trade advocacy group that represents US businesses has urged Prime Minister Narendra Modi and President Joe Biden to work towards achieving bilateral trade of USD 500 billion per annum. The two countries achieved bilateral trade of USD 190 billion last year. By reaching that ambitious bilateral trade target (of USD 500 billion), together we can demonstrate to the world that the future of the global economy will be anchored by democracy, free enterprise, open markets and the rule of law,” US Chamber President and CEO Suzanne Clark said on Tuesday at the India Ideas Summit of the US-India Business Council (USIBC).
- Adani Group is in talks with lenders, including global banks, as it seeks to refinance up to $3.8 billion of a loan facility taken for its acquisition of Ambuja Cements Ltd. last year, said people familiar with the matter. The ports-to-power conglomerate owned by Indian tycoon Gautam Adani is mulling whether to convert the original loan into debt with a longer maturity period and has started talking to banks individually about that plan, said the people, who asked not to be identified as the discussions are private.
- Oil prices climbed 3 percent on Tuesday, recovering from steep losses the previous session, after China’s central bank lowered a short-term lending rate for the first time in 10 months. Brent crude futures climbed $2.18, or 3 percent, to $74.02 a barrel by 11:34 a.m. EDT (1534 GMT). U.S. West Texas Intermediate (WTI) crude was up $2.04, or 3 percent, at $69.16 a barrel.
- Gold slipped on Tuesday as Treasury yields rebounded, while traders firmed up bets the Federal Reserve would stand pat on interest rates after data showed U.S. consumer price gains slowed in May. Spot gold fell 0.6 percent to $1,944.0499 per ounce, after rising as much as 0.7 percent on U.S. inflation data.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,521 | 0.6 % |
| Shanghai Composite | 3,234 | 0.2 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,212 | 0.4 % |
| DAX | 16,231 | 0.8 % |
| FTSE 100 | 7,595 | 0.3 % |
| Nikkei | 33,019 | 1.8 % |
| Straits Times | 3,189 | (0.2) % |
