Opening Bell:
Gift Nifty is up by 170.5 points in the early morning trade, indicating a positive opening for Indian stock market
Asian markets traded higher, following an overnight rally on Wall Street fueled by rising hopes for interest rate cuts. Japan’s Nikkei 225 surged by 1.12%, and the Topix climbed 0.65%. Meanwhile, Hong Kong’s Hang Seng index futures pointed to a weaker opening. South Korean markets were closed for a public holiday.
The US stock market closed higher on Wednesday, with the S&P 500 and Nasdaq reaching record closing highs driven by gains in technology stocks. The Dow Jones Industrial Average rose 96.04 points, or 0.25%, to 38,807.33. The S&P 500 increased by 62.69 points, or 1.18%, to 5,354.03. The Nasdaq Composite climbed 330.86 points, or 1.96%, to finish at 17,187.91.
Stocks News:
👉 Force Motors: The company reported a 13.38% increase in domestic sales in May, selling 2,412 units. However, exports dropped by 63.34% to 180 units.
👉 Torrent Pharmaceuticals: The company has entered into a non-exclusive patent licensing agreement with Takeda Pharmaceuticals to commercialize Vonoprazan, a novel potassium-competitive acid blocker (P-CAB) used to treat gastroesophageal reflux disease (GERD), in India. Torrent will market Vonoprazan under its trademark, Kabvie.
👉 Tata Steel: The Netherlands may provide up to $3.26 billion for the green transformation of Tata Steel Ltd.’s IJmuiden factory, which has caused significant health and environmental issues in the surrounding area.
👉 Bharat Heavy Electricals: The company has received an order worth ₹3,500 crore for a 2×800 MW thermal power project in Uttar Pradesh from Adani Power’s Mirzapur Thermal Energy (UP) Private Limited.
👉 Foreign institutional investors (FIIs) continued their selling on second consecutive session on June 5 as they sold Indian equities worth Rs 5,656.26 crore, while domestic institutional investors turned net buyers as they purchased equities worth Rs 4,555.08 crore on same day.
Domestic and International Events
- Members of the National Democratic Alliance (NDA), including Nitish Kumar and Chandrababu Naidu, have elected Narendra Modi as their leader. Caretaker Prime Minister Modi is now expected to stake a claim to form the new government at the Centre.
- The US services sector returned to growth in May after a brief contraction in the previous month, according to Reuters. The Institute of Supply Management (ISM) reported that its non-manufacturing purchasing managers index (PMI) rose to 53.8 last month from 49.4 in April, marking the highest reading since last August.
- Crude oil prices rose for a second consecutive session despite Saudi Arabia expressing concerns over the demand outlook. Brent crude increased by 0.52% to $78.82 a barrel, while US West Texas Intermediate (WTI) crude futures climbed 0.66% to $74.56.
| EMERGING | LATEST | % 1D |
| Hang Seng | 18,425 | (0.1) % |
| Shanghai Composite | 3,065 | (0.8) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 38,807 | 0.3 % |
| DAX | 18,576 | 0.9 % |
| FTSE 100 | 8,247 | 0.2 % |
| Nikkei | 38,490 | (0.9) % |
| Straits Times | 3,330 | (0.3) % |
