Opening Bell:
SGX Nifty is down by 21.5 points in the early morning trade, indicating a negative opening for Indian stock market.
Asia-Pacific markets fell, tracking similar moves on Wall Street after the S&P 500 erased earlier gains that brought the benchmark index to trade at its highest level on an intraday basis in nine months. The Nikkei 225 is higher by 0.20%, while the Shanghai Composite is leading the Hang Seng lower. They are down 0.30% and 0.13% respectively.
Stock futures are modestly lower as investors are coming off a losing session that took a small bite out of last week’s advance. Futures tied to the Dow Jones Industrial Average shed 22 points, or about 0.07 percent. S&P 500 and Nasdaq-100 futures slipped 0.06 percent and 0.1 percent, respectively.
Stocks News:
👉State Bank of India: The country’s largest lender said its board of directors will meet on June 9 to consider to seek approval for raising funds during FY24 via issuance of debt instruments (including capital instruments) in INR and /or foreign currency, on a private placement basis.
👉SBI Cards and Payment Services: The state-run lender’s board has approved raising of funds up to Rs 3,000 crore through issuance of non-convertible debentures (NCDs). The fund-raising will take place in one or more tranches, on a private placement basis.
👉JK Cement: The cement company has received board approval to sign and execute a Share Purchase Agreement with Toshali Cements for acquisition of 100% shareholding in Toshali, from all the existing shareholders. After investment of Rs 157 crore, Toshali will become a subsidiary of JK Cement, and the acquisition will help the company expand its footprint into the eastern region.
👉Godrej Consumer Products: The board of directors has appointed Aasif Malbari as Chief Financial Officer (CFO) of the FMCG company with effect from August 10, 2023. Sameer Shah ceased as the CFO of the company as he will move to a group role leading consumer investment.
👉Foreign institutional investors (FIIs) sold shares worth Rs 700.98 crore, whereas domestic institutional investors (DIIs) bought shares worth Rs1,195.98 crore on June 5, provisional data from the National Stock Exchange shows.
Domestic and International Events
- India recovered strongly after the pandemic, with its gross domestic product (GDP) growing a solid 9.1% in fiscal 2022. And now, provisional estimate of growth last fiscal has come in at 7.2% (revised from 7%). This fiscal, we are penciling in 6% growth because of global headwinds.
- LED lighting solutions provider IKIO Lighting on June 5 has mobilised Rs 181.95 crore via anchor book ahead of its initial public offering. The company, in its filing to exchanges, said it has finalised allocation of 63.84 lakh equity shares to anchor investors, at a price of Rs 285 per share, the upper price band.
- Oil prices edged lower on Tuesday, giving up most of the prior session’s gains that followed an announcement by the world’s top exporter, Saudi Arabia, that it would further cut output.
- Gold rebounded on Monday after weaker US services sector growth reinforced bets for the Federal Reserve to stay pat on interest rates next week. Ingots of 99.99 percent pure gold are placed in a workroom at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, January 31, 2023. Spot gold gained 0.5 percent to $1,957.70 per ounce, erasing losses from earlier in the session, when it touched its lowest since May 30. US gold futures rose 0.2 percent to $1,974.20.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,109 | 0.8 % |
| Shanghai Composite | 3,232 | 0.1 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,563 | (0.6) % |
| DAX | 15,964 | (0.5) % |
| FTSE 100 | 7,600 | (0.1) % |
| Nikkei | 32,217 | 2.2 % |
| Straits Times | 3,189 | 0.7 % |
