Opening Bell:
SGX Nifty is down by 19.5 points in the early morning trade, indicating a negative opening for Indian stock market.
Asia-Pacific markets are set to fall Wednesday, mirroring moves on Wall Street as stocks came back from the Juneteenth holiday to trade lower on Tuesday. In Japan, the Nikkei 225 is set for a lower open for a third-straight day, Japan’s central bank will release its minutes for its April 27-28 meeting, which was the first chaired by new BOJ Governor Kazuo Ueda. Hong Kong’s Hang Seng index also looks set to extend its losses for a third-straight day, with futures at 19,347 compared to the HSI’s close of 19,607.08.
US stock futures were near flat on Tuesday evening as investors took a breather from last week’s market rally. Futures tied to the Dow Jones Industrial Average slipped 21 points, or 0.06 percent. S&P 500 futures inched down by 0.06 percent and Nasdaq 100 futures lost 0.03 percent.
Stocks News:
👉Shriram Finance: Piramal Enterprises is likely to sell the entire 8.34% stake or 3.12 crore shares in Shriram Finance through block deals, reports CNBC-TV18, quoting sources. The floor price is likely at Rs 1,483 per share, a 5% discount to closing price on June 20. Morgan Stanley is the broker for this deal.
👉Pidilite Industries: The construction and specialty chemicals manufacturer launched its manufacturing facilities under its two joint ventures, Pidilite Litokol (PLPL) and Tenax Pidilite (TPPL), in Amod, Gujarat. Litokol SPA Italy and Tenax SPA Italy have transferred technology to Pidilite as part of the joint venture. This development will strengthen Pidilite’s presence in the tile and stone care range.
👉HDFC Asset Management Company: SBI Mutual Fund, Zulia Investments Pte Limited, Smallcap World Fund Inc, and Societe Generale have bought, in total, 99.1 lakh equity shares or 4.64% stake in the asset management company via open market transactions at an average price of Rs 1,873 per share. However, Abrdn Investment Management has exited the company by selling entire 2.18 crore shares or 10.2% stake at same price, which amounted to Rs 4,079.07 crore.
👉HDFC Life Insurance Company: The Competition Commission of India (CCI) has approved proposed combination involving acquisition of additional shareholding of HDFC Life Insurance Company by Housing Development Finance Corporation (HDFC). The proposed combination involves the acquisition by HDFC of certain additional shares of HDFC Life through one or more market purchases via exchanges such that HDFC and the merged entity, i.e. HDFC Bank (after the effective date of the proposed merger of HDFC into HDFC Bank) will hold more than 50% stake in HDFC Life in accordance with Indian banking laws. As of March 2023, HDFC holds 48.65% stake in HDFC Life.
👉Foreign institutional investors (FII) sold shares worth Rs 1,942.62 crore, whereas domestic institutional investors (DII) bought shares worth Rs 1,972.51 crore on June 20, provisional data from the National Stock Exchange shows.
Domestic and International Events
- India’s cabinet has approved a $2.7 billion plan by Micron Technology to set up a semiconductor testing and packaging unit ahead of Prime Minister Narendra Modi’s visit to the U.S. this week, a senior government source told Reuters. Micron’s plant is set to be built in Modi’s home state of Gujarat and the government will dole out production-linked incentives worth 110 billion rupees ($1.34 billion), the Indian official added. He declined to be identified ahead of a planned announcement during Modi’s U.S. trip.
- India will be a critical strategic partner for the US in the coming decades, the White House said and asserted that Prime Minister Narendra Modi’s State Visit to the country will affirm the deep and close partnership between the two nations. Modi is visiting the US from June 21-24 at the invitation of President Joe Biden and First Lady Jill Biden, who will host him at a State Dinner on June 22. The visit also includes an address by the prime minister to the joint session of the US Congress on June 22.
- Oil futures eased in choppy trading on Tuesday on forecasts for slower oil demand growth in China, the world’s second-biggest oil consumer, and disappointment with the size of cuts in China’s key lending rates. Adding to the bearish market sentiment, traders noted crude supplies from Iran and Russia have increased in recent weeks.
- Gold retreated on Tuesday on strong U.S. housing starts data and a firmer dollar, while traders looked to Federal Reserve Chair Jerome Powell’s testimony on Capitol Hill for cues on the interest rate trajectory. Spot gold down 0.7 percent at $1,936.98 per ounce by 14:26 EDT (1826 GMT), after dropping as much as 1 percent earlier in the session. U.S. gold futures settled 1.2 percent lower at $1,947.7.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,607 | (1.5) % |
| Shanghai Composite | 3,240 | (0.5) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,054 | (0.7) % |
| DAX | 16,111 | (0.6) % |
| FTSE 100 | 7,569 | (0.3) % |
| Nikkei | 33,389 | 0.1 % |
| Straits Times | 3,220 | (0.7) % |
