Opening Bell:
Gift Nifty is up by 24.0 points in the early morning trade, indicating a positive opening for Indian stock market
Asian markets traded higher on Friday as investors anticipated key economic data from the region. Japan’s Nikkei 225 increased by 0.23%, and the Topix index climbed nearly 0.7%. South Korea’s Kospi surged 1.07%, while the Kosdaq advanced 0.73%. In contrast, futures for Hong Kong’s Hang Seng index suggested a lower opening.
The US stock market closed lower on Thursday, with the Nasdaq falling more than 1% due to a sell-off in technology shares. The Dow Jones Industrial Average declined by 330.06 points, or 0.86%, to 38,111.48, while the S&P 500 decreased by 31.47 points, or 0.60%, to finish at 5,235.48. The Nasdaq Composite dropped 183.50 points, or 1.08%, to close at 16,737.08.
Stocks News:
š Sun Pharmaceutical Industries: The pharmaceutical company has agreed to a preferential offer to acquire a 14.28% stake in the Indian Foundation for Quality Management for ā¹12.5 crore. Additionally, the US FDA announced that a US-based unit of Sun Pharma is recalling 35,069 bottles of medication used to treat high intraocular pressure due to glaucoma or other eye diseases.
š Apollo Hospitals Enterprises: The company reported a consolidated net profit of ā¹253.8 crore for the quarter ended March, marking a 76% increase from the same period a year ago. This growth was driven by reduced losses in its pharmacy, health, and lifestyle segments. Revenues rose to ā¹4,944 crore, a 15% year-on-year increase from ā¹4,302.2 crore.
š Muthoot Finance: The company reported a 17% increase in consolidated net profit, reaching ā¹1,182 crore for the March quarter. Total income rose to ā¹4,179 crore, up from ā¹3,298 crore a year ago. Expenditure for the quarter increased to ā¹2,594 crore from ā¹1,943 crore.
š Jio Financial Services: The Reliance group company has launched the JioFinance app in beta mode. The app integrates digital banking features such as UPI transactions, bill payments, and insurance advisory services, enabling users to manage their accounts and savings on a single platform.
š The Foreign institutional investors (FIIs) extended their selling for the second day as they sold Indian equities worth Rs 3050.15 crore on May 30, while domestic institutional investors provided support as they bought equities worth Rs 3,432.92 crore on the same day.
Domestic and International Events
- The Indian government’s fiscal deficit could be slightly lower than revised estimates of 5.8% of GDP due to robust revenues and lower subsidy outgo. Tax revenues could exceed the revised estimate by ā¹27,000 crore. The fiscal deficit in absolute terms is pegged at ā¹ 17.3 lakh crore. Direct tax receipts are expected to exceed revised estimates by about Rs 14,000 crore, while indirect revenues, including customs and excise duty, by Rs 13,000 crore.
- The US economy grew at a slower pace in the first quarter than previously estimated, following downward revisions to consumer spending and a key measure of inflation ticking down. Gross domestic product grew at an annualized rate of 1.3% from January through March, down from the initial estimate of 1.6% and significantly slower than the 3.4% pace in the final three months of 2023.
- Chinaās manufacturing activity unexpectedly declined in May, according to an official factory survey. The official purchasing managersā index (PMI) dropped to 49.5 in May from 50.4 in April, falling below the 50-mark that separates growth from contraction and missing a median forecast of 50.4 in a Reuters poll.
- Crude oil prices declined following a surprise increase in US gasoline stocks and comments from US Fed officials suggesting it was too soon to consider rate cuts. Brent futures fell 0.16% to $81.73 a barrel, while US West Texas Intermediate (WTI) crude decreased 0.24% to $77.72.
| EMERGING | LATEST | % 1D |
| Hang Seng | 18,230 | (1.3) % |
| Shanghai Composite | 3,092 | (0.6) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 38,111 | (0.9) % |
| DAX | 18,497 | 0.1 % |
| FTSE 100 | 8,231 | 0.6 % |
| Nikkei | 38,054 | (1.3) % |
| Straits Times | 3,323 | 0.0 % |
