Opening Bell:
SGX Nifty is up by 36 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets are trading mixed as the region looks to China’s May trade data and a speech from Reserve Bank of Australia governor Philip Lowe, a day after Australia’s central bank defied expectations and raised its benchmark interest rate to its highest in 11 years. In Australia, the S&P/ASX 200 rose 0.14 percent. The Nikkei 225 slid 1.42 percent, Kospi climbing 0.31 percent and the Kosdaq up by 0.9 percent. Hong Kong’s Hang Seng index is set for a rebound after slipping slightly in Wednesday’s session, with futures at 19,351 compared to the HSI’s close of 19,099.28.
Stocks futures were flat in overnight trading after the S&P 500 notched its highest closing level of 2023. The tail-end of earnings season pressed on with results from Dave & Buster’s and Stitch Fix. The broad index added 0.24 percent to finish at its highest level since August 2022, the Nasdaq Composite rose 0.36 percent to end at its highest close in 2023. The Dow Jones Industrial Average ticked 10.42 points higher, or 0.03 percent, pressured by health stocks Merck and UnitedHealth.
Stocks News:
👉Torrent Power has signed an MoU with the government of Maharashtra for three Pumped Storage Hydro Projects of 5,700 MW capacity. The projects would entail an investment of about Rs 27,000 Crores and would provide employment to approximately 13,500 people during the construction period. The project would be executed over a period of 5 years.
👉Tata Power will be in focus today as the company’s stock will trade ex-dividend. Tata Power has declared a dividend of Rs 2 per share. The Board of Directors of Tata Power recommended the dividend for the financial year 2022-23 during earnings announcement for the March 2023 quarter and fiscal.
👉Wipro has launched industry innovation experience for financial services, featuring a new suite of banking and financial services solutions built on Microsoft cloud. In a regulatory filing, the company said, “The Innovation Experience will bring together Microsoft Cloud capabilities with Wipro FullStride Cloud, as well as leverage Wipro’s and Capco’s deep domain expertise in financial services.”
👉Foreign institutional investors (FIIs) bought shares worth Rs 385.71 crore, whereas domestic institutional investors (DIIs) sold shares worth Rs 489.02 crore on June 6, provisional data from the National Stock Exchange shows.
Domestic and International Events
- India will remain the fastest-growing major economy in terms of both aggregate and per capita GDP despite the slowdown in growth, the World Bank said on Tuesday. “Growth is projected to pick up slightly through 2025-26 as inflation moves back toward the midpoint of the tolerance range and reforms payoff,” World Bank said. The World Bank kept its April forecasts unchanged, projecting India’s growth for FY24 at 6.3%, increasing to 6.4% in FY25. For FY26, it has projected a growth of 6.5%. It said India will lift the growth prospects of the South Asian region.
- The global economy is likely slowing sharply this year, hobbled by high interest rates, the repercussions of Russia’s invasion of Ukraine and the lingering effects of the coronavirus pandemic. That’s the latest outlook of the World Bank, a 189-country anti-poverty agency, which estimates that the international economy will expand just 2.1% in 2023 after growing 3.1% in 2022.
- Oil prices steadied on Wednesday after the previous session’s losses, as demand concerns owing to slow global economic growth were offset by fears of tighter global supply following Saudi Arabia’s pledge to deepen output cuts.
- Gold prices were little changed on Tuesday as Treasury yields and the dollar firmed, with bullion trading in a tight range as investors awaited more cues to assess the Federal Reserve’s policy path. Spot gold rose less than 0.1 percent to $1,963.19 per ounce by 12:18 p.m. EDT. U.S. gold futures were up 0.4 percent at $1,982.20.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,099 | (0.1) % |
| Shanghai Composite | 3,195 | (1.2) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,573 | 0.0 % |
| DAX | 15,992 | 0.2 % |
| FTSE 100 | 7,628 | 0.4 % |
| Nikkei | 32,507 | 0.9 % |
| Straits Times | 3,190 | 0.0 % |
