Stock Market Today: Top 10 things to know before the market opens

Dalal Street

The market is likely to open marginally higher on June 12 as the SGX Nifty indicates a positive start for the broader index, with a gain of 70 points after opening the session at 18,662. SGX futures touched a high of 18,681 in early trade on June 12.

The BSE Sensex lost 223 points to close at 62,625 points on Friday, while the Nifty 50 closed 71 points lower at 18,563 points. The Nifty50 traded comfortably higher than its 200-day moving average of 18,416 and is expected to build on the recent momentum.

According to the pivot point calculator, the Nifty may find support at 18,552, followed by 18,523 and 18,477. If the index advances, then 18,645 will be the key resistance, followed by 18,673 and 18,720.

Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms, which could impact Indian as well as international markets.

SGX Nifty

The SGX Nifty indicates a marginally higher start for the broader index with a gain of 70 points on Monday. SGX futures stood at 18,680.

Trade setup for Monday: Top 15 things to know before the opening bell

US Markets

S&P 500 futures were little changed Sunday night as traders looked ahead to the latest inflation data and the Federal Reserve policy meeting this week. S&P 500 futures added 0.14 percent. Dow Jones Industrial Average futures rose by 19 points, or 0.06 percent, while Nasdaq 100 futures advanced 0.27 percent.

Investors are coming off a positive week for markets, with the S&P 500 posting its fourth straight week of gains and brushing its highest point since August. On Friday, the broader market index added 0.11 percent, closing at 4,298.86. The Dow industrials rose 43.17 points, or 0.13 percent. The Nasdaq Composite climbed 0.16 percent.

European Markets

European markets were slightly lower at the end of a muted trading week and ahead of key monetary policy meetings. The pan-European Stoxx 600 index provisionally closed down 0.2 percent, with sectors spread across gains and losses. Utilities saw a 0.7 percent uptick, while chemicals dropped 2 percent. The FTSE index closed 0.49 percent lower at 7562 points. DAX closed 0.25 percent lower at 15,949 points.

Asian Markets

Asia-Pacific markets are trading mixed as investors return from a strong week and look forward to major central bank meetings scheduled ahead. The US Federal Open Market Committee (FOMC) takes place on June 13-14, the European Central Bank meets on Thursday, and the Bank of Japan’s meeting will conclude on Friday.

In Japan, the Nikkei 225 opened 0.45 percent up and continued to hover near 33-year highs, while the Topix rose 0.48 percent. South Korea’s markets also saw a positive open, with the Kospi climbing 0.32 percent and the Kosdaq up by 0.2 percent. In contrast, futures for Hong Kong’s Hang Seng index point to a lower open for the index, standing at 19,340 compared to the HSI’s last close of 19,389.95. Australia’s markets are closed for a holiday.

Moody's sees India's GDP expanding 6-6.3 percent in Q1, flags fiscal slippage risks

Moody's on Sunday said the Indian economy is expected to clock a 6-6.3 per cent growth in June quarter, and flagged risks of fiscal slippage arising from weaker-than-expected government revenues in the current fiscal. Moody's growth estimate is lower than the 8 percent projection for the first quarter made by the Reserve Bank last week.

MPC may not go for rate cut before February 2024: HDFC Securities

The RBI MPC left the repo rates unchanged at 6.5 percent at its meeting on June 08, as the Street had expected. The MPC continued with the ‘withdrawal of accommodation’ stance, as liquidity has turned into a significant surplus mode, further increased by the impact of deposits of Rs 2000 notes.

A change in policy stance at this juncture might not be in sync with the current liquidity conditions. Headline CPI is still higher than the medium-term target of 4 percent, even on a 12-month forecast horizon. A sustained moderation in inflation may prompt the shift from a “withdrawal of accommodation” to a “neutral” stance.

Oil prices

Oil prices fell more than a dollar a barrel on Friday to record a second straight weekly decline, as disappointing Chinese data added to doubts about demand growth after Saudi Arabia’s weekend decision to cut output.

Brent crude futures fell $1.17, or 1.5 percent, to settle at $74.79 a barrel, while the US West Texas Intermediate crude fell $1.12, or 1.6 percent, to $70.17 a barrel.

Dollar

The Dollar index traded 0.22 percent higher in futures at 103.55, whereas the value of one dollar hovered near Rs 82.45.

Gold

Gold eased on Friday on a stronger dollar and higher yields, but was set for its best week since early May after weaker jobs data bolstered bets for the Federal Reserve to hold pat on interest rates next week. Spot gold fell 0.3 percent to $1,961.39 per ounce by 12:10 p.m. EDT (1610 GMT). But it is headed for a 0.7 percent weekly climb, helped by a 1.5 percent jump on Thursday after a surge in US weekly jobless claims.

FII and DII

Foreign institutional investors (FII) sold shares worth Rs 308.97 crore, whereas domestic institutional investors (DII) bought shares worth Rs 1,245.51 crore on June 9, provisional data from the National Stock Exchange shows.

With inputs from Reuters and other agencies.