The market is likely to open marginally higher on June 13 as the SGX Nifty indicates a positive start for the broader index, with a gain of 31 points after opening the session at 18,710. SGX futures touched a high of 18,746 in early trade on June 13.
The BSE Sensex gained 99 points to close at 62,724 points on Monday, while the Nifty 50 closed 38 points higher at 18,601 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 18,570, followed by 18,553 and 18,524. If the index advances, then 18,626 will be the key resistance, followed by 18,644 and 18,672.
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 31 points on Tuesday. SGX futures stood at 18,729.
Trade setup for Tuesday: Top 15 things to know before the opening bell
US Markets
Stock futures were little changed in overnight trading after the S&P 500 and Nasdaq Composite each notched their highest close since April 2022. Wall Street also looked ahead to May’s consumer price index, out Tuesday. Futures tied to the S&P 500 and Dow Jones Industrial Average futures traded flat. Futures connected to the Nasdaq Composite inched 0.2 percent higher.
Stocks capped off another positive session Monday as hope mounted that the Federal Reserve would skip a rate hike at its next policy meeting beginning Tuesday. The S&P 500 and Nasdaq Composite jumped 0.93 percent and 1.53 percent, respectively, to finish at their highest level in 13 months. The Dow Jones Industrial Average added 189.55 points, or 0.56 percent.
European Markets
European markets closed slightly higher Monday as investors prepared for a week of major central bank meetings in the U.S., Asia and Europe. The pan-European Stoxx 600 index ended up 0.2 percent, with most sectors in positive territory. Autos stocks led the gains, roughly 1.4 percent higher.
Oil and gas stocks, meanwhile, fell 1.3 percent as crude prices tumbled, with international benchmark Brent crude futures down 2.8 percent at $72.64 per barrel. Mining stocks were 1.1 percent lower as the sectors continue to react to recent weak Chinese data and demand concerns. The FTSE index closed 0.11 percent higher at 7570 points. DAX closed 0.93 percent higher at 16,097 points.
Asian Markets
Asia-Pacific markets largely rose on Tuesday ahead of the U.S. inflation report and Federal Reserve’s two-day meeting later in the day – the central bank is widely expected to hold rates for the first time in 15 months while inflation’s annual outlook marked a two-year low in the latest New York Fed survey. Japan’s Nikkei 225 opened 0.78 percent higher and reached new 2023-highs, while the Topix was 0.61 percent higher.
South Korea’s Kospi rebounded and rose 0.43 percent, with the Kosdaq also up 0.48 percent. In Australia, the S&P/ASX 200 came back from a public holiday and fell marginally. However, Hong Kong’s Hang Seng index is set to snap a four day winning streak, with futures at 19,358 compared to the HSI’s close of 19,404.31.
Indian economy improves as CPI inflation drops to 4.25%, says ASSOCHAM
May CPI data suggests that India’s macro picture is still steady," said ASSOCHAM Secretary General Deepak Sood. As headline inflation, based on the Consumer Price Index, dropped to 4.25 percent in May 2023, and industrial growth revived to 4.2 percent in April, Sood said, "Retail inflation is just about near the RBI target of four percent, while manufacturing is clearly showing an uptick as per the latest data. The Indian economy is on a steady move even in the midst of global challenges."
IIP growth rises to 4.2% in the month of April 2023
India's industrial output grew by 4.2 percent in April, data released by the Ministry of Statistics and Programme Implementation showed on June 12. At 4.2 percent, the latest industrial growth figure as per the Index of Industrial Production (IIP) is significantly higher than that for March, when it had come in at a five-month low of 1.1 percent. That number has now been revised to 1.7 percent. IIP growth was 6.7 percent in April 2022.
Oil prices
Oil prices fell by around $3 a barrel on Monday after analysts highlighted rising global supplies and concerns about demand growth just ahead of key inflation data and a U.S. Federal Reserve meeting later this week. Brent crude futures fell $2.95, or 3.9 percent, to settle at $71.84 a barrel, their lowest since Dec. 2021. U.S. West Texas Intermediate (WTI) crude fell $3.05, or 4.4 percent, to settle at $67.12 a barrel.
Dollar
The Dollar index traded 0.07 percent lower in futures at 103.58, whereas the value of one dollar hovered near Rs 82.34.
Gold
Gold prices dipped on Monday as the dollar and bond yields firmed, while traders braced for a busy week of key U.S. inflation prints and major central bank policy meetings, with all eyes on the Federal Reserve. Spot gold fell 0.14 percent to $1,957.6471 per ounce. U.S. gold futures settled 0.4 percent lower at $1,969.70.
FII and DII
Foreign institutional investors (FII) sold shares worth Rs 626.62 crore, whereas domestic institutional investors (DII) bought shares worth Rs 1,793.85 crore on June 12, provisional data from the National Stock Exchange shows.
With inputs from Reuters and other agencies.
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