The market is likely to open marginally higher on June 16 as the SGX Nifty indicates a positive start for the broader index, with a gain of 78 points after opening the session at 18,822 points. SGX futures touched a high of 18,884 in early trade on June 16.
The BSE Sensex fell 311 points to 62,918, while the Nifty50 dropped 68 points to 18,688 and formed a Bearish Engulfing candlestick pattern on the daily charts, indicating the possibility of bearish sentiment in the short term, but the index defended 18,600 levels.
According to the pivot point calculator, the Nifty may find support at 18,669, followed by 18,640 and 18,592. If the index advances, then 18,765 will be the key resistance, followed by 18,794 and 18,842.
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 78 points on Friday. SGX futures stood at 18,838.
Trade setup for Friday: Top 15 things to know before the opening bell
US Markets
Stock futures inched lower on Thursday night as investors shifted focus from the Federal Reserve policy meeting earlier in the week to the next piece of economic data due Friday morning. Futures tied to the Dow Jones Industrial Average lost 48 points, or 0.1 percent. S&P 500 futures and Nasdaq-100 futures also both traded down about 0.2 percent.
The Dow Jones Industrial Average on Thursday rallied more than 400 points and the S&P 500 touched a fresh 13-month high, as investors bet the Federal Reserve was close to done raising rates after the central bank this week skipped a hike.
The 30-stock Dow added 428.73 points, or 1.26 percent, to close at 34,408.06. The S&P 500 climbed 1.22 percent to finish the session at 4,425.84, while the Nasdaq Composite gained 1.15 percent to close at 13,782.82. Bond yields were lower, while tech stocks continued to lead the market upswing — in line with the trend on Wall Street in 2023. Thursday’s gains brought the S&P 500 and Nasdaq to their highest intraday levels since April 2022.
European Markets
European markets closed slightly lower on Thursday as investors digested the latest monetary policy decision from the European Central Bank. The pan-European Stoxx 600 index provisionally ended down 0.1 percent following the ECB announcement, paring earlier losses.
Construction and materials stocks saw the biggest downturn with a 0.8 percent drop, while banks shed 0.7 percent. Media stocks led gains with a 0.7 percent uptick. FTSE closed 0.34 percent higher at 7628 points. DAX closed 0.13 percent lower at 16,290 points.
Asian Markets
Asia-Pacific markets are trading mixed on Friday after the S&P 500 and Nasdaq Composite posted a sixth-straight day of gains and investors in the region look to the Bank of Japan’s rate decision. Analysts from Bank of America wrote in a Wednesday note that they do not foresee any changes to the BOJ’s yield curve control policy, nor do they expect any changes to rates.
In Japan, the Nikkei 225 slid 0.71 percent for a second-straight day of losses, while the Topix saw a smaller loss of 0.52 percent.
Australia’s S&P/ASX 200 gained 0.44 percent, while South Korea’s Kospi was up 0.25 percent and the Kosdaq rose 0.28 percent. Hong Kong’s Hang Seng index is set to extend its rally after gaining over 2 percent on Thursday, with futures at 19,951 compared with the HSI’s close of 19,828.92.
IKIO Lighting IPO | Expect strong listing, can book partial profits, say analysts
Analysts believe IKIO Lighting will list at a strong premium on June 16 given the premium at which it trades in the grey market, demand for the shares during book building and strong outlook of its business in the long term.
“Considering the overwhelming response the IKIO IPO received and its current grey market premium, we can expect an upside listing at around 30–35 percent, and the company's current performance and growth potential justify this gain,” said Anubhuti Mishra, Equity Research Analyst at Swastika Investmart Ltd.
Exclusive: Banks, LIC appoint SBI Capital Markets as merchant banker for stake sale in UTI mutual fund, say sources
Three state-owned banks and Life Insurance Corporation of India (LIC) have appointed SBI Capital Markets Ltd as a merchant banker for the stake sale in UTI Asset Management Company (AMC) and the stake sale process will be completed in the next three to six months, people aware of the development told Moneycontrol on June 15.
Oil prices
Oil prices gained about 3 percent to a one-week high on Thursday on a weaker US dollar and a jump in refinery runs in top crude importer China. Brent crude futures rose $2.47, or 3.4 percent, to settle at $75.67 a barrel, while US West Texas Intermediate (WTI) crude rose $2.35, or 3.4 percent, to settle at $70.62. Those were the highest closes for Brent and WTI since June 8.
In the United States, the gasoline crack spread, a measure of refining profit margins, to its highest since July 2022. U.S. diesel futures, meanwhile, rose about 5 percent to their highest since late April.
Dollar
The Dollar index traded 0.78 percent lower in futures at 102.14, whereas the value of one dollar hovered near Rs 82.24.
Gold
Gold bounced back from a three-month low on Thursday as the dollar and bond yields moved lower after US economic data, offering investors respite from a ‘hawkish pause’ on interest rates by the Federal Reserve. Spot gold last gained 0.78 percent to $1,958.1844 per ounce after having hit its lowest since March 17. US gold futures settled 0.1 percent higher at $1,970.7.
FII and DII
Foreign institutional investors (FII) purchased shares worth Rs 3,085.51 crore, whereas domestic institutional investors (DII) sold shares worth Rs 297.88 crore on June 15, provisional data from the National Stock Exchange shows.
(With inputs from Reuters and other agencies.)
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