The Indian stock market is expected to open on a cautious note as trends on SGX Nifty indicate a flat opening for the index in India with a 4 points gain.
Benchmark indices settled with moderate gains amid volatility. The BSE Sensex rose 76.77 points to 52,551.53 on June while the Nifty50 gained 12.50 points at 15,811.90 and formed Hanging Man kind of pattern on the daily charts.
According to pivot charts, the key support levels for the Nifty are placed at 15,671.2, followed by 15,530.6. If the index moves up, the key resistance levels to watch out for are 15,887.7 and 15,963.6.
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:
The S&P 500 and the Dow eased on June 14, a day after the S&P 500 hit a record closing high, as investors awaited cues from the Federal Reserve's meeting this week on the central bank's outlook on inflation and the future of bond purchases.
The Dow Jones Industrial Average fell 85.85 points, or 0.25%, to 34,393.75, the S&P 500 gained 7.71 points, or 0.18%, to 4,255.15 and the Nasdaq Composite added 104.72 points, or 0.74%, to 14,174.14.
Asian markets rose following overnight gains on Wall Street that sent the S&P 500 and Nasdaq Composite to record closing highs. The Nikkei 225 in Japan gained 0.43% in early trade while the Topix index advanced 0.31%. South Korea’s Kospi hovered above the flatline.
Trends on SGX Nifty indicate a cautious opening for the index in India with a 4 points gain. The Nifty futures were trading at 15,840 on the Singaporean Exchange around 07:30 hours IST.
Retail inflation for May at 6.30%, highest in six months
Consumer Price Index-based inflation (CPI) for the month of May came in at 6.30 percent, much higher than April's 4.23 percent, and outside the Monetary Policy Committee's inflation targeting range of 4 (+/-2) percent for the first time since November 2020.
The higher inflation month-on-month was primarily on the back of a substantial hardening of food prices. Food inflation (CFPI) was 5.01 percent in May compared with 1.96 percent in April, official data showed.
NSDL says accounts of foreign funds invested in Adani companies are not frozen
The accounts of three foreign funds that are big stakeholders of Adani group companies are not frozen, a top official of the National Securities Depository Ltd (NSDL) informed the port-to-energy conglomerate. Reports of a freeze on the accounts sent shares of several Adani group companies tumbling on Monday.
“The status of demat accounts mentioned in your trail email are held in ‘active” status in NSDL system,” Rakesh Mehta, vice-president, NSDL told Adani officials. Mehta was referring specifically to the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund, which together own shares worth more than Rs 43,500 crore in Adani Enterprises, Adani Green Energy, Adani Transmission, and Adani Total Gas.
RBI releases consultative document on microfinance regulation; no pre-payment penalty proposed
The Reserve Bank of India (RBI) on June 14 released a consultative document on uniform regulation for companies engaged in microfinance business. The document aims at harmonising the regulatory frameworks for various regulated lenders in the microfinance space, the RBI said.
The key proposals include a common definition of microfinance loans for all regulated entities, capping the outflow on account of repayment of loan obligations of a household to a percentage of the household income, a Board approved policy for household income assessment and no pre-payment penalty or requirement of collateral along with greater flexibility of repayment frequency for all microfinance loans
SEBI fines Franklin Templeton's CEO, fund managers, trustees and compliance officers
In a follow-up to its order issued last week, the capital market regulator Securities and Exchange Board of India (SEBI) on June 14 imposed monetary penalties on Sanjay Sapre, its chief executive officer, and its debt fund managers, among other top officials.
It fined Sapre and Santosh Kamath, the chief investment officer of its fixed income management, a sum of Rs 3 crore each. SEBI also fined other debt fund managers of Franklin Templeton, namely Kunal Agarwal, Sumit Gupta, Pallab Roy, Sachin Padwal Desai and Umesh Sharma a sum of Rs 1.50 crore each.
Results on June 15
Jubilant FoodWorks, Power Finance Corporation, LIC Housing Finance, Easy Trip Planners, Entertainment Network (India), Flexituff Ventures International, India Home Loan, JMD Ventures, BLS International Services, Centum Electronics, Lemon Tree Hotels, Manaksia, Salzer Electronics, Spencers Retail, and Whirlpool of India.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 503.51 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 544.26 crore in the Indian equity market on June 14, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Five stocks - Canara Bank, Indiabulls Housing Finance, NALCO, Punjab National Bank, and Sun TV Network - are under the F&O ban for June 15. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.With inputs from Reuters & other agencies