The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the index in India with a 25 points gain.
The BSE Sensex climbed 226.04 points to 52,925.04 on June 25 while the Nifty50 gained 69.90 points to 15,860.40 and formed a bullish candle, resembling a Hanging Man pattern on the daily charts. During the week, the index formed a bullish candle on the weekly scale as it gained 1.1 percent.
According to pivot charts, the key support levels for the Nifty are placed at 15,798.13, followed by 15,735.97. If the index moves up, the key resistance levels to watch out for are 15,896.63 and 15,932.97.
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 ended the week at record high on Friday, lifted by Nike and several banks, while weaker-than-expected inflation data eased worries about a sudden tapering in stimulus by the Federal Reserve.
The Dow Jones Industrial Average rose 0.69% to end at 34,433.84 points, while the S&P 500 gained 0.33% to 4,280.69. The Nasdaq Composite dropped 0.06%, to 14,360.39.
Asian shares got the week off to a cautious start on Monday as a spike in coronavirus cases across Asia over the weekend hurt investor sentiment while oil hovered around 2-1/2 year highs.
MSCI's broadest index of Asia-Pacific shares outside Japan was last a shade weaker at 703.17, still near a two-week high of 705.35 made on June 16. Australian shares slipped 0.3% while South Korea's KOSPI index was slightly higher. Japan's Nikkei was 0.1% weaker.
Trends on SGX Nifty indicate a positive opening for the index in India with a 25 points gain. The Nifty futures were trading at 15,896 on the Singaporean Exchange around 07:30 hours IST.
Gold imports, which have a bearing on the current account deficit, zoomed to USD 6.91 billion (Rs 51,438.82 crore) during April-May 2021 due to low base effect in the wake of the COVID-19 pandemic, according to data from the Commerce Ministry. Silver imports, however, dipped by 93.7 per cent to USD 27.56 million.
Significant jump in the gold imports has lead to widening of the country's trade deficit, difference between imports and exports, to USD 21.38 billion during April-May this fiscal as against USD 9.91 billion in the year-ago period.
Economic think-tank NCAER expects the Indian economy to grow 8.4-10.1 per cent for the current financial year as against a contraction of 7.3 per cent in the last fiscal. Releasing its quarterly review of the economy, the National Council of Applied Economic Research (NCAER) has pitched for strong fiscal support to push economic growth.
"We estimate that gross domestic product (GDP) will grow 11.5 per cent in Q1 (first quarter) and 8.4-10.1 per cent for the whole year 2021–22.
Markets regulator Sebi on June 25 came out with a framework for alternative investment funds (AIFs) to invest simultaneously in units of other AIFs and directly in securities of investee companies. Under the framework, existing AIFs may also invest simultaneously in securities of investee companies and in units of other AIFs, Sebi said in a circular.
This is subject to appropriate disclosures in the private placement memorandum (PPM) and with the consent of at least two-thirds of unit holders by value of their investment, it added.
FPIs turn net buyers in June; invest Rs 12,714 crore in Indian markets
After remaining net sellers for two months in a row, foreign portfolio investors (FPIs) in June turned net buyers by pumping in a net Rs 12,714 crore into Indian markets. Prior to this, overseas investors had pulled out Rs 2,666 crore in May and Rs 9,435 crore in April.
According to depositories data, FPIs invested Rs 15,282 crore in equities between June 1 and 25. At the same time, FPIs withdrew Rs 2,568 crore from the debt segment. The total net inflow stood at Rs 12,714 crore during the period under review.
India registered a 46.9 percent year-on-year growth in its crude steel output at 9.2 million tonnes (MT) in May, according to worldsteel data. The country had produced 5.8 MT steel in the same month a year ago. "The production of the 64 countries reporting to the World Steel Association (worldsteel) was 174.4 MT in May 2021, a 16.5 percent increase compared to May 2020," the global industry body said in its latest report.
China remained the global leader in the production of steel in May, registering 6.6 percent year-on-year growth in output at 99.5 MT during the month.
Results on June 28
More than 300 companies will release quarterly earnings on June 28 including NALCO, Aarvee Denims, Autoline Industries, Bartronics India, Eros International Media, Future Lifestyle Fashions, Federal-Mogul Goetze, Gammon India, GIC Housing Finance, IFCI, ISGEC Heavy Engineering, KPI Global Infrastructure, NLC India, Premier Explosives, Sadbhav Infrastructure Project, Surya India, Triveni Turbine, V2 Retail, Viceroy Hotels, Vivimed Labs, Welspun Corp, and Zee Media Corporation.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 678.84 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 1,832.76 crore in the Indian equity market on June 25, as per provisional data available on the NSE.With inputs from Reuters & other agencies