The Indian stock market is expected to open in the red as trends on SGX Nifty indicate a cautious opening for the index in India with a 11 points loss.Sensex lost 189 points, or 0.36 percent to end at 52,735.59 on June 28 while the Nifty settled 46 points, or 0.29 percent, lower at 15,814.70.
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 Nasdaq and S&P 500 hit all-time highs on Monday, fueled by tech stocks as investors expect a robust earnings season while interest rates remain low. Big tech companies including Facebook Inc, Netflix Inc, Twitter Inc and Nvidia Corp were among the biggest boosts to the S&P 500 and the Nasdaq.
The Dow Jones Industrial Average fell 150.57 points, or 0.44%, to close at 34,283.27. The S&P 500 pared earlier losses and advanced from Friday’s record high by gaining 9.91 points, or 0.23%, to 4,290.61. The Nasdaq Composite added 140.12 points, or 0.98%, to 14,500.51.
Asian markets fell despite gains overnight on Wall Street that saw the S&P 500 and Nasdaq Composite touching fresh record closing highs. The Nikkei 225 fell 1.03% in early trade while the Topix index shed 1.11%. South Korea’s Kospi also declined 0.17%.
Trends on SGX Nifty indicate a cautious opening for the index in India with a 11 points loss. The Nifty futures were trading at 15,862 on the Singaporean Exchange around 07:30 hours IST.
Oil falls 2% on rising COVID-19 cases, ahead of OPEC+ talks
Oil prices fell 2% to a one-week low on Monday after hitting their highest since 2018 earlier in the session, as a spike in COVID-19 cases in Asia and Europe put a brake on the rally before this week's OPEC+ meeting.
Brent futures fell $1.50, or 2.0%, to settle at $74.68 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $1.14, or 1.5%, to settle at $72.91.
Corporate India expects the relief measures announced by Finance Minister Nirmala Sitharaman will bring in the much-needed relief for the worst impacted sectors of the economy. The finance minister on June 28 announced a host of relief measures such as a Rs 1.1 lakh crore loan guarantee scheme for COVID-affected sectors and extension of financial support to 11,000 registered tourist guides and Travel & Tourism Stakeholders.
Taking cognisance of the need to support the economy which has been adversely affected by the second wave of the pandemic, CII President said, “We are heartened by the targeted interventions announced by the government, with a special focus on health and tourism. The liquidity boosting measures to keep the enterprises afloat in the aftermath of COVID 2.0 in the form of extending loan guarantees to the healthcare, tourism sectors, and small borrowers, in addition to increasing the scope of ECLGS by Rs 1.5 lakh crore are very welcome steps,” said TV Narendran, President, Confederation of Indian Industry.
Indian Chamber of Commerce also welcomed the measures. Its President Vikash Agarwal said the timely intervention will definitely provide a boost to sectors like health, microfinance, tourism, fertiliser, export, digital connectivity, electronics, power distribution, etc.
Capital markets regulator Sebi has kept proposed initial share-sale of Aditya Birla Sun Life AMC in "abeyance", an update with the watchdog showed on Monday. However, the Securities and Exchange Board of India (Sebi) did not clarify further.
The asset management company had filed preliminary papers with Sebi in April to raise funds through through an initial public offer (IPO). Going by the draft papers, the proposed IPO is entirely an offer for sale, wherein two promoters-- Aditya Birla Capital and Sun Life (India) AMC Investments-- will divest their stake in the asset management firm.
Results on June 29
Acme Resources, Cochin Minerals & Rutile, DCM, IRCTC, Omaxe, Ruchi Soya, Sintex Industries, Suzlon Energy and Tatia Global Vennture are among the companies that will announce their March quarter earnings on June 29.
The Securities and Exchange Board of India (SEBI) has temporarily halted the initial public offering (IPO) of Go Airlines (India) Ltd due to a pending enquiry against Bombay Dyeing Manufacturing Company Ltd and its promoters, the Wadias. The IPO by GoAir, now christened GoFirst, has been kept in abeyance, the Sebi website showed on Monday.
Bombay Dyeing and its promoters received a show cause notice from the regulator’s Corporation Finance Investigation Department (CFID) in the first week of June for alleged irregularities, said a person familiar with the matter. CFID carries out preliminary and detailed investigations on fraud, diversion or siphoning of funds in listed companies.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,658.72 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 1,277.08 crore in the Indian equity market on June 28, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
National Aluminium Company is under the F&O ban for June 29. 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