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 40 points gain.
The BSE Sensex gained 14.25 points at 52,588.71 on June 22 while the Nifty50 rose 26.30 points to 15,772.80 and formed bearish candle which resembles Shooting Star kind of pattern on the daily charts.
According to pivot charts, the key support levels for the Nifty are placed at 15,718, followed by 15,663.2. If the index moves up, the key resistance levels to watch out for are 15,861.7 and 15,950.6.
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:
Fed will not raise rates on inflation fears alone, Powell says
Federal Reserve Chair Jerome Powell on Tuesday reaffirmed the U.S. central bank’s intent to encourage a “broad and inclusive” recovery of the job market, and not to raise interest rates too quickly based only on the fear of coming inflation.
“We will not raise interest rates pre-emptively because we fear the possible onset of inflation. We will wait for evidence of actual inflation or other imbalances,” Powell said in a hearing before a U.S. House of Representatives panel.
Wall Street rebounded Tuesday as Federal Reserve Chairman Jerome Powell vowed not to raise rates too quickly as the dollar and oil gave up earlier gains.
The Dow Jones Industrial Average rose 68.61 points, or 0.2% and the S&P 500 gained 21.65 points, or 0.51%. to 4,246.44 and the Nasdaq Composite added 111.79 points, or 0.79 percent, to 14,253.27.
Asian markets were mixed in Wednesday morning trade, following overnight gains stateside that saw the tech-heavy Nasdaq Composite rising to a record high.
Mainland Chinese stocks declined in early trade, with the Shanghai composite slipping 0.16% and the Shenzhen component dipping slightly. Hong Kong’s Hang Seng index advanced 0.47%. The Nikkei 225 in Japan sat below the flatline while the Topix index slipped 0.36%.
Trends on SGX Nifty indicate a positive opening for the index in India with a 40 points gain. The Nifty futures were trading at 15,810 on the Singaporean Exchange around 07:30 hours IST.
Oil settles lower
Crude oil prices settled slightly lower on Tuesday after Brent rose above $75 a barrel for the first time in over two years, as OPEC+ discussed raising oil production.
Brent crude futures settled down 9 cents to $74.81 a barrel after hitting a session high of $75.30 a barrel, the strongest since April 25, 2019. U.S. West Texas Intermediate (WTI) crude fell 60 cents, or 0.8%, to $73.06 a barrel.
Housing sales in top seven cities increase 29% YoY in Q1 2021: Report
Housing sales in the top 7 cities increased by 29% and new launches by 51% during this quarter against the corresponding period in 2020. The housing sector in the top seven cities staged a comeback post-COVID-19, ANAROCK's Q1 2021 data has indicated.
As many as 58,290 homes were sold in the top 7 cities in Q1 2021 in comparison to 45,200 units in Q1 2020 - effectively breaching pre-COVID levels.
Mid-segment housing saw the maximum new launches in the quarter with a 43% overall share, whereas the affordable housing segment accounted for 30%. The supply of luxury housing (priced less than Rs 1.5 crore) also rose by 31% in Q1 2021 against the corresponding period in 2020.
Japan's June factory activity expands at slowest pace in 4 months
Japan’s factory activity expanded at the slowest pace in four months in June, in a sign momentum in the world’s third-largest economy was levelling out before Tokyo is set to host the Olympic Games next month.
The au Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index (PMI) fell to a seasonally adjusted 51.5 in June from a final 53.0 in the previous month, largely due to a sharp decline in output.
Results on June 23
Apollo Hospitals Enterprise, Asian Hotels (East), Allcargo Logistics, Andrew Yule & Company, Deepak Spinners, Empire Industries, HCC, MBL Infrastructures, Mcleod Russel India, Mercator, Munjal Showa, Precision Wires India, Schneider Electric Infrastructure, Sharon Bio-Medicine, Speciality Restaurants, Technofab Engineering, and V2 Retail will release quarterly earnings on June 23.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,027.94 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 302.45 crore in the Indian equity market on June 22, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Two stocks – Vodafone Idea, and Sun TV Network – are under the F&O ban for June 23. 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