Stocks in the Asia Pacific region were trading higher on Thursday after technology companies in the US drove stocks to all-time highs.
The Nikkei 225 was 411 points, or 1.05% up at 38,891, and the KOSPI was 27 points, or 1.03% higher at 2,689 as of 07:02 a.m.
The S&P 500 hit 25th record this year as US tech companies drove stocks to fresh highs, while bond yields fell with traders almost fully pricing in two Federal Reserve rate cuts in 2024, according to Bloomberg.
The S&P 500 rose 1.18% and the Nasdaq Composite rose 1.96% as of Wednesday. The Dow Jones Industrial Average advanced by 0.25%.
Brent crude was trading 0.36% higher at $78.69 a barrel. Gold rose 0.74% to $2,372.74 an ounce.
The GIFT Nifty was trading 25.5 points, or 0.11% lower at 22,687 as of 07:04 a.m.
India's equity gauges staged a recovery on Wednesday as they recovered most of the losses incurred by the worst market crash in four years in the previous session. The surge came after the National Democratic Alliance pledged support to form a government for the third term.
The NSE Nifty 50 closed 688.95 points higher, or 3.15%, at 22,573.45, while the S&P BSE Sensex ended 2,303.1 points up, or 3.2%, at 74,382.
Overseas investors of Indian equities remained net sellers on Wednesday for the second straight session. Foreign portfolio investors remained net sellers and offloaded stocks worth Rs 5,656.3 crore, while domestic institutional investors turned net buyers and mopped up equities worth Rs 4,555.1 crore, according to provisional data from the National Stock Exchange.
The Indian currency strengthened by 16 paise to close at 83.37 against the US dollar.
Stocks to Watch
RVNL: The company emerged as the lowest bidder for a project worth Rs 391 crore by Eastern Railway.
Torrent Pharmaceuticals: The company signed a non-exclusive patent pact with Takeda Pharmaceuticals to commercialise Vonoprazan in India.
Intellect Design Arena: The company’s consumer banking unit announced the launch of the eMACH.ai Digital Engagement Platform (eMACH.ai DEP) at Money20/20 in Amsterdam. The platform offers a single origination platform for retail, SME and corporate entities and can co-exist with the older version.
Indian Energy Exchange: The company reported a total monthly volume of 10,633 MU, up 29% YoY, and renewable energy certificate volumes up 640% YoY and the green market achieved growth of 74% YoY.
NBCC India: The company received 13 orders worth Rs 491 crore.
KPI Green Energy: The company received new orders for a 26.15 MW solar power plant under the Captive Power Producer Segment's
Century Textiles and Industries: The company’s arm has entered a joint venture with Barmalt India for a luxury residential group housing development in Gurugram. The land parcel is spread across 13.27 acres with a development potential of approx. 2.4 million sq feet, offering a revenue potential of approx. Rs 5,000 crore.
Bharat Heavy Electricals: The company received an order worth Rs 3,500 crore from Adani Power for setting up a thermal power project in Chhattisgarh.
Kalpataru Projects International: The company is considering raising funds on June 10 via the issuance of NCD on a private placement basis.
Sun Pharma Advanced Research Company: Chetan Rajpara has resigned from the post of CFO.
UNO Minda: The company is in a tech license pact with Lnovance for combined charging units and high-voltage EV products.
Hindustan Aeronautics: ISRO Chairman S. Somanath inaugurated state-of-the-art propellant tank production and computer numerical control machining facilities at the company’s Aerospace Division, boosting rocket manufacturing capacity.
Heritage Foods: The company has launched a new product, Laddus and Ice-Creams, in the Sweet and Ice-Cream category.
Sterlite Technologies: The company terminated Paul Atkinson, CEO of Optical Networking Business, on June 5 and hired MD Ankit Agarwal to take up the additional role of heading the optical networking business on his behalf.
Endurance Technologies: The company has appointed R. S. Raja Gopal Sastry as the Chief Financial Officer of the company.
Nazara Technologies: The company’s subsidiary Absolute Sports announced the acquisition of the US entertainment content website SoapCentral.com for an all-cash consideration of $1.4 million (Rs 11.6 crore).
IPO Offering
Kronox Lab Sciences: The public issue was subscribed to 118.22 times on day 3. The bids were led institutional investors (89.03 times), non-institutional investors (302.99 times), and retail investors (55.72 times).
Bulk Deals
Bhagiradha Chemicals and Industries: Shantilal Shah Chetan sold 43.1 lakh shares (41.42%) at Rs 188.49 apiece, while Derive Trading and Resorts Private Limited bought 43.06 lakh shares (41.38%) at Rs 188.49 apiece.
Apollo Pipes: Meenakshi Gupta sold 9.8 lakh shares (2.49%) at Rs 647.05 apiece while Ohana India Growth Fund bought 7.72 lakh shares (1.96%) at Rs 647.05 apiece.
Shilpa Medicare: Plutus Wealth Management LLP bought 7.5 lakh shares (0.86%) at Rs 492.34 apiece.
Insider Trades
Som Distillers and Breweries: Promoter Jagdish Kumar Arora bought 25,000 shares on June 4.
Usha Martin: Promoter Peterhouse Investments India sold 1,25,000 shares on June 3.
Seamec: Promoter HAL Offshore bought 53,719 shares Between June 3,4.
Mangalore Chemicals and Fertilizers: Promoter Zuari Agro Chemicals revoked a pledge for 1.05 crore shares.
Manappuram Finance: Promoter Nandakumar V P bought 1.5 lakh shares on June 4.
Paisalo Digital: Promoter Equilibrated Venture Cflow bought 11.25 lakh shares on June 4.
D B Corp: Promoter Girish Agarwal bought 1.47 lakh shares between May 30 to June 3, Promoter Sudhir Agarwal bought 1.61 lakh shares between May 30 and June 3, Promoter Pawan Agarwal bought 1.36 lakh shares between May 30 and June 3.
Trading Tweaks
Price Band revised from 10% to 5%: Jai Prakash Associates.
Price Band revised from 20% to 10%: Heritage Foods.
Moved out of short-term Framework: Finolex Cables, Johnson Controls - Hitachi Air Conditioning India.
Who’s Meeting Whom
Kfin Technologies: To meet analyst and Investors on June 7.
Indian Energy Exchange: To meet analyst and Investors on June 7.
Crisil: To meet analyst and Investors on June 7.
BSE: To meet analyst and Investors on June 12.
Godrej Consumer Products: To meet analyst and Investors on June 12.
Tejas Networks: To meet analyst and Investors on June 10.
Brigade Enterprises: To meet analyst and Investors on June 7.
F&O Cues
Nifty June futures up by 3.08% to 22,584 at a discount of 36.35 points.
Nifty June futures open interest down by 6.8%.
Nifty Bank June futures up by 4.04% to 48,992.9 at a discount of 61.7 points.
Nifty Bank June futures open interest up by 20.1%.
Nifty Options June 6 Expiry: Maximum Call open interest at 24,000 and Maximum Put open interest at 20,200.
Bank Nifty Options June 12 Expiry: Maximum Call Open Interest at 52,000 and Maximum Put open interest at 48,000.
Securities in ban period: Zee Entertainment Enterprises.
Money Market Update
The Indian currency strengthened by 16 paise to close at 83.37 against the US dollar.
Disclaimer: NDTV is a subsidiary of AMG Media Networks Ltd, an Adani Group Company.
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