Stock Market Today: All You Need To Know Going Into Trade On June 10

Good morning!

The GIFT Nifty, an early indicator for the benchmark Nifty 50, is up 0.12% at 23,212 as of 6:34 a.m. Equity-index futures for the US (S&P 500) dipped 0.19%, while Europe (Euro Stoxx 50) was 0.16% up.

India Market Recap

Indian equity benchmarks traded higher, with the Nifty 50 up 119.10 points, or 0.52%, at 23,242.10 amid weekly F&O expiry. The Sensex also halted a two-day losing streak, rising 394.50 points, or 0.54%, to 73,918.76.

Broader markets outperformed the benchmarks. Nifty Midcap 150 ended more than 1.2% higher, snapping a two-day losing streak. L&T Technology Services and PI Industries were the top gainers on the index, rising more than 7% each.

US Market Recap

The Nasdaq 100 dropped 1.1% on Tuesday, while nine of the S&P 500's 11 sectors advanced. Real estate surged 2.1%, health care gained 1.3% and utilities added 1.1%. Technology and energy were the only sectors to decline.

Asian Market Update

Asian stock opened lower on Wednesday, driven by decline in South Korea's Kospi, down more than 2%. Japan's Nikkei 225 fell 0.71%, and Australia's benchmark S&P/ASX 200 remained marginally down.

Commodity Check 

Brent crude rose 0.8% to $92.15 a barrel after tensions between US and Iran escalated as Trump blamed Tehran for an incident involving a US Army Apache helicopter near the Strait of Hormuz.Gold fell 1% to about $4,220 an ounce.

Stocks In News

• Patanjali Foods: Received a notice from the Maharashtra FDA regarding misleading juice advertisements and promotional labelling. The company clarified that no monetary penalty has been imposed.
• Bharti Airtel: The Bombay High Court allowed a petition filed by the company, setting aside a massive Rs 8,414 crore demand notice, which included an OTSC demand of Rs 473.7 crore pertaining to its arm, Bharti Hexacom.
• Dixon Tech: Signed a binding Joint Venture term sheet with Gemtek to manufacture optical transceivers and networking gear focusing on the data center and telecom ecosystem. Dixon will hold a 60% stake, while Gemtek will hold 40%.
• Vedanta: The name of its subsidiary, Malco Energy, has been officially changed to Vedanta Oil and Gas.
• KRN Heat: The company will invest Rs 235 crore into its subsidiary, KRN HVAC Products. The funds were raised via QIP and will be used for working capital needs.
• Glenmark Pharmaceuticals: Released an investor presentation outlining its goal to become a leading, global, innovation-driven company, specifically targeting a leadership position in respiratory and injectables within the US generics market.
• Bharti Hexacom: Received significant relief as the Bombay High Court set aside an Rs 473.7 crore spectrum charge demand.

ALSO READ: Airtel Arm Bharti Hexacom Gets Rs 473-Crore Relief After Bombay HC Order In Spectrum Case

• Dredging Corp: The board approved the appointment of Jasmeet Singh Bindra as Additional Director and Chairman.
• Ramkrishna Forgings: Approved the allotment of 3.35 lakh warrants and 3.35 lakh equity shares worth Rs 52.7 crore.
• PNB Housing Fin: Approved the allotment of Non-Convertible Debentures (NCDs) worth Rs 500 crore.
• Garden Reach Shipbuilders: The government has nominated Vijay Namdeorao Zade as a Part-Time Official Director.
• NLC India: The government will exercise its oversubscription option for up to a 1% stake in the ongoing OFS, bringing the total offer size to 4.2 lakh crore shares, or a 3% stake.
• Afcons Infra: Secured a massive Letter of Acceptance (LoA) worth Rs 5,301 crore for the Breakwater Project at the Vadhvan Port.
• HCLTech: Launched a new Cybersecurity Fusion Center in Ontario to expand its cybersecurity capabilities and footprint in Canada.
• Newgen Software: Announced that Virender Jeet has resigned as CEO, effective August 31, citing personal and professional reasons.
• Hinduja Global Solutions: In association with the UP government, Chief Minister Yogi Adityanath flagged off 'Project GANGA' via HGS's broadband vertical, an initiative aimed at connecting 20 lakh households.
• Marine Electricals: MEL Shipyard has ceased to be a subsidiary of the company and will now be classified as an Associate Company.
• Quality Power: Set to acquire a 100% stake in Winwin Speciality Insulators at an enterprise value of Rs 315 crore for the proposed transaction.
• Coromandel Intl: Clarified that reports regarding an MoU with FPOs are part of routine business operations and do not meet the threshold for material disclosure.
• Vijaya Diagnostic Centre: Sai Siva Prasad has resigned as Chief Technology Officer, effective August 8.
• Motisons Jewellers: Authorized the opening of its QIP issue on June 9, setting a floor price of Rs 11.58 per share.
• Dishman Carbogen Amcis: The board approved the allotment of NCDs worth Rs 18 crore.
• Welspun Corp: Its subsidiary, Welspun Mauritius Holdings, divested a 4.5% stake in EPIC for $75.6 million. The company's USA arm continues to hold a 22% stake in EPIC.
• HG Infra: Transferred its remaining 51% equity stake in its subsidiary, HG Khammam Devarapalle PKG-1.
• Deccan Gold Mines: Moving to acquire a 51% stake in Logrosan Minera S.L. Spain for a consideration of 1.76 million Euros.
• NTPC Green: Its subsidiary, NTPC Renewable Energy, will develop a new 250 MW solar power project in Uttar Pradesh.
• Anupam Rasayan: Announced it will make an open offer following the acquisition of a 43% stake in Bliss GVS Pharma.

Bulk Block Deals

• Adani Green Energy: Adani Infra (India)  bought 2.15 cr  shares, while Ardour Investment Holding Ltd sold 2.15 cr  shares at price 1510 each.
• Ajanta Pharma: Kotak Mahindra Mutual Fund bought 21.02 lk shares, Aditya Birla Sun Life Mutual Fund bought 13.47 lk shares, and Ravi Agrawal Trust (Promoter Group) sold 34.50 lk shares at Rs. 2968 each.
• Emcure Pharmaceuticals:  Kotak Mahindra Mutual Fund bought 36 lk shares, while BC Investments IV Limited sold 36lk  shares at Rs. 1700 each.
• TVS Infra Trust: Ambit Wealth Private Limited bought 10 lk shares , while Edelweiss Life Insurance Company Limited sold 10l k  shares at Rs. 116 each.
• Bluestone: 360 ONE Special Opportunities Fund – Series 12 sold 10.55 lk shares at price Rs. 522.2 each, Accel India III (Mauritius) Limited sold 9.76 lk  shares at price Rs. 522.08 each , IvyCap Ventures Trust sold 26.04 lk shares at price Rs. 524.97 each, and Nippon India Mutual Fund bought 25 lk shares at Rs. 522.05 each
• KRN: Anju Devi sold 5 lk shares at price Rs. 1117.30 each, and Santosh Kumar Yadav sold 5 lk shares at price Rs. 1117 each.

ALSO READ: Lilavati Trust Files Rs 1,000 Crore Defamation Suit Against HDFC Bank; HC Denies Gag Relief

Insider Trade

• Paisalo Digital:  Pri Caf promoter group has pledged 18.10 lk  shares, Pro Fitcch promoter group has pledged 18.10 lk  shares, and Equilibrated Venture Cflow promoter group has pledged 49.09 lk shares.

F&O Cues

• Nifty June futures is up 0.74% to 23347.00  at a premium of 104.9 points. 
• Nifty Options 16th June Expiry: Maximum Call open interest at 24000  and Maximum Put open interest at   21200        
• Securities in ban period: Amber Kaynes

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