Asian markets were poised to climb as traders bet that a slowdown in U.S. inflation had minimised any risk of the Federal Reserve hiking interest rates later on Wednesday.
Big tech led equity gains, with the Nasdaq 100 up almost 2% and the S&P 500 topping its closely watched 4,325 mark. Both gauges closed at the highest levels since April 2022, on Tuesday.
Futures for Japan pointed to a gain of more than 1% while contracts for Australia and Hong Hong Kong were also higher. Investors in Asia are also taking positive cues from the outlook from the Bank of Japan, which is expected to keep its ultra-easy policy unchanged Friday, and the People's Bank of China, which is seen as a chance of cutting its medium-term lending facility rate on Thursday.
Meanwhile, Brent crude traded above $74 a barrel and West Texas Intermediate was below $70. The yield on the 10-year U.S. bond was trading at 3.82%, whereas Bitcoin was below 26,000-level.
At 05:37 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index's performance in India was up 0.26% at 18,833.5.
India's benchmark stock indices held steady gains on Tuesday, driven by gains in real estate, FMCG, and pharma stocks, while automobile stocks faced pressure. The Indian rupee strengthened about 5 paise to close at 82.38 against the U.S. dollar on Tuesday.
Overseas investors in Indian equities turned net buyers after two days of selling on Tuesday. Foreign portfolio investors mopped up stocks worth Rs 1,677.6 crore, while domestic institutional investors were net sellers and offloaded equities worth Rs 203.32 crore, the NSE data showed.
Stocks To Watch: Balkrishna Industries, Kotak, Zydus Lifesciences, Zomato, LTIMindtree In Focus
Balkrishna Industries: The company said it will suspend operations at the Bhuj plant from the late evening of June 13, 2023, due to Cyclone Biparjoy. It will halt operations for three to four days.
Kotak Mahindra Bank: Lender to meet on June 16 to consider raising funds by issuing non-convertible debentures or bonds in one or more tranches on a private placement basis during fiscal 2023–2024.
Zydus Lifesciences: The company said the U.S. FDA inspection at the injectables manufacturing facility at Zydus Biotech Park in Changodar concluded with nil observations. The U.S. drug regulator conducted a current good manufacturing practices inspection at the facility from June 5 to June 13.
Anupam Rasayan India: The company signed a letter of intent worth $256 million (Rs 2,186 crore) for the next five years with a leading Japanese specialty chemical company. It will supply a new-age patented life science active ingredient starting in the calendar year 2025. The product will be in the validation phase for the next eighteen months.
GAIL (India): The Ministry of Petroleum and Natural Gas has nominated Executive Director (Marketing) Sanjay Kumar as a director (marketing) on the board of the company. Presently, he is the Managing Director of Indraprastha Gas Ltd. (IGL), the largest CNG distribution company in India.
LTIMindtree: The company said it has joined the Microsoft Intelligent Security Association, which is an ecosystem of independent software vendors and managed security service providers. This collaboration will allow the company to enhance its MDR platform and help enterprises prevent, detect, and respond to cyberattacks.
Brookfield India Real Estate Trust REIT: The company agreed to raise funds through an institutional placement of units not exceeding Rs 3,500 crore in one or more tranches. It approved the acquisition of Candor Techspace G1, owned by Candor Gurgaon One Realty Projects, and the acquisition of Mountainstar India Office Parks. It agreed to acquire Powai, owned by Kairos Property Managers.
LIC Housing Finance: The company's Chief Operating Officer and Whole-Time Director, Ashwani Ghai, has resigned with effect from June 13.
Archean Chemical Industries: The company decided to temporarily suspend operations at its plant in Hajipir, Gujarat, starting June 14.
KEC International: The company secured new orders worth Rs 1,373 crore across its railways, civil, transmission and distribution, and cables businesses.
Zomato: The company's unit, Zomato Australia Pty Ltd., has been deregistered with effect from June 11, 2023.
Fiem Industries: The company said that a fire broke out around noon in one building of Unit 7 in the Sonipat plant. There was no loss or injury to human life, but some buildings, plant and machinery, stocks, and furniture were damaged.
Who's Meeting Whom?
RHI Magnesita India: To meet investors and analysts on June 14.
Delhivery: To meet investors and analysts on June 15.
Kewal Kiran Clothing: To meet investors and analysts on June 14.
Sundram Fasteners: To meet investors and analysts on June 14.
Arvind Fashions: To meet investors and analysts on June 14.
Royal Orchid Hotels: To meet investors and analysts on June 14.
Styrenix Performance Materials: To meet investors and analysts on June 15.
Uniparts India: To meet investors and analysts on June 14.
Aurobindo Pharma: To meet investors and analysts on June 14.
PI Industries: To meet investors and analysts on June 14 and June 28.
Union Bank of India: To meet investors and analysts on June 14.
Styrenix Performance Materials: To meet investors and analysts on June 15.
Kalyan Jewellers: To meet investors and analysts on June 14.
BLS International Service: To meet investors and analysts on June 15.
Meghmani Finechem: To meet investors and analysts on June 14.
PDS: To meet investors and analysts on June 14.
W.S. Industries: To meet investors and analysts on June 15.
Dixon Technologies: To meet investors and analysts on June 14 and June 16.
Cantabil Retail India: To meet investors and analysts on June 14.
Anupam Rasayan India: To meet investors and analysts on June 14.
AGM
Kesoram Industries
Trading Tweaks
Price Band Revised From 20% To 10%: Force Motors
Ex-Date Dividend: Canara Bank, Shankara Building Products, Tata Chemicals
Ex-Date Right Issue: Udaipur Cement Works
Ex-Date Annual General Meeting: Shankara Building Products
Record-Date Dividend: Canara Bank
Ex-Date Right Issue: Udaipur Cement Works
Record-Date Right Issue: Udaipur Cement Works
Move Into Short-Term ASM Framework: KPI Green Energy, Tata Teleservices (Maharashtra), Repco Home Finance, Prime Focus
Move Out Of Short-Term ASM Framework: The Hi-Tech Gears, Inox Wind, Shriram Pistons & Rings
Insider Trades
LG Balakrishnan & Bros: Promoter Nithin Karivardhan sold 16,650 shares on June 12.
Mukand: Promoter Group Baroda Industries bought 30,000 shares between June 9 and June 12.
Greaves Cotton: Promoter Karun Carpets bought 1.15 lakh shares between June 5 and June 12.
Som Distilleries & Breweries: Promoter Deepak Arora bought 10,000 shares on June 13.
Nava: Promoter AV Dwellings bought 5,000 shares on June 9.
NRB Bearings: Promoter Group Aziz Yousuf Zaveri bought 33,471 shares on June 7.
Praveg: Promoter Group Sunita Paras Patel sold 50,050 shares on June 12.
Pricol: Promoter Pricol Engineering Industries bought 2.1 lakh shares and Pricol Logistics bought 5 lakh shares on May 12.
5Paisa Capital: Promoter Venkataraman Rajamani bought 5,000 shares on June 12.
Pledge Share Details
Mangalore Chemicals & Fertilizers: Promoter Zuari Agro Chemicals created a pledge of 45 lakh shares and revoked a pledge of 22.95 lakh shares on June 9.
Bulk Deals
Zee Entertainment: Plutus Wealth bought 75 lakh shares (0.8%) at Rs 191.44 apiece.
Nazara Technologies: Societe Generale sold 4 lakh shares (0.6%) at Rs 681.74 apiece.
Bajaj Electricals: Societe Generale bought 6 lakh shares (0.52%) at a price of Rs 1,175 per share and Small Cap World Fund sold 10.92 lakh shares (0.95%) at Rs 1,175.02 per share.
Capacite Infraprojects: Societe Generale bought 24.17 lakh shares (3.56%) at Rs 190 per share and Newquest Asia Investments sold 32 lakh shares (4.71%) at Rs 190.04 apiece.
Block Deals
Bajaj Finserv: Jaya Hind Industries bought 1.5 lakh shares (0.02%) and Abhaykumar Navalmal Firodia sold 1.5 lakh shares (0.02%) at Rs 1,480 apiece.
F&O Cues
Nifty June futures ended at 18,775.30, a premium of 92.30 points.
Nifty June futures fell 0.98%, with 1,786 shares in open interest.
Nifty Bank June futures ended at 44,230 a premium of 132.45 points.
Nifty Bank June futures rose 0.84%, with 827 shares in open interest.
Securities added to the ban period: Indiabulls Housing Finance, Indian Energy Exchange, India Cements, Delta Corp, Manappuram Finance, Bharat Heavy Electricals.
Money Market Update
Rupee closed 0.07% lower against the U.S. dollar at Rs 82.38 on Tuesday, compared to Monday's close of 82.43.
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