Stock Market Today: Top 10 things to know before the market opens on 6th june
The market is likely to open marginally lower on June 6 as the SGX Nifty indicates a negative start for the broader index, with a loss of 30 points after opening the session at 18,697.
SGX futures touched a high of 18,730 in early trade on Tuesday.
The BSE Sensex gained 240 points to close at 62,787 points on Monday, while the Nifty 50 closed 59 points higher at 18,593 points. The Nifty50 traded comfortably higher than its 200-day moving average of 18,309 and is expected to build on the recent momentum.
The Nifty may get support at 18,584, followed by 18,570 and 18,548.
If the index advances, 18,628 will be the key resistance followed by 18,641 and 18,663.
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.
SGX Nifty
The SGX Nifty indicates a marginally lower start for the broader index with a loss of 30 points on Tuesday. SGX futures stood at 18,692.
US Markets
Stock futures are modestly lower as investors are coming off a losing session that took a small bite out of last week’s advance.
Futures tied to the Dow Jones Industrial Average shed 22 points, or about 0.07 percent.
S&P 500 and Nasdaq-100 futures slipped 0.06 percent and 0.1 percent, respectively.
The moves follow a losing day on Wall Street that marked a modest reversal from last week’s broad gains.
The Dow finished Monday down about 0.6 percent, while the S&P 500 and Nasdaq Composite lost about 0.2 percent and 0.1 percent, respectively.
Apple contributed to the leg down, as the iPhone maker briefly touched all-time highs earlier in the session only to end about 0.8 percent lower.
The Big Tech company — which swung between a 2.2 percent gain and a 1.6 percent loss Monday — debuted its highly anticipated virtual reality headset as well as new software at its annual Worldwide Developer Conference on Monday.
Shares were up slightly after hours.
European Markets
European markets closed lower on Monday as traders digested the U.S. debt ceiling agreement and euro zone inflation data.
The pan-European Stoxx 600 index closed 0.5 percent lower after muted trading through most of the session.
The FTSE closed 0.1 percent lower at 7599 points. DAX closed 0.54 percent lower at 15,963 points.
CAC 40 Index closed 0.96 percent lower at 7200 points.
Asian Markets
Asia-Pacific markets fell, tracking similar moves on Wall Street after the S&P 500 erased earlier gains that brought the benchmark index to trade at its highest level on an intraday basis in nine months.
Australia’s S&P/ASX 200 opened 0.35 percent down ahead of the country’s central bank rate decision.
The Reserve Bank of Australia is expected to hold rates at 3.85 percent, according to a Reuters poll.
In Japan, the Nikkei 225 is still trading above the 32,000 mark, despite falling 0.64 percent.
The Topix also registered a similar drop of 0.62 percent.
The last time the Nikkei traded at these levels, Japan was in the middle of its bubble economy — a period from 1986 to 1991 where real estate prices and stock prices were hugely inflated.
The Nikkei reached its all-time high of just above 38,900 in December 1989.
South Korea’s markets are closed Tuesday for a holiday.
Hong Kong’s Hang Seng index is set for a weaker open, with futures at 19,071 compared to the HSI’s close of 19,108.5.
IKIO Lighting raises Rs 181.95 crore via anchor book ahead of IPO
LED lighting solutions provider IKIO Lighting on June 5 has mobilised Rs 181.95 crore via anchor book ahead of its initial public offering.
The company, in its filing to exchanges, said it has finalised allocation of 63.84 lakh equity shares to anchor investors, at a price of Rs 285 per share, the upper price band.
Bulk Deals | Plutus Wealth Management LLP picks Rs 247.22 crore shares in MTAR Technologies
Ahmedabad-based Plutus Wealth Management LLP has picked more than 4 percent equity stake in MTAR Technologies via open market transactions on June 5, whereas promoters were the sellers for some of those shares.
The stock gained 0.2 percent to close at Rs 1,895.55 on the NSE.
Oil prices
Oil prices rose following OPEC kingpin Saudi Arabia’s decision to cut production by another million barrels per day.
On Sunday, the Organization of the Petroleum Exporting Countries and its partners (known as OPEC+) made no changes to its planned oil production cuts for the rest of the year.
However, the world’s top oil exporter Saudi Arabia announced further voluntary output cuts which will be implemented from July.
The kingdom’s output will decline to 9 million barrels per day from around 10 million barrels in May, Saudi’s energy ministry said in a statement. Both benchmarks were trading higher on Monday.
International benchmark Brent crude futures traded at $77.42 a barrel, up 1.7 percent, while U.S. West Texas Intermediate futures stood at $72.87, over 1.5 percent higher.
OPEC+ pumps approximately 40 percent of the world’s crude and policy decisions can have a significant impact on prices.
Dollar
The Dollar index traded 0.02 percent lower in futures at 103.93, whereas the value of one dollar hovered near Rs 82.40.
Gold
Gold rebounded on Monday after weaker US services sector growth reinforced bets for the Federal Reserve to stay pat on interest rates next week.
Ingots of 99.99 percent pure gold are placed in a workroom at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, January 31, 2023.
Spot gold gained 0.5 percent to $1,957.70 per ounce, erasing losses from earlier in the session, when it touched its lowest since May 30.
US gold futures rose 0.2 percent to $1,974.20.
FII and DII
Foreign institutional investors (FIIs) sold shares worth Rs 700.98 crore, whereas domestic institutional investors (DIIs) bought shares worth Rs 1,195.98 crore on June 5, provisional data from the National Stock Exchange shows.
ByMoneycontrol
