Stock Market Today: Top 10 things to know before the market opens on 14th june
The market is likely to open marginally higher on June 14 as the SGX Nifty indicates a positive start for the broader index, with a gain of 43 points after opening the session at 18,819 points.
SGX futures touched a high of 18,833 in early trade on June 14.
The BSE Sensex gained 418 points to close at 63,143 points on Tuesday, while the Nifty 50 closed 114 points higher at 18,716 points. The Nifty50 traded comfortably higher than its 200-day moving average of 18,446 and is expected to build on the recent momentum.
According to the pivot point calculator, the Nifty may find support at 18,655, followed by 18,632 and 18,595.
If the index advances, then 18,729 will be the key resistance, followed by 18,752 and 18,789.
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 higher start for the broader index with a gain of 48 points on Wednesday.
SGX futures stood at 18,833.
US Markets
Stocks rose Tuesday night after new inflation data showed price pressures slowed again in May, adding to investor optimism that the Federal Reserve could skip a rate hike when it next decides on policy this week.
The Dow Jones Industrial Average traded 145.79 points higher, or 0.43 percent, to close at 34,212.12.
The S&P 500 added 0.69 percent to close at 4,369.01, and the Nasdaq Composite advanced 0.83 percent to 13,573.32.
The S&P 500 and the Nasdaq notched fresh 13-month highs during Tuesday’s session. Both indexes each reached their highest closing levels since April 2022 on Monday.
Currently, the broad-market index is up about 25 percent from its October low, surpassing the simplistic definition of a bull market.
European Markets
European stock markets ended the day higher Tuesday as investors digested strong U.K. labor figures and U.S. inflation data ahead of the next meeting of the U.S. Federal Reserve.
The regional Stoxx 600 index finished around 0.63 percent higher, with most sectors in the green.
Mining stocks shook off recent negativity to climb 2.7 percent, while tech stocks rose 1.5 percent.
It came after the release of U.S. inflation data showed a decline in price rises to the lowest level in two years.
The gauge is being closely watched ahead of Wednesday’s rate hike decision from the Fed.
According to the CME FedWatch Tool, there’s an 81 percent chance that the Fed will pause rate hikes in this June meeting.
The FTSE index closed 0.32 percent higher at 7594 points. DAX closed 0.83 percent higher at 16,230 points.
Asian Markets
Asia-Pacific markets are largely higher as the inflation in the U.S. rose at a 4 percent annual rate in May, the lowest in two years.
This gives room for the Federal Reserve to pause and skip a rate hike when they meet later this week.
In Japan, the Nikkei 225 popped 1.05 percent on its open, inching closer to the Nikkei’s all time high is just under 39,000 points in December 1989. The Topix also continued to set new year highs, climbing 0.85 percent.
In Australia, the S&P/ASX 200 climbed 0.32 percent, while South Korea’s Kospi slipped 0.22 percent and the Kosdaq traded close to the flatline.
South Korea’s unemployment rate came in at 2.5 percent for May, falling for the second straight month and lower than the 2.6 percent recorded in April.
Hong Kong’s Hang Seng index is also set for a strong open, with futures at 19,535 compared to the HSI’s close of 19,521.42.
Adani in talks for first major debt refinancing after Hindenburg
Adani Group is in talks with lenders, including global banks, as it seeks to refinance up to $3.8 billion of a loan facility taken for its acquisition of Ambuja Cements Ltd. last year, said people familiar with the matter.
The ports-to-power conglomerate owned by Indian tycoon Gautam Adani is mulling whether to convert the original loan into debt with a longer maturity period and has started talking to banks individually about that plan, said the people, who asked not to be identified as the discussions are private.
Watchful of refinancing risk on Vedanta Resources’ term debt of $4.2 billion due in FY24: CreditSights
Fitch Rating unit CreditSights on June 13 said that it will be “watchful” of refinancing risk on the term debt of Vedanta Resources Ltd (VRL) aggregating to $4.2 billion that will be due in FY24.
VRL, the parent company of India-listed mining giant Vedanta Ltd, is likely to fully service its debt maturities in the next 12 months, CreditSights stated in a note.
The report comes after VRL raised around $450 million from two of its rivals, triggering concerns that the company is unable to raise money from regular debt channels and banks.
Oil prices
Oil prices climbed 3 percent on Tuesday, recovering from steep losses the previous session, after China’s central bank lowered a short-term lending rate for the first time in 10 months.
Brent crude futures climbed $2.18, or 3 percent, to $74.02 a barrel by 11:34 a.m. EDT (1534 GMT). U.S. West Texas Intermediate (WTI) crude was up $2.04, or 3 percent, at $69.16 a barrel.
Prices on Monday fell by about 4 percent, in part because of concerns about the Chinese economy after disappointing economic data last week.
Dollar
The Dollar index traded 0.41 percent lower in futures at 103.23, whereas the value of one dollar hovered near Rs 82.17.
Gold
Gold slipped on Tuesday as Treasury yields rebounded, while traders firmed up bets the Federal Reserve would stand pat on interest rates after data showed U.S. consumer price gains slowed in May.
Spot gold fell 0.6 percent to $1,944.0499 per ounce, after rising as much as 0.7 percent on U.S. inflation data.
FII and DII
Foreign institutional investors (FII) bought shares worth Rs 1,677.60 crore, whereas domestic institutional investors (DII) sold shares worth Rs 203.32 crore on June 13, provisional data from the National Stock Exchange shows.
ByMoneycontrol
