Stock Market Today: Top 10 things to know before the market opens on 27th June
The market is likely to open marginally higher today as the SGX Nifty indicates a positive start for the broader index, with a gain of 21 points after opening the session at 18,724 points.
SGX futures touched a high of 18,759 points in early trade on June 27.
The BSE Sensex remained below the 63,000 mark in the previous close, falling 0.015 percent to 62,970, while the Nifty50 rose 26 points to 18,691 and formed a Doji kind of candlestick pattern on the daily charts, indicating indecisiveness among buyers and sellers about the future market trend, after two-day correction.
The pivot point calculator suggests that the Nifty may get support at 18,658, followed by 18,640 and 18,611, whereas in the case of an upside, 18,715 can be a key resistance area for the index, followed by 18,733 and 18,762.
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 21 points on Tuesday.
SGX futures stood at 18,725 points.
US Markets
Stock futures were modestly higher Monday night as investors looked toward the next batch of economic data and readied for the end of June and the second quarter.
Futures tied to the Dow Jones Industrial Average added 41 points, or 0.1 percent.
S&P 500 futures and Nasdaq-100 futures each also gained around 0.2 percent.
Those moves follow a losing day on Wall Street.
The Nasdaq Composite led the way down, dropping nearly 1.2 percent as investors took profits on some technology stocks.
Tesla slid 6 percent, while Nvidia, Alphabet and Meta Platforms all finished more than 3 percent lower.
The S&P 500 closed down by about 0.5 percent, while the Dow was finished slightly below flat.
It was the sixth consecutive negative session for the 30-stock Dow, its longest losing streak since September 2022.
Despite Monday’s leg down, the S&P 500 and Nasdaq are still on pace to finish June more than 3 percent higher, while the Dow is poised for a monthly advance of nearly 2.5 percent.
European Markets
European markets closed slightly lower Monday as investors digested weak economic signals after a downbeat week.
The pan-European Stoxx 600 index provisionally closed 0.1 percent lower to end a choppy session.
Chemicals led gains, up 0.9 percent, as oil and gas stocks climbed 0.8 percent.
Health care stocks saw the biggest loss, down 1.1 percent. FTSE closed 0.11 percent lower at 7453 points.
DAX closed 0.11 percent lower at 15,813 points.
Asian Markets
Asia-Pacific markets are mixed after Wall Street saw a tech sell-off Monday, with Tesla tumbling 6 percent after Goldman Sachs downgraded the electric car maker, citing pricing headwinds.
Other tech names like Nvidia, Alphabet and Meta Platforms also lost more than 3 percent each.
In Australia, the S&P/ASX 200 opened 0.28 percent up as investors await inflation figures for May on Wednesday, which will give a clue to the Reserve Bank of Australia’s rate moves in August.
In Japan, the Nikkei 225 extended its losses after three straight days of declines, falling 0.25 percent, with the Topix seeing a smaller loss of 0.06 percent.
South Korea’s Kospi and Kosdaq also was in the red, dropping 0.46 percent and 0.53 percent respectively in early trade.
Hong Kong’s Hang Seng index look set to snap its five-day losing streak, with futures at 18,894 compared to the HSI’s close of 18,794.13.
Google appeals against NCLAT order upholding Rs 1,338 crore anti-trust penalty
Tech major Google has filed an appeal in the Supreme Court, challenging the order of National Company Law Appellate Tribunal’s (NCLAT) order upholding Rs 1,338 crore penalty for anti-trust violations.
“Today, we filed an appeal in the Supreme Court regarding the NCLAT’s decision in the Android case.
The NCLAT correctly found that harm for anti-competitive behavior needs to be proven but did not apply this requirement to several of the CCI’s directions that it upheld.
We look forward to presenting our case before the Supreme Court and demonstrating how Android has benefitted Indian users, developers, and OEMs, and powered India’s digital transformation” a Google spokesperson said in a statement.
Cyient DLM IPO opens today; will be the second public issue this week
Cyient DLM, a subsidiary of software services firm Cyient, will be the second public issue to open for subscription this week, after IdeaForge Technology which floated its IPO on Monday.
Oil prices
Oil prices pared early gains on Monday, tracking a broader calm in financial markets as investors watched warily to see if there’ll be further fallout from an attempted insurrection in Russia that could disrupt energy supplies from one of the world’s largest oil producer nations.
Mercenaries led by Yevgeny Prigozhin, leader of the Wagner group of private militia, marched toward Moscow on Saturday, in what was seen as the biggest threat to Vladimir Putin’s 23-year grip on power.
The militia group reportedly took control of southern city of Rostov-on-Don — where several major oil and gas pipelines intersect — before the armed rebellion was abruptly called off, less than 24 hours after it began.
“Collectively the world would have breathed a sigh of relief at least on the oil market side that the disruption in the Russian state did not go through the worst that people feared,” Alok Sinha, Standard Chartered global head of oil & gas and chemicals, told CNBC Monday.
West Texas Intermediate futures were up about 0.8 percent at $69.74, after initially rising as much as 1.3 percent to just below $70 a barrel earlier Monday, followed by last week’s almost 4 percent decline.
Brent crude was trading about 0.8 percent higher at $74.47.
Dollar
The Dollar index traded 0.08 percent higher in futures at 102.78, whereas the value of one dollar hovered near Rs 82.00.
Gold
Gold prices on Monday firmed above last session’s more than three-month low, as concerns surrounding the political turmoil in Russia drove flows into safe-haven bullion, outweighing risks from the Federal Reserve’s hawkish outlook.
Spot gold was up 0.2 percent at $1,925.53 per ounce, while gold futures gained 0.4 percent to $1,938.00.
“We are seeing some modest safe-haven demand in gold on the Russian incursion that was quickly aborted over the weekend.
But there are still some underlying worries,” said Jim Wyckoff, senior analyst at Kitco.
The marketplace wonders what’s going to happen next because the Russian military appears to be destabilizing.
Putin appears to see his power weakening, and that has major implications around the world.”
FII and DII
Foreign institutional investors (FII) sold shares worth Rs 409.43 crore, whereas domestic institutional investors (DII) purchased shares worth Rs 250.12 crore on June 26, provisional data from the National Stock Exchange shows.
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