Stock Market Today: Top 10 things to know before the market opens on 28th 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 60 points after opening the session at 18,881 points.
SGX futures touched a high of 18,888 points in early trade on June 28.
The BSE Sensex jumped 446 points to 63,416, while the Nifty50 rose 126 points to 18,817 and formed a bullish candlestick pattern on the daily scale after a Doji pattern formation on Tuesday.
The pivot point calculator suggests that the Nifty may get support at 18,743, followed by 18,716 and 18,672, whereas in the case of an upside, 18,831 can be a key resistance area for the index, followed by 18,858 and 18,902.
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 60 points on Wednesday.
SGX futures stood at 18,869 points.
US Markets
US S&P 500 futures inched lower on Tuesday night. S&P 500 futures and Nasdaq 100 futures dipped 0.19 percent and 0.39 percent. Dow Jones Industrial Average futures were little changed.
During Tuesday’s trading, the Dow Jones Industrial Average posted its first positive session in seven, with the index closing 0.63 percent higher.
Meanwhile, the S&P 500 and the Nasdaq Composite jumped more than 1 percent each, buoyed by a resurgence in tech stocks after last week’s selloff.
European Markets
European markets closed on a cautious high note Tuesday after spending most of the session in the red, as investors monitored comments from central bankers at the ECB Forum in Sintra.
The pan-European Stoxx 600 closed 0.09 percent higher provisionally after six straight negative sessions.
Sectors were mixed, with banks leading gains with a 1 percent rise, as health-care stocks fell 1.12 percent.
Fintech Wise was the top individual performer, soaring more than 16 percent after full-year results showed gross profit growth of 73 percent and 34 percent customer growth.
FTSE closed 0.11 percent higher at 7461 points. DAX closed 0.21 percent higher at 15,846 points.
Asian Markets
Asia-Pacific markets rose as the region awaits May inflation figures out of Australia and China releases its industrial profits for May.
In Australia, the S&P/ASX 200 climbed 0.71 percent in early trade.
Economists polled by Reuters expect the country’s inflation rate to ease to 6.1 percent, compared with the 6.8 percent recorded in April.
In Japan, the Nikkei 225 rebounded after three straight days of losses, popping 1 percent, with the Topix also surging 0.9 percent. South Korea’s Kospi traded close to the flatline, while the Kosdaq saw a 0.27 percent gain.
Hong Kong’s Hang Seng index also is poised to extend its gains after climbing almost 2 percent on Tuesday, with futures at 19,185 compared to the HSI’s close of 19,148.13.
US considering new restrictions on AI chip exports to China
The United States is considering new restrictions on exports of artificial intelligence chips to China, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.
Shares of Nvidia fell more than 2 percent, while Advanced Micro Devices (AMD) fell about 1.5 percent on the news in extended trading.
The US commerce department will stop the shipments of chips made by Nvidia and other chip companies to customers in China as early as July, the report said.
Nvidia, Micron, and AMD are among the U.S. chipmakers caught in the crossfire between China and the Biden administration.
HDFC says July 13 delisting date is ‘tentative’
Hours after HDFC chairman Deepak Parekh spelled out the key dates for HDFC mega merger, the company in an exchange filing said that the dates are ‘tentative’.
“We wish to clarify that both, HDFC Limited and HDFC Bank are working towards completing all the necessary formalities for completion of the proposed amalgamation as per the tentative dates,” it said.
Earlier in the day, Parekh had said that the merger is expected to be complete by July 1 and HDFC Ltd shares will be unlisted by July 13. Following this, both the stocks jumped over one percent in late trade on June 27.
ED arrests real estate firm Supertech’s chairman R K Arora in money-laundering case
The Enforcement Directorate (ED) arrested real estate company Supertech’s chairman and owner RK Arora on money-laundering charges on Tuesday, official sources said.
Arora was taken into custody under the criminal sections of the Prevention of Money Laundering Act (PMLA), following a third round of his questioning at the federal agency’s office, they said.
He is expected to be produced before a special PMLA court here on Wednesday, where the ED will seek his further remand.
Oil prices
Oil prices slumped over 2 percent on Tuesday on signals that central banks may not be done with interest rate hikes, while investors awaited data that could shed light on U.S. fuel consumption during the peak summer driving season.
Brent crude futures settled down $1.92, or 2.6 percent, at $72.26 a barrel.
US West Texas Intermediate (WTI) futures dropped $1.67, or 2.4 percent, to $67.70. Both contracts are trading broadly within a $10 range traced since early May.
Oanda analyst Craig Erlam said prices were mainly at the mercy of “the ever-changing expectations for interest rates”.
Dollar
The Dollar index traded 0.04 percent higher in futures at 102.53, whereas the value of one dollar hovered near Rs 81.99.
Gold
Gold reversed course to slip on Tuesday after strong U.S. economic readings, while traders positioned for Federal Reserve Chair Jerome Powell’s speech and more data that could offer clues on future interest rate hikes.
Spot gold fell 0.6 percent to $1,911.53 per ounce, while U.S. gold futures settled 0.5 percent lower at $1,923.80.
FII and DII
Foreign institutional investors (FII) bought shares worth Rs 2,024.05 crore, whereas domestic institutional investors (DII) sold shares worth Rs 1,991.35 crore on June 27, provisional data from the National Stock Exchange shows.
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