Stock Market Today: Top 10 things to know before the market opens on 7th june

On July 6, the Sensex closed 339.60 points or 0.52% higher at 65,785.64 and the Nifty was up 98.80 points or 0.51% at 19,497.30.

The pivot point calculator suggests that the Nifty may get support at 19,408, followed by 19,375 and 19,322, whereas in the case of an upside, 19,514 can be a key resistance area for the index, followed by 19,547 and 19,600.

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.

GIFT Nifty

The GIFT Nifty indicates a flat start for the broader index with a gain of 15 points on Friday. The futures stood at 19,503.

European markets

European stock markets fell sharply Thursday as traders digested new economic data from the U.S.

The pan-European Stoxx 600 index closed down 2.5%. All sectors and major bourses finished in the red.

Over in the U.S., strong jobs data prompted 10-year Treasury yields to jump above 4%, and suggested that more fiscal tightening could be on the horizon from the Federal Reserve.

US Markets

Wall Street’s main indexes ended sharply lower on Thursday in a broad sell-off after data showing a strong labor market boosted bond yields and fanned fears the Federal Reserve will be aggressive in raising U.S. interest rates.

The S&P 500 posted its biggest daily percentage drop since May 23.

The Dow logged its biggest single-day fall since May 2.

The Dow Jones Industrial Average fell 366.38 points, or 1.07%, to 33,922.26, the S&P 500 lost 35.23 points, or 0.79%, to 4,411.59 and the Nasdaq Composite dropped 112.61 points, or 0.82%, to 13,679.04.

Asian Markets

Markets in Asia-Pacific marked a second day of declines after Wall Street sold off on stronger-than-expected U.S. jobs data, leaving room for more rate hikes ahead by the Federal Reserve.

Companies created far more jobs than expected, payroll processing firm ADP reported Thursday.

Private sector jobs surged by 497,000 for the month, much better than the 220,000 Dow Jones consensus estimate. The increase resulted in the biggest monthly rise since July 2022.

The data also followed minutes of the Federal Reserve’s June meeting, released Wednesday, which showed that most officials would support more rate increases ahead.

In Australia, the S&P/ASX 200 fell 1.8%, leading losses in the region.

Japan’s Nikkei 225 fell 1.13% and the Topix shed 1.1%. In South Korea, the Kospi slid 1.14% as Samsung Electronics estimated a 96% likely plunge in its second quarter operating profit.

RBI to conduct 4-day VRRR for Rs 2 lakh crore on July 7

The Reserve Bank of India (RBI) on July 6 said it will conduct a four-day variable rate reverse repo auction for a notified amount of Rs 2 lakh crore on July 7.

The auction will take place between 10:30 AM and 11:00 AM, and reversal of these funds will take place on July 11.

This will be the fifth consecutive reverse repo auction conducted by the central bank in this week.

“On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo auction on July 07,” RBI said in a release.

Titan Q1 update: Revenue grows 20% YoY on strong performance in key businesses

Titan Company on July 6 said it has registered a 20 percent year-on-year (YoY) revenue growth with all key consumer businesses exhibiting double-digit growth for the quarter ended June 30, 2023.

The jewellery maker also said that during the quarter, it added 68 stores, including CaratLane, taking Titan’s retail presence to 2,778 stores.

Moreover, the jewellery division delivered a satisfactory performance, growing 21 percent YoY in Q1FY24.

Buyer growth was higher than average ticket size growth for this period.

Despite significant volatility in gold prices throughout the quarter, Akshaya Tritiya sales in April and wedding purchases in June were robust,” Titan added.

US weekly jobless claims rise moderately; layoffs drop in June

The number of Americans filing new claims for unemployment benefits increased moderately last week, pointing to only a gradual easing in labor market conditions.

Initial claims for state unemployment benefits rose 12,000 to a seasonally adjusted 248,000 for the week ended July 1, the Labor Department said on Thursday. Economists polled by Reuters had forecast 245,000 claims for the latest week.

Claims jumped to a 20-month high in the first three weeks of June amid a broadening in layoffs beyond the technology sector and interest rate-sensitive industries like housing and finance.

Minnesota recently extended eligibility for state unemployment benefits to tens of thousands hourly paid school workers during the summer break, also contributing to the rise in filings.

Bitcoin rally hits another milestone, reaches 13-month high

Bitcoin hit its highest level in 13 months on Thursday rising as much as 3.28% to $31,500.

The world’s largest cryptocurrency has recently found support due to plans by fund managers, including BlackRock – the world’s largest asset manager – to launch a U.S.-listed spot bitcoin exchange-traded fund(ETF).

Nasdaq refiled its application to list BlackRocks’s ETF according to a filing made public on Monday after the U.S. securities regulator had reportedly raised concerns over initial filings.

Crude Price Updates:

Oil prices were largely unchanged on Friday, but set to post weekly gains, as fears of higher U.S. interest rates that could dampen energy demand were offset by signs of tighter supply after a larger-than-expected fall in U.S. oil stocks.

Brent crude futures were down 1 cent at $76.51 a barrel at 0006 GMT, while U.S. West Texas Intermediate crude gained 2 cents to $71.82 a barrel.

FII and DII

Foreign institutional investors (FII) bought shares worth Rs 2,641.05 crore, whereas domestic institutional investors (DII) sold shares worth Rs 2,351.66 crore on July 6, provisional data from the National Stock Exchange shows.

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