Stock Market Today: Top 10 things to know before the market opens on 20th june
The market is likely to open marginally lower on June 20 as the SGX Nifty indicates a negative start for the broader index, with a loss of 48.5 points after opening the session at 18,827 points. SGX futures touched a high of 18,828 in early trade on June 20.
The BSE Sensex plummeted 216 points to 63,168, while the Nifty 50 shed 71 points to 18,756 and formed a Dark Cloud Cover kind of pattern on the daily charts, which is a trend reversal pattern to the downside.
According to the pivot point calculator, the Nifty may find support at 18,723, followed by 18,685 and 18,623.
If the index advances, then 18,847 will be the key resistance, followed by 18,886 and 18,948.
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 48 points on Tuesday.
SGX futures stood at 18,826.
US Markets
Stock futures ticked lower on Monday evening as investors looked ahead to a holiday-shortened week of trading.
Futures tied to the Dow Jones Industrial Average slipped 93 points, or 0.3 percent, while S&P 500 futures pulled back 0.2 percent. Nasdaq 100 futures declined 0.18 percent.
Markets were closed for the regular trading session Monday due to the Juneteenth holiday.
Investors are coming off of a strong week, even as the major averages had slipped on Friday.
The S&P 500 and the Nasdaq Composite posted their best weekly performances since March, with the broad-market benchmark rising 2.6 percent and the tech-heavy index adding 3.25 percent.
It was also the S&P 500′s fifth positive week in a row — a first since November 2021 — and the Nasdaq’s eighth consecutive positive week, a feat it previously accomplished in 2019.
European Markets
European markets fell at the start of the new trading week as investors remained jittery over the economic outlook.
The benchmark Stoxx 600 index closed 1 percent lower Monday, with almost all sectors in negative territory.
Chemicals stocks led losses, down 2.8 percent, while banking stocks ended just above the flatline.
FTSE closed 0.71 percent lower at 7588 points. DAX closed 0.96 percent lower at 16,201 points.
Asian Markets
Asia-Pacific markets traded mixed Tuesday as investors closely watched China’s loan prime rate decision after its central bank cut some of its key lending rates last week.
Markets are widely expecting cuts to its 1-year and 5-year loan prime rates, with economists polled by Reuters expecting a 10-basis point cut and a 15-basis point cut, respectively.
In Australia, the S&P/ASX 200 climbed 0.24 percent, extending gains from Monday and ahead of the Reserve Bank of Australia’s minutes for its June meeting, slated to be out later today.
In Japan, the Nikkei 225 is set to continue retreating from its 33-year highs as the index fell 0.45 percent, while the Topix lost 0.58 percent.
South Korea’s Kospi also continued its slide from Monday, falling 0.35 percent, along with the Kosdaq which saw a 0.37 loss.
Hong Kong’s Hang Seng index is expected to start the day largely unchanged, with futures at 19,913 compared to the HSI’s close of 19,912.89.
IndiGo beats Air India to the largest aircraft order in history, orders 500 planes of Airbus A320 family
Indigo, India’s largest airline by market share, on June 19 placed an order for 500 Airbus A320 Family aircraft in the largest purchase agreement in aviation history.
The deal is worth $50 billion at list prices and the airline will take delivery of these new aircraft between 2030 and 2035.
However, the actual cost of acquisition is expected to be significantly lower as such big deals happen at a substantial discount to list prices.
Vedanta plans to invest $1.7 billion in FY24 on growth projects: Chairman Anil Agarwal
Vedanta Ltd plans to invest USD 1.7 billion in the current financial year to expand the capacities of its various business operations, its Chairman Anil Agarwal has said.
It has already invested USD 1.2 billion in the form of growth capex in FY2023 to augment its assets and production, he said in the company’s Annual Report for financial 2022-23.
We envisage committing another USD 1.7 billion in FY 2024 towards growth projects,” Agarwal said.
haring details of the company’s projects, the chairman said Vedanta is already expanding its aluminium and zinc capacities.
Sebi stops IIFL Securities from onboarding new clients for two years
The market regulator has banned brokerage IIFL Securities from onboarding new clients for two years, for mixing clients’ funds with proprietary funds, for using credit-balance client accounts to settle obligations of debit-balance client accounts, and for using credit-balance client accounts to settle proprietary-trade obligations.
The Securities and Exchange Board of India (Sebi) in its order dated June 19 said, “the Noticee has flagrantly violated the provisions of SEBI 1993 Circular in various ways to clearly disregard the basic premise of the said circular both in letter and spirit in complete defiance of Regulatory instructions”.
Oil prices
Global oil prices fell more than $1 on Monday, backing off last week’s gains, as questions over China’s economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States.
Brent crude lost $1.15, or 1.5 percent, to trade at $75.46 a barrel by 0350 GMT, while U.S.
West Texas Intermediate (WTI) crude was down $1.09, or 1.5 percent, to $70.69. Last week, Brent posted a gain of 2.4 percent and WTI rose 2.3 percent.
Dollar
The Dollar index traded 0.06 percent higher in futures at 102.53, whereas the value of one dollar hovered near Rs 81.98.
Gold
Gold prices ticked down in light trade on Monday, pressured by a stronger dollar, as investors assessed the path ahead for interest rates following hawkish remarks from U.S.
Federal Reserve policymakers. Spot gold fell 0.1 percent to $1,955.79 per ounce by 0433 GMT. U.S. gold futures were down 0.2 percent to $1,967.20.
FII and DII
Foreign institutional investors (FII) sold shares worth Rs 1,030.90 crore, while domestic institutional investors (DII) offloaded shares worth Rs 365.20 crore on June 19, provisional data from the National Stock Exchange shows.
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