Stock Market Today: Top 10 things to know before the market opens on 22th june
The market is likely to open marginally lower today as the SGX Nifty indicates a negative start for the broader index, with a loss of 31 points after opening the session at 18,875 points.
SGX futures touched a high of 18,915 in early trade on June 22.
The BSE Sensex hit its highest-ever level of 63,588 intraday, before closing the previous session with a 195-point gain at 63,523, while the Nifty50 climbed 40 points to 18,857 and formed a Doji kind of candlestick pattern on the daily charts, indicating indecisiveness among buyers and sellers about the future market trend.
The pivot point calculator suggests that Nifty may get support at 18,812, followed by 18,792 and 18,761, whereas in case of upside, 18873 can be a key resistance area for the index, then 18,893 and 18,924.
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 31 points on Thursday.
SGX futures stood at 18,878.
US Markets
Stock futures were flat in overnight trading on Wednesday after the market suffered three consecutive days of decline as the tech-powered rally faded.
Futures on the Dow Jones Industrial Average rose 23 points, or 0.07 percent.
S&P 500 futures inched up 0.05 percent and Nasdaq 100 futures changed little.
The rally appeared to decelerate this week as all three major averages fell for the third day in a row.
The S&P 500 slid 0.5 percent on Wednesday, marking its worst daily performance in June.
The equity benchmark is now down 1 percent week to date, on pace to break a five-week win streak.
The tech-heavy Nasdaq Composite fell 1.2 percent, suffering its worst daily performance since June 7.
Big winner in artificial intelligence AMD dropped 5.7 percent Wednesday, while Intel retreated 6 percent.
The Dow Jones Industrial Average slipped 0.3 percent.
Wednesday’s decline came as Federal Reserve Chair Jerome Powell said more rate hikes are likely ahead to combat inflation, pouring cold water on investors who had hoped the central bank was close to the end of its tightening cycle.
European Markets
European markets lost ground in Wednesday’s trade, after the UK inflation data came in higher than expected.
The pan-European Stoxx 600 index closed 0.5 percent lower, with almost all sectors in the negative territory.
Tech stocks led losses, down 1.6 percent, amid continued concerns over global growth, while mining stocks fell 1.5 percent.
Autos dropped 0.6 percent, despite strong new car registration data, as oil and gas saw a 1 percent uptick.
FTSE closed 0.13 percent lower at 7559 points. DAX closed 0.55 percent lower at 16,023 points.
Asian Markets
Asia-Pacific markets traded largely in the green after US Federal Reserve Chairman Jerome Powell forecast more rate hikes this year, saying that “the process of getting back down to 2 percent has a long way to go”.
“Nearly all FOMC participants expect that it will be appropriate to raise the interest rates somewhat further by the end of the year,” Powell said in remarks prepared for testimony before the House Financial Services Committee.
In Japan, the Nikkei 225 climbed 0.19 percent to extend its gains from Wednesday, while the Topix was up 0.66 percent.
South Korea’s Kospi was up 0.2 percent and the Kosdaq was 0.25 percent up and Australia’s S&P/ASX 200 saw a loss of 0.65 percent, extending its losses from Wednesday.
Elsewhere, markets in Hong Kong and mainland China, as well as Taiwan are closed for a holiday Thursday.
Separately, crypto prices also surged in the last 24 hours, with bitcoin breaking above the $30,000 mark for the first time since April 26.
Ether climbed to nearly reach the $1,900 mark, its highest level since June 4.
TCS bags $1-billion deal from UK’s National Employment Savings Trust
IT services giant Tata Consultancy Services (TCS) announced the expansion of its partnership with National Employment Savings Trust, UK’s largest workplace pension scheme in a £840 million ($1 billion) deal over an initial tenure of 10 years, wherein it will digitally transform the company’s administration services to deliver enhanced member experiences.
The total maximum estimated value of the contract, if extended to the entirety of its 18-year tenure, will be £1.5 billion (around $1.9 billion).
HMA Agro Industries IPO receives 55% subscription on Day 2
The initial public offering (IPO) of HMA Agro Industries saw 50 percent overall subscription on Day 2, on June 21.
Investors have put in bids for 33.56 lakh equity shares against an IPO size of 60.54 lakh shares, as per the data available with the exchanges.
Retail investors have bought 38 percent shares of the allotted quota, while high net-worth individuals have bid 1.20 times the reserved portion.
The part set aside for qualified institutional buyers has been subscribed 37 percent.
Carlyle plans to sell 2.53% stake in Delhivery via block deal: Sources
Global private equity firm Carlyle is planning to sell a stake of 2.53 percent it holds in the Gurugram-based logistics startup Delhivery through a block deal, CNBC Awaaz reported on June 21, citing sources.
The deal size will be of around 1.84 crore shares, amounting to $86 billion, the sources said, adding that the base price is likely to be Rs 385.5 per share, which would mark a miniscule discount as against the current market price.
Oil prices
Oil prices gained a dollar a barrel on Wednesday as the US corn and soybean prices raced to multi-month highs, raising expectations that crop shortfalls around the globe could lower biofuels blending and increase oil demand.
Brent futures rose $1.22, or 1.6 percent, to settle at $77.12 a barrel, while the US West Texas Intermediate (WTI) crude futures rose $1.34, or 1.9 percent, to settle at $72.53 a barrel.
Both contracts hit two-week highs earlier in the session.
Dollar
The Dollar index traded 0.02 percent lower in futures at 102.07, whereas the value of one dollar hovered near Rs 81.94.
Gold
Gold prices pared losses on Wednesday, helped by a retreat in the dollar, although an uptick in bond yields after U.S.
Federal Reserve Chair Jerome Powell’s congressional testimony kept bullion near a three-month low.
Spot gold was steady at $1,936.96 per ounce after dropping as much as 0.9 percent earlier. US gold futures settled 0.1% lower at $1,944.9.
FII and DII
Foreign institutional investors (FII) bought shares worth Rs 4,013.10 crore, while domestic institutional investors (DII) purchased shares worth Rs 550.36 crore on June 21, provisional data from the National Stock Exchange shows.
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