Stock Market Today: Top 10 things to know before the market opens on 2nd June
The market is likely to open marginally higher on June 2 as the SGX Nifty indicates a positive start for the broader index, with a gain of 70.5 points after opening the session at 18,622.
SGX futures touched a high of 18,661 in early trade on June 2.
The BSE Sensex lost 193 points to close at 62,428 points on Thursday, while the Nifty 50 closed 46 points lower at 18,487 points.
The Nifty50 traded comfortably higher than its 200-day moving average of 18,282 and is expected to build on the recent momentum.
As per pivot charts, the Nifty may get support at 18,467, followed by 18,439 and 18,395.
If the index advances, 18,555 would be the key resistance level to watch out for followed by 18,582 and 18,627.
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 70.5 points on Friday.
SGX futures stood at 18,615.
US Markets
Stock futures inched higher in overnight trading as traders looked ahead to Friday’s May jobs report.
Futures tied to the Dow Jones Industrial Average gained 42 points, or 0.13 percent, while S&P 500 futures added 0.1 percent.
Nasdaq-100 futures rose 0.13 percent.
Lululemon shares popped 13 percent after the bell on strong results and a guidance boost, while MongoDB surged 23 percent after hours on a blowout forecast.
Stocks kicked off the new trading month on a positive note.
The S&P 500 and Nasdaq Composite gained 0.99 percent and 1.28 percent, respectively, to settle at their highest levels since August. The Dow Jones Industrial Average added 153.3 points, or 0.47 percent.
European Markets
European stock markets closed higher Thursday amid hopes that the drama over the U.S. debt ceiling was entering its final stages.
The benchmark Stoxx 600 closed 0.8 percent higher, pulling away from its lowest level for two months.
Almost all sectors gained, with mining stocks up 2 percent after Chinese factory activity beat expectations.
Media stocks rose 1.8 percent, while household goods closed 0.2 percent lower.
FTSE closed 0.59 percent higher at 7490 points. DAX closed 1.21 percent higher at 15,853 points.
CAC 40 Index closed 0.55 percent higher at 7137 points.
Asian Markets
Asia-Pacific markets were mostly higher on Thursday after the bill to raise the U.S. debt ceiling was passed in the House of Representatives, advancing it to the Senate just days ahead of the default deadline.
The House passed the bill with support from both Democrats and Republicans, a dramatic conclusion to weeks of tense negotiations between the White House and Republican House Speaker Kevin McCarthy.
In Japan, the Nikkei 225 saw a 0.84 percent gain to close at 31,148.01 after it retreated from the 31,000 mark on Wednesday, with the Topix also up by 0.88 percent and ending at 2,149.29.
Australia’s S&P/ASX 200 gained 0.27 percent to finish at 7,110.8, rebounding off a one month low.
South Korean markets were more mixed.
The Kospi was down 0.31 percent and ended at 2,569.17, being the only major Asian benchmark index to be in the red on Thursday.
Meanwhile, the Kosdaq was up 0.8 percent and closed at 863.78, closing at its highest level in about six weeks.
Hong Kong’s Hang Seng index rebounded after touching bear market territory, with the HSI rising fractionally.
Mainland Chinese markets were also higher, with the Shanghai Composite closing marginally up at 3,204.63.
The Shenzhen Component rose 0.39 percent to end at 10,835.9, a slight rebound from its lowest level since November 2022.
GST collections in May cross Rs 1.57 lakh crore, up 12% YoY
The revenue from Goods and Services Tax (GST) crossed Rs 1.57 lakh crore- mark in May for the fifth time since inception of GST, Ministry of Finance said on June 1.
At Rs 1.57 lakh crore, the GST collected in May is lower than April’s record Rs 1.87 lakh crore.
However, the government has collected monthly GST revenues more than Rs 1.4 lakh crore for 14 months in a row now.
Compared to May 2022, the latest GST collections figure is up 12 percent.
India’s economy likely to grow in 6.5-6.7% range in FY’24: CII President
Industry body CII on Thursday said India’s economy is expected to grow in the range of 6.5-6.7 per cent in the current financial year supported by strong domestic drivers and robust capex momentum of the government.
India’s Gross Domestic Product (GDP) grew by 6.1 per cent in the March quarter of 2022-23, pushing the annual growth rate to 7.2 per cent.
The growth has propelled the country’s economy to USD 3.3 trillion, setting the stage for achieving the USD 5 trillion target in the next few years.
Oil prices
Oil prices rose on Thursday by the most in two weeks ahead of an OPEC+ meeting on Sunday, while House of Representatives passage of a bill to suspend the U.S. debt ceiling helped to offset the impact of rising inventories in the country.
U.S. West Texas Intermediate crude (WTI) rose $2.01, or 3 percent, to settle at $70.10 a barrel, recording its biggest daily gains since May 5.
Brent crude futures settled at $74.28 a barrel, up by $1.68, or 2.3 percent, to $74.65 a barrel, their biggest daily gains since May 17. Both benchmarks recovered from two-straight sessions of losses after the House passed a bill late on Wednesday to suspend the U.S. government’s debt ceiling and improve chances of averting a default.
The legislation now moves to the Senate.
Dollar
The Dollar index traded 0.65 percent lower in futures at 103.67, whereas the value of one dollar hovered near Rs 82.33
Gold
Gold gained 1 percent to a more than one-week peak on Thursday, as the dollar tumbled after weaker U.S. economic data on expectations of the Federal Reserve skipping an interest rate hike at its June policy meeting.
Spot gold last rose 0.76 percent to $1,977.19 per ounce, after earlier hitting $1,981.09 — its highest since May 24. U.S. gold futures gained 0.65 percent to $1,994.90.
U.S. manufacturing contracted for a seventh straight month in May as new orders continued to plummet, while the number of new U.S. jobless claims increased modestly last week.
FII and DII
Foreign institutional investors (FIIs) sold shares worth Rs 71.07 crore, whereas domestic institutional investors (DIIs) bought shares worth Rs 488.93 crore on June 1, provisional data from the National Stock Exchange shows.
ByMoneycontrol
