Stock Market Today: Top 10 things to know before the market opens on 8th june
The market is likely to open marginally higher on June 8 as the SGX Nifty indicates a positive start for the broader index, with a gain of 12 points after opening the session at 18,825 points.
SGX futures touched a high of 18,851 in early trade on June 8.
The BSE Sensex gained 350 points to close at 63,142 points on Wednesday, while the Nifty 50 closed 127 points higher at 18,726 points.
The Nifty50 traded comfortably higher than its 200-day moving average of 18,353 and is expected to build on the recent momentum.
The Nifty may get support at 18,661, followed by 18,637 and 18,598.
If the index advances, then 18,740 will be the key resistance followed by 18,764 and 18,803.
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 12 points on Thursday.
SGX futures stood at 18,823.
US Markets
Stock futures were flat on Wednesday evening, as investors await the next market catalyst.
Futures linked to the S&P 500 ticked lower by 0.04 percent, while Nasdaq 100 futures inched down by 0.09 percent.
Futures tied to the Dow Jones Industrial Average dropped 17 points or 0.05 percent.
In after-hours action, GameStop shares tumbled roughly 19 percent. The video game retailer fired its CEO Matthew Furlong and appointed Ryan Cohen as its executive chairman.
During the regular session Wednesday, the S&P 500 and the Nasdaq Composite appeared to take a breather from their recent rally. The broad-market index closed 0.38 percent lower, while the Nasdaq dropped 1.29 percent.
The 30-stock Dow was the outlier, with a gain of 0.27 percent or 91.74 points.
European Markets
European stocks closed slightly lower Wednesday, with sentiment downbeat and markets lacking direction.
The pan-European Stoxx 600 index closed 0.2 percent lower, with sectors pointing in opposite directions. Healthcare stocks led losses, down 1.4 percent.
Retail stocks notched a 2 percent rise as oil and gas stocks gained 1 percent.
The FTSE closed 0.05 percent lower at 7624 points. DAX closed 0.2 percent lower at 15,960 points.
Asian Markets
Asia-Pacific markets are set to fall as Wall Street saw a pause in its market rally and the broad market index fluctuated near its highest closing levels since August 2022.
Investors in the region also further assessed economic data that has been released this week.
China’s exports fell further than expected and Australia’s central bank defied market expectations by delivering a 25 basis-point hike.
The Indian central bank is expected to announce its interest rate decision today, with economists polled by Reuters expecting the Reserve bank of India to hold rates at 6.5 percent for a second consecutive time.
Australia stocks were headed for a lower open, with futures for the S&P/ASX 200 at 7,117, lower than the index’s last close of 7,118 ahead of the economy’s May trade balance later today.
In Japan, the Nikkei 225 is set to fall further, with the futures contract in Chicago at 31,875, and its counterpart in Osaka at 31,840 against its last close at 31,913.74.
Hong Kong’s Hang Seng index is also set to fall after a brief rally on Wednesday, with futures at 19,116 compared to the HSI’s close of 19,252.
IKIO Lighting IPO subscribed 6.83 times on Day 2 of bidding
The initial public offering (IPO) of IKIO Lighting continued to garner interest from investors, as the offer was subscribed 6.83 times by June 7 morning, the second day of bidding.
Investors bought 10.4 crore equity shares against an offer size of 1.52 crore shares, subscription data available on exchanges shows. Retail investors had bid 5.92 times their allotted quota of shares, while the portion set aside for high-networth individuals was subscribed 15.99 times.
LIC increases stake in Tech Mahindra to 8.88%
Insurance behemoth Life Insurance Corporation of India (LIC) has increased its equity shareholding in IT services provider Tech Mahindra via open market transactions in the last more than a six-month period.
“Corporation’s shareholding in Tech Mahindra has increased from 6.69 crore to 8.65 crore equity shares, raising its shareholding from 6.869 percent to 8.884 percent,” LIC said in its filing to exchanges.
RBI’s MPC will announce its decision on policy rate today
Headed by Reserve Bank Governor Shaktikanta Das, the six-member Monetary Policy Committee (MPC) will announce its decision on policy rates today.
The Reserve Bank’s rate-setting monetary policy panel began deliberations on Tuesday amid expectations that the central bank would keep the benchmark interest rates unchanged at 6.5 per cent on the back of easing retail inflation and the need to push economic growth.
Oil prices
Oil prices climbed about 1 percent on Wednesday as Saudi Arabia’s plans for deep output cuts more than offset demand woes stemming from rising U.S. fuel stocks and weak Chinese export data.
Brent crude futures settled 66 cents, or 0.9 percent, higher at $76.95 a barrel, while US West Texas Intermediate crude futures gained 79 cents, or 1.1 percent, to $72.53.
Dollar
The Dollar index traded 0.01 percent lower in futures at 104.11, whereas the value of one dollar hovered near Rs 82.62.
Gold
Gold prices fell on Wednesday, weighed by an uptick in U.S. bond yields, while investors looked forward to inflation data and Federal Reserve policy meeting next week for more clarity on interest rate path.
Spot gold was last down 1.15 percent to $1,940.2676 per ounce.
U.S. gold futures settled down 1.2 percent to $1,958.40.
FII and DII
Foreign institutional investors (FIIs) bought shares worth Rs 1,382.57 crore, while domestic institutional investors (DIIs) purchased shares worth Rs 392.30 crore on June 7, provisional data from the National Stock Exchange shows.
ByMoneycontrol
