Sensex, Nifty opened 0.35% higher on Friday. Asian stocks were steady Friday after US shares and Treasuries rallied as investors judged that a jump in inflation is likely to be transitory, leaving scope for ongoing central-bank support.
Rupee opens at 72.94 against US $
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments on Nifty crossing 15.8k mark
“The Nifty is in fine form this morning – it is heading towards 15,900-16,000. A buy on dips is a better strategy to adopt as opposed to buying a,t the c,urrent market level. This is because the risk is to reward ratio is more favorable when traders accumulate positions on dips. The risk is lower and the targets are higher. The index has a good support at the 15,600 level and until we do not disrespect this level on a closing basis, the overall trend remains bullish.”
Top gainers at this hour
View Full Image
RIL, HDFC twins drive gains
View Full Image
Market opening
View Full Image
Market pre-opening
The Sensex was sat 52,473.60, up 0.33% at market pre-opening, while the Nifty was at 15,796.45, up 0.37% at 9:10 am.
View Full Image
India firms to raise $48 bn via infra assets: Icra
Indian companies will probably raise more than ₹3.5 trillion ($48 billion) through infrastructure and real estate investment trusts in the coming year, compared with $29 billion raised to date, Icra estimates.
The lure of the hybrid instruments, which were in the making for a decade, has been boosted by recent rule changes, according to the local unit of Moody’s Investors Service. Icra predicts about ₹1 trillion of commercial real estate assets and ₹2.5 trillion of infrastructure assets including highways, power transmission, gas pipelines, renewable and digital fiber assets can be monetized. (Bloomberg)
Petrol goes past ₹102 in Mumbai as fuel prices hiked again
Fuel rates are continuing to soar at a record high across the country after another rate revision on Friday. While petrol got costlier by 31 paise per litre in the national capital, diesel rates went up by 28 paise per litre, according to price notification by the oil retailers. After the increase, a litre of petrol in Delhi is retailing at ₹95.85, whereas diesel costs ₹86.75 per litre. In Mumbai, petrol is being sold at ₹102.04 per litre, while diesel has reached ₹94.15 per litre. Petrol is retailing above the ₹100 per litre mark in six states and union territories — Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana and Ladakh. (Read here)
Bitcoin, ether, dogecoin prices lower today.
Cryptocurrencies looked to close out the week steady, with bitcoin seemingly well supported about $35,000 despite more talk of global regulatory scrutiny. As per CoinDesk data, Bitcoin plunged around 2% in the last 24 hours to trade at $36,289.61 whereas other digital coins also were trading lower.
Ether, the coin linked to the ethereum blockchain network, declined over 5% at $2,431 while dogecoin at $0.32, down 5%. Other cryptocurrencies like XRP, Cardano also fell more over 4% in the last 24 hours. (Read here)
India fastest-growing fintech market: US senator
Republican Senator Steve Daines said India is the “fastest-growing” fintech market in the world and far ahead of the US in terms of financial innovation.
The senator from Montana said the US faces a challenge from China, which has launched a digital Yuan, which they hope will one day displace the dollar as the world’s dominant reserve currency.
“Even beyond the digital Yuan, it’s no secret that China and many other countries are well ahead of us with regard to financial innovation,” he said during a Congressional hearing by the Senate Banking, Housing and Urban Affairs Subcommittee on Economic Policy on Central Bank Digital Currency.
“India is among the fastest-growing fintech markets in the world. In fact, India processed nearly 10 billion more real-time payments than China in 2020, $25.5 billion, versus $15.7 billion for China,” Daines said.
Stocks to Watch
DHFL, Jaypee Infratech, NHPC, JSW Steel, and Wipro, among other stocks could be in the news today. (Read here)
Market outlook
Indian markets may open marginally higher on Friday tracking slight gains in SGX Nifty. On Thursday, the Sensex closed at a fresh closing high of 52,300 points, up 0.69% while Nifty ended a fresh record high of 15,737.75 points, up 0.65%. (Read here)
Dolda Dairy IPO to open on 16 Jun
The initial public offering (IPO) of TPG-backed Dolda Dairy Ltd will open on 16 Jun. Price band for the issue has been fixed at ₹421-428 a share. The issue will close on 18 June.
The IPO consists of a fresh issue of ₹50 crore and an offer for sale of 10.99 million shares by its existing shareholders and promoters. On the upper band of the issue, offer for sale (OFS) amounted to ₹470 crore. (Read here)
Asian equities steady
Asian stocks were steady Friday after U.S. shares and Treasuries rallied as investors judged that a jump in inflation is likely to be transitory, leaving scope for ongoing central-bank support.
Equities edged up in Hong Kong and dipped in Japan and China. U.S. equity contracts crept higher following a climb in the S&P 500 to a record overnight and a technology rally that boosted the Nasdaq 100. Meme-stocks favored by day traders, such as GameStop Corp., plunged.
S&P 500 futures rose 0.1% as of 10:39 a.m. in Tokyo. The index rose 0.5%
Nasdaq 100 futures were up 0.1%. The gauge rose 1.1%
Japan’s Topix index dipped 0.1%
Australia’s S&P/ASX 200 index rose 0.2%
South Korea’s Kospi index added 0.5%
Hong Kong’s Hang Seng index climbed 0.6%
China’s Shanghai Composite gauge slid 0.2%
SGX Nifty was up 0.19%
US indices close at record high as inflation figures exceed expectations
U.S. equities climbed to a record and benchmark Treasury yields extended declines to the lowest since March as investors bet that the Federal Reserve will maintain its ultra-accomodative policies even after data showed consumer prices rose more than forecast last month. The S&P 500 led the major American equity indexes higher, closing at an all-time high. The tech-heavy Nasdaq 100 rose to its highest level since late April as megacap technology stocks rallied. The 10-year Treasury yield fell to as low as 1.44% after initially surge in the wake of the inflation report. The consumer price index data released Thursday showed that the increase in May was driven largely by categories associated with a broader reopening of the economy as vaccinations bring the pandemic under control. The report comes amid a debate about whether the Fed can stick to the dovish stance that has helped lift markets in the face of a strengthening economy that brings the risk of destabilizing inflation.
Never miss a story! Stay connected and informed with Mint.
Download
our App Now!!
