Stocks to Watch Today | Vedanta, V-Guard Industries, Adani Transmission and others in news today
#COVID-19 India Update | India adds 4,518 cases in last 24 hrs vs 4,270 cases the previous day
Active cases risen by 1,730, recoveries rise by 2,779 & deaths by 9
Positivity rate at 1.62%, recovery 98.73% & mortality 1.22% pic.twitter.com/qdAiiNjCGf
— CNBC-TV18 (@CNBCTV18Live) June 6, 2022
Market at Open: Sensex is down 146.45 points or 0.26% at 55622.78, and the Nifty shed 28 points or 0.17% at 16556.30.
Deepak Jasani, Head of Retail Research, HDFC Securities:
Indian markets could open mildly lower in line with mixed Asian markets today and lower US markets on Friday. US stocks fell sharply Friday, leaving major indexes with weekly losses, after better-than-expected May payrolls data reinforced expectations for a series of interest-rate rises by the Federal Reserve in coming months. For the week, the S&P 500 fell 1.2% while the Nasdaq declined 0.98% and the Dow lost 0.94% after all three indexes had risen sharply the week before.
Nifty gave up the early gains on June 3 and ended in the negative after a day of gains. At close Nifty was down 0.26% or 43.7 points at 16584.3. FPIs seem to have resumed selling activity in Indian markets. After a weekly gain of 1.4%, Nifty has formed a Dark cloud cover formation on daily charts. 16794 on the Nifty will have to be breached for further upmoves to happen. On downmoves 16443 is an important support.
RBI Monetary Policy | Experts predict another rate hike as inflation continues to rise
With inflation showing no signs of abatement, the Reserve Bank is likely to increase the benchmark lending rate in quick succession in its forthcoming monetary policy review on Wednesday, a hint for which has already been given by Governor Shaktikanta Das, opined experts.
There are speculations that the central bank may go for at least 35 basis points (bps) hike over and above the 40 bps hike effected last month after an off-cycle Monetary Policy Committee (MPC) meeting. Experts are expecting more hikes in repo rate in the coming months.
China May services activity contracts for third straight month – Caixin:
China’s services activity contracted for a third straight month in May, pointing to a slow recovery ahead despite the easing of some COVID lockdowns in Shanghai and neighbouring cities, a private business survey showed on Monday. The Caixin services purchasing managers’ index (PMI) rose to 41.4 in May from 36.2 in April, edging up slightly as authorities began to roll back some of the strict restrictions that have paralysed the financial city of Shanghai and roiled global supply chains.
Centre approves sugar export applications of 62 mills totaling 10 Lakh MT: Soon after the Union government restricted sugar exports to 100 lakh metric tonnes, on June 5 it approved the export of 62 sugar mills and exporters for a quantity of 10 lakh metric tonnes.
“Directorate of Sugar and Vegetable Oils, Department of Food and Public Distribution, Ministry of Consumer Affairs, Food and Public Distribution, in exercise of powers conferred by Section 3 of the Essential Commodities Act, 1955 (10 of 1955) read with clause 4 and 5 of the Sugar (Control) Order, 1966, grant permission to exporters to export a total quantity of 10 LMT of sugar within 90 days from the date of this order,” according to a notification dated June 5.
Stock Market Today: Top 10 things to know before the market opens today
Stock Market Today: Trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 84 points
US unemployment news: American employers added 390,000 jobs last month, the government reported Friday, a sign of a slowdown in hiring but still a better-than-expected result amid a shortage of workers. The jobless rate held steady at 3.6 percent for the third consecutive month, just a tenth of a point above the pre-pandemic level in February 2020, the Labor Department said.
The labor force participation rate edged up very slightly to 62.3 percent, a sign more workers could be coming off the sidelines to rejoin the labor force, which would ease pressure on wages.
Asian Markets Updates
Oil prices: Oil prices rose more than $2 in early trade on Monday after Saudi Arabia raised prices sharply for its crude sales in July, an indicator of how tight supply is even after OPEC+ agreed to accelerate its output increases over the next two months.
Brent crude futures were up $1.80, or 1.5%, at $121.52 a barrel at 2319 GMT after touching an intraday high of $121.95, extending a 1.8% gain from Friday. US West Texas Intermediate (WTI) crude futures were up $1.63, or 1.4%, at $120.50 a barrel after hitting a three-month high of $120.99. The contract gained 1.7% on Friday.
SGX Nifty: Trends on SGX Nifty indicates a negative opening for the broader index in India with a loss of 84 points. The Nifty futures were trading around 16,505 levels on the Singaporean exchange.
