Good morning!
The GIFT Nifty, an early indicator for the benchmark Nifty 50, is down 0.28% at 23,107 as of 6:40 a.m. Equity-index futures for the US (S&P 500) and Europe (Euro Stoxx 50) dipped 0.32% and 0.67% respectively.
India Market Recap
The BSE Sensex declined 0.97% to close at 73,524.26, while the NSE Nifty 50 fell 1.04% to end at 23,123. The benchmark indices extended losses for a second consecutive session, reflecting weak investor sentiment and heavy selling pressure across large-cap, mid-cap and small-cap stocks.
Broader markets underperformed the headline indices, highlighting the extent of the market weakness. The Nifty Midcap 150 index ended over 1.5% lower, while the Nifty Smallcap 250 index dropped more than 2%.
US Market Recap
US stocks gained amid renewed hopes over artificial intelligence with chipmakers such as Nvidia Corp. and Micron Technology Inc climbing 5.6% after the biggest selloff since 2020. The rebound was adequate for the S&P 500 to continue its advance from war-led lows, though most of the gauge’s companies fell. The Nasdaq 100 surged 1.6%, while Apple shares dropped 1.9%.
Asian Market Update
Asian markets climbed as Japan’s Nikkei 225 opened more than 1% higher on Tuesday and South Korea’s Kospi gained from Monday’s dip to surge 4%. Australia’s S&P/ASX 200 was 1.33% down. Meanwhile, Hong Kong Hang Seng index futures stood at 24,555, lower than its previous close of 24,657.06.
Commodity Check
Oil prices steadied after Israel and Iran agreed to halt attacks, reducing fears of a broader escalation that could have disrupted global energy supplies. Brent crude was near $94 a barrel after ending the previous session marginally higher, while US benchmark West Texas Intermediate stood above $91 a barrel. Gold also steadied trading at $4,320 an ounce.
Business Update
SML Isuzu (May Update)
Production up 7.0% at 1,729 units YoY.
Sales up 11.6% at 1,678 units versus 1,503 units YoY.
Exports at 89 units versus 40 units YoY.
IRB Infra Developers (May Update)
May toll revenue up 25.0% at Rs 843 crore YoY.
Bajaj Finserv (May Update)
Bajaj General Insurance gross direct premium underwritten up 1.7% at Rs 1,343 crore YoY.
Bajaj Life Insurance total premium up 66.0% at Rs 1,236 crore YoY.
Fino Payments Bank (May Update)
Deposit accounts up 29.0% at 2.93 lakh YoY.
Loan disbursals up 186.0% at Rs 210 crore versus Rs 73 crore YoY.
Throughput transaction business down 48.0% at Rs 2,546 crore YoY.
Average total deposits up 10.0% at Rs 2,762 crore YoY.
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Stocks In News
- JSW Energy: The company successfully commissioned its Halol Wind Blade Manufacturing Plant in Gujarat.
- Titan Company: The jewelry and watchmaker redeemed Commercial Papers worth Rs 1,000 crore.
- Aye Finance: The board approved the issuance of Non-Convertible Debentures (NCDs) worth $15 million on a private placement basis.
- Goldiam International: Announced the opening of its 25th retail store for lab-grown diamond jewellery under its brand name “ORIGEM”.
- JNK India: Secured a “large” order (which the company classifies as Rs 100-300 crore) from CC7 Emirates Engineering Solutions. It also secured another large export order for an Incinerator Package and Waste Gas Handling Systems.
- Shanti Gold International: Commenced commercial production at its new manufacturing facility in Mumbai.
- HDB Financial: The board is scheduled to meet on June 11 to consider various fundraising options.
- Hindustan Copper: The government has appointed Anupam Misra as the new Chairman and Managing Director.
- HCLTech: The IT services giant launched a dedicated AI Innovation Zone in collaboration with Google Cloud in the United States.
- RVNL: Secured an Rs 221 crore Letter of Acceptance (LoA) from the South East Central Railway for the replacement of panel interlocking with electronic interlocking systems.
- Nibe: Allotted 3.2 lakh shares upon the conversion of warrants at an issue price of Rs 1,258 per share to the Eminence Global Fund.
- Kirloskar Ferrous: The board will meet on June 12 to consider a final dividend payout.
- Brigade Enterprises: Set June 17 as the record date to determine shareholder eligibility for a 1:3 bonus issue of equity shares.
- Grasim Industries: The company plans to invest a massive Rs 3,094 crore to expand its Lyocell capacity at its facility in Karnataka.
ALSO READ: HAL Advances GE-414 Engine Talks As India Speeds Up AMCA Fighter Project: Report
- Panacea Biotec: Launched the “DENSTAR” project aimed at developing a dengue vaccine specifically for Africa.
- Aditya Birla Fashion and Retail: Its digital arm, TMRW, acquired an additional 10% stake in its subsidiary, Bewakoof.
- Lemon Tree Hotels: Signed a new franchise agreement for a Key Prima hotel in Rajasthan, which will feature 88 rooms alongside restaurants and other amenities.
- Adani Enterprises: A step-down subsidiary acquired a 100% stake in Portus Ventures to undertake new real estate activities.
- Electronics Mart: Commenced operations at a newly opened store in Telangana.
- Ratnaveer Precision: The board will meet on June 11 to consider a potential fundraise.
- TCS: The IT major launched a specialized business unit to help global enterprises build and scale Global Capability Centres (GCCs).
- Avenue Supermarts: The operator of D-Mart invested Rs 150 crore into its subsidiary, Avenue E-Commerce.
- Motilal Oswal Financial Services: Successfully incorporated a new subsidiary, Motilal Oswal Pension Fund Management.
- Amber Enterprises: Received final approval from the NCLT Chandigarh Bench for the merger of its subsidiary, AmberPR Tech, into the parent company.
- Persistent Systems: Approved the transfer of a 100% stake in Persistent Systems UK to the Aepona Group. The board also approved the merger of its subsidiary, MediaAgility India, into the parent company.
- Ather Energy: The board will meet on June 12 to consider a potential fundraise via the issuance of bonds.
Bulk Block Deals
- Motilal Oswal Financial Services: HDFC Life Insurance Company bought 18.2 lk shares, Motilal Oswal Healthcare Foundation (Promoter Group) sold 3.65 lk shares, and Motilal Oswal Foundation (Promoter Group) sold 14.55 lk shares at price Rs. 842.5 each
- TruAlt Bioenergy: Dhruv Khush Business Ventures sold 9.50 lk shares at price Rs. 516.42 each and Rajasthan Securities bought 7.60 lk shares at Rs. 516.83 each
- Cera Sanitaryware: Goldman Sachs Funds – Goldman Sachs India Equity Portfolio bought 1.18 lk shares and HDFC Standard Life Insurance Company sold 1.50 lk shares at price Rs. 5480 each
- NRB Bearings: Arohi Emerging Asia Master Fund bought 11.88 lk shares, Arohi Emerging India Master Fund bought 16.13 lk shares, Iroha Emerging India Fund-I bought 15.67 lk shares, and Trilochan Singh Sahney Trust 1 sold 43.70 lk shares at price Rs. 390 each
Insider Trade
- Info Edge (India): Sanjeev Bikhchandani, Promoter & Director disposed 1.5 lk shares
- Fusion Finance: Devesh Sachdev, Promoter, sold 1.5 lk shares
- Paisalo Digital: Equilibrated Venture Cflow, Promoter Group, released a pledge of 25.2 lk shares.
F&O Cues
- Nifty June futures is down 1.30% to 23,147.10 at a premium of 24.1 points.
- Nifty Options Maximum Call open interest at 24000 and Maximum Put open interest at 22500.
- Securities in ban period: Amber Kaynes
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