Stock Market Today: All You Need To Know Going Into Trade On June 8

Asian markets are poised to open lower in the wake of a slide on Wall Street as traders boosted bets on a U.S. rate hike after a surprise increase by the Bank of Canada.

Futures for shares in Australia, Japan and Hong Kong declined. Tech shares bore the brunt of jitters over higher rates, sending the S&P 500 down for a second day this week and the Nasdaq 100 to its worst day since April.

Contracts on the U.S. benchmarks were slightly lower in early Asian trading. U.S. stocks gained early in the session on Wednesday, bringing the S&P 500 to the brink of a bull market.

India's Monetary Policy Committee is likely to continue its status quo on the key lending rate at its second meeting in the new fiscal, amidst easing inflation and resilient growth. All 18 economists polled by Bloomberg expect the MPC to maintain the status quo on the RBI's repo rate on Thursday. The benchmark policy repo rate is currently at 6.50%.

Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.80%. Crude was trading around $77-mark, while Bitcoin fell below 27,000-level.

At 5:31 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 0.06% at 18,823.

Domestic benchmarks advanced for the fourth consecutive session to close at a six-month high in trade on Wednesday as metals, realty and fast-moving consumer goods sectors advanced. The Indian rupee appreciated 6 paise to close at 82.55 against the US dollar compared with 82.61 on Tuesday. 

Foreign investors remained net buyers for the second consecutive day in a row on Wednesday and mopped up stocks worth Rs 1,382.6 crore, while domestic institutional investors turned net buyers and offloaded equities worth Rs 392.3 crore, as per NSE data.

• Bank Stocks: To be in focus ahead of the Monetary Policy Committee decision on policy repo rate. MPC is likely to continue its status quo on the key lending rate at its second meeting in the new fiscal, amidst easing inflation and resilient growth.

• Life Insurance Corp: Company increased stake in Tech Mahindra by 2%,  from 6.87% to 8.89%. The holding increased at an average cost of Rs 1,050.77. 

• Lemon Tree Hotels: Company signed a license agreement for a 60-room property in Rajahmundry in Andhra Pradesh. The hotel is expected to be operational by the third quarter of fiscal 2025. Company’s unit Carnation Hotels will be operating this hotel. 

• Stove Kraft: Chief Financial Officer Balaji A S has resigned from the company citing personal reasons. The company is in the process of hiring a professional for the position of chief financial officer.     

• Sula Vineyards: Company said it has identified a new chief financial officer who will join the company in August. It has also added three new lakeside villas in Nasik, Maharashtra.   

• Gati: Total volume, including surface and air express, rose 8% sequentially in May. It rose 1% from the year ago period. Company said volumes in May continued to show an improving trend owing to an uptick in preparations for the upcoming festive season starting in the last week of May. This is expected to continue over the coming months. 

• Aether Industries: Company signed a Letter of Intent with U.S. based oil field services company for strategic supplier and contract manufacturing partnership. The letter specifies four strategic products that will be supplied to the global energy and oil and gas locations of the U.S. based company, including a significant supply within India.  

• Mazagon Dock Shipbuilders: Company signed a memorandum of understanding with Thyssenkrupp Marine Systems for building submarines in and for India. Thyssenkrupp Marine Systems will contribute to the engineering and design of the submarines and provide consultancy support. Mazagon will take responsibility for constructing and delivering the respective submarines. 

• Titagarh Wagons: The board will meet on Jun. 10 to consider, evaluate and approve the proposal to raise funds by issue equity of shares or other securities through preferential issue, qualified institutional placement, rights issue, or through any other permissible mode.

The demand for the initial public offering of LED lighting solution provider IKIO Lighting Ltd., was led by non-institutional investors on the second day of subscription. The IPO was subscribed 6.82 times on Wednesday. The portion of institutional investors was subscribed 1.37 times, non-institutional investors subscribed 15.99 times, while retail investors portion was subscribed 5.92 times. The IPO was fully subscribed on the first day. The three-day issue opened on June 6 and will continue till June 8.

• Can Fin Homes: To meet investors and analysts on June 8. 

• Aptech: To meet investors and analysts on June 8. 

• Aurobindo Pharma: To meet investors and analysts on June 8. 

• Indo Count Industries: To meet investors and analysts on June 8. 

• UltraTech Cement: To meet investors and analysts on June 9.  

• Repco Home Finance: To meet investors and analysts on June 12 and June 13. 

• Delhivery: To meet investors and analysts on June 8. 

• Mallcom (India): To meet investors and analysts on June 12.  

• Adani Transmission: To meet investors and analysts on June 8.  

• Radico Khaitan: To meet investors and analysts on June 8. 

• Adani Green Energy: To meet investors and analysts on June 8 and June 21. 

• Uniparts India: To meet investors and analysts on June 12. 

• Manorama Industries: To meet investors and analysts on June 8. 

• Home First Finance Co

• Price Band Revised From 20% To 5%: NIIT

• Price Band Revised From 20% To 10%: Suzlon Energy

• Ex-Date Dividend: Bikaji Foods International

• Ex-Date Annual General Meeting: Bikaji Foods International, UCO Bank

• Ex-Date Demerger: NIIT

• Record-Date Demerger: NIIT

• Move Into Short-Term ASM Framework: NRB Bearings, Suzlon Energy

• Move Out of Short-Term ASM Framework: Schneider Electric Infrastructure

• EKI Energy Services: Next Orbit Ventures Fund sold 2 lakh shares (0.73%) at Rs 492.35 apiece. 

• National Highways Infra Trust: Neo Markets Services bought 30 lakh shares (0.41%) at Rs 118.75. Trust Investment Advisors sold 30 lakh shares (0.41%) at Rs 118.75 per share. 

• Praveg: Sunita Paras Patel sold 2.16 lakh shares (1.03%) at Rs 500.27 apiece. 

• Zuari Industries: Promoter Chambal Fertilizers and Chemicals revoked a pledge of 10.8 lakh shares between June 2 and June 5 and created a pledge of 25,000 shares on June 5. 

• Aurobindo Pharma: Promoter Group RPR Sons Advisors created a pledge of 1 lakh shares and revoked a pledge of 82.7 lakh shares between June 2 and June 6.

• LG Balakrishnan & Bros: Promoter Nithin Karivardhan sold 4,000 shares on June 6.  

• Usha Martin: Promoter Peterhouse Investments sold 1.5 lakh shares on June 6.  

• Zydus Wellness: Promoter Zydus Family Trust bought 61,000 shares on June 6.  

• Praveg: Promoter Sunita Paras Patel sold 65,000 shares on June 6. 

• Gati: Promoter Group TCI Finance sold 25,000 shares on May 5. 

• IRB Infrastructure Developers: Promoter Group Sudha Mhaiskar bought 5 lakh shares on June 5.  

• Pricol: Promoter Group Pricol Engineering Industries bought 23,854 shares on June 5.  

• Nifty June futures ended at 18,800.20, a premium of 127.25 points.

• Nifty June futures rose 8.32% and 14,617 shares in Open Interest.

• Nifty Bank June futures ended at 44,389.60, a premium of 80.55 points.

• Nifty Bank June futures rose 1.39% and 1,280 shares in Open Interest.

• Securities added to the ban period: Indiabulls Housing Finance, India Cements, Manappuram Finance.

Rupee closed 0.07% lower against the U.S. dollar at Rs 82.55 on Wednesday, compared to Tuesday’s close of 82.61.

• JK Lakshmi Cement - Better Geo-Mix To Drive Volume Growth, Earnings: Motilal Oswal

• Angel One - Market Momentum Can Offer Tailwinds: ICICI Securities

• Delhivery - Taking New Initiatives To Improve Data Visibility: ICICI Securities

• TeamLease - Turning Positive On Attractive Valuation; Long Term Growth Outlook: Motilal Oswal

• JB Chemicals - Aggressive Growth Focus On The Domestic Market, High Return Ratios: Nirmal Bang

• Metals, Mining Q4 Results Review: Positive Surprise For Most Companies: ICICI Securities