*Daily Market Update - 08th June 2023* *Global Market* Asian | DK Technical Analysis by Dhananjay Kadam
*Daily Market Update - 08th June 2023*
*Global Market*
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.
*Indian ADR Check*
· ICICI Bank -0.44%
· HDFC Bank +0.81%
· WIPRO +0.62%
· Infosys Unch
· Dr Reddy's +0.55%
*Stocks To Watch*
*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.
