Market continues to remain under pressure led by selling from financials as Nifty gave away its opening gains and closed in the negative terrain. The monthly breakout in USDINR above 74 may act as a warning for bond and equity markets and move below 15,630 may trigger aggressive selling by FIIs. For month of June, FIIs have turned net sellers to tune of 7000 cr in cash and futures after turning net buyers in early part of June. The next few days are very critical with resistance seen at 15,900 levels in the Nifty.
On the global front, U.S markets climbed to a record high on the final day of June to close out a strong first half of the year for Wall Street. The Dow Jones Industrial Average rose about 210 points, boosted by strong days for Walmart, Boeing, and Goldman Sachs, to 34,502.51. The S&P 500 nudged up 0.1% to 4,297.50 for its fifth-straight record close. The Nasdaq Composite lagged, ticking down roughly 0.2% to 14,503.95.
Key Events today
Markit India manufacturing PMI data for June to be released
Automobile companies to release sales data for June
GR Infraprojects briefing on IPO plan
Prime Minister Narendra Modi to interact with doctors and also beneficiaries of Digital India program.
Stocks to focus
* Adani Green Energy- CCI approves acquisition of SB Energy by Adani Green
* Dish TV India – 4Q net loss Rs 14 bn vs. loss 14.51 bn YoY, revenue -13% YoY to 7.52 bn
* Indian Oil Corp. Approves setting up Styrene project with Rs 44.95 bn capex
* SpiceJet posts wider-than-expected fourth-quarter loss; to seek shareholder approval to raise Rs 25 bn in fresh capital
* Tata Steel Says targets 35M-40 mn tons a year India capacity by 2030
* Union Bank of India Board approves raising up to Rs 97 bn, Up to Rs 35 bn in equity and up to Rs 62 bn via AT 1, Tier 2 bond
* Vodafone Idea posts wider-than-expected fourth-quarter loss
* India Current Account Gap Widens More Than Estimated on Trade
* India Jan.-March Current Account -$8.10B; Est. -$7.50B
* India April-May Fiscal Deficit Reaches 8.2% of FY22 Target
* India Monsoon Won’t Advance Until July 7; June Rain 10% Higher
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