The Indian stock market is expected to open in the green, with the SGX Nifty indicating a cautious start with a 19-point gain. Due to selling pressure in metals, IT, select banking & financials, FMCG, and pharma stocks, the BSE Sensex fell 282.63 points to close at 52,306.08. The Nifty50 fell 85.80 points to 15,687, forming a bearish candle on the daily charts as the closing level was lower than the opening level.
Asian markets struggled for direction in Thursday morning trade after Wall Street’s S&P 500 lost its two-day winning streak overnight. The Nikkei 225 index remained above the flat line, while the Topix index fell 0.11 percent. The Kospi in South Korea rose 0.35 percent.
Banks recovered Rs 5,800 crore by selling Vijay Mallya’s United Breweries shares to Heineken International which purchased a 15% stake in the company. According to reports, banks previously sold Rs 1,357 crore worth of shares and plan to sell Rs 800 crore worth of shares by June 25. So far, banks have recovered Rs 7,1 82 crores from Vijay Mallya through share sales, which is slightly more than 70% of the amount owed to lenders by the liquor King.
On June 23, Telecom Minister Ravi Shankar Prasad announced that guidelines for Other Service Providers (OSPs) had been liberalized further. He went on to say that there would be no distinction between domestic and international OSPs, and that this was done to improve business synergies.
A measure of factory activity in the United States reached a new high in June, but manufacturers are still struggling to find raw materials and qualified workers, driving up prices for both businesses and consumers. Ashok Leyland, Allied Computers International, Bodal Chemicals, CL Educate, Deep Industries, Everest Kanto Cylinder, Essar Shipping, Future Supply Chain Solutions, Mishra Dhatu Nigam, Mudra Financial Services, PTC India, South India Paper Mills, Sundaram Multi Pap, Take Solutions, Thangamayil Jewellery, and West Coast Paper Mills are among the companies represented.
The United States’ current account deficit increased to a 14-year high in the first quarter as economic growth accelerated, drawing in imports, and the gap could widen further, with the United States leading the global economic recovery from the COVID-19 pandemic. According to the Commerce Department, the current account deficit, which measures the flow of goods, services, and investments in and out of the country, increased 11.8 percent to $195.7 billion in the third quarter. This was the most significant shortfall since the first quarter of 2007.
According to preliminary data available on the NSE, foreign institutional investors (FIIs) net bought shares worth Rs 3,156.53 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,317.20 crore in the Indian equity market on June 23.
The F&O ban for June 24 affects two stocks: Vodafone Idea and Sun TV Network. Securities in the F&O segment that are in the ban period include companies in which the security has exceeded 95 percent of the market-wide position limit.
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