Stock Market Updates

The S&P 500 closed higher Monday, supported by tech as stocks kicked off the second half of the year ahead of a crucial monthly jobs report due later this week. The HSBC India Manufacturing PMI rose to 58.3 in June compared with 57.5 in the previous month, as domestic demand helped push new orders. Employment generation recorded the fastest pace since March 2005. Passenger Vehicle (PV) wholesales in India during June 2024 witnessed 3.67 percent growth at 3,40,784 units as against 3,28,710 units dispatched during June 2023. The GST collections in June continue to maintain the momentum at Rs 1.74 lakh crore, as the May collections were recorded at Rs 1,72,739 crore. DCX Systems received an order worth Rs 1250 crore from L&T NCC secured orders worth Rs 355 crore Coal India’s production grows 8% in April-June Asian stocks fluctuated in a narrow range as traders weighed the possibility of another Donald Trump presidency in the wake of his debate with Joe Biden last week. Recovering losses from the last session, Nifty settled at record closing high on July 01 on the first day of the week/month/quarter. At close, Nifty was up 0.55% or 131.4 points at 24141.9. Nifty closed at another record high on July 01. The Nifty could soon breach the previous day’s high of 24174 and head towards 24,380. The level of 23889 could provide support in the near term. Indian markets could open flat to mildly higher, in line with mixed Asian markets today and higher US markets on July 01

U.S. stocks slipped Friday as traders digested fresh economic data that indicated slowing inflation, as well as better-than-expected consumer sentiment figures. Traders are rearranging their positions in the aftermath of the debate between Joe Biden and Donald Trump. Biden’s shaky performance boosted sentiment around Trump’s odds for securing a second term in the White House. India’s core sector growth eased to 6.3% in May, against the revised figure of 6.7% for the previous month, due to further contraction in the cement industry even as coal and electricity recorded higher output. Focus in the coming week will be on comments from Fed officials, chiefly Chairman Jerome Powell, who is set to speak at the European Central Bank’s annual forum in Portugal on Tuesday Asia-Pacific markets started the second half of the year mixed as investors assessed June business activity data from China as well as Japan’s business confidence readings. Gail advances its net zero emissions target by five years Poly Medicure board approved to raise up to Rs 1000 crore through QIP Wockhardt announced successful use of Investigational Anti-biotic Nifty ended slightly lower on June 28 forming a minor bearish pattern. For the month, Nifty gained 6.57% - the largest monthly gain in 6 months. Nifty could face resistance from the 24174-24380 band while support could come in at 23338 in the near term. Nifty keeps defying all expectations of giving even a small correction. Indian markets could open flat, in line with muted Asian markets today and lower US markets on June 28

Nifty ended slightly lower on June 28 forming a minor bearish pattern. However, on weekly charts, Nifty rose for the fourth consecutive week (up 2.17% - the largest weekly gain in 5 months) to record its best month so far this year. On weekly charts, the Nifty formed a large bull candle breaking out of a range. On monthly charts, Nifty gained 6.57% - the largest monthly gain in 6 months. Nifty could face resistance from the 24174-24380 band while support could come in at 23338 in the near term. Nifty keeps defying all expectations of giving even a small correction.

*NIFTY scales mount 24K* The S&P 500 closed with a narrow gain on Thursday as Wall Street looked ahead to fresh inflation data for clues as to when the Federal Reserve will begin to lower interest rates. Core inflation in Japan's capital rose in June (to 2.1% YoY vs forecast of 2.0%) on rising fuel bills and the boost to import costs from a weak yen The Japanese yen hit fresh 38-year lows against the US dollar, weakening to as low as 161.27 against the dollar. India is preparing itself for the inclusion of the nation’s government bonds into the JPMorgan Chase & Co. emerging markets index from today, opening up a $1.3 trillion market to a broader range of investors. Equities in Asia on Friday morning followed gains in US stocks overnight. Asian stocks were headed for a fifth straight month of gains on Friday, bolstered by the growing view that cooling inflation in the United States would allow the Federal Reserve to ease rates later this year. HCLTech’s 0.46% stake likely to be sold for Rs 1,757 cr via block deal on Friday Indian Oil to boost LNG portfolio to 20 million tonnes by 2030 Jubilant Ingrevia successfully received EIR from US FDA with Zero observations Nifty ended at record high on June 27 and crossed another milestone by scaling past the 24,000 mark. At close, Nifty was up 0.74% or 175.7 points at 24044. Nifty also registered a smart 6.9% gain in the Monthly F&O series that expired on June 27. Nifty could now rise towards 24240 resistances while 23754 could offer support in the near term. Indian markets could open higher, in line with mostly positive Asian markets today and higher US markets on June 27.

*Morning comments (HDFCSec Retail Research)* *Indian markets could open flat to mildly higher, in line with mostly positive Asian markets today and mixed US markets on June 26* US indexes ended marginally higher on Wednesday, lifted by Amazon.com Inc after it announced a major foray into generative AI. The firm also crossed the $2 trillion valuation mark. Big tech got hit in late US trading after Micron Technology Inc.’s outlook failed to meet the lofty expectations for the industry that has powered the bull market in stocks. Micron slumped in late hours, dragging down some chipmakers including giant Nvidia Corp. China's industrial profits rose at a much slower pace in May, official data showed on Thursday, underlining the struggles faced by the world's second-largest economy as weak domestic demand crimps overall growth. Earnings rose 0.7% year-on-year last month after a 4% increase in April while gains over the first five months also eased to 3.4% from 4.3% in the January-April period The Japanese yen hit a near-38 year low against the U.S. dollar late Wednesday, raising expectations that authorities could intervene in currency markets again. The yen weakened to 160.82 against the greenback according to FactSet data, breaching the previous record of 160.03 on April 29 and reaching its weakest level since 1986. US home sales slumped in May while the median sales price nudged lower, the Commerce Department reported Wednesday. Sales of new single-family homes totaled 619,000 for the month, down 11.3% from the upwardly revised figure for April, which was revised all the way up to 698,000 from the initial estimate of 634,000. The most anticipated economic data due this week is the US personal consumption expenditures (PCE) price index - the Fed's preferred inflation gauge - on Friday. Shares in Asia recovered early losses on Thursday morning after US tech companies dropped in late US trading. Nifty rose for the third consecutive session to close at yet another new all time high. At close, Nifty was up 0.62% or 147.5 points at 23868.80. Trend of the Nifty remains positive. The level of 23660 has become new support for the Nifty. On the higher side, next resistance is seen at 24125, which happens to be 138.2% Fibonacci retracement of the entire fall seen from 23338 (3rd June Top) to 22281 (4th Jun Bottom). *DJ (HDFCSec Retail Research)*

The Dow rallied on Monday to a one-month high, while the Nasdaq fell over 1% as investors rotated out of AI-linked stocks, betting on Federal Reserve interest rate cuts this year. Nvidia slid 6.68% for a third session due to profit taking in the semiconductor bellwether after last week's sharp rise made it the world's most valuable company. India's current account balance recorded a surplus for the first time since April-June 2021, aided by lower merchandise trade deficit and higher services exports. India's current account balance recorded a surplus of $5.7 billion (0.6% of GDP) during January-March 2024 quarter, as against a deficit of $8.7 billion (1% of GDP) in the preceding quarter and $1.3 billion (0.2% of GDP) in the same quarter a year ago. For the full year, India’s current account deficit moderated to $23.2 billion (0.7% of GDP) during FY24 from $67 billion (2% of GDP) during the previous year on the back of a lower merchandise trade deficit. Asia-Pacific markets mostly climbed higher on Tuesday, even as U.S. Big Tech stocks sold off in favor of other sectors such as banking and energy. Nifty ended marginally higher in a volatile session after a lower opening on June 24. At close, Nifty was up 0.16% or 36.8 points at 23537.8. Nifty formed a bullish piercing line pattern on daily charts. However, the small range and falling turnover does not support the bullish outcome. In the near term Nifty could face resistance in the 23570-23667 band while 23290 could offer support.

U.S. stocks finished mostly lower Friday as the technology sector fell, but major equities indexes still rose for the week. The S&P 500's tech sector was under pressure Friday, losing 0.8% as Nvidia Corp.'s shares dropped sharply. The leading index for the U.S. economy sank again in May, declining for the third month in a row, but it “doesn’t currently signal a recession,” U.S. home sales fell for the third month in a row, as buyers dealt with a dearth of listings and soaring prices. Sales activity fell to the lowest level since January 2024, even as home prices hit a record high. Asian shares edged lower, kicking off a week that includes measures of inflation that will help guide bets on the outlook for global interest rates. Nifty ended lower in a highly volatile session on June 21; however it rose for three weeks in a row to record its highest weekly close even as it fell on Friday. At close, Nifty was down 0.28% or 65.9 points at 23501.1. Nifty may find the resistance of 23667 tough to pierce in the near term while 23290 could offer support. PB Fintech signs agreements for Rs 250 crore unsecured loans to Policybazaar and Paisabazaar Prestige Estates board approves Rs 5,000 crore fundraising via QIP and other modes US FDA has conducted an inspection at Cipla’s manufacturing facility in Goa, the Company received 6 inspectional observations in Form 483. Indian markets could open lower, in line with mostly negative Asian markets today and negative US markets on June 21

Domestic markets ended the volatile week on a flat note on account of profit booking as well as concerns over the slow progress of monsoon. Equity indices continued to hit fresh highs on the back of positive global cues but made small progress. Sensex and Nifty ended the week with minor gains of 0.28 per cent and 0.15 per cent, respectively. The markets edged higher in 2 out of 4 trading sessions during the week Among Nifty 100 stocks, Motherson surged 7.5%, Vedanta was up 5.1%; ICICI Bank gained 4.8%; Axis Bank added 4.8%; and HDFC Bank rose 4.3%. On the downside, ABB fell 6.9%; Hero Motocorp slipped 6.1%; Ultratech Cement was down 5.2%; Maruti Suzuki fell 5.0% and Siemens declined 4.5%. As per provisional figures, FIIs were net buyers of Rs 9103cr in the equity markets during the week and DIIs were net buyers of Rs 9575 crore. Nifty formed an engulfing bear like pattern on June 21 for the second time in 3 days. On weekly charts, it made a spinning top like pattern after a rise, suggesting a possible halt in the upmove. Nifty may find the resistance of 23667 tough to pierce in the near term while 23290 could offer support.

The S&P 500 and Nasdaq closed lower on Thursday. Stocks retreated after a rally to all-time highs prompted calls for a near-term pullback amid signs of buyer fatigue. Economic data released on June 20 indicated that unemployment in the US continues to rise. The Labor Department reported that fillings for jobless benefits reached 238,000 for the week ended June 15, up 5,500 from the previous week. This is the highest level since September 2023. The Bank of England kept interest rates unchanged at 5.25 percent, which came in line with the market’s expectations. Traders are betting the Bank of England will cut rates in August after dovish signals from policymakers. The Union Cabinet has approved an increase in the Minimum Support Prices for 14 crops for the upcoming Kharif season. Asian stocks fell after US shares closed lower overnight. Private equity firm Olympus is looking to offload 5 percent via a block deal of around US$ 100 million in Aster DM Healthcare. Sula Vineyards aims for double-digit growth aided by premiumisation shift SEBI its interim order barring JM Financial from acting as a lead manager for any new public issue of debt securities Nifty recovered from previous day’s fall and ended higher in a volatile session on June 20. At close, Nifty was up 0.22% or 51 points at 23,567. Nifty could now stay in the 23,413-23,664 band for the near term. Indian markets could open flat to mildly lower, in line with mostly negative Asian markets today and negative US markets on June 20

European stocks and US equity futures paused Wednesday as traders looked for fresh catalysts to extend the latest tech-driven gains. Financial markets in the U.S. were closed Wednesday on account of Juneteenth Day. China left benchmark lending rates unchanged at a monthly fixing on Thursday, in line with market expectations. Asian shares were muted following a rally in the previous session as investors sought new triggers after a holiday in the US. Sun Pharmaceutical Industries Ltd. received Warning Letter from US FDA for its Dadra facility. Asia Opportunities Fund and General Atlantic are likely to sell a combined 4.2% stake in PNB Housing Finance MAS Financial Services Ltd is launching a qualified institutional placement (QIP) worth Rs 400 crore Nifty gave up early gains to end minorly in the negative after a volatile session on June 19. At close, Nifty was down 0.18% or 41.9 points at 23516. Nifty could stay in the 23290-23664 band for the near term. Indian markets could open flat to mildly higher, in line with mildly positive Asian markets today

U.S. stocks finished higher on Tuesday as the S&P 500 and the Nasdaq Composite posted fresh records ahead of the Juneteenth holiday on Wednesday. Nvidia Corp.'s stock surged 3.5%, with the company reaching a valuation of nearly $3.34 trillion. The AI chipmaker was the most valuable U.S. company by market capitalization as of Tuesday afternoon, overtaking megacap tech players Microsoft Corp. and Apple Inc. Fitch Ratings revised India's growth forecast for the ongoing financial year from 7% projected in March to 7.2%. In its latest global economic outlook report released on Tuesday, the agency attributed this upward revision to elevated consumer confidence boosting spending levels and a rise in investments across sectors. Asian equities rose Wednesday after a rise in chipmakers drove US stocks to yet another record-breaking session on Wall Street. Coal India exploring lithium assets in Argentina with U.S. company Ami Organics launches QIP with floor price of Rs 1,228, aims to raise Rs 500 crore. Radico Khaitan to launch Rampur Asava Indian Single Malt Whisky in India Nifty saw another day of records as it extended gains to the fourth session on June 18. At close, Nifty was up 0.39% or 92.3 points at 23557.9. Nifty is yet to show any reversal signal. Nifty could stay in the 23334-23690 band for the near term. Indian markets could open higher, in line with mostly positive Asian markets today and higher US markets on June 18

The S&P 500 and Nasdaq scored record closing highs on Monday as technology shares rallied on enthusiasm over artificial intelligence ahead of this week's economic data and Federal Reserve officials' speeches that could shed light on monetary policy. Crude oil prices surged nearly $2 a barrel on Monday to their highest settlement levels in over a month, adding to last week's gains as investors grew more optimistic on the demand outlook. The country’s largest lender State Bank of India (SBI) has raised its marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps) or 0.1 per cent across all tenures, a move that will lead to an increase in EMIs for borrowers. The Indian government has cut the windfall tax on petroleum crude to Rs.3,250 per metric ton from Rs.5,200, effective June 15. Asian stocks gained on Tuesday after a rally in several large technology companies drove US stocks to another record high and ahead of a chorus of Federal Reserve officials due to speak later in the day. BHEL secures Rs 7,000 crore orders from Adani Power for two power plants Alembic Pharma received final approval for Icatibant Injection, Coromandel International to develop soil test based nutrient advisory for farmers of Maharashtra Nifty ended at a fresh closing high in the last session of the eventful week on June 14. At close, Nifty was up 0.29% or 66.7 points at 23465.6. Nifty formed a long legged doji on daily charts on June 14 suggesting possibility of a reversal. A move above 23490 could nullify the bearish indication on daily charts. We think Nifty could stay in the 23290-23695 band for the near term with a mild bullish bias. Indian markets could open higher, in line with mostly positive Asian markets today and higher US markets on June 17.

U.S. stocks closed mostly higher on Wednesday, helped by a softer-than-expected consumer-price index reading and signs that the US Fed could start to cut interest rates this year. The US Fed acknowledged modest further progress toward the Committee’s 2 percent inflation objective. The committee, in its closely watched “dot plot” of individual participants’ rate expectations, did indicate a more aggressive cutting path in 2025, with four reductions totaling a full percentage point anticipated, up from three. The S&P 500 topped 5,400 for the first time in its history, with Wednesday marking the 20-month anniversary of the bull market. India's industrial output growth slowed to 5 percent in April from 5.4 percent in March. The IIP growth rate in April 2023 was 4.6 percent. Asian markets rose on Thursday after the US Fed kept its benchmark federal rates unchanged for the seventh time, and as US inflation data came softer than anticipated. Nestle India will continue paying general licence fee, or royalty, at the existing rate of 4.5%, net of taxes, to Swiss parent Société des Produits Nestlé S.A. Brigade targets a total development value of Rs 13,000 crore from its Chennai residential portfolio Manappuram Finance expects gold loan growth of 12-18% for FY25 Nifty snapped a two-day fall and closed higher on June 12. At close, Nifty was up 0.25% or 58.1 points at 23322.9. Nifty touched another all-time high in the early part of the session on June12 but gave up most of the gains during the day. It could now stay in the 23206-23442 band for the near term. An upward breach of this band is likely in the near term. Indian markets could open higher, in line with mostly positive Asian markets today and mostly higher US markets on June 12

U.S. stocks finished mostly higher on Tuesday, helped by shares of Apple Inc. as the iPhone maker surged to a new record. Apple disclosed new artificial-intelligence features including an improved Siri virtual assistant Investors looked ahead to the release of the May consumer-price index and the Federal Reserve’s policy announcement China’s May consumer inflation rate came in at 0.3%, missing expectations of 0.4% by economists polled by Reuters. The figure was unchanged from April. India’s May inflation rate is forecast to climb marginally to 4.89%, according to a poll of economists, slightly higher than April’s 4.83% increase. Asian stocks ignored a positive US session and opened lower as a double event of US inflation data and the Federal Reserve decision landing later in the day kept traders on edge. State Bank of has approved a plan for long-term fundraising of up to $3 billion. Tata Motors announced on Tuesday its plans to invest between Rs 16,000 crore and Rs 18,000 crore into its electric vehicle (EV) division until 2029. Blinkit, the quick commerce subsidiary of Zomato, is set to receive an infusion of Rs 300 crore in fresh capital from its parent company. Nifty erased all its gains in the last hour of the session on June 11 after making a top at 1345 Hrs and ended little changed from previous day’s close. At close, Nifty was up 5.7 points at 23264.9. Markets seem to be consolidating and Nifty could stay in the 23411-22930 band in this period. Indian markets could open flat, in line with mixed Asian markets today and mostly higher US markets on June 11

U.S. stocks ended higher on Monday, as investors await the Federal Reserve's policy meeting and new inflation data due later this week. Crude oil futures finished higher Monday, with U.S. benchmark prices up by 2.9% — the largest daily rise for a front-month contract since February. Asian stocks were mixed and muted Tuesday, following a quiet session on Wall Street as investors positioned for this week’s Federal Reserve decision and US inflation data. Gail India plans to set up a 1500 KTA ethane cracker project in Madhya Pradesh, with an investment of Rs 60,000 crore. KEC International Ltd. bagged multiple orders worth Rs 1,061 crore in various segments. Rahul Bhatia's promoter entity Interglobe Enterprises Private Ltd plans to sell stake worth $394 million in Indigo Airlines Nifty ended lower in a volatile session on June 10. At close, Nifty was down 0.13% or 30.9 points at 23259.2. Nifty made a fresh record high in the morning of June 10 but came under selling pressure on a day. A bout of mild profit taking seems due. Nifty could face resistance on the up at 23411, while 22930 and later 22643 could offer support. Indian markets could open flat to mildly higher, in line with mixed Asian markets today and higher US markets on June 10

Wall Street stocks ended slightly lower on Friday in volatile trading after stronger-than-expected U.S. jobs data pointed to a robust economy but provoked worries the Federal Reserve may wait longer to cut interest rates than many investors had hoped. The U.S. economy generated about 272,000 jobs in May, far more than the 185,000 analysts had forecast. The unemployment rate inched up to 4%. For the week, the S&P 500 gained 1.32%, Nasdaq rose 2.38%, and the Dow added 0.29%. Asian stocks fell on Monday as traders heavily cut back on bets for Federal Reserve rate cuts this year given a still-tight U.S. labour market, while a snap election call in France sparked wider political concerns. Australia, China, Hong Kong and Taiwan markets are closed for public holidays. RailTel Corporation secures Rs 81-cr order from National Informatics Centre TCS launches artificial intelligence platform to hasten GenAI adoption Bajaj Housing Finance, a subsidiary of Bajaj Finance, files IPO papers with SEBI; to raise Rs 7,000 crore Nifty rose for the third consecutive session on Friday to close with the gains of 469 points to close at 23290.15 as the NDA government’s formation gets closer. Participants will watch the composition of the council of ministers in the new NDA Govt and the outcome of the US Fed meet on June 12 for further cues on the direction of the markets. One can maintain a bullish stance with a stop loss of 22780 level. Targets are 23800 – 24100 levels in the next few weeks. In case the Nifty fails to sustain above 22780 then it would be forming a triangle and it could spend a few week’s time in the band of 23338 to 21281.

Sensex and Nifty experienced their most significant single-day drop in four years. However, post this sudden downturn, the market has managed to rebound swiftly, almost reaching new highs once again, buoyed by BJP-led NDA's re-election and global optimism. The S&P BSE Sensex soared 3.69% and the NSE Nifty 50 jumped 3.37% over the week. The markets edged higher in 4 out of 5 trading sessions during the week. In the broader markets, BSE Midcap index was up 2.94% and the BSE Smallcap index increased by 3.11% over the week. Market breadth was in favour of gainers with 7 shares advancing for every 5 losers. Average cash turnover on NSE was 38% higher compared to previous week. Among the sectoral indices IT gained 8.2%, FMCG was up 6.9%, Auto was up 6.8% Realty was up 4.8% and Consumer Durables was up 4.1%. On the downside Capital Goods lost 1.7%, PSU Banks fell 1.4% and Power declined 0.4% Among Nifty 100 stocks, M&M surged 14.0%, United Spirits was up 12.8%; Dabur gained 12.5%; Godrej Consumer added 12.4%; and Tech Mahindra rose 12.1%. On the downside, Adani Energy fell 9.2%; Adani Total Gas slipped 5.9%; Adani Enterprises was down 5.6%; Hindustan Aeronautics fell 4.6% and BPCL declined 4.5%. Nifty rose for the third consecutive session on Friday to close with the gains of 469 points to close at 23290.15 as NDA government's formation gets closer. One can maintain a bullish stance with the stoploss of 22780 level. Targets are 23800 - 24100 levels ib the next few weeks. In case the Nifty fails to sustain above 22780 then it would be forming a triangle and it could spend a few week's time in the band of 23338 to 21281. Participants will watch the composition of the council of ministers in the new NDA Govt and the outcome of the US Fed meet on June 12 for

*Morning comments (HDFCSec Retail Research)* *All eyes on MPC* *Indian markets could open flat to mildly higher, in line with mixed Asian and US markets on June 06* Stocks closed mixed Thursday, after the European Central Bank cut rates for the first time in five years and as investors looked ahead to Friday's monthly jobs report to help gauge the strength of the U.S. economy. Wall Street expects to see 190,000 new jobs in the May report, slightly up from April. The unemployment rate is expected to hold steady at a historically low 3.9% Any upside or downside surprise could prompt investors to reassess their outlook for Fed rate policy. Many analysts eye September as the most likely time frame for a rate cut, assuming inflation continues to ease. The European Central Bank cut rates for the first time since 2019. The move was expected but marks a significant change in the central bank's policy. Attention now turns to when the Federal Reserve will follow suit. Monetary Policy Committee is likely to maintain status quo on the Reserve Bank of India's key lending rate amid the continuing need to bring down inflation further, even as economic activity remains strong. All economists polled expect the MPC to hold the Reserve Bank of India's repo rate steady at 6.5%. This will be the first RBI policy after the Lok Sabha election results 2024. In corporate news, Wipro Ltd said it has been awarded a $500-million deal by a leading US communication service provider over a period of five years. Wipro shall provide managed services for some products and industry-specific solutions. RVNL had been awarded a contract worth Rs 495 crore by the NTPC. IRB Infrastructure Developers Ltd along with its associate announced a strong year-on-year toll revenue growth of 30% for May 2024. Nifty extended its recovery for a second consecutive session on June 06 after the steep fall witnessed on June 04. Broad market indices rose more than the Nifty even as the advance decline ratio rose. The intra day volatility is falling over the past two days. Nifty could now stay in the 22419-23180 band for the near term. RBI Governor’s commentary on inflation and future interest rate cut trajectory will drive the markets in the near term. Indian markets could open flat to mildly higher, in line with mixed Asian and US markets on June 06.

The S&P 500 and Nasdaq Composite ended at records Wednesday as Nvidia Corp.'s market capitalization touched the $3 trillion mark for the first time. Nvidia is now worth more than Apple, becoming the second-largest U.S. company behind only Microsoft. The rise came amid tentative optimism for interest rate cuts on signs of slowing labor demand and a cooling economy. US treasury yields continued their fall this week as rate-cut bets were boosted by data showing the economy created fewer than expected private sector jobs in May, with just 152,000 workers hired in the month, down from 188,000 in the prior month, and missing economists estimates of 173,000. Bank of Canada became the first Group of Seven central bank to kick off an easing cycle. The Bank of Canada has trimmed its key policy rate by 25 basis points to 4.75 percent, in a widely expected move that marked its first cut in four years, and said more easing was likely if inflation continued to ease. Asia-Pacific stocks rose on Thursday as hopes for rate cuts by the European Central Bank boosted market sentiment, while major indexes in the U.S. hit fresh highs overnight. BHEL secures Rs 3,500 crore order from Adani Power for Chhattisgarh thermal plant Indian Energy Exchange reports 28.9% jump in May 2024 volumes Torrent Pharma in pact with Takeda to commercialize acid reflux drug Nifty erased some of the previous day's losses and ended higher on June 05 after the NDA allies pledged support for the alliance to form a government for the third term. At close, Nifty was up 3.36% or 735.9 points at 22620.4. Nifty now should consolidate after a sharp fall. Nifty could now head towards 22858 and 23180 on the upside while 22319 could offer support in the near term.

US stocks tossed between negative and positive territory on Tuesday, finishing narrowly in the green as investors shifted their rate-cut expectations after more weaker-than-expected economic data. US job openings fell in April to their lowest level since February 2021 (8.1 million, confounding economists' estimates for an increase to 8.37M) as the labor market shows further signs of rebalancing. China's services activity in May accelerated at the quickest pace in 10 months while staffing levels expanded for the first time since January, pointing to sustained recovery in the second quarter. The Caixin/S&P Global services purchasing managers' index (PMI) rose to 54.0 from 52.5 in April, expanding for the 17th straight month and growing at the fastest pace since July 2023. Asian markets traded with a mixed outlook on Wednesday following higher close of US indices on renewed expectations of rate cuts by the Federal Reserve due to a cooling US labour market. GPT Infraprojects received an order of Rs 547 crore Tata Motors’ finance unit to merge with Tata Capital Shilpa Medicare filed Type IV DMF of recombinant Human Albumin 20% Nifty tumbled to log its worst session in over four years on June 04 as vote counts from the nation's marathon elections indicated that the incumbent Bharatiya Janata Party might be reliant on alliance partners to return to power for a third time. At close, Nifty was down 5.93% or 1379.4 points at 21884.5. Nifty crashed on June 04 as vote count suggested weaker than expected performance by the NDA. While clarity on the final outcome and formation of the new Govt could take some more time, Nifty could fluctuate between 21710 to 22417 in the near term. Indian markets could open flat to mildly higher, in line with mixed Asian markets today and higher US markets on June 04.