Stock Market LIVE Updates: GIFT Nifty indicates a gap-up start; US, Asian markets gain

Anmol Singh Jaggi (Promoter and Managing Director) of Gensol Engineering has acquired 53,945 shares of the company from the open market operation amounting to Rs 4,77,44327.75.

Previously, Mr. Jaggi holds 79,64,766 Equity shares of the company which represents 21.03% of the total shareholding of the company post-acquisition of 53,945 shares of the company Mr. Jaggi holds 80,18,711 equity shares which represents 21.17% of the total shareholding of the company.

In result of the above acquisition, the total promoter and promoter group shareholding increased from 2,37,17,306 shares which is 62.62% of the total shareholding of the company to 3,78,72,897 shares which is 62.77% of the total shareholding of the company.

– BHEL: Wins order worth more than Rs 7,000 crore

– KPI Green Energy: Bags 26.15 MW solar power projects

– Kalpataru Projects: To consider fund raising via NCDs on June 10, 2024

– Century Textiles: Arm Birla Estates to form JV with Barmalt India for residential housing development

– NBCC: Gets multiple work orders worth up to Rs 491.45 crore

– Maruti Infrastructure: To consider stock split, bonus issue on June 22

– Indian Energy Exchange: May 2024 volumes up 29% at 10,633 MU

#1 Likelihood of weight increase is high, but not a given

#2 Foreign selling in recent month supports an increase

#3 Weight increase could result in passive flows ranging from USD 3 -6.5 billion

#4 Passive flows equivalent to 8-17 days of 12-month average ADTV

#5 Believe a staggered increase will make inclusion a non-event

#6 Bank would gradually improve its NIM/ROA profile over next 2 years

#1 Total domestic sales up 13.9% at 2,412 units versus 2,118 units (YoY)

#2 Total exports down 63.3% at 180 units versus 491 units, YoY

Indian Energy Exchange achieved monthly overall volume of 10,633 MU, in May’24, marking a 28.9% year-over-year increase.

The electricity volumes at 9,568 MU, increased 21% YoY.

The renewable energy certificates (REC) at 1,055 MU, increased 640.3% YoY.

Over the past year, the FMCG sector has underperformed relative to the main indices, impacted by weak rural demand, adverse weather conditions, lower agri-production growth, high inflation, and increased local competition. However, the sector is now showing signs of a gradual recovery in rural demand, driven by a reduction in inflation and strategic measures by companies to boost volumes.

Additionally, the prospects of a better monsoon and potential policy shifts towards social economics could further enhance rural demand. The sector’s valuation is slightly above its long-term average, and re-rating is anticipated to continue due to these multiple positive developments. Consequently, we have a strong positive outlook on the sector.

A massive fire accident at Dhaula facility of Trident (consisting of Textiles and Paper Manufacturing units) at around 08:30 P.M (IST) On June 5, 2024.

Oil rose in early Asian trading on Thursday on rising expectations the Federal Reserve will cut interest rates in September, and as the market rebounded from a selloff related to growing U.S. inventories and an OPEC+ plan to increase supply.

Brent crude futures rose 27 cents, or 0.34%, to $78.68 a barrel, while U.S. West Texas Intermediate crude futures rose 36 cents, or 0.49%, to $74.43.

Nvidia Corp. was already the world’s most valuable semiconductor firm. Now, it’s become the first computer-chip company ever to hit $3 trillion in market capitalization.

The shares of the Santa Clara, California-based firm have rallied roughly 147% this year, adding about $1.8 trillion as the insatiable demand for its chips used to power artificial intelligence tasks skyrockets. On Wednesday, shares rose 5.2% to close at a record $1,224.40, pushing the market value to more than $3 trillion and overtaking Apple Inc. in the process.

#1 S&P 500, Nasdaq notch new highs

#2 Nvidia pips Apple in market cap; becomes second#1 most valuable US company

#3 Asian markets edge higher on hopes of ECB rate cut

#4 Dollar gains after better than expected US services sector data

#5 US 10-year yield slips below 4.3% as investors digest private payrolls data

#6 Oil rebounds from 4-month lows

#7 Gold rises as yields retreat on softer jobs data

#8 Gift Nifty signals positive start

Trends on GIFT Nifty indicate a gap-up start for the broader index in India, with a gain of 173.50 points or 0.77 percent. The Nifty futures were trading around 22,675.50 level.

Asian markets were trading higher 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.

The S&P 500 and Nasdaq indexes hit record closing highs on Wednesday, powered mainly by technology stocks as markets digested economic data that could support a much-expected start to the Federal Reserve’s policy easing cycle.

Traders now see a nearly 69% chance of a September rate reduction, according to the CME’s FedWatch tool. Expectations had hovered around 50% last week.

The Dow Jones Industrial Average rose 96.04 points, or 0.25%, to 38,807.33, the S&P 500 gained 62.69 points, or 1.18%, to 5,354.03 and the Nasdaq Composite gained 330.86 points, or 1.96%, to 17,187.91.

The S&P 500’s previous record-high close was 5,321.41 on May 21, and the Nasdaq’s previous record close was 17,019.88 on May 28.