Stock Market LIVE: Sensex, Nifty poised for subdued start ahead of inflation print, US Fed outcome

Stock Market LIVE on Wednesday, June 12, 2024: Indian bourses may see a flat to negative start on Wednesday tracking mixed trends among global peers. The GIFT Nifty futures also indicated a subdued start, as they quoted 16 points lower than Nifty50 futures at 23,295 levels.

Asia-Pacific markets displayed a mixed performance on Wednesday, as investors awaited inflation data from India and assesed the inflation print of China. China’s inflation increased by 0.3 per cent in May against an expectaion of 0.4 per cent. Investors are also eyeing the upcoming decision by the US Federal Reserve, scheduled for Wednesday. 

India’s inflation rate is expected to experience a marginal increase to 4.89 per cent, according to a Reuters poll of economists. This projection is slightly higher than April’s 4.83 per cent uptick.

In the Asian market, Japan’s Nikkei 225 dropped by 0.79 per cent higher, while the broader Topix index slipped by 0.63 per cent.

South Korea’s Kospi was up 0.35 per cent, while the small-cap Kosdaq index surged by 0.37 per cent.

However, Australia’s S&P/ASX 200 experienced a decline of 0.72 per cent. Meanwhile, Hong Kong’s Hang Seng index futures were down 0.78 per cent. 

Overnight on Wall Street, the S&P 500 index and the Nasdaq Composite rose to fresh closing highs, gaining 0.27 per cent and 0.88 per cent, respectively. On the other hand, the Dow Jones Industrial Average shedded 0.31 per cent.

Stocks to watch:

The stock of footwear major Bata India has been the highest gainer among larger listed footwear companies since the start of the month on expectations of a recovery in the value segment, new launches and measures by the new government to boost consumption.

Spot gold traded with a bearish bias on Tuesday as most of the commodities were under pressure due to the rise of far-right parties in the recently concluded European elections. Risk appetite was poor. Spot gold once again fell below $2300 in the Asian session before recovering in the US session; silver was hit harder than gold.

The metal got some support from softer US yields, though European bonds faced a sell-off on political concerns due to projected victory of far-right parties in exit polls. Usually, the US bonds are well bid in the run up to the FOMC decision; investors seeking refuge amid the European political concerns may also have boosted the US bonds. Read more

The first two Jobspot centres were inaugurated at Narasapura, Karnataka, and Hosur, Tamil Nadu, to cater to over 200 walk-in job seekers per day.

Ola Electric, the electric vehicle startup by Bhavish Aggarwal, has secured approval from the Securities and Exchange Board of India (Sebi) for its Rs 7,250 crore initial public offering (IPO), said people aware of the development. Following the market regulator’s nod, Ola Electric is set to become the first Indian EV company to go public.

India Inc’s profit as a percentage of gross domestic product (GDP) has risen to a 15-year high led by improvement in the bottom line of financials, energy and automobile companies.

Larsen and Toubro:The engineering major expects private capex to pick up gradually post general elections in India in FY25.

In its Annual Report for FY24, it said while private industrial capital spending has been measured in FY24, it is expected to pick up in the next fiscal year with the ongoing global supply chain diversification trends and investors’ response to the government’s Production Linked Incentive (PLI) scheme to boost key targeted manufacturing industries.

Markets regulator Sebi on Tuesday barred Pradeep Pandya, who was anchoring stock market shows on a television channel, and seven other entities from securities market for five years and imposed a fine of Rs 2.6 crore collectively for indulging in fraudulent trading activities.

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The Nifty Private Banks Index is currently positioned to attract profit booking on any rise, making a sell-on-rise strategy the most suitable approach for traders. The index is expected to encounter resistance, prompting a potential pullback. Read more

Pre-stock market update for Wednesday, June 12, 2024: Equity benchmark indices may witnessed another choppy ride today as market participants brace-up for the May inflation numbers, factory output for the month of April.