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

Vodafone PLC is likely to sell about 10 percent stake in Indus Towers to raise up to $1.1 billion through block deals on June 19.

The block deal for Indus Towers is likely to be launched at a 10 percent discount to the stock’s current market price, at Rs 310-Rs 314 range, showed the term sheet accessed by Moneycontrol.

Morgan Stanley, BofA Securities, Jefferies and BNP Paribas are the brokers to the deal, according to the term sheet. Read More

JLR and Chery have signed a Letter of Intent to strengthen CJLR’s product offer for the next era of electrification in China.

Under the proposed new licensing agreement, the CJLR Joint Venture will pivot to produce an advanced portfolio of electric vehicles based on Chery’s EV architecture, exclusively under the Freelander name.

Oil rose slightly in early trade on Wednesday as concern over escalating conflict in Europe and the Middle East offset demand worries following an unexpected build in U.S. crude inventories.

Brent crude futures for August delivery rose 6 cents to $85.39 a barrel. U.S. West Texas Intermediate crude for June was up 10 cents to $81.67 per barrel.

Both benchmarks were up by more than a $1 in the previous session after a Ukrainian drone strike led to an oil terminal fire at a major Russian port, according to Russian officials and a Ukrainian intelligence source.

Asian markets were trading higher after S&P 500 hitting new highs as artificial intelligence chip firm Nvidia overtakes Microsoft as the most valuable public company.

The dollar was nursing losses on Wednesday after soft U.S. retail sales data reinforced bets of imminent Federal Reserve rate cuts, while sterling eased a touch ahead of a reading on UK inflation due later in the day.

Figures released on Tuesday showed U.S. retail sales barely rose in May and data for the prior month was revised considerably lower, suggesting that economic activity remained lacklustre in the second quarter.

That knocked the greenback lower in the immediate aftermath, though its losses were limited against a basket of currencies as the euro, which holds the largest weight in the dollar index, continues to be weighed down by political jitters in France and the wider bloc.

The euro was last marginally lower at $1.0738, while the dollar index steadied at 105.28.

Sterling fell 0.03% to $1.2705 ahead of UK inflation data due later on Wednesday, which comes before a policy decision by the Bank of England (BoE) on Thursday, where rates are expected to remain on hold.

The S&P 500 and Nasdaq closed at record highs on Tuesday, buoyed by Nvidia’s continued surge to new peaks, while the Dow ended barely higher in subdued pre-holiday trading following softer-than-expected U.S. retail sales data.

The Dow Jones Industrial Average rose 56.76 points, or 0.15%, to 38,834.86. The S&P 500 climbed 13.80 points, or 0.25%, to 5,487.03 and the Nasdaq Composite gained 5.21 points, or 0.03%, at 17,862.23.

Trends on GIFT Nifty indicate a higher start for the broader index in India, with a gain of 74.50 points or 0.32 percent. The Nifty futures were trading around 23,665 level.

India’s benchmark Sensex and Nifty extended their gains for the fourth consecutive session and closed at a fresh record high on June 18, supported largely by PowerGrid Corp and Titan, which were the major contributors to the positive momentum.

At the close of trading, Sensex increased by 0.4 percent, gaining 308 points to reach 77,301. Meanwhile, Nifty rose by 0.39 percent, adding 92.30 points to reach 23,558.

In sectoral indices, Nifty Realty surged 1.9 percent, leading gains, followed by Nifty Consumer Durables and Nifty Bank, which rose 1.6 percent and 1 percent, respectively. On the downside, Nifty Healthcare was the biggest loser, declining 0.6 percent, followed by Nifty Pharma and Nifty Metal, both down 0.4 percent.