Indian indices witnessed a positive start on Friday amid positive global cues. Globally, the Wall Street stocks rallied in overnight trade after two down sessions ahead of key jobs data, as markets fixate on the implications for inflation and monetary policy. Oil held gains in Asia, and was set for a sixth weekly advance, after a keenly anticipated OPEC+ supply meeting delivered only a modest increase in output. In Asia, shares rose in Japan, Australia, and South Korea, while markets in Shanghai and Hong Kong were closed for public holidays.
Ultratech’s fresh capex plan worries investors
Cement giant Ultratech Cement Ltd on Thursday announced a 22.6mtpa increase in its grinding capacity at a capital expenditure of Rs12,886 crore. Mtpa is short for million tonnes per annum. The capacity increase would be through a mix of brownfield and greenfield expansions.
Indian shares touch four-week high, set for third weekly gain
Indian shares rose to a four-week high on Friday and were set for their third straight weekly gain, propped up by a strong recovery in beaten-down technology stocks.
The NSE Nifty 50 index was up 0.85% at 16,770.1, as of 0402 GMT, while the S&P BSE Sensex rose 0.95% to 56,350.21. The indexes are set for weekly advances of 2.5% each, if gains hold.
The Nifty IT index rose as much as 2.4% and was set for a weekly gain of around 6%, after declining for eight consecutive weeks. The index has dropped 23% so far this year.
Shares of UltraTech Cement reversed early gains to fall up to 2.5% after the company said it would spend 128.86 billion rupees ($1.66 billion) to increase its annual capacity as it looks to stave off competition from the sector’s newest entrant Adani Group.
Rupee surges 13 paise to 77.47 against US dollar in early trade
The rupee appreciated 13 paise to 77.47 against the US dollar in opening trade on Friday, supported by a fall in the dollar index and positive domestic equities.
At the interbank foreign exchange, the rupee opened at 77.47 against the American dollar, registering a rise of 13 paise from the last close.
On Thursday, the rupee had settled at 77.60 against the US dollar.
According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the Indian rupee opened stronger against the dollar on Friday tracking the overnight weakness of the dollar.
Aether Industries shares list at premium over IPO issue price
Shares of Aether Industries made positive stock market debut on Friday with the stock listing at ₹704 apiece on the NSE, a premium of more than 9% as compared to its IPO issue price of ₹642 per share. On the BSE, eMudhra shares started trading at ₹706.
Top BSE losers: Raymond, The Ramco Cements, Dalmia Bharat top laggards
BSE top gainers: Indiabulls Housing Finance, TCI Express lead
Top BSE indices in early trade: Sensex jumps over 500 points amid positive global trends
IT stocks in high demand in early trade, surges over 2%; KPIT Tech top gainer, BCG top loser
Drone stock hits upper circuit on four successive days after Q4 results
Multibagger stock: Rattanindia Enterprises share price has been appreciating after the announcement of its strong Q4 results. Amongst one of the multibagger stocks in 2021, RattanIndia shares have hit upper circuit on four successive days in a row as it has been hitting upper circuit since Monday. In its Q4 results announced on Monday via Indian exchanges, the drone maker company ahs reported total income of ₹47.90 crore against ₹0.53 crore in Q3 FY22 and ₹0.76 crore in Q4FY21.
Nifty50 opens above 16,750 amid positive global cues; TechM, Wipro, HCL Tech top performers, Shree Cement, Britannia drag
Sensex at open: Trades 550 points higher; HCL Tech, Wipro, Infy, Reliance top gainers, UltraTech Cement drags
Nifty50 at pre-open: Surges above 16,750; UltraTech, HCL top performers
Sensex at pre-open: Jumps over 400 points amid positive global cues; UltraTech, Bajaj Finserv, Kotak Bank top gainers
Day trading guide for Friday
6 stocks to buy or sell today — 3rd June
Aether Industries share listing today. Experts predict ‘positive’ debut
Shares of Aether Industries are going to hit Indian bourses today. As per the information available on BSE website, Aether Industries shares are going to become available for trade on NSE and BSE from 3rd June 2022m as Aether IPO listing date has been fixed on 3rd June 2022 i.e. today. The BSE website further informed that shares of the chemical company will be listed in a special per-opening session at around 10 AM today.
Multibagger Penny stock to consider allotment of 1:1 bonus shares
Bonus shares 2022: Multibagger penny stock Mishtann Foods Ltd has informed Indian exchanges that the meeting of the board of directors of the company is scheduled on 9th June 2022 to consider and approve allotment of bonus shares. The company has already announced the proposal to issue 1:1 bonus shares to eligible shareholders of the company. In its communication with BSE, Mishtann Foods Ltd has revised its record date for bonus share and now company board has fixed record date for bonus share issue on 3rd June 2022 i.e. today.
Bitcoin rebounds, other crypto prices today also gain. Check latest rates
Cryptocurrency prices today gained with Bitcoin rebounding after slumping along with stocks in the previous session, meeting resistance at the $30,000 level around which it’s been trading for the past month. The world’s largest and most popular cryptocurrency rose more than 2% and was trading at $30,622.
Gold hits 1-month high as dollar weakens, set for weekly gain
Gold prices scaled a one-month peak on Friday, riding on a weaker US dollar that has also put bullion on track for a third straight weekly gain. Spot gold was up 0.2% at $1,871.28 per ounce, as of 0214 GMT, its highest level since May 9. Gold prices have risen about 1% so far this week. US gold futures also climbed 0.2% to $1,874.50. The dollar edged lower, making greenback-priced bullion more attractive for overseas buyers.
Dollar wavers as traders await US jobs update
The dollar wobbled toward its first steady week in three on Friday as traders looked to U.S. jobs data later in the day for clues as to how far and fast the Federal Reserve might raise interest rates.
Markets have locked in consecutive 50-basis-point Fed hikes in June and July but the dollar has been pushed around this week by uncertainty about what happens after that.
The dollar rose through the early part of the week on nerves that record high inflation in Europe was a harbinger of sharply higher rates everywhere. But it fell overnight and stocks rallied as mixed U.S. economic data muddied the outlook.
The dollar lost about 0.9% on the euro on Thursday, falling to $1.0750. It fell further to $1.0760 early in an Asia session thinned by holidays in China and Hong Kong. A holiday in Britain is also likely to thin London trade.
Asian stocks advance ahead of key US jobs report
Asian shares followed their US peers higher Friday ahead of a key jobs report as traders weighed the outlook for inflation and growth.
Stocks rose in Japan, Korea and Australia while US futures fluctuated. On Thursday, the S&P 500 rose 1.8%, led by gains in consumer discretionary shares, while the tech-heavy Nasdaq 100 added 2.8%.
Markets are shut in Hong Kong and China, where officials have vowed to carry out a slew of government policies to stimulate the economy. The offshore yuan rose amid thin trading in Asia.
A Bloomberg gauge of the dollar steadied after overnight losses while the yen held near the psychologically important 130 level against the greenback. Benchmark Treasury yields edged up to 2.92%.
Oil prices steady on doubts OPEC+ can make up Russian deficit
Oil prices were roughly unchanged on Friday, clinging to gains made in the previous session on doubts that producers belonging to OPEC+ can hike their crude output enough to make up for lost supply from Russia.
U.S. West Texas Intermediate (WTI) crude futures were up 1 cent at $116.88 a barrel at 0112 GMT, while Brent crude futures were up 7 cents at $117.68 a barrel.
A decision on Thursday by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, to boost output by 648,000 barrels per day (bpd) in July and August, instead of by 432,000 bpd as previously agreed, was seen as hardly enough for a tight market.
The increases were divided proportionally across the member countries, but with Russia included in the pact and members like Angola and Nigeria already failing to meet their existing targets, analysts said the supply increase was likely to be less than the announced volume.
Tokyo stocks open higher tracking US gains
Tokyo stocks opened higher on Friday, extending rallies on Wall Street ahead of US jobs data due later in the day.
The benchmark Nikkei 225 index was up 0.92 percent, or 251.42 points, at 27,665.30 in early trade, while the broader Topix index advanced 0.60 percent, or 11.52 points, to 1,937.91.
Friday is “a positive day for risk sentiment ahead of US payrolls tonight on no new news,” said Tapas Strickland, senior economist at National Australia Bank, noting that US equities were up and Treasury yields were stable.
Wall Street stocks rallied after two negative sessions ahead of key jobs data, as markets fixate on the implications for inflation and monetary policy.
Global stock markets rise, US yields fall ahead of employment data
Global equity markets rose while U.S. yields were lower on Thursday after lower-than-expected private payrolls data stirred hopes that the American economy was likely cooling and the Federal Reserve might be persuaded to modify its aggressive stance on interest rates and inflation.
The ADP National Employment Report on Thursday showed that private payrolls rose by 128,000 jobs in May, which was much lower than the consensus estimate of 300,000 jobs and suggested that demand for labor was starting to slow.
If the private payrolls data is reaffirmed by the Labor Department’s more comprehensive jobs report on Friday, then the Fed would be unlikely to continue its pace of rate hikes, said Sandy Villere, portfolio manager at Villere & Co in New Orleans.
The MSCI world equity index, which tracks shares in 50 countries, was up 1.42%. The pan-European STOXX 600 index gained 0.57%.
U.S. Treasury yields pulled back from recent highs ahead of the closely watched employment report and what it could indicate about the possible trajectory of interest rates.
On Wall Street, the S&P and the Dow rallied from earlier session losses and closed higher, with stocks in technology, consumer discretionary, communication services and financials sectors leading the rebound.
The Dow Jones Industrial Average rose 1.33% to 33,248.28, the S&P 500 gained 1.84% to 4,176.82 and the Nasdaq Composite added 2.69% to 12,316.90.
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