Stock Market LIVE on Monday, June 10, 2024: Indian bourses are likely to see a flat to negative start to the week on Monday tracking mixed global cues. The GIFT Nifty indicated a subdued start, as they quoted 35 points lower than Nifty50 futures at 23,290 levels.
Markets in Asia-Pacific staged a mixed trend on Monday following a robust US jobs report last Friday, an increase in hiring as well as wage growth during May. Meaning, the Federal Reserve is not in a hurry to reduce interest rates.
Traders anticipate that the Federal Open Market Committee will refrain from cutting rates during its upcoming meeting this week or at the subsequent gathering in July.
Japan’s Nikkei 225 was up 0.47 per cent increase, whereas the broader Topix index saw a rise of 0.68 per cent. Conversely, South Korea’s Kospi experienced a 0.90 per cent decline, while the small-cap Kosdaq slipped by 0.42 per cent.
Several Asian markets are closed for a holiday on Monday, including Australia, mainland China, Hong Kong, and Taiwan.
The US Fed interest rate decision, domestic inflation data and global trends would be key driving factors in dictating movement in the market this week, as the Lok Sabha elections outcome and the RBI policy decision are behind us, analysts said. Read more
Stocks to watch:
Dr Reddy’s Laboratories: The USFDA has issued a Form 483 with four observations for Dr. Reddy’s API manufacturing facility (CTO-6) in Srikakulam, Andhra Pradesh. The inspection took place from May 30 to June 7, 2024.
Mphasis: BCP Topco IX Pte intends to sell a 10.6 per cent stake in Mphasis through block deals, with a base price set at Rs 2,350 per share. The initial size of the block is 10.6 per cent, with an option to increase it to 15.1 per cent. Should the deal be fully upsized, its value will amount to Rs 6,697 crore.
KEC International: The company has secured new orders worth Rs 1,061 crore across various sectors. The T&D business has won projects in India, East Asia Pacific, and the Americas.
