Indian Indices:
Nifty opens above 9700 for the first time, Sensex opens at a record high The Indian market, which recently entered the $2 trillion market cap club last month, thanks to a gush of local as well as global liquidity, will soon join the $4 trillion club in the next 7-10 years, suggest experts.
Equity benchmarks opened moderately higher amid consolidation on Wednesday as investors awaited the outcome of two-day Monetary Policy Committee due later today. The Indian rupee extended losses on Wednesday. It opened at 64.49 against the US dollar, down 7 paise compared with Tuesday's closing the level of 64.42 a dollar.
GAIL, Bharti Airtel, ICICI Bank, M&M, Hero Motocorp, Vedanta and Bharti Infratel were early gainers while Dr. Reddy's Labs, Wipro, TCS, Cipla, Tata Motors, BPCL and Tata Power were under pressure. Pramit Brahmbhatt of Veracity said in the absence of any directional clarity, the spot USD-INR pair will trade in a tight range of 64.20 to 64.50 today. RBI Policy: Will regulator heed soft growth & soft prices, and turn accommodative?
The 30-share BSE Sensex was up 47 points at 31,237.56 and the 50-share NSE Nifty gained 20.25 points at 9,657.
Global Market:
Asia was mixed as markets cautiously awaited the UK election, a European Central bank review and former FBI Director James Comey's testimony to the Senate stateside. Early Asian markets such as Australia and Japan are pointed lower.
The US stocks ended the Tuesday’s session marginally lower. The Dow Jones Industrial Average dropped 48 points to end at 21,136. The S&P 500 index declined 7 points to close at 2,430. The Nasdaq Composite index slid 21 points to close at 6,275.
Major Headlines of the day:
• Reliance Communications- Moody’s revises rating to Ca from Caa1, Fitch revises rating to RD from CCC
• Yes Bank-Shareholders approve increase in borrowing limit to Rs 70,000 crore from Rs 50,000 crore and fundraising up to Rs 20,000 crore via non-convertible debentures (NCDs)
• Adani Enterprises-Stake in Adani Green Energy diluted to below 50 percent and Adani Green ceases to be a unit of Adani Enterprises
Trend in FII flows: The FIIs were net buyers of Rs 61.16 the cash segment on Tuesday while the DIIs were net sellers of Rs -360.01 as per the provisional figures.
Securities in Ban For Trade Date 07-JUN-2017:
1.DLF
2.GMRINFRA
3.IBREALEST
4.INFIBEAM
5.JPASSOCIAT
6.RCOM
7.RELCAPITAL
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