Sensex, Nifty end lower after hitting record highs on profit booking

Top gainers

• Grasim: 2.43%
• HeroMotoCorp: 2.30%
• Cipla: 2.12%
• PowerGrid: 2.09%
• NestleInd: 1.52%

Top losers

• Tech Mahindra: -2.66%
• Infosys: -2.31%
• Wipro: -1.88%
• LTI Mindtree: -1.59%
• Bajaj Finance: -1.53%

London stocks faced downward pressure on Monday as investors reacted to a snap election announcement by French President Emmanuel Macron, while anticipation built ahead of crucial domestic economic data releases later in the week.

The benchmark FTSE 100 slipped below the 8,200 mark in early trading, registering a decline of 0.3 per cent to reach 8,217.04 points, while the mid-cap FTSE 250 also experienced a 0.3 per cent drop. Both indexes appeared set to record a second consecutive session of losses.

Read the full story here.

“My warmest congratulations to Narendra Modi for assuming charge as Prime Minister of India for the third consecutive term! Building upon a strong growth rate of 8.2% for 2023-24, the new Government under his visionary leadership can usher in the next phase of reforms to make the most of the global opportunities and build on the robust fundamentals of the Indian economy. This is a pivotal moment for India, and Indian industry is keen to work with the incoming Government to further accelerate the developmental journey of the nation. CII is confident that under the astute leadership of Shri Modi, the country would continue its economic transformation and emerge among the top three in the world,” said Sanjiv Puri, President, CII.

India's mutual fund assets surged to Rs 58.6 lakh crore ($701.90 billion) in May, nearing a remarkable addition of Rs 10 lakh crore in under a year, marking the fastest rise on record, according to data released on Monday.

While it took the mutual fund industry five decades to accumulate its first Rs 10 lakh crore of assets since its inception in 1964, the latest Rs 9 lakh crore was added in less than six months.

To read the full story, click here. 

Adani Airport Holdings Limited (AAHL) has reached a significant milestone in the aviation industry by handling an impressive one million tonnes of air cargo in fiscal year 2023-2024. This achievement highlights AAHL's robust operational capabilities and strategic growth trajectory.

Read the full story here: https://www.republicbiz.com/industry/aviation/adani-airports-handle-over-1-million-tonnes-of-cargo-with-7-growth

Prime Minister Narendra Modi, after being sworn in for his third term on June 9, signed his first file concerning the release of PM Kisan Nidhi funds, according to government officials. Modi is the first Prime Minister in the last 60 years to be sworn in as Prime Minister for the third consecutive term.

Read more here.  

Fintech firm One97 Communications, the parent company of Paytm, is laying off an undisclosed number of employees and is providing outplacement support to facilitate their smooth transition, according to a company statement. In the March 2024 quarter, Paytm's sales employee headcount dropped by about 3,500 to 36,521 personnel, largely due to the Reserve Bank of India's ban on services of Paytm Payments Bank.

Read the full story here: https://www.republicbiz.com/companies/people/paytm-s-parent-one97-communications-announces-layoffs-amid-restructuring-efforts

JSW Energy announced on Monday that it has started the construction on a 1 gigawatt-hour (GWh) battery energy storage system project in Fatehgarh, Rajasthan. The project was recently awarded to the company by the Solar Energy Corporation of India Limited (SECI), according to an exchange filing by JSW Energy.

Microsoft kicked off its annual Xbox Games Showcase on Sunday, revealing a new all-digital version of its Xbox Series X and S consoles, along with trailers for over a dozen games, including the latest instalment of "Call of Duty."

The Games Showcase arrives at a pivotal moment for Xbox and Microsoft as the gaming industry faces a downturn, with publishers dealing with softer sales, layoffs, and studio shutdowns.

 Apple is set to host the 2024 edition of its annual Worldwide Developers Conference (WWDC) on June 10 at Apple Park in Cupertino, California. The event will bring to light the next-generation software for iPhone, iPad, Mac, and more.

This year's WWDC is expected to spotlight generative artificial intelligence (AI). Apple plans to showcase several Gen-AI-powered tools across various Apple products.

Shares of Kronox Lab Sciences made a strong debut on June 10, listing at Rs 164.95 on the NSE, reflecting a 17.55 per cent premium over the issue price of Rs 136.

The fine chemicals maker's positive listing was in line with market expectations, as trends in the grey market had earlier suggested a debut with a 22-30 per cent premium.

The company's Rs 130-crore public offer received a strong response from investors, being subscribed over 117 times. Non-institutional investors (NIIs) led the way, bidding 302 times their allotted quota, while qualified institutional buyers (QIBs) bought 89 times and retail investors bid 54.23 times the reserved portion.
 

The Rupee edged lower on Monday, mirroring the performance of its Asian counterparts amidst a retreat in expectations for policy easing by the US Federal Reserve, a move that also saw a decline in Dollar-Rupee forward premiums.

As of 09:50 a.m. IST, the Rupee (INR=IN) stood at 83.4925 against the US Dollar, marking a 0.1 per cent decrease from its previous close at 83.3725 on Friday.

Read the full story here: https://www.republicbiz.com/market/currency/rupee-slips-amid-asian-trends-forward-premiums-dip

The Indian equity benchmarks gave a big thumbs up to Modi 3.0 on Monday by surging to record highs on hopes of stable government carrying on with economic policy continuity and macro-economic reforms. The Sensex rose over 350 points to hit an all-time high of 77,079 and Nifty 50 index advanced 122 points to hit fresh record high of 23,411.90.

Read the full story here: https://www.republicbiz.com/market/shares/sensex-nifty-surge-to-record-highs-after-modi-takes-oath-as-pm-for-third-time

As of 9:17 am, the Sensex was up 310 points at 77,010 and Nifty 50 index advanced 70 points to 23,395.

Top Gainers

• Power Grid
• Shriram Finance 
• Adani Enterprises
• Adani Ports
• Cipla

Top Losers

• Tech Mahindra
• Infosys
• LTIMindtree
• HCL Technologies
• Wipro

The Nikkei share average in Japan saw a slight uptick on Monday, buoyed by gains in export-related stocks amid a weaker yen following robust US jobs data. Additionally, a rise in domestic yields bolstered financial sector stocks.

During the midday break, the Nikkei was up by 0.49 per cent at 38,872.19, while the broader Topix climbed 0.7 per cent to 2,774.37.

Read full story: https://www.republicbiz.com/market/shares/nikkei-inches-up-on-export-financial-sector-gains

Market regulator Securities and Exchange Board of India (Sebi), has unveiled a proposal for tighter regulations on trading individual stock derivatives. The move is prompted by concerns over market manipulation risks following a surge in options trading activity.

Sources familiar with the matter revealed to Reuters in April that top financial regulators planned to establish a committee to assess stability risks stemming from the rapid expansion of derivatives markets.

Read the full story here: https://www.republicbiz.com/market/shares/sebi-proposes-stricter-regulations-for-stock-derivatives-trading

Positive US jobs data indicated a robust economy but also raised concerns about the Federal Reserve delaying interest rate cuts. Wall Street closed slightly lower on Friday.
 

 Global markets are showing mixed signs on Monday. While Nikkei is up, Kospi is down. Nifty futures in India point towards a negative opening for the broader market.