Stock Market Today: Given the weak global cues, domestic markets may open lower today. Nifty futures were trading 18 points, or 0.10%, lower at 18,863 in the early morning trade on the Singapore Exchanges (SGX). Asian markets were primarily trading in the negative; Hong Kong’s Hang Seng down 1.62%, China’s Shanghai Composite Index fell 0.57%, South Korea’s KOSPI dropped 0.45%, the Asia Dow fell 0.37%, and Japan’s Nikkei 225 increased 0.28%.
Stocks in focus
The Competition Commission of India has approved HDFC’s plan to raise its stake in HDFC Life. Through one or more market transactions on stock exchanges, the additional interest will be acquired. The combined entity of HDFC Bank will own a majority stake of more than 50% in HDFC Life after the merger between HDFC and HDFC Bank is complete.
The initial public offering of equity shares of Cyient’s subsidiary Cyient DLM will begin on Tuesday, June 27, 2023, and end on Friday, June 30, 2023. At least two working days before the issue’s opening date, the price range for the issue shall be advertised.
Crude oil prices fell
Oil prices dropped on Wednesday, continuing a three-day slide as the dollar rose in response to a recovery in the US housing market and lingering concerns that China’s monetary stimulus may not be sufficient to boost the country’s economic development. US West Texas Intermediate (WTI) oil futures were down 14 cents, or 0.2 percent, at $71.06 at 00:43 GMT, while Brent futures down 21 cents, or 0.3%, to $75.69 per barrel.
Stock Market Today: US Market
The Dow Jones Industrial Average (DJIA), the S&P 500, and the tech-heavy Nasdaq all concluded the overnight session in the red as the US market. The BSE Sensex increased 159.40 points or 0.25% to 63,327.70 on Tuesday, while the NSE Nifty 50 increased 61.25 points or 0.33% to 18,816.70. In terms of sectoral indexes, Bank Nifty increased by 132.75 points, or 0.30%, to reach 43,766.50. Nifty Auto and Nifty IT also saw gains, while Nifty Media and Nifty Pharma all had declines.
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