Stock Market Today: The SGX Nifty is trading at 18859, up 48 points or 0.26 percent. The Asian markets are giving a good signal. Due to the monthly F&O expiry, the Indian stock market indexes are expected to open higher today and trade erratically. The Nikkei is up 0.75 percent, having recovered from its fourth straight session of losses. The Hang Seng, Shanghai Composite, and Kospi are all down 0.15 percent, 0.30 percent, and 0.36 percent, respectively.
Stock Market Today: US Market Update
The major US stock market indexes finished higher on Tuesday. The Dow ended a six-day losing trend and closed higher as investors shrugged aside recession fears and celebrated positive economic statistics. Consumer confidence in June was higher than projected. May’s new home sales and durable goods orders also exceeded estimates.
Investors expect to hear more from senior central bank policymakers at the European Central Bank Forum on Wednesday, as well as Fed Chair Powell’s speech and the PCE report on Friday. Lordstown Motors’ stock dropped 17% after the business declared bankruptcy.
Stocks in focus:
HDFC Bank
Housing Development Finance Corp. Ltd. (HDFC) has provisionally scheduled its $40 billion mega-merger with HDFC Bank Ltd for July 1, integrating the country’s largest private sector lender with the top mortgage lender. HDFC chairman Deepak Parekh told reporters earlier in the day that the merger would take effect on July 1. According to Parekh, the boards of the mortgage lender and the bank will meet on June 30 to clarify and accept the merger.
Adani Group
Adani Group, led by billionaire Gautam Adani, plans to evaluate its capital market approach once the market stabilises, according to Chief Financial Officer Jugeshinder Singh. He stated that the company’s balance sheet is “healthy,” and that it has “industry-leading” business growth capabilities, “robust governance,” “secure assets,” and “strong cash flows.” In fiscal year 2022-23, the Adani Group’s consolidated total income climbed by 96% to Rs. 1,38,175 crore. Meanwhile, the company’s consolidated EBITDA climbed by 112%.
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