The Stock Market LIVE on Wednesday, June 12, 2024, is set to open with a flat to negative start for Indian bourses, following mixed trends among global peers. The GIFT Nifty futures are indicating a subdued start, quoting 2 points higher than Nifty50 futures at 23,311 levels.
In Asia-Pacific markets, investors are eagerly awaiting inflation data from India and assessing China’s recent inflation print. China saw a slight increase in inflation by 0.3 per cent in May, falling short of the expected 0.4 per cent. The upcoming decision by the US Federal Reserve, scheduled for Wednesday, is also on investors’ radar.
India’s inflation rate is projected to see a marginal uptick to 4.89 per cent, slightly higher than April’s 4.83 per cent increase, according to a Reuters poll of economists.
In Asian markets, Japan’s Nikkei 225 dropped by 0.79 per cent, while the broader Topix index slipped by 0.63 per cent. South Korea’s Kospi was up 0.35 per cent, and the Kosdaq index surged by 0.37 per cent. However, Australia’s S&P/ASX 200 experienced a decline of 0.72 per cent, and Hong Kong’s Hang Seng index futures were down 0.78 per cent.
On Wall Street, the S&P 500 index and the Nasdaq Composite reached fresh closing highs, gaining 0.27 per cent and 0.88 per cent, respectively. The Dow Jones Industrial Average, however, shed 0.31 per cent.
Stocks to watch today include HCL Tech, which has signed a deal worth $278 million with apoBank, Germany’s largest cooperative primary bank. Cipla is facing a setback after receiving an adverse ruling from the Patna Tax Office regarding input tax credit, with plans to appeal to a higher authority. TCS has unveiled a new IoT engineering lab in Ohio, focusing on manufacturing, energy, and consumer solutions.
