Stock Market LIVE: Sensex, Nifty set to gain at start; SGX Nifty in green

FIIs ended their three-day losing streak with an inflow of nearly 386 crore ($52 million) in Indian equities, while DIIs turned net sellers after three consecutive days of buying. Investors will be focusing on RBI’s June 2023 monetary policy which is scheduled to be announced later this week.

07 Jun 2023, 07:51:48 AM IST

Buy or sell: Vaishali Parekh recommends buying in 3 stocks today – RCF, Syngene International, and IRCON

Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher recommends:

Buy Rashtriya Chemicals & Fertilizers Ltd (RCF) at 108 with a stoploss of 106 and a target price of 112

Buy Syngene International Ltd at 734 with a stoploss of 720 and a target price of 757

Buy IRCON at 82.50 with a stoploss of 81 and a target price of 86. (Read More)

07 Jun 2023, 07:49:31 AM IST

Reliance Home Finance NCD holders claim Bank of Baroda flouted SC order

The debenture holders of Reliance Home Finance Ltd (RHFL) have issued a legal notice to the state-owned Bank of Baroda (BoB), accusing it of engaging in foul play, and disregarding the directives issued in a recent Supreme Court ruling.

“BoB, the lead bank of the inter-creditor agreement consortium, not only participated but also ensured the Supreme Court order is breached with impunity and retail debenture holders are duped of rightful entitlement of redemption at full face value,” they said.

A copy of the legal notice was reviewed by Mint.“BoB has played an active role in aiding manipulative and fraudulent schemes, and caused losses to the clients and thousands of other retail debenture holders of RHFL,” it said. (Read More)

07 Jun 2023, 07:23:22 AM IST

Adani set to revive Mundra PVC project with initial funding of ₹14,000-16,000 crore

Adani Group has revived its investment plan for Mundra Petrochem Ltd, India’s largest polyvinyl chloride (PVC) plant, with initial funding of 14,000-16,000 crore, after a four-month suspension of operations, two people directly aware of the development said.

Mundra Petrochem has secured an in-principle approval for a credit line of up to 14,000 crore from a clutch of large domestic banks, the people said, adding that the total project cost will be around 35,000 crore. “Seventy per cent of the money to be used in the planned capex is likely to come from state-run lenders,” one of the two said, requesting anonymity. 

Group flagship Adani Enterprises Ltd incorporated Mundra Petrochem in 2021 to set up a coal-to-PVC plant. (Read More)

07 Jun 2023, 07:21:18 AM IST

US stocks end up on Tuesday ahead of Fed meet and inflation data scheduled for next week

U.S. stocks closed up on Tuesday, helped by some advances in economically sensitive sectors, as investors awaited inflation data and the Federal Reserve’s policy meet next week.

Inflation data is expected to show consumer prices cooled slightly on a month-over-month basis in May but core prices are likely to have remained elevated, and the Fed is widely expected to hold interest rates.

Major indexes wavered as investors took a breather after pushing the S&P 500 up almost 20% from its October 2022 lows, boosted by gains in megacap stocks, a stronger-than-expected earnings season and hopes that the U.S. central bank is nearing the end of its interest rate-hike cycle.

The Dow Jones Industrial Average rose 10.42 points, or 0.03%, to 33,573.28, the S&P 500 gained 10.06 points, or 0.24%, to 4,283.85 and the Nasdaq Composite added 46.99 points, or 0.36%, to 13,276.42.

“It looks like investors are gaining a little optimism,” said Cresset Capital CIO Jack Ablin.

“The narrowness in the market where everyone was focused on the top seven names or so is starting to dissipate a little bit and that’s good news.” (Reuters)


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