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SGX Nifty indicate a flat opening for the broader index in India.

The Indian stock market is expected to open on a muted note as trends on SGX Nifty indicate a flat opening for the index in India.

Sensex, Nifty hit record highs
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Sensex, Nifty hit record highs

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The Sensex closed 359 points, or 0.69 percent, higher at 52,300.47 while the Nifty settled with a gain of 102 points, or 0.65 percent, at 15,737.75.

According to pivot charts, the key support levels for the Nifty are placed at 15,673.8, followed by 15,609.8. If the index moves up, the key resistance levels to watch out for are 15,776.5 and 15,815.2.

US Markets

Wall Street stocks ended higher on Thursday, with the S&P 500 closing above its prior record high set on May 7, as economic data appeared to support the Federal Reserve's assertion that the current wave of heightened inflation will be temporary.

The Dow Jones Industrial Average rose 19.1 points, or 0.06%, to 34,466.24; the S&P 500 gained 19.63 points, or 0.47%, at 4,239.18; and the Nasdaq Composite added 108.58 points, or 0.78%, at 14,020.33.

Asian Markets

Asian markets were mixed in Friday morning trade. The Hang Seng index up 0.53% in early trade while Taiwan's index added 0.63%. While, Shanghai Composite index declined 0.47%.

SGX Nifty

Trends on SGX Nifty indicate a flat opening for the broader index in India, with a gain of 29 points, or 0.18 percent. The Nifty futures were trading higher around 15,804 level on the Singaporean Exchange at 7:40 IST.

FY22 GDP growth projected at 8.5%: ICRA

Ratings agency ICRA on June 10 said that it expects India's GDP to grow at 8.5 percent in FY22. ICRA had earlier estimated the GDP to grow at 10-11 percent rate; however, it had later revised it down to 10-10.5 percent.

"If vaccine coverage is accelerated following the re-centralised procurement policy, the GDP expansion in FY2022 may be as high as 9.5 percent, with a widening upside in Q3 FY2022 and Q4 FY2022," the rating agency said.

Global banking regulator mulls tougher crypto rules

The top international banking supervisory authority on Thursday targeted toughening up the rules on cryptoassets, notably for more speculative ones such as bitcoin. The Basel Committee on Banking Supervision said it was launching a public consultation on proposals for how the world's banks could best manage their exposure to cryptoassets.

RBI to conduct third tranche of open market purchase of Rs 40,000 crore under G-SAP 1.0 on June 17

The Reserve Bank of India (RBI) on June 10 announced the third tranche of Open Market Purchase of Government of India Securities and State Development Loans under G-sec Acquisition Programme (G-SAP 1.0).

Under this, the RBI will purchase government securities of Rs 40,000 crore on June 17, 2021. Of this, state development loans (SDLs) would be purchased up to Rs 10,000 crore, the RBI said in a release.

US unemployment claims fall to 376,000, sixth straight weekly drop

The number of Americans applying for unemployment benefits fell for the sixth straight week as the U.S. economy reopens rapidly after being held back for months by the coronavirus pandemic.

Jobless claims fell by 9,000 to 376,000 from 385,000 the week before, the Labor Department reported Thursday. The number of people signing up for benefits exceeded 900,000 in early January and has fallen more or less steadily ever since. Still, claims are high by historic standards. Before the pandemic brought economic activity to a near-standstill in March 2020, weekly applications were regularly coming in below 220,000.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 1,329.7 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 575.19 crore in the Indian equity market on June 10, as per provisional data available on the NSE.

Stocks under F&O ban on NSE

Five stocks - BHEL, Canara Bank, Indiabulls Housing Finance, National Aluminium and Sun TV Network - are under the F&O ban for June 11. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

Dwaipayan Bhattacharjee
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