Domestic stocks edged higher in early trade. At 9:24 IST, the barometer index, the S&P BSE Sensex, was up 55.66 points or 0.16% at 35,539.13. The Nifty 50 index was up 20.50 points or 0.19% at 10,807.45. Marketmen are keenly awaiting a series of domestic and global events this week.
The S&P BSE Mid-Cap index was up 0.39%. The S&P BSE Small-Cap index was up 0.45%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 887 shares rose and 420 shares fell. A total of 66 shares were unchanged.
ICICI Bank rose 0.23%. With reference to the news item titled, "ICICI Bank, Kochhar under SEC lens," the bank clarified to the bourses after market hours yesterday, 11 June 2018, that as a large and internationally active bank with operations and listing of its equity and debt instruments in multiple jurisdictions, the bank is regularly engaged with regulators, including the US SEC, on a range of matters. However, the bank has so far not received any specific communication from the US SEC in relation to the allegations in respect of the managing director & CEO of the bank.
Infosys shed 0.83% after the company announced that the voluntary delisting of its American Depositary Shares (ADSs) from the Euronext Paris and Euronext London exchanges has been approved by the board of directors of Euronext Paris SA and by Euronext London. The primary reason for this delisting is the low average daily trading volume of Infosys ADSs on Euronext Paris and Euronext London, which is not commensurate with the related administrative requirements. The announcement was made after market hours yesterday, 11 June 2018.
There will be no change to the Infosys share/ADS count, capital structure or float as a result of the delisting from the above exchanges. Infosys ADSs will continue to be listed on the NYSE under the symbol INFY and investors can continue to trade their ADSs on the NYSE as before.
DCM Shriram gained 4.17% after the company said that its board will meet on 18 June 2018, to consider the proposal to buyback the fully paid up equity shares of the company. The announcement was made after market hours yesterday, 11 June 2018.
DCB Bank rose 0.22%. The bank announced upward revision to its Marginal Cost of Funds based Lending Rate (MCLR). MCLR for overnight loans will be 8.6%, for one month will be 8.7% and for three months will be 8.75%. MCLR on 6-month loans will be 9.20% and for one-year loans the rate would be 9.97%. The announcement was made after market hours yesterday, 11 June 2018.
Traders and investors are closely awaiting a series of domestic and global events this week. Consumer price index (CPI)-inflation and index of industrial production (IIP) data is due today, 12 June 2018, while the wholesale price index (WPI) inflation data will be announced on Thursday, 14 June 2018.
On the global front, North Korean leader Kim Jong Un and US President Donald Trump have met at the Capella Hotel in Sentosa island, Singapore for a historic summit, after both sides sought to narrow differences over how to end a nuclear standoff. The historic meeting has come to an end.
UK Prime Minister Theresa May faces votes that could derail her Brexit policy today, 12 June 2018. The US Federal Reserve is expected to raise interest rates Wednesday, 13 June 2018 as the US economy remains solid. European Central Bank rates decision is on Thursday, 14 June 2018 in which policy makers are poised to hold formal talks on ending its bond-buying program. The Bank of Japan meets on Friday, 15 June 2018 with no change to policy expected.
Overseas, Asian stocks were trading mixed as US President Donald Trump and North Korean leader Kim Jong Un met for the first time at a landmark summit in Singapore.
US stocks rose in a relatively quiet day yesterday, 11 June 2018 as investors started a hectic week during which three major central banks set interest rates.
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