Market Live Updates Today: Trends on SGX Nifty indicate a negative opening for the index in India with a 76 points loss.

The BSE Sensex rallied 174.29 points to close at 52,474.76 on June 11 while the Nifty50 climbed 61.60 points to end at 15,799.40 and formed a Doji candle on the daily charts, as the closing was near the opening levels. The index was up 0.8 percent during the week, forming a small bullish candle formation on the weekly scale.

According to pivot charts, the key support for the Nifty are placed at 15,754.23 followed by 15,709.17. If the index moves up, the key resistance levels to watch out for are 15,839.93 and 15,880.57.

US Markets

The Dow Jones Industrial Average rose 13.36 points, or 0.04%, to 34,479.6, the S&P 500 gained 8.26 points, or 0.19%, to 4,247.44 and the Nasdaq Composite added 49.09 points, or 0.35%, to 14,069.42.

Asian Markets

Asian markets were mixed with multiple major markets in the region closed for holidays. In Japan, Nikkei 225 rose 0.45% in early trade while the Topix index gained 0.25%. South Korea's Kospi dipped fractionally.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the index in India with a 76 points loss. The Nifty futures were trading at 15,747 on the Singaporean Exchange around 07:30 hours IST.

April IIP shoots up 134% YoY due to low base effect

An extremely low base effect has led to industrial production in India expanding by a whopping 134 percent year-on-year in April, against 22.4 percent rise seen in March. When compared with April 2019, industrial growth stood at a marginal 0.07 percent.

The government said the indices for month of April 2021 are not strictly comparable with April 2020, when the nationwide lockdown was in full force and a majority of factories were not operating. Consequently, there were many units which reported 'Nil' production, affecting comparison of the indices for the months of April 2020 and April 2021.

G7 provides 1 billion COVID vaccine doses, will work to give more: Communique

Group of Seven countries will provide 1 billion COVID-19 vaccine doses over the next year and work with the private sector, the G20 and other countries to increase the contribution over months to come, according to an almost finalised draft of the communique.

"The commitments since we last met in February 2021 including here in Carbis Bay provide for 1 billion doses over the next year," the communique said. "We will work together with the private sector, the G20 and other countries to increase this contribution over the months to come," the communique said.

Shyam Metalics IPO, Sona Comstar IPO open today

The initial public offering of Shyam Metalics & Energy opens for subscription on Monday. The equity shares are proposed to be listed on the BSE and National Stock Exchange. ICICI Securities, JM Financial, Axis Capital, IIFL Securities, and SBI Capital Markets are the book running lead managers to the offer.

The public issue of upto Rs 909 crore comprises a fresh issue of Rs 657 crore, and an offer for sale of Rs 252 crore by the existing shareholders. The offer for sale comprises a sale of up to Rs 37 crore worth of shares by Subham Capital, Rs 63 crore by Subham Buildwell, Rs 25 crore by Kalpataru Housefin & Trading, Rs 30 crore by Dorite Tracon, and Rs 97 crore by Narantak Dealcomm.

Blackstone-backed Sona Comstar is planning to raise Rs 5,550 crore through public offer which comprises a fresh issue of Rs 300 crore and an offer for sale of Rs 5,250 crore. The public issue opens on June 14 and closes on June 16. The price band has been fixed at Rs 285-291 per equity share. The equity shares of Sona Comstar are proposed to be listed on the BSE and NSE. Kotak Mahindra Capital Company, Credit Suisse Securities (India), JM Financial, JP Morgan India and Nomura Financial Advisory and Securities (India) are the book running lead managers to the offer.

FPIs invest Rs 13,424 crore in Indian markets in June so far

Overseas investors pumped in a net Rs 13,424 crore so far in June as risk-on sentiment improved with declining COVID-19 cases and hopes of early opening of economy. Depositories data showed that foreign portfolio investors (FPIs) invested Rs 15,520 crore in equities during June 1-11.

Model Tenancy Act expected to help improve rental yields over the medium to long term: ICRA

Low rental yields remain a key constraint in the development of the rental market in the country and the Model Tenancy Act is expected to support institutionalisation and improvement in rental yields over the medium-to-long term, an analysis by ICRA has said.

While the rental yields in India stand at 2-3%, the same in some key markets can go as high as 7-8%. Moreover, with the high taxation of 30% in India, the net benefit from rental income is low, especially when compared to housing finance costs of around 7-8%, the analysis said.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 18.64 crore, while domestic institutional investors (DIIs) purchased shares worth Rs 666.36 crore in the Indian equity market on June 11, provisional data available on the NSE showed.