Trends on SGX Nifty indicate a positive opening for the index in India with a 44 points gain

The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the index in India with a 44 points gain.

The Sensex closed 334 points, or 0.64 percent, lower at 51,941.64 while the Nifty settled with a loss of 105 points, or 0.67 percent, at 15,635.35.

According to pivot charts, the key support levels for the Nifty are placed at 15,534.63, followed by 15,433.97. If the index moves up, the key resistance levels to watch out for are 15,768.23 and 15,901.17.

US Markets

Wall Street stocks ended lower on Wednesday, reversing earlier gains as institutional investors awaited inflation data for clues as to when the U.S. Federal Reserve might tighten its dovish monetary policy.

The Dow Jones Industrial Average fell 152.15 points, or 0.44%, to 34,447.67, the S&P 500 lost 7.65 points, or 0.18%, to 4,219.61 and the Nasdaq Composite dropped 13.16 points, or 0.09%, to 13,911.75.

Asian Markets

Asian shares edged higher but held their recent trading range on Thursday as investors focussed on U.S. inflation data and the risk of an upside surprise that could prompt the Federal Reserve to start tapering its massive stimulus.

MSCI's broadest index of Asia-Pacific shares outside Japan were marginally higher at 700.6 points, but stayed in the 698-712 points range it has traded in since late May. Japan's Nikkei and Australia's benchmark shares rose 0.4% each. Chinese shares gained with the blue-chip index up 0.9%

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the index in India with a 44 points gain. The Nifty futures were trading at 15,716 on the Singaporean Exchange around 07:30 hours IST.

Bond yields hit fresh 1-month low as taper bets recede

World stock prices teetered near record highs on Wednesday, while U.S. bond yields touched their lowest levels in a month, as investors bet the Federal Reserve is some way off from tapering its economic stimulus.

Focus is locked on Thursday's release of U.S. consumer price data and a European Central Bank meeting for further clues about how soon policymakers may begin to withdraw support for Europe's economy rolled out following the COVID-19 crisis.

MSCI's all-country world index last stood at 716.42, after hitting an intraday high of 718.19 on Tuesday, led by gains in Europe.

The economic impact of the second wave of COVID-19 is likely to be restricted to the first quarter of 2022: DEA

The economic impact of the second wave COVID-19 is likely to be restricted to the first quarter of 2022, the Department of Economic Affairs said in its monthly report.

As per the DEA, rapid vaccination of India's population and the frontloading of the fiscal measures are the key to invigorating investment and consumption.

It also noted that capital expenditure had risen to 66.5 percent YoY in April 2021.

Oil steadies amid weak summer kickoff for U.S. fuel demand

Oil prices were steady on Wednesday after U.S. inventory data showed a surge in gasoline inventories due to weak fuel demand following U.S. Memorial Day weekend, traditionally the beginning of the peak summer driving season.

Brent crude futures remained unchanged to settle at $72.22 a barrel, having earlier touched $72.83, their highest since May 20, 2019.

SEBI may open one more avenue for retail investor to buy shares in IPOs

India's capital markets regulator may open one more avenue for individual investors to pay for shares offered in initial public offerings (IPOs) by allowing payments banks to accept money from IPO applicants.

To ease the effort involved in subscribing for new share sales and allow investors in smaller cities and towns to buy stock, the Securities and Exchange Board of India (SEBI) is in talks with the central bank and payment banks, which have requested the market regulator to allow them to accept IPO applications, treating them on par with commercial banks, multiple people aware of the matter said.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 846.37 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 271.7 crore in the Indian equity market on June 9, as per provisional data available on the NSE.

Stocks under F&O ban on NSE

Five stocks - BHEL, Canara Bank, National Aluminium, SAIL and Sun TV Network - are under the F&O ban for June 10. 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.