Trends on SGX Nifty indicate a positive opening for the index in India with a 42 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 42 points gain.

The BSE Sensex rallied 228.46 points to 52,328.51 on June 7 while the Nifty50 gained 81.40 points to close at 15,751.70

According to pivot charts, the key support levels for the Nifty are placed at 15,695.37, followed by 15,639.03. If the index moves up, the key resistance levels to watch out for are 15,790.77 and 15,829.83.

US Markets

The S&P 500 ended a languid session slightly in the red on Monday, with investors standing by on news of a global minimum corporate tax rate, lingering inflation fears, and a lack of market-moving economic news.

The Dow Jones Industrial Average fell 126.15 points, or 0.36%, to 34,630.24; the S&P 500 lost 3.37 points, or 0.08%, at 4,226.52; and the Nasdaq Composite added 67.23 points, or 0.49%, at 13,881.72.

Asian Markets

Asian markets were mixed as investors reacted to the release of Japan's revised first-quarter gross domestic product figures. The Nikkei 225 in Japan gained 0.26% while the Topix index traded about 0.3% higher.

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the index in India with a 42 points gain. The Nifty futures were trading at 15,822 on the Singaporean Exchange around 07:30 hours IST.

Oil falls again amid concerns over demand rebound

Oil prices lost more ground on Tuesday as concerns about the fragile state of the global recovery in demand for crude and fuels were heightened by data showing China's oil imports fell in May.

Brent crude was down 11 cents, or 0.2%, at $71.38 a barrel by 0151 GMT, after declining 0.6% overnight. U.S. oil was off by 13 cents, or 0.2%, at $69.10 a barrel, having dropped by 0.6% in the previous session.

Crisil revises down India's GDP growth forecast to 9.5% in FY22

Ratings agency CRISIL on June 7 revised its forecast downward for India's GDP, to grow by 9.5 percent in FY22 from 11 percent projected earlier on the back of lockdown restrictions by states and daily cases which continue to fare above the peak of the first wave. "The downward revision is premised on the clearly evident hit to the two engines of growth, private consumption and investment and by the second wave," it said.

According to Crisil, if a third wave hits the country, it would pose a significant risk to the growth forecast, as would a slower than anticipated pace of vaccination. In such a pessimistic case, it estimates the GDP to at 8 percent.

PM Modi announces free vaccination for all aged above 18

All citizens aged above 18 would be vaccinated at free of cost by the Centre, Prime Minister Narendra Modi announced on June 7. All state-level vaccine procurement would also be taken over by the central government, Modi said.

The 25 percent vaccination procurement which was being conducted by the states would now be conducted by the central government, he said, adding that vaccines would be directly purchased by the Centre and given to the states for free.

"From June 21, Tuesday, all citizens of India above 18 years of age will be given free vaccination," Modi added.

Financial creditors may realise Rs 55,000-60,000 crore through IBC in FY22: Report

Financial creditors may realise Rs 55,000-60,000 crore in fiscal 2021-22 through successful resolution plans from the Insolvency and Bankruptcy Code (IBC), credit rating agency Icra has said.

The realisation for financial creditors from the resolution of Corporate Insolvency Resolution Process (CIRP) under the IBC declined significantly in FY2021 with a total resolution amount of around Rs 26,000 crore, almost a quarter of the realisations in FY2020, the agency said.

"As per our estimates, the financial creditors could realise about Rs 55,000-60,000 crore in FY2022 through successful resolution plans from the IBC," the agency''s Vice President and Group Head – Structured Finance, Abhishek Dafria, said in a report.

Board has approved IPO proposal, Paytm tells stakeholders

One97 Communications that owns and operates mobile payments firm Paytm has finally made its decision to go public. In a letter addressed to its stakeholders, the company has said it has received in-principle approval from its board to go for an initial public offering.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 186.46 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 983.97 crore in the Indian equity market on June 7, as per provisional data available on the NSE.