Asia opens higher; Stocks in the news: Syndicate Bank, Aditya Birla Fashion, Videocon Industries - 7 jun 2018

Indian Indices:                             

The Nifty index made a strong bullish candle on the daily charts and has now moved above crucial level. The Nifty, which opened at 10,603.45, slipped marginally to 10,587 before bulls took charge of D-Street. The index rose to an intraday high of 10,698.35, before closing 91 points higher at 10,684. Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 36 points or 0.34 percent. Nifty futures were trading around 10,731- level on the Singaporean Exchange. 

Global Market:

• Asian markets- Asian markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.95% while the Hang Seng is up 0.58%. The Shanghai Composite is not trading.

• US Markets: The Dow Jones Industrial Average rose 346.41 points, or 1.4 percent, to 25,146.39, the S&P 500 gained 23.55 points, or 0.86 percent, to 2,772.35 and the Nasdaq Composite added 51.38 points, or 0.67 percent, to 7,689.24.

• European markets- European markets finished mixed as of the most recent closing prices. The DAX gained 0.34% and the FTSE 100 rose 0.33%. The CAC 40 lost 0.06%.

Major Headlines of the day:

• Quess Corp approved sale of 74% equity shareholding held in Inticore VJP Advance Systems

• Kirloskar to hike power genset prices by 5-8%

• Capital First's debenture committee approved issue of NCD worth Rs 50 crore on private placement basis

• Essel Propack - Record date for bonus issue is June 21

• Lemon Tree signed License agreement for 104 room property at Gwalior

• NCLT Admits Videocon Industries Case For Insolvency Proceedings

• Tech Mahindra: Company appoints Harshvendra Soin as Chief People Officer

• ICICI Bank clarified that the bank is yet to receive copy of NCLT order

• Sadbhav Infra approves issue of NCD worth Rs 190 crore on private placement basis and raising of funds via securities of Rs 3000 crore

• Aksh Optifibre receives show cause notice from SEBI pertaining to GDR issue


Trend in FII flows:-  The FIIs were Net Value of Rs  -81.04 in the cash segment WEDNESDAY while the DIIs were Net Value of Rs +712.31 as per the provisional figures.

Securities in Ban For Trade Date 07-JUNE-2018 :- 

1. DHFL 
2. BALRAMPURCHINI

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MCX MORNING NEWS UPDATES - 6 Jun 2018

Gold Prices Drop Despite Softer Dollar -   

Gold prices were trading lower on Wednesday despite the dollar dropped to below the 94 level. Concerns about a global trade war also eased, as U.S. Treasury Secretary Steven Mnuchin said he's been attempting to secure an exemption for Canada from the US' recent steel and aluminum tariffs, which market participants are taking as a sign that key personnel in the Trump administration are beginning to balk at protectionist measures. Yesterday, gold prices fell about 0.2%, the third daily loss, due to weak demand for safe havens assets, as risk appetite increased in the financial markets. The dollar rallied earlier in the day due to the strong prospects for the Federal Reserve to raise U.S. interest rates at next week’s meeting.

Baiyin Nonferrous Group's zinc smelters resume production - 

Production at Baiyin Nonferrous Group's three zinc smelters resumed operation as of Wednesday June 6 after maintenance, SMM learned. Maintenance began from the start of May to early June, and affected zinc output of over 10,000 mt. All production lines of the Group's zinc smelters will maintain normal production in the near term.Baiyin Group, the fourth largest zinc producer in China, produced 280,300 mt of zinc last year.

Copper rose amid concerns over the potential supply impact of wage negotiations at the world's biggest copper mine - 

Copper on MCX settled up 2.04% at 474.8 amid concerns over the potential supply impact of wage negotiations at the world's biggest copper mine. The union at BHP's Escondida facility in Chile said that it had started the latest round of negotiations with a proposal, which includes a bonus of about $34,000 per worker. Failure to reach a labour deal at the mine during last year's wage talks led to a 44-day strike that resulted in a near 8 percent drop in annual output from Escondida. The premium of three-month copper over the cash contract has fallen to $1.75, its narrowest since March 2017, signalling near-term tightness in the market. China's Chinalco said it had begun a $1.3 billion expansion of its Toromocho mine in Peru, which it said would raise copper output by 45 percent by 2020.. April's output exceeded the previous forecast as the actual output of Jiangxi Copper, Jinchuan Group, and Dongying Fangyuan Nonferrous Metals in April exceeded their plans.

Oil prices rise amid Venezuela export concerns - 

Global oil prices rose during Asian trade on Wednesday after Venezuela raised the prospect of halting some crude exports, according to people familiar with the matter, but gains were capped amid reports the U.S. government had asked Saudi Arabia and some other OPEC producers to increase output. Falling production from Venezuela has contributed to a rally in global oil price Brent to nearly $80 a barrel. State firm PDVSA is considering declaring force majeure on some exports, three sources told Reuters, amid plummeting output from its oil fields and tanker bottlenecks at ports.

HAVE A NICE DAY !

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