THE ZONE OF INTEREST
Tech View: Nifty Put unwinding suggests correction ahead. Here’s how to trade on Thursday
Nifty on Wednesday formed a bearish engulfing pattern on the daily chart as the index ended 109 points lower but sustained above the immediate support of 10-day EMA around 24,180 levels ahead of the Thursday weekly expiry.
SC stays Gujarat HC order on taking back land given to Adani Group firm near Mundra port
The Supreme Court stayed a Gujarat High Court order requiring the state to reclaim 108 hectares of grazing land allotted to an Adani Group entity near Mundra port. The bench of justices B R Gavai and K V Viswanathan issued the stay after Adani Ports and Special Economic Zone Ltd appealed, emphasizing the need for justice.
Automobile, pharma rally hits bulls’ high
Nifty and Sensex soared to all-time highs with stocks like Maruti Suzuki and Divi's Labs, driven by ₹40,000 crore mutual fund inflows. Analysts see technical resistance and possible consolidation, awaiting Powell’s testimony on rates and inflation. Sensex hit an intraday record, with the July budget and June quarter earnings as key events.
Yen slides to fresh lows as Japan authorities stick to sidelines
The Australian dollar rose on retail sales data, suggesting a Reserve Bank rate hike, while China's yuan hit an eight-month low due to local authorities' currency tolerance.
Dollar on the defensive amid lower yields, yen hovers near 38-year trough
The dollar weakens after Powell's dovish U.S. bond yield comments, amid potential Japanese intervention during U.S. holiday. Concerns over Biden presidency and easing long-term Treasury yields persist, as local inflation remains steady and the Australian dollar sees a rise.
Modi-Hasina talks: India, Bangladesh ink 10 MoUs; defence ties get a boost
India and Bangladesh signed 10 MoUs during the meeting between Prime Minister Narendra Modi and Bangladeshi Prime Minister Sheikh Hasina in New Delhi. The leaders endorsed a vision statement on peace and prosperity, renewing longstanding ties. The talks focused on defence ties, management of Mongla port, and cross-border power trade. India plans to send a technical team for the Teesta river conservation project, countering Chinese interest in funding the $1 billion project and constructing a special economic zone in the area.
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Charting the global economy: Fed holds; BOJ leaves yen at risk
Federal Reserve officials expect only one interest-rate cut this year, while the Bank of Japan delays details on bond buying. Far-right parties in Europe influence elections and impact the euro's value.
CBI to seek Interpol Notice against trafficking network members pushing Indians in Russia war zone
CBI to seek Interpol Red Notice against accused in human trafficking network pushing Indians into Russia-Ukraine war zone under guise of jobs in Moscow. Alleged hawala operator and key players identified in the conspiracy.
Amid run-ins with Philippines, China says US provoking arms race in South China Sea
"At present, the biggest security challenge in the South China Sea comes from outside the region," Chinese Vice Foreign Minister Sun Weidong said in comments published by his ministry, after attending a meeting on East Asian cooperation in Laos.
ECB cuts rates, keeps next move under wraps
The European Central Bank cut interest rates for the first time in five years, lowering the deposit rate to 3.75%. The move came in response to inflation uncertainty following a slowdown. This move is seen as the start of an easing cycle, but future cuts may be delayed due to price and wage pressures. ECB remains data-dependent and may wait until September for further action. Fed's stance may impact ECB's decisions.
European Central Bank set to cut rates for the first time since 2019 even as inflation fight continues
All 82 economists polled by Reuters expected the ECB to trim its deposit rate to 3.75% on Thursday from a record 4.0%, in what would be its first cut since 2019. ECB policymakers have clearly telegraphed their intention to lower borrowing costs after seeing inflation in the 20 countries that share the euro fall from more than 10% in late 2022 to just above their 2% target in recent months.
Companies go into T20 World Cup mode for employee bonding
Companies, including PhysicsWallah, CashKaro, Tredence, University Living, Pluxee, PeepalCo and Fat Tiger, have plans to mix work with pleasure by screening matches, curating special menus, setting up virtual gaming zones, organising World Cup-themed contests and some may even reward employees with cash prizes and passes to matches. The idea is to break the monotony of everyday tasks at work and foster a positive work culture, bonhomie, and a shared love of sports, HR heads of these firms said. Edtech unicorn, PhysicsWallah, is hosting the Physics Wallah Premiere League, a cricket tournament set to run from June 7-9.
Euro zone inflation rises higher-than-expected in May just as ECB prepares to cut rates
Euro zone inflation increased more than expected in May, reaching 2.6% year-on-year, nudging away from the European Central Bank's 2% target. Core inflation rose to 2.9%, with services sector prices up to 4.1%, driven by strong wage growth. The ECB faces a cautious path in managing inflation amid ongoing economic uncertainty.
Amritsar traders say trade revival with Pakistan key poll issue; will benefit farmers, transporters
Amritsar, a major city in Punjab, is urging for the resumption of trade with Pakistan through the Attari-Wagah land route. The trade volume between India and Pakistan through the land route used to be around Rs 5,000 crore per annum before the bilateral trade ties were suspended in 2019. The local industry has emphasized the necessity of the revival of trade for the betterment and development of Amritsar.
Tech View: Nifty consolidating around Mt 23k for 3 days. What traders should do
Analysis of OI data reveals that the call side exhibited the highest OI at the 23,000 strike price, followed by 23,500 strike prices, whereas on the put side, the highest OI was observed at the 22,500 strike price.
New plant of Sun Pharma inaugurated in Bangladesh
Indian pharmaceutical company, Sun Pharma, inaugurated a new plant in Bangladesh, strengthening economic ties and promoting collaboration in the pharmaceutical sector, including joint R&D efforts.
European shares rise as chipmakers bounce on Nvidia forecast
European stocks edged higher on Thursday after strong forecasts from AI darling Nvidia lifted global chipmakers, while investors awaited the latest business surveys to gauge the euro zone economy's outlook and interest rate path.
Tech View: Nifty inching closer to record high. What should traders do on Thursday expiry
Nifty closes 69 points higher, forming a bullish candle with strong buying interest. Holding above 22,590, it may reach 22,750, supported by 22,500. Analysts anticipate further uptrend, with key support at 22,500 and resistance at 22,800.
Oil slips for third session on likely 'higher for longer' US rates
U.S. crude oil and gasoline inventories rose last week, while distillates fell, according to market sources citing American Petroleum Institute (API) figures on Tuesday.
Beat stock market volatility with Sharpe ratio: 8 stocks with up to 37% upside potential
Stocks that have delivered good risk-adjusted returns can effectively manage the rising market uncertainty.
Charting the global economy: BOE sends clearest sign yet of interest-rate cuts
Thirteen economies in developed countries were experiencing per-capita recessions by the end of last year, as reported by Bloomberg Economics.
Freelancer’s guide to the galaxy of danger zones in recruitment platforms
The gig economy is booming globally, with India seeing a surge in freelancers seeking work opportunities. While challenges exist in finding the right projects, online platforms are playing a crucial role in connecting freelancers with relevant opportunities. To succeed in this competitive landscape, freelancers need to showcase their skills, work with quality clients, and constantly upskill. However, they must also be cautious of red flags.
India woos Bangladesh on Teesta amid China push
India is interested in financing Bangladesh's Teesta economic zone project, a dredging and development project aimed at turning the Teesta river belt into a zone of economic activity. India's interest was expressed during a meeting between Bangladesh Prime Minister Sheikh Hasina, foreign minister Hasan Mahmud, and his counterpart Masud Momen in Dhaka.
Bitcoin and Ether prices drop ahead of Fed interest rate decision
Bitcoin and Ethereum values dropped as investors awaited the Federal Reserve's interest rate decision. Other major crypto tokens also experienced losses. Binance's former CEO's sentence added to the market's uncertainty.
RBI meet starts today; panel likely to stay put on rates as CPI inflation beyond comfort zone
RBI's MPC is expected to maintain 6.5% repo rate amid inflation above 4%. Shift to 'neutral' stance is possible. GDP growth strong, rate cuts unlikely.
China shares soar, Japan slides as yen pinned near intervention zone
Chinese shares led a rally around most of Asia on Monday amid a broadly optimistic global economic backdrop, but Japanese shares tumbled with the yen pinned near levels that have traders on guard for a currency intervention.
Netflix, Apple TV+, Disney+, HBO Max, Peacock, NBC new movies, shows: 'The Zone of Interest' to 'Ripley' - check full list
Netflix, Apple TV+, Disney+, HBO Max, Peacock, and NBC this week are streaming number of movies and shows which include "The Zone of Interest", "Lopez vs. Lopez", 'Ripley', and others.
Oscars 2024 winner 'The Zone of Interest' OTT streaming, digital release date: Where to watch acclaimed film online?
The Zone of Interest, an Academy-award winning film can be watched online. Know all details around its gripping story.
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