Good morning!

The GIFT Nifty was up 0.01% at 25,236.50 as of 08:00 a.m., signaling a muted start to Indian markets today.

Asian shares opened higher, buoyed by optimism surrounding the US-China trade talks as officials struck a positive tone following the first day of negotiations in London.

Despite no major breakthroughs being announced and stocks giving back some early gains, US officials conveyed an upbeat outlook on the discussions. Meanwhile, data released on Monday revealed that Chinese exports to the US in May experienced their sharpest decline in over five years, underscoring the tangible impact of tariffs on trade between the world’s two largest economies.

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Markets On The Home Turf

India’s benchmark equity indices closed higher for the fourth straight session on Monday on the back of positive global cues, including robust US jobs data.

The NSE Nifty 50 ended 100.15 points or 0.4% higher at 25,103.2, while the BSE Sensex closed 256.22 points or 0.31% up at 82,445.21.

Foreign portfolio investors stayed net buyers of Indian equities for the second straight session, mopping up stocks worth Rs 1,992.9 crore, according to the provisional data from the NSE. Domestic institutional investors stayed net buyers for the 15th straight session as they bought equities worth Rs 2,382.4 crore.

Asian Markets Update

  • S&P 500 futures rose marginally.

  • Hang Seng index futures were up 1.33%.

  • Futures for the Nikkei 225 rose 0.02%.

  • Japan’s Topix index rose 0.20%.

  • Australia’s S&P/ASX 200 index rose 0.51%.

  • Euro Stoxx 50 futures were down 0.24%.

Commodity Check

  • West Texas Intermediate crude rose 0.21% to trade at $65.43 per barrel.

  • Spot gold declined by 0.24% to $3,317.65 per ounce.

London Metal Exchange

  • Copper rose 1.03%, reversing losses.

  • Nickel was down 0.43%.

  • Aluminium was up 1.16%, snapping downward trend.

  • Zinc was down 0.62%, extending losses.

  • Lead advanced 0.40%, extending gains.

US Market Updates

The S&P 500 witnessed a modest gain, staying nearly 2% below its February peak. Tesla Inc. surged about 4.5% after President Donald Trump expressed a desire to end his dispute with Elon Musk, stating he would keep Starlink internet service at the White House and wished his billionaire supporter “very well.” Meanwhile, Apple Inc. declined over 1%, as it showcased no significant artificial-intelligence developments during its developers conference.

US Commerce Secretary Howard Lutnick described talks between Washington and Beijing as “fruitful,” while Treasury Secretary Scott Bessent called the meeting “good.” “We are doing well with China. China’s not easy,” Trump told reporters at the White House on Monday. “I’m only getting good reports.”

Trade negotiations between the US and China are set to continue into a second day, according to a US official, as both sides seek to ease tensions surrounding technology shipments and rare earth elements.

Stocks To Watch

  • Capri Global Capital: The company opened its QIP to raise 2,000 crore at an issue price set at Rs 146.5 per share, a 19% discount to the last closing. The total issue size contains a green shoe option of Rs 500 crore. The proceeds are to be used for the expansion of business operations by augmenting our capital base and repayment, in full or in part, of certain outstanding borrowings.

  • Tata Power: The company’s solar manufacturing arm, TP Solar has crossed 4 GW solar module manufacturing at its Tamil Nadu plant. The plant has cumulatively produced 4049 MW of solar modules and 1441 MW of solar cells up to May 31, 2025. TP Solar is targeting 3.7 GW of solar cell output and 3.725 GW of module production in FY26.

  • Wipro: The company strengthened its Middle East presence with new regional headquarters in Riyadh.

  • Force Motors: Sanjay Kumar Bohra resigned as CFO and Rishi Luharuka was appointed as CFO.

  • HCLTech: The company launched a second delivery center in Thiruvananthapuram, Kerala. The centre will deliver projects across AI, GenAI, Cloud and emerging technologies to HCLTech’s clients across industry verticals.

  • Mahindra and Mahindra Finance: The company approved an allotment of 15.4 crore shares on a rights basis at an issue price of Rs 194 per share. The issue price includes a premium of Rs 192 per share.

  • Jana Small Finance Bank: The lender filed an application with the RBI seeking approval for a voluntary transition from a small finance bank to universal bank.

  • Nykaa: The company completed the second tranche remaining investment of Rs 5 crore into Earth Rhythm Private.

  • Infibeam Avenues: The company approved a letter of offer in relation to the rights issue filed with exchanges for in-principle approvals.

  • TIL: The company announced the formation of a dedicated strategic business unit called ‘TIL Defence’ to consolidate its expanding defence portfolio and accelerate indigenous production of critical military systems.

  • IRB Infra developers: The company reported an aggregate year-on-year revenue growth of 9% at Rs 581 crore in May.

  • ITD Cementation: The company secured a contract worth Rs 893 crore for the construction of berth and breakwater for the development of Greenfield Captive Jetty(s) in Odisha.

  • AstraZeneca Pharma: Sanjeev Kumar Panchal resigned as MD with effect from June 30 and company appointed Praveen Rao Akkinepally as Managing Director with effect from July 1.

  • Jindal Saw: The company announced a significant capital expenditure plan in the Middle East, with projects slated for execution over a 12 to 36-month timeline. The company will invest $105 million to set up a 3-lakh tonne per annum seamless pipe plant in Abu Dhabi, which will be 100% owned by Jindal Saw. Additionally, it is entering into two joint ventures in Saudi Arabia $10 million JV with Buhur Investment for HSAW pipes and $3 million JV with RAX United for ductile iron pipes, with 51% ownership in both ventures.

  • Zee Entertainment: The company signed an agreement with content start-up Bullet to launch India’s first micro-drama application.

  • Nibe: The company secured a technology transfer licence from the Defence Research and Development Organisation for modular bridging system.

  • Protean Egov: The company received an order worth Rs 100 crore from Bima Sugam India.

  • IIFL Enterprises: The company appointed Abhishek Pratapkumar Thakkar as the managing director.

  • Apollo Pipes: The company acquired an additional stake of 1.01% via secondary purchase in arm Kisan Mouldings.

  • Jupiter Wagons: The company’s arm Jupiter Electric Mobility unveiled its first showroom in Bengaluru.

  • Oberoi Realty: Pankaj Gupta resigned as CEO- Commercial Real Estate.

Brokerage Radar

Citi on Britannia

  • Retains ‘buy’ call and revises target price to Rs 6,500, as compared to Rs 6,200 earlier.

  • Marginally raises fiscals 2026 to 2028 earnings estimates for Britannia by 0-1%.

  • The brokerage tweaks margin assumptions higher.

  • Citi expects profitability expansion driven by lower commodity costs.

JPMorgan on Pidilite Industries

  • Maintains ‘overweight’ with a target price of Rs 3,300.

  • Positive demand outlook aided by macro tailwinds though near-term weather disruptions remain a risk.

  • Aims to deliver double-digit underlying volume growth with value growth.

  • Construction vertical remains a bright spot benefiting multiple portfolios, across tile adhesives, floor coatings, waterproofing, epoxy grouts, etc.

  • Core adhesives (Fevicol) continue to grow, aided by premiumisation and Go-to-Market initiatives.

  • Benign raw material prices should help to maintain the Ebitda margin at the upper end of the 20-24%.

UBS on Multi Commodity Exchange Of India

  • The brokerage has paused rating under-review, with its previous target price standing at Rs 7,000.

  • Options volume could be higher in India similar to pattern seen in equity and commodity derivatives.

  • Pricing could be based on either per unit basis or turnover.

  • European power spot volume on EEX was about 880 TWh and derivatives volume was about 8,439 TWh (10x).

  • Derivatives market has registered 63% growth in 2024.

Catch all brokerage calls for Tuesday here.

Block Deals

  • Wipro: Azim Premji Trust sold 20.23 crore shares (1.93%) at Rs 250 apiece, while Hasham Traders bought 11.90 crore shares (1.13%), Prazim Traders bought 5.95 crore shares (0.56%), Prazim Trading and Investment Company bought 2.38 crore shares (0.22%) at Rs 250 apiece.

  • Suzlon Energy: Tanti Holdings sold 6.69 crore shares (0.49%), Tanti Ranchhodbhai Ramjib Hai sold 5.08 crore shares (0.37%), Vinod Ranchhodbhai Tanti sold 5.28 crore shares (0.38%), Rambhaben Ukabhai Tanti sold 2.75 crore shares (0.2%) at Rs 66.05 apiece. Goldman Sachs bought 5.82 crore shares (0.42%), Motilal Oswal Mutual Fund bought 454.2 lakh shares (0.33%), and many others at Rs 66.05 apiece.

  • Shankara Building Products: Sukumar Srinivas sold 19 lakh shares (7.83%) at Rs 926.1 apiece, while Singularity Equity Fund I bought 4.6 lakh shares (1.89%) at Rs 926.1 apiece, Ace Infracity Developers Private Limited bought 4 lakh shares (1.64%) at Rs 926.1 apiece, Chartered Finance And Leasi Ng Limited bought 3 lakh shares (1.23%) at Rs 926.1 apiece, Sageone Investment Managers Llp bought 3 lakh shares (1.23%) at Rs 926.1 apiece, Riti Foundation bought 1.1 lakh shares (0.45%) at Rs 926.1 apiece, Rr Foundation bought 1.1 lakh shares (0.45%) at Rs 926.1 apiece, S R Foundation bought 1.1 lakh shares (0.45%) at Rs 926.1 apiece, Swati Foundation bought 1.1 lakh shares (0.45%) at Rs 926.1 apiece.

Insider Trades

  • Deccan Gold Mines: Promoter Rama Mines Mauritius sold 5 lakh shares.

  • Usha Martin: Promoter Peterhouse Investments India sold 2 lakh shares.

  • Geojit Financial Services: Promoter BNP Paribas sold 13.11 lakh shares.

  • Suprajit Engineering: Promoter Supriyajith Family Trust bought 5.6 lakh shares and promoter Akhilesh Rai bought 11,081 shares.

  • MTAR Technologies: Promoter P Kalpana Reddy sold 20,000 shares.

Trading Tweaks

  • Ex- Dividend: Indian Bank, Tata Investment Corp, Asian Paints, Johnson Controls and Hitachi.

  • Ex-stock Split: Vesuvius India from Rs 10 per share to Re 1 per share.

F&O Cues

  • Nifty June Futures up by 0.35% to 25,185 at a premium of 82 points.

  • Nifty June futures open interest down by 2.09%.

  • Nifty Options June 12 Expiry: Maximum Call open interest at 26,000 and Maximum Put open interest at 24,000.

  • Securities in ban period: Titagarh Railway System, Hindustan Copper, Aditya Birla Fashion, Chambal fertilizer.

Currency/Bond Update

  • The rupee closed flat at 85.63 against the US Dollar.

  • The yield on the 10-year government bond ended six basis points higher at 6.35%.

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