Good morning!

The GIFT Nifty was down 0.05% at 25,185 as of 07:30 a.m., signaling a marginally negative start to Indian markets today.

Asian stocks inched higher after Chinese and US officials struck an optimistic tone following a second day of talks aimed at easing trade tensions. Equity-futures contracts for the S&P 500 and Nasdaq 100 remained flat.

US Commerce Secretary Howard Lutnick said export controls may “come down” if issues related to rare earths and magnets licenses with China are resolved. He added that if the presidents of both countries agree, the US and China will implement the plan.

Global stocks have rebounded from their April lows as President Donald Trump suspended his ‘Liberation Day’ tariffs until July 9, while countries including Japan and India work toward agreements to reduce tariffs.

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Markets On The Home Turf

India’s benchmark equity indices closed flat on Tuesday, with the BSE Sensex breaking its four-session winning streak. The NSE Nifty 50 ended 1.05 points higher at 25,104.25, while the Sensex closed 53.49 points or 0.06% lower at 82,39.72.

Foreign portfolio investors stayed net buyers of Indian equities for the third straight session, mopping up stocks worth Rs 2,301.9 crore, according to the provisional data from the NSE.

Domestic institutional investors continued to stay net buyers for the 16th straight session as they acquired equities worth Rs 1,113.3 crore.

Asian Markets Update

  • S&P 500 futures fell 0.19%.

  • Hang Seng index futures were flat.

  • Futures for the Nikkei 225 rose 0.07%.

  • Japan’s Topix index dipped 0.036%.

  • Australia’s S&P/ASX 200 index rose 0.41%.

  • Euro Stoxx 50 futures were down 0.20%.

Commodity Check

  • West Texas Intermediate crude fell 0.45% to trade at $64.69 per barrel.

  • Spot gold advanced by 0.31% to $3,333.04 per ounce.

London Metal Exchange

  • Copper fell 0.37%, reversing gains.

  • Nickel was down 0.67%.

  • Aluminium was up 0.54%, extending gains.

  • Zinc was up 0.30%, reversing losses.

  • Lead declined 0.25%, reversing gains.

US Market Updates

Wall Street investors, closely watching the US-China trade talks, pushed stocks higher after Commerce Secretary Howard Lutnick described the negotiations as going “really, really well.” The S&P 500 closed less than 2% below its record high. The US and China extended their talks into a second day in London, with a Treasury official stating that both teams were working to resolve technical details. The Dow Jones Industrial Average gained 0.3%. The S&P 500 rose 0.6%, while the Nasdaq 100 increased by 0.7%.

Stocks To Watch

  • Wipro: The company announced the extension of its partnership with Metro AG, an international food wholesaler, for an additional two years. Under the renewed agreement, the company will continue to provide Metro with integrated digital services across cloud, data, application development, and AI-enabled IT support services.

  • Aditya Birla Capital: US private equity firm Advent International offers to sell 1.4% for Rs 856 crore. Affiliate Jomei Investments set floor price at Rs 237.81 apiece. Advent held 3.84% equity as of March.

  • SIS: The company will buy back equity shares worth Rs 150 crore at Rs 404 each, from eligible shareholders. The buyback opens June 12 and closes June 18.

  • Vodafone Idea: The company announced the launch of its 5G services in Bengaluru.

  • Sonata Software: The company collaborated with IISc’s foundation of science innovation and development to power AI-Driven scientific research and champion adoption of responsible-first AI approach.

  • CreditAccess Grameen: The company secured $100 million multi-currency syndicated social loan facility.

  • Reliance Infrastructure: Reliance Defence and Germany’s Diehl Defence strengthen strategic partnership for urgent supply of system Vulcano 155mm precision guided munition for armed forces.

  • Popular Vehicles and Services: The company received Letters of Intent from Maruti Suzuki India to establish a new independent True Value outlet for pre-owned vehicles in Bengaluru. The 6,000 sq. ft. facility, with display capacity for 15 vehicles, is expected to be operational by August 2025.

  • Kaynes Technology India: The arm signed an asset purchase agreement with Fujitsu General Electronics, Japan, to acquire power module production lines and other manufacturing assets for approximately Rs 85 crore.

  • Castrol India: The company approved an appointment of Vishal Thakkar as interim Chief Financial Officer effective June 12 and Rohit Talwar resigned as Vice President and Head – marketing with effect from August 8.

  • Thomas Cook: The company forayed into the Punjab market by opening its first gold circle partner outlet in Mohali.

  • Anant Raj: The company re-appointed Amit Sarin as Managing Director and Aman Sarin as CEO effective Jan 1, 2026.

  • Interarch Building: The company received Rs 45 crore purchase order from Prestigious Automobile original equipment manufacturer.

  • Tolins Tyres: The company announced its highest-ever monthly production milestone of 816 tons in May 2025. The record includes 46,599 units of tyres and 17,714 units of Precured Tread Rubber — driven by strong demand and efficient plant operations.

  • Ceat: The board defered its meet to mull raising Rs 500 crore via NCDs To June 14.

  • Ashok Leyland: Arm completed its purchase of 1.01% stake of Switch Mobility UK from Dana, thereby increasing its direct holding in SML UK from 98.56% to 99.57%. Consequently, Optare Plc. UK along with Hinduja Automotive Limited, UK, now holds 100% in SML UK.

  • Man Infraconstruction: The company will invest Rs 36 crore in subsidiary Man Realtors & Holdings Pvt.

  • Kolte-Patil Developers: CCI approved Blackstone’s acquisition of 40% stake for Rs 1,166 crore.

  • HCLTech: The company expanded its agreement with US-based Standard Insurance Company to accelerate AI-led transformation and deliver digital-first services at scale.

  • IFL Enterprises: The company receives approval to raise Rs 49 crore via rights issue. The right issue to open for subscription from June 19.

Brokerage Radar

Macqaurie On Financials

  • Early signals of stress abating in microfinance.

  • Most of the top MFIs have done aggressive write-offs and cleaned their books.

  • Fiscal 2026 delinquencies and credit costs should trend downwards.

  • MFI stress has moved to other loan categories like auto loans, business loans.

  • Some early signs of stress visible in Tamil Nadu, Karnataka.

  • Longer term growth to be subdued.

  • RBI’s reduction of qualifying assets for MFIs from 75% to 60% proves to be a welcome relief.

Jefferies On May Mutual Fund Data

  • Equity flows fall on higher redemptions, while SIPs remain stable.

  • Equity lumpsum net outflows were recorded at Rs 1,200 crore, marking the first fall since July 2023.

  • Net flows across key categories were lower, with large-caps seeing a 53% fall.

CLSA On India Strategy

  • Growth in April moderated on a monthly basis, but remained in-line with official estimates.

  • Encouraging growth in exports, diesel demand, logistics positive for industrial picture.

  • Consumption metrics improved, aided by pickup in imports, general insurance premium, retail loans.

  • Lower rural unemployment, rise in agri credit, and tractor sales paint good picture of rural economy.

  • Early data for May suggests some moderation in activity, especially in auto sales and property.

Catch all brokerage calls for Wednesday here.

Block Deals

  • Premier Energies: South Asia Growth Fund II Holdings LLC sold 2.5 crore shares (5.5%) at Rs 1,051 per share, while Quant Mutual Fund bought 47.55 lakh shares (1.05%), PI Opportunities AIF V LLP bought 33.28 lakh shares (0.74%), SBI Life Insurance Company bought 23.77 lakh shares (0.53%) and many others at Rs 1,051 apiece.

Bulk Deals

  • Scoda Tubes: Saravana Securities D.Sathyamoorthi bought 3.78 lakh shares (0.63%) at Rs 166.91 apiece.

  • Shankara Building Products: Dharampal Satyapal sold 2.25 lakh shares (0.92%) at Rs 1005 apiece and Negen Capital Services sold 1.89 lakh shares (0.78%) at Rs 1003.24 apiece.

  • AU Small Finance Bank: TA Associates sold 93.9 lakh shares (1.26%) at Rs 760.07 apiece.

Insider Trades

  • NCL Industries: Promoter P S Raju sold 10,000 shares.

  • Diamond Power Infrastructure: Promoter Gsec sold 1.58 crore shares, promoter Monarch Infraparks sold 1.58 crore shares.

  • Avantel: Promoter Lakshmee Foundation sold 36 lakh shares.

  • B. L. Kashyap and Sons: Promoter Vineet Kashyap bought 9000 shares, promoter Shruti Choudhari bought 3000 shares.

  • D. B. Corp: Promoter D B Power bought 30,970 shares.

  • HMA Agro Industries: Promoter Mohammad Ashraf Qureshi sold 49.80 lakh shares.

Trading Tweaks

  • Price Band change from 20% to 10%: Oriental Carbon & Chemicals, TVS Electronics.

  • Ex- Dividend: Tata Elxsi

F&O Cues

  • Nifty June Futures down by 0.13% to 25,150 at a premium of 46 points.

  • Nifty June futures open interest down by 3.67%.

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

  • Securities in ban period: Aditya Birla Fashion, IREDA, RBL Bank, Hindustan Copper, Chambal Fertilizer.

Currency/Bond

  • The rupee closed flat at 85.62 a dollar

  • The yield on the 10-year government bond ended two basis 6.36%.

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