Stock Market Today: All You Need To Know Going Into Trade On June 2 Vrathik Jain NDTV Profit

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The GIFT Nifty was down 0.23% at 24,850.50 as of 07:30 a.m. on Monday, signaling a marginally negative start to Indian markets today.

Asian shares declined alongside US stock-index futures as heightened trade tensions led investors to shy away from riskier assets, boosting demand for safe havens like gold.

Indices in Japan and Australia opened lower, while US equity-index futures slipped 0.3% after President Donald Trump escalated trade disputes by announcing a doubling of tariffs on steel and aluminum imports and accusing China of breaching an agreement to ease tariffs.

The renewed focus on tariffs left markets unsettled, following recent legal disputes over Trump’s historically high levies, which investors fear could tip the US into recession.

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Markets On The Home Turf

The benchmark equity indices closed lower on Friday, marking the second week of losses. The NSE Nifty 50 ended 82.9 points or 0.33% lower at 24,750.7 and BSE Sensex ended 182.01 points or 0.22% lower at 81,451.01.

Foreign portfolio investors turned net sellers of Indian equities on Friday after fifth sessions, selling up stocks worth Rs 6,449.7 crore, according to the provisional data from the National Stock Exchange.

Domestic institutional investors stayed net buyers for the ninth straight session as they bought equities worth Rs 9,095.9 crore, the data showed.

In the month of May, the overseas investors have net bought shares worth Rs 19,860 crore.

Everything That Could Influence Indian Equities Today:

Asian Markets Update

• S&P 500 futures fell 0.31%.

• Hang Seng index futures were down 1.29%.

• Futures for the Nikkei 225 on the Osaka Exchange fell 0.58%.

• Japan’s Topix index fell 0.94%.

• Australia’s S&P/ASX 200 index fell 0.18%.

• Euro Stoxx 50 futures were down 0.04%.

Commodity Check

• West Texas Intermediate crude advanced 2.29% to trade at $62.18 per barrel.

• Spot gold advanced by 0.67% to $3,311.56 per ounce.

London Metal Exchange

• Copper fell 0.73%, reversing gains.

• Nickel was down 0.90%, reversing advances.

• Aluminium was down 0.27%, extending downward trend.

• Zinc was down 2.07%, extending downward streak.

• Lead fell 0.25%, extending declines.

US Market Updates

Stocks experienced heightened volatility in the final days of the month, rebounding from session lows after President Donald Trump indicated he planned to speak with Xi Jinping following accusations that China had breached a trade agreement.

The S&P 500, after an earlier decline of up to 1.2%, ended the day little changed and capped its best May since 1990 with a gain of more than 6%. The Nasdaq 100 slipped 0.32%, while the Dow Jones Industrial Average edged up 0.13%.

Major Stocks In News

• Infosys: Infosys BPM, the business process management arm of Infosys, announced the launch of AI agents for invoice processing within its flagship Infosys Accounts Payable on Cloud solution.

• Indian Oil Corp: The company has finalised the levelized cost of hydrogen for setting up a 10,000 tonnes per annum green hydrogen generation unit at its Panipat refinery and petrochemical complex. This marks the company’s entry into the green hydrogen space with India’s largest-ever green hydrogen project to date.

• Vedanta: The board approved the issuance of NCDs worth Rs 5,000 crore on a private placement basis.

• Cipla: A US FDA inspection at the manufacturing facility in Bommasandra, Bengaluru, from May 26-30, resulted in one observation in form 483 on the Bommasandra facility.

• Adani Energy Solutions: The company received a Rs 1,660 crore inter-state transmission project in Maharashtra. The project will evacuate green power from Maharashtra’s Raigad region. The company will build 3,000 Mega Volt-Amperes of substations capacity. The company’s transmission order book now stands at Rs 61,600 crore. The board also approves raising up to Rs 4,300 crore through QIP or any other mode. They appointed CEO Kandarp Patel as Additional Director & Whole Time Director for three years. The company is set to hold its annual general meeting on June 25.

• Canara Bank: The bank is set to mull a capital raising plan for financial year 2026 on June 20.

• Dalmia Bharat: The company will take enabling approval from shareholders by way of a special resolution to raise up to an aggregate amount of Rs 4,000 crore in one or more tranches.

• Kajaria Ceramics: The company commenced commercial production of tile adhesive at its Rajasthan Unit.

• Thomas Cook: The company signed an agreement with Muthoot Group for payments solutions operations.

• Fiem Industries: The company announced the opening of a new office in Gurugram, housing its R&D-Electronics, Innovation Centre & Corporate Office in one place.

• Thomas Cook: The company signed an agreement with Muthoot Group for payments solutions operations.

• KRN Heat Exchanger and Refrigeration: The company declared commencement of commercial production and operations at Alwar, Rajasthan.

• Arvind SmartSpaces: The company announced the resignation of Mitanshu Shah as Chief Financial Officer of the company.

• Ugro Capital: The record date for the purpose of rights issue of equity shares is June 5. The company had announced Rs 400 crore rights issue at Rs 162 per share.

• Kross: Sudhir Rai, promoter and chairman and managing director of the company, acquired 50,324 equity shares on May 30.

• RR Kabel: The company announced the resignation of Tribhuvanprasad Rameshwarlal Kabra as Executive Chairman of the company, and Shreegopal Rameshwarlal Kabra as Managing Director of the company.

• SIS: The record date for the purpose of buyback is June 6.

• Lemon Tree Hotels: The hotelier signed two new properties in Gujarat and Haryana.

• Olectra Greentech: The Telangana government reduced an order awarded to SPV to 10 buses for inter-city operations. It had earlier awarded a contract of 50 buses.

• Welspun Living: The board held back approval for acquisition of a 84.28% stake in Drape Story Interiors. 

• Indian Bank: The lender reduced MCLR across tenors by five basis points.

• Adani Power: The board elevated CEO Shersingh Khyalia as Additional Director for three years.

• Kotak Mahindra Bank: The board appointed Paritosh Kashyap as Whole-Time Director for three years, while Shanti Ekambaram, Deputy Managing Director, will be retiring from her role effective October 31.

• Marico: The FMCG major completed acquisition of an extra 8.8% stake in Satiya Nutraceuticals.

• Manappuram Finance: The lender is set to invest up to Rs 500 crore in arm Asirvad Micro Finance, acquiring 8.3 crore shares of arm at an issue price of Rs 60 per share.

• Ajmera Realty & Infra India: The company delivered a luxury project in Mumbai ahead of RERA timelines.

• Max India: The company closed rights issue on raising Rs 124 crore by issuing 82.8 lakh shares at Rs 150 apiece.

• Suprajit Engineering: The company completed the acquisition of Stahlschmidt Cable Systems out of insolvency proceedings in Germany.

• Chennai Petroleum Corp: The IOC Board approves the company’s Rs 1,620 crore investment proposal to produce lube oil base stock.

• JK Lakshmi Cement: Assam Mineral Development Corporation cancelled pact for engagement of Trivikram Consortium as mine developer and operator.

• Bharat Petroleum Corp: The board approved Investment in JV Tikitar & Shell India post regulatory approvals. The company is set to replace two cracking units at Mumbai refinery at a gross capex of Rs 14,200 crore.

• Vodafone Idea: The company’s net worth is at negative Rs 70,320 crore as of March 2025. Total AGR dues at Rs 1.95 lakh crore. Installments related to deferred payment obligations towards spectrum payable during FY26 is Rs 2,538 crore. Debt from banks payable during FY26 is Rs 1,600 crore. The board approved raising funds of up to Rs 20,000 crore via equity or debt. Capex spend for Q4 stands at Rs 4,230 crore, while debt from banks is at Rs 2,330 crore in March 2025.

• Healthcare Global Enterprises: Meghraj Arvindrao Gore Resigns as CEO effective June 30.

• Aditya Birla Capital: The company invested Rs 250 crore in equity shares of Aditya Birla Housing Finance on rights basis.

• Ircon International: The company wins a Rs 1,068 crore contract to be executed in 1,460 days from the East Central Railway.

• Cantabil Retail India: The company opened three new showrooms in May 2025.

• Adani Ports and Special Economic Zone: The company approved a tender offer of its outstanding senior notes up to $1 billion, in one or more tranches, over the next six financials quarters.

• Life Insurance Corp: The company’s Executive Directors Ratnakar Patnaik & Dinesh Pant take charge as managing directors.

• Patanjali Foods: Patanjali Ayurved has not received any communication regarding investigation by Ministry of Corporate Affairs.

• Patel Engineering: Dimitrius D`Mello resigns from the post of Whole Time Director.

• Solar Industries India: The explosives maker received orders worth Rs 402 crorer from Coal India for cartridge explosives and accessories.

• Sona BLW Precision Forgings: The company completes acquisition of the railway equipment business of Escorts Kubota.

• MedPlus Health: The company’s arm Optival Health gets drug license suspension orders for four stores in Telangana.

• Metropolis Health: The company extended the timeline for acquisition of Ashok Kumar Sharma’s Scientific Pathology by 15 days.

• Coal India: The company is set to sell up to 46.6 crore shares in the Bharat Coking Coal IPO.

• Alembic Pharma: The US FDA issued Form 483 with four observations for API Facility at Panelav, which was conducted from May 26 to May 31.

• Awfis Space: The company repaid a Rs 25 crore loan to Tata Capital.

May Auto Sales

Eicher Motors

• Total motorcycle sales up 26% at 89,429 units.

• Royal Enfield sales at 89,429 units versus NDTV Profit estimate of 85,000 units.

• Exports up 82% at 13,609 units.

• VECV sales up 7.3% at 7,402 units.

• VECV sales at 7,402 units versus NDTV Profit estimate of 7,275 units.

Escorts Kubota

• Tractor sales up 0.7% at 10,354 units.

• Tractor sales at 10,354 units versus NDTV Profit estimate of 10,700 units.

• Domestic tractor sales down 0.7% at 9,703 units.

• Tractor exports up 71.3% at 651 units.

TVS Motor Company

• Total sales up 17% at 4.31 lakh units.

• Total two-wheeler sales up 16% at 4.16 lakh units.

• Total two-wheeler sales at 4.16 lakh units versus NDTV Profit estimate of 4.14 lakh units.

• Exports up 22% at 1.18 lakh units.

• Electric vehicle sales up 50% at 27,976 units.

• Three-wheeler sales up 46% at 15,109 units.

Mahindra & Mahindra

• Total sales up 17% at 84,110 units.

• Domestic passenger vehicle sales up 21% at 52,431 units.

• Domestic commercial sales up 8% at 21,392 units.

• Three-wheeler sales up 11% at 6,635 units.

• Total exports up 37% at 3,652 units.

• Tractor sales up 10% at 38,914 units.

Tata Motors

• Total domestic sales down 10% at 67,429 units.

• Commercial vehicle sales down 5% at 28,147 units.

• Passenger vehicle sales down 11% at 42,040 units.

• Commercial vehicle sales at 28,147 units versus NDTV Profit estimate of 28,500 units.

• Passenger vehicle sales at 42,040 units versus NDTV Profit estimate of 44,575 units.

Earnings Post Market Hours

Vodafone Idea Q4 Highlights (Consolidated, QoQ)

• Revenue down 1% to Rs 11,013 crore versus Rs 11,117 crore.

• Ebitda down 1.1% at Rs 4,660 crore versus Rs 4,712 crore.

• Margin at 42.3% versus 42.4% (Bloomberg estimate: 41.4%)

• Net loss widens at Rs 7,166 crore versus 6,609 crore.

Apollo Hospitals Q4 Highlights (Consolidated, YoY)

• Revenue up 13.1% to Rs 5,592.20 crore versus Rs 4,943.90 crore. (Estimate Rs 5,620 crore)

• Ebitda up 20% to Rs 769.70 crore versus Rs 640.50 crore. (Estimate Rs 785 crore)

• Margin at 13.8% versus 13.0%. (Estimate 14%)

• Net Profit up 54% to Rs 389.60 crore versus Rs 253.80 crore. (Estimate Rs 374 crore)

AstraZeneca Pharma Q4 Highlights (YoY)

• Revenue up 25.3% to Rs 480 crore versus Rs 383 crore.

• Ebitda up 74.4% to Rs 85.8 crore versus Rs 49.2 crore.

• Margin at 17.9% versus 12.8%.

• Net Profit up 47.5% to Rs 58.3 crore versus Rs 39.5 crore.

Inox Green Q4 Highlights (Consolidated, YoY)

• Revenue up 30.4% to Rs 68.4 crore versus Rs 52.4 crore.

• Ebitda down 92.9% to Rs 81 lakh versus Rs 11.5 crore.

• Margin at 1.2% versus 21.8%.

• Net Profit down 73.9% to Rs 5.6 crore versus Rs 21.3 crore.

• EBITDA dragged due to increase in EPC, O&M, Common infrastructure facility and Employee Benefits Expenses.

• PAT fell due to Higher tax expense.

Puravankara Q4 Highlights (Consolidated, YoY)

• Revenue down 41.1% to Rs 541.57 crore versus Rs 919.97 crore.

• Ebitda down 73% to Rs 30.45 crore versus Rs 113.40 crore.

• Margin at 5.6% versus 12.3%.

• Net Loss widens by 1211% to Rs 88.00 crore versus Rs 6.71 crore.

SUN TV Q4 Highlights (Consolidated, YoY)

• Revenue down 2.2% to Rs 941 crore versus Rs 961 crore.

• Ebitda down 18% to Rs 429 crore versus Rs 523 crore.

• Margin at 45.6% versus 54.4%.

• Net Profit down 10.4% to Rs 372 crore versus Rs 415 crore.

Inox Wind Q4 Highlights (Consolidated, YoY)

• Revenue at Rs 1,248 crore versus Rs 528 crore.

• Ebitda at Rs 227 crore versus Rs 98.6 crore.

• Margin at 18.2% versus 18.7%.

• Net Profit at Rs 187 crore versus Rs 46.5 crore.

Nykaa Q4 Highlights (Consolidated, YoY)

• Revenue up 23.63% to Rs 2,061 crore versus Rs 1,667 crore.

• Ebitda up 42.39% to Rs 131 crore versus Rs 92 crore.

• Ebitda margin up 83 bps at 6.35% versus 5.51%.

• Net Profit up 111.11% to Rs 19 crore versus Rs 9 crore.

• Beauty GMV grew 30%

• Profitable store network delivered 31% YoY GMV growth

• Superstore by Nykaa saw GMV growth of 57%

• Fashion saw revenue growth of 19% YoY

TCPL Packaging Q4 Highlights (Consolidated, YoY)

• Revenue up 5.5% to Rs 422 crore versus Rs 401 crore.

• Ebitda up 2.4% to Rs 72.1 crore versus Rs 70.4 crore.

• Margin at 17.1% versus 17.6%.

• Net Profit up 32.8% to Rs 38 crore versus Rs 28.6 crore.

Jamna Auto Q4  EARNINGS (Consolidated, YoY)

• Revenue down 0.4% at Rs 638 crore versus Rs 640 crore

• Ebitda down 5.9% at Rs 83.5 crore versus Rs 88.7 crore 

• Margin at 13.1% versus 13.9%

• Net Profit down 8.1% at Rs 50.3 crore versus Rs 54.8 crore

Ahluwalia Contracts Q4 Highlights (Consolidated, YoY)

• Revenue up 4.5% to Rs 1,216 crore versus Rs 1,164 crore.

• Ebitda up 18.7% to Rs 124 crore versus Rs 104 crore.

• Margin at 10.2% versus 9%.

• Net Profit down 58.3% to Rs 83.3 crore versus Rs 200 crore.

Spandanna Sporty Q4 Highlights (Consolidated, YoY)

• NII down 46.64% at Rs 206 crore versus Rs 386 crore.

• Net Loss at Rs 434 crore versus profit of Rs 129 crore.

• GNPA at 4.85% vs 4.88% (QoQ)

• NNPA at 0.96% vs 0.97% (QoQ)

MS Pharmaceuticals Q4 Highlights (Consolidated, YoY)

• Revenue up 1% to Rs 248 crore versus Rs 246 crore.

• Ebitda up 21.4% to Rs 40.8 crore versus Rs 33.6 crore.

• Margin at 16.4% versus 13.7%.

• Net Profit up 17.6% to Rs 20.3 crore versus Rs 17.3 crore.

Rolex Rings Q4 Highlights (Consolidated, YoY)

• Revenue down 10.3% to Rs 284 crore versus Rs 316 crore.

• Ebitda down 27.4% to Rs 52.2 crore versus Rs 72 crore.

• Margin at 18.4% versus 22.7%.

• Net Profit at Rs 54.6 crore versus Rs 23.6 crore.

Inox Wind Energy Q4 Highlights (Consolidated, YoY)

• Revenue at Rs 1,275 crore versus Rs 528 crore.

• Ebitda at Rs 254 crore versus Rs 98.7 crore.

• Margin at 19.9% versus 18.7%.

• Net Profit at Rs 67 crore versus Rs 19 crore.

La Opala Q4 Highlights (YoY)

• Revenue down 6.6% to Rs 77 crore versus Rs 82.5 crore.

• Ebitda up 4.3% to Rs 26.7 crore versus Rs 25.6 crore.

• Margin at 34.6% versus 31%.

• Net Profit up 8.6% to Rs 25.7 crore versus Rs 23.7 crore.

SMS Pharmaceuticals Q4 Highlights (Consolidated, YoY)

• Revenue up 1% to Rs 248 crore versus Rs 246 crore.

• Ebitda up 21.4% to Rs 40.8 crore versus Rs 33.6 crore.

• Margin at 16.4% versus 13.7%.

• Net Profit up 17.6% to Rs 20.3 crore versus Rs 17.3 crore.

Titagarh Rail Systems (Consolidated, YoY)

• Revenue down 4.5% at Rs 1,006 crore versus Rs 1,052 crore.

• Ebitda down 15.3% at Rs 102 crore versus Rs 120 crore.

• Margin at 10.1% versus 11.4%.

• Net profit down 18.4% at Rs 64.5 crore versus Rs 78.9 crore.

Genus Power Infrastructures (Consolidated, YoY)

• Revenue at Rs 937 crore versus Rs 420 crore.

• Ebitda at Rs 196 crore versus Rs 51.2 crore.

• Margin at 21% versus 12.2%.

• Net profit at Rs 123 crore versus Rs 24.3 crore.

Greenlam Industries (Consolidated, YoY)

• Revenue up 9.2% at Rs 682 crore versus Rs 624 crore.

• Ebitda down 23.4% at Rs 64 crore versus Rs 83.53 crore.

• Margin at 9.4% versus 13.4%.

• Net profit down 94.9% at Rs 2.1 crore versus Rs 41 crore.

Easy Trip Planners (Consolidated, QoQ)

• Revenue down 7.4% at Rs 139.4 crore versus Rs 150.5 crore.

• Ebitda down 71.9% at Rs 13.4 crore versus Rs 47.7 crore.

• Margin at 9.6% versus 31.7%.

• Net profit down 54.5% at Rs 15.3 crore versus Rs 33.6 crore.

Vodafone Idea (Consolidated, QoQ)

• Revenue down 1% at Rs 11,013 crore versus Rs 11,117 crore.

• Ebitda down 1.1% at Rs 4,660 crore versus Rs 4,712 crore.

• Margin at 42.3% versus 42.4%.

• Net loss at Rs 7,166 crore versus loss of Rs 6,609 crore.

Genesys International (Consolidated, YoY)

• Revenue up 32.3% at Rs 94.2 crore versus Rs 71.2 crore.

• Ebitda up 37.3% at Rs 49.8 crore versus Rs 36.3 crore.

• Margin at 52.9% versus 50.9%.

• Net profit up 27.5% at Rs 18.9 crore versus Rs 14.9 crore.

National Fertilizers (Consolidated, YoY)

• Revenue down 15.7% at Rs 4,457 crore versus Rs 5,284 crore.

• Ebitda down 38.2% at Rs 234 crore versus Rs 379 crore.

• Margin at 5.3% versus 7.2%.

• Net profit down 35% at Rs 135 crore versus Rs 208 crore.

Ramkrishna Forgings (Consolidated, YoY)

• Revenue down 2.8% at Rs 947 crore versus Rs 974 crore.

• Ebitda down 47.6% at Rs 98.5 crore versus Rs 188 crore.

• Margin at 10.4% versus 19.3%.

• Net profit at Rs 200 crore versus Rs 65.3 crore.

• Total tax at negative Rs 223 crore versus Rs 34 crore.

• Deferred tax credit of Rs 184 crore versus deferred tax charge of Rs 73 crore.

IPO Offering

• Aegis Vopak Terminals: The company’s shares will debut on the stock exchange on Monday. The Rs 2,800-crore IPO was subscribed 2.09 times on its third and final day. Bids were led by institutional investors (3.3 times), retail investors (0.77 times), non-institutional investors (0.56 times).

• Schloss Bangalore (Leela Hotels IPO): The company’s shares will debut on the stock exchange on Monday. The Rs 3,500-crore IPO was subscribed 4.5 times on its third and final day. Bids were led by institutional investors (7.46 times), retail investors (0.83 times), non-institutional investors (1.02 times).

• Scoda Tubes: The public issue was subscribed to 53.78 times on day 3. The bids were led by Qualified institutional investors (69.51 times), non-institutional investors (113.03 times), retail investors (19.4 times).

Brokerage Radar

Goldman Sachs on Ola Electric

• Maintained ‘buy’, but cut target price to Rs 70 from Rs 75.

• E-motorcycle shipments have begun, with the company starting deliveries of the Roadster X series in May 2025.

• Ebitda breakeven now expected in the second quarter of the fiscal ending March 2026, delayed from earlier projections.

• Fiscal 2026, 2027, and 2028 revenue estimates reduced by 19%, 12%, and 11% respectively, mainly due to expectations of higher forward warranty cost provisions.

CLSA on Bajaj Auto

• Maintain ‘outperform’ and raised target price to Rs 10,149 from Rs 9,473.

• Results in line with estimates; company plans to increase its share in the 125-cc segment.

• Expects domestic two-wheeler growth of 5-6% and export growth of 15-20% in fiscal 2026.

• Raised fiscal 2027 earnings per share estimates, driven by continued cost reduction in electric two-wheelers.

Jefferies on Samvardhana Motherson International

• Maintained ‘buy’ and raised target price to Rs 180 from Rs 165.

• Fourth quarter results missed estimates, but the company is rapidly expanding in electronics.

• SAMIL is growing its non-automotive business, especially in electronics, with new plants for semiconductor equipment components and printed circuit board assembly for autos.

Block Deals

Indigo Paints: Kotak Mahindra Mutual Fund bought 15.13 lakh shares (3.17%) at Rs 1046.45 apiece, Peak XV Partners Investments IV sold 7.28 lakh shares (1.52%) at Rs 1046.45 apiece, Peak XV Partners Investments V sold 7.85 lakh shares (1.64%) at Rs 1046.45 apiece.

Bulk Deals

• Axiscades Technologies: Hindusthan Infrastructure bought 2.26 lakh shares (0.54%) at Rs 1045 apiece, while Sudhakar Gande sold 2.26 lakh shares (0.54%) at Rs 1045 apiece.

• Interglobe Aviation: BNP Paribas Financial Markets bought 0.46 lakh shares (0.01%) at Rs 5246.35 apiece, while Morgan Stanley Asia (Singapore) Pte. sold 0.46 lakh shares (0.01%) at Rs 5246.35 apiece.

• Coromandel International: BNP Paribas Financial Markets sold 23.12 lakh shares (0.78%) at Rs 2287.85 apiece.

• Eternal: BNP Paribas Financial Markets bought 6.24 crore shares (0.65%) at Rs 238.25 apiece.

• Indian Energy Exchange: Dalmia Cement (Bharat) Limited sold 51.07 lakh shares (0.57%) at Rs 200.71 apiece.

• FSN E Commerce Ventures: BNP Paribas Financial Markets sold 2.48 crore shares (0.86%) at Rs 202.81 apiece.

• Orchid Pharma: UTI Mutual Fund bought 3.66 lakh shares (0.72%) at Rs 615.37 apiece.

Trading Tweaks

• Price Band change from 10% to 20%: Apar Industries,

• Price Band change from 10% to 5%: Cosmo First

• Price Band change from 20% to 10%: MMTC.

• Price Band change from 5% to 20%: Sterling and Wilson Renewable Energy

• Shares to Exit-Lock In: Enviro Infra Engineers, IREDA and Ather Energy.

F&O Cues

• Nifty May Futures down by 0.36% to 24,852 at a premium of 102 points.

• Nifty May futures open interest up by 2.65%.

• Nifty Options June 6 Expiry: Maximum Call open interest at 26,800 and Maximum Put open interest at 24,000.

• Securities in ban period: Manappuram.

Currency Recap

The Indian rupee opened 16 paise stronger at 85.37 against the US dollar on Friday, in comparison to its previous close of 85.53 on Thursday snapping its three-day decline. This slight depreciation comes amid various global and domestic economic factors influencing the currency markets.

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