Good morning!

The GIFT Nifty was up 0.03% at 24,840.50 as of 07:30 a.m., signaling a marginally positive start to Indian markets today.

Asian equities were positioned for declines on Friday, following Wall Street’s losses amid anticipation of US jobs data that could provide clues on the Federal Reserve’s future rate cuts.

Futures for Japanese and Australian stock indexes fell, reflecting subdued sentiment from US markets where the S&P 500 dropped 0.5% and the Nasdaq 100 slipped 0.8%. In contrast, Hong Kong equity futures edged slightly higher early Friday, diverging from the broader market trend.

Friday’s data release includes an interest rate decision back home.

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Markets On The Home Turf

India’s benchmark equity indices closed higher for second straight session on Thursday, after ending a three-day losing streak on Wednesday.

The NSE Nifty 50 ended 130 points, or 0.53% higher at 24,750, while the BSE Sensex closed 443.79 points, or 0.55% up at 81,442.

Foreign portfolio investors turned net sellers of Indian equities after a day, selling up stocks worth Rs 208.47 crore, according to the provisional data from the National Stock Exchange.

Domestic institutional investors stayed net buyers for the 13th straight session as they bought equities worth Rs 2,382.4 crore, the data showed.

RBI Decision Day Guide

Policy makers are expected to continue cutting the key repo rate for the third straight meeting. The benchmark lending rate is expected to come down by another 25 basis points to 5.75%, per Bloomberg estimates.

Read these to get up to speed:

  • RBI Monetary Policy: Goldman Sachs expects terminal repo rate at 5.5%

  • What to expect from RBI’s June Monetary Policy review and how to prepare financially.

Asian Markets Update

  • S&P 500 futures rose 0.11%.

  • Hang Seng index futures were up 0.68%.

  • Futures for the Nikkei 225 on the Osaka Exchange rose 0.61%.

  • Japan’s Topix index rose 0.46%.

  • Australia’s S&P/ASX 200 index also grew 0.076%.

  • Euro Stoxx 50 futures were up 0.24%.

Commodity Check

  • West Texas Intermediate crude fell 0.25% to trade at $63.21 per barrel.

  • Spot gold increased by 0.33% to $3,363.84 per ounce.

London Metal Exchange

  • Copper rose 1.23%, reversing losses.

  • Nickel was up 0.83%.

  • Aluminium was down 0.20%, snapping upward trend.

  • Zinc was down 0.57%, extending losses.

  • Lead declined 0.63%, reversing gains.

US Market Updates

US stocks declined alongside Treasuries as a public dispute between President Donald Trump and Elon Musk dragged Tesla Inc. down, significantly impacting the megacap tech sector.

Although equities recovered from session lows, the Nasdaq 100 still fell nearly 1%. Tesla plummeted 14% after Trump suggested ending Musk’s government contracts and subsidies following criticism of the Republican tax-policy bill by Musk’s former adviser.

Earlier gains in the market had been fueled by optimism that US-China tensions might ease, with Trump and Xi Jinping agreeing to further trade negotiations.

On the eve of crucial jobs data, a surprising rise in unemployment claims intensified expectations that the Federal Reserve will cut rates at least twice this year. Economists forecast payrolls to increase by 125,000, following stronger-than-expected job growth in March and April.

Stocks To Watch

  • Bajaj Finserv: Promoter entities are planning to sell shares worth Rs 5,800 crore via open market transactions on Friday. Bajaj Holdings and Investments and Jamnalal Sons are offering as many as 3.1 crore shares or up to 1.94% stake via block deals.

  • Ashok Leyland: The company received letters of intent worth Rs 1,387 crore from the Motors Vehicles Department.

  • Ireda: The company’s board approved fundraising of up to Rs 5,000 crore through qualified institutional placement, with a floor price of Rs 173.83 per share. The company set to offer a discount of not more than 5% on the floor price.

  • JSW Energy: The company commissioned 281 MW of organic renewable energy capacity, including 215 MW of solar and 66 MW of wind, taking its current installed capacity to 12,499 MW. Furthermore, its arm signed a power purchase agreement with Adani Electricity for a STU-connected 250 MW wind capacity.

  • Coal India: The company signed a non-binding MoU with Indian Port Rail and Ropeway Corporation to develop rail infrastructure for Coal India and its subsidiaries.

  • Life Insurance Corp: Executive Director Ramakrishnan Chander has taken charge as chief investment officer.

  • Praj Industries: The company signed an agreement with Paraguay-based Enersur SA for a large-scale biorefinery project in Paraguay. The facility will produce ethanol along with co-products such as distillers dried grains with solubles, corn oil, SAF, biogas, and bio bitumen.

  • Power Grid Corp: The company commissioned a transmission network expansion project in Gujarat.

  • Ceat: The board is scheduled to meet on June 10 to consider the issuance of non-convertible debentures of Rs 500 crore on a private placement basis.

  • Mphasis: The company launched a centre of excellence for financial services in Argentina.

  • Tejas Networks: The company received Rs 123 crore from the Ministry of Communications, Department of Telecommunications, under the PLI Scheme for telecom and networking products.

  • MedPlus Health Services: The company arm received one suspension order for drug license for a store in Maharashtra.

  • HG Infra Engineering: The company acquired a stake in four arms via rights issue.

  • Inox Green Energy: Promoter Devansh Trademart LLP further acquired 10,000 shares of the company via the open market.

  • R Systems International: The company executed a sale deed to sell land worth Rs 50.5 crore in Noida. Further, the board approved a proposal to invest, provide loans, or issue guarantees up to Rs 2,000 crore under Section 186.

  • Rama Steel: The company announced a strategic investment in the renewable energy space through its joint venture partner in a 225 MW solar power project under the government of India’s ambitious PM-Kusum scheme.

  • Bajaj Healthcare: Dhananjay Sabaji Hatle resigned as whole-time director.

  • Seamec: The arm received a final certificate of registration from International Financial Services Centres Authority.

  • Imagicaaworld: The company entered into a loan agreement with HDFC Bank for availing loan facilities of Rs 275 crore. The loan will be used to fund the acquisition of Wet’n Joy parks in Lonavala and Shirdi from Giriraj Enterprises.

  • Zaggle Prepaid Ocean Services: The company to acquire 100% stake in Greenedge Enterprises for Rs 27 crore.

  • KIMS: KIMS Hospital Bengaluru ceases to be wholly owned subsidiary, KIMS hospital Bengaluru to continue as subsidiary of the company.

  • Hawkins Cookers: The company commenced commercial operations at a factory in Uttar Pradesh.

  • SKF India: NCLT asks the company to hold shareholders meet over demerger of industrial operations.

  • Zinka Logistics: Accel India IV (Mauritius) sells 1.32% stake in the company in open market on June 3.

  • Brigade Enterprises: The company’s arm incorporated an LLP named “Auraterra Developers LLP” with an initial capital contribution of Rs 99,990. The said LLP will take up development of real estate projects.

Brokerage Radar

JPMorgan On Marico

  • JPMorgan maintains an ‘overweight’ rating on Marico with a target price of Rs 770, implying a potential upside of 10%.

  • The company is confident of delivering double-digit revenue growth in the current fiscal.

  • The Foods segment is expected to drive 20–25% revenue growth, led by the Oats portfolio.

  • Portfolio diversification efforts aim to reduce dependency on copra oil and edible oils.

  • The Project Setu initiative is expected to support better growth in General Trade during the second half of the fiscal.

  • Copra price deflation is anticipated in the September quarter, which could improve margins.

Morgan Stanley On Ashok Leyland

  • Morgan Stanley maintains an ‘overweight’ rating on Ashok Leyland with an increased target price of Rs 284.

  • The target price increase reflects the positive impact of a stronger net cash position, which outweighs lowered Ebitda estimates.

  • Domestic medium and heavy commercial vehicle volume estimates for fiscal 2026 have been cut by 2%, anticipating slower demand.

  • Export volume estimates have been raised due to continued strong international performance.

  • Overall total volume estimates remain broadly unchanged.

  • Weaker realizations in the March quarter have led to toned-down average selling price estimates for fiscals 2026 and 2027.

  • Despite margin cuts, EPS estimates remain largely unchanged.

CLSA On India Property

  • CLSA expects a 25 basis points repo rate cut from the ongoing Monetary Policy Committee meeting.

  • Additional rate cuts of 50–75 basis points are anticipated in the remainder of the fiscal.

  • Affordable and mid-income housing segments are expected to benefit significantly from these rate cuts.

  • Lower interest rates on debt and slight asset price reflation will benefit annuity players in the real estate sector.

Key beneficiaries:

  • Sobha: Upgrade to ‘hold’ with a target price of Rs 1,550, implying a potential downside of 3%.

  • Prestige Estates: Maintain ‘outperform’ with a target price of Rs 2,380, implying a potential upside of 46%.

  • Godrej Properties: Maintain ‘outperform’ with a target price of Rs 2,770, implying a potential upside of 20%.

  • Sunteck Realty: Maintain outperform’ with a target price of Rs 625, implying a potential upside of 44%.

Other Rate Cut Beneficiaries:

  • All REITs: Embassy REIT, Mindspace REIT, Brookfield REIT, and Nexus REIT.

  • Large annuity players: DLF and Phoenix Mills.

Catch all brokerage calls for Friday here.

Bulk Deals

Scoda Tubes: Pronomz Ventures sold 4.9 lakh shares (0.81%) at Rs 150.98 apiece.

Insider Trades

  • EFC (I): Promoter Shefali Chintan Parikh (Navnit Trust) sold 75,000 shares.

  • Geojit Financial Services: Promoter BNP Paribas India Holding sold 14.35 lakh shares.

  • Wardwizard Innovations & Mobility: Promoter Yatin Sanjay Gupte sold 1 lakh shares.

  • Wardwizard Innovations & Mobility: Promoter Yatin Sanjay Gupte created a pledge for 16 lakh shares.

Trading Tweaks

  • Price Band change from 10% to 20%: Balu Forge Industries, Zinka Logistics Solutions, Borosil Renewables, Exicom Tele-Systems, Godrej Industries, Goldiam International, Hubtown, IKIO Technologies, KDDL, Marine Electricals (INDIA), Nectar Lifesciences, Premier Explosives, Punjab & Sind Bank, PTC Industries, Puravankara, Shaily Engineering Plastics, Shalimar Paints, Sml Isuzu, SMS Lifesciences India, Solara Active Pharma Sciences, Baazar Style Retail, TARC, Vishal Mega Mart.

  • Price Band change from 5% to 10%: Zaggle Prepaid Ocean Services, Thomas Scott (India), Transformers and Rectifiers, Sagility India, Rajoo Engineers, Panacea Biotec, Nibe.

  • Price Band change from 5% to 20%: KPI Green Energy.

  • Ex-Buyback: SIS.

  • Ex-Demerger: Khadim India.

  • Ex- Dividend: Container Corp, Technocraft Industries, Torrent Power, HDFC AMC, ICICI Lombard General Insurance, Indiamart Intermesh, JSW Energy, Dr. Lal Path Labs, L&T Technology, Bank of Baroda, Ramkrishna Forgings, Tata Steel.

F&O Cues

  • Nifty June Futures up by 0.69% to 24,874 at a premium of 125 points.

  • Nifty June futures open interest down by 1.42%.

  • Nifty Options June 12 Expiry: Maximum Call open interest at 26,000 and Maximum Put open interest at 23,500.

  • Securities in ban period: Manappuram, Aditya Birla Fashion, Chambal Fertilizer.

Currency/Bond

  • The Indian rupee closed 11 paise stronger at 85.80 against the US dollar.

  • The yield on the benchmark 10-year government bond ended flat at 6.25%.

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