Stock Market Updates: GIFT Nifty Signals Negative Start; China Holds Lending Rates
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Benchmark indices Sensex and Nifty are expected to be influenced today by a mix of global and domestic factors
Sensex Today: Benchmark indices Sensex and Nifty are expected to be influenced today by a mix of global and domestic factors, including Japan's inflation data, China's loan prime rate decision, escalating tensions between Israel and Iran, India's forex reserves update, and institutional activity.
As of 8:40 AM, GIFT Nifty futures were trading 25 points lower at 24,778.5, hinting at a weak start for domestic equities.
Global Market Cues
Asia-Pacific markets showed mixed trends on Friday as investors reacted to China's key lending rate announcements and tracked mounting geopolitical tension in the Middle East.
The People's Bank of China (PBoC) held its one-year loan prime rate steady at 3.0% and the five-year rate at 3.5%, matching market expectations.
Geopolitical risks remained elevated, with U.S. President Donald Trump reportedly weighing support for possible Israeli military action against Tehran. A decision from the White House is expected within two weeks.
In Japan, the Nikkei was last up 0.27%, while the broader Topix index was flat. Core inflation in Japan rose to 3.7% in May — its highest since January 2023 — surpassing April's 3.5% reading and Reuters' forecast of 3.6%. Meanwhile, headline inflation slightly eased to 3.5% from 3.6% in the previous two months, marking its lowest level since November.
Elsewhere in Asia, South Korea's Kospi slipped into the red after early gains, down 0.014%, while Australia's ASX 200 also reversed its opening strength, falling 0.37%.
Meanwhile, the Bank of England, at its June policy meeting, voted 6-3 to hold the Bank Rate steady at 4.25%, as it continues to deal with sticky inflation and global macroeconomic uncertainty.
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Economic Times
21 minutes ago
- Economic Times
Macro indicators, retail participation aligning for a multi-decade bull run: Madhu Kela
Agencies So, this is maybe just the beginning for this sector which has not done too much maybe in the last three-four years. "Essentially focus on bottom-up ideas, segregate your time of doing research and time of execution. I repeat, again segregate your time of doing research and time of execution very clearly. It is not that I come up with an idea today, so I have to buy it tomorrow. Markets are volatile, something or the other will keep happening," says Madhu Kela, Market Veteran. So, last 16 years have been more than satisfactory for Indian investors and for Indian markets, how are the next three years looking? Madhu Kela: But that is the whole point that, are people who have truly believed in the longer range of India are the ones who have actually been able to do well and they have always taken advantage of any market mispricing or any market significant decline. So, over the next, I am sure three years will also be good, but I am very bullish from a next 10-20-year perspective also on India, things are really-really falling in place. If you look at every macro parameter and since the time I have been around this is the lowest bond spread we have seen between America and India and maybe in last 30 years. Is that not telling us something that the bond spread between 10-year bond yield of America and India are less than 1.5%. So, I feel now more and more people are actually recognising the India story and more and more money will come and I am so happy that finally the retail public is participating as they are actually benefiting, at least post covid. So, three years will be good. But let me tell you that good means what? Let us bifurcate the whole market first. So, we have roughly $5 trillion, 48% of the market is owned by founders, roughly 25-27% is owned by domestic institution, roughly 16-17% is owned by foreign institutional investors and balance is owned by real public. In this entire market cap, there are 580 companies which are above $1 billion market cap. But out of these 580 companies, roughly one-third and these are rough number, roughly one-third are trading at more than 50 PE multiple on a trailing basis. So, a balanced market is where I find a lot of attractiveness. So, when we say India will do well, if you just invest in Nifty, this is what has happened in the last three years you still made like 14-15% cagr. So, you will continue to hopefully get that 12% to 15% return if you invest in Nifty and if you just stick to really largecap. Where people like me see an opportunity is on the select sectors, select stocks, and mispricing in the market which happens from time to time. So, when we last visited your channel, I remember January to March and there was literally a lot of panic. So, if you buy India in that time and if you buy a stock specific that is the alpha which is left in the market. So, I will continue to believe that only. Essentially focus on bottom-up ideas, segregate your time of doing research and time of execution. I repeat, again segregate your time of doing research and time of execution very clearly. It is not that I come up with an idea today, so I have to buy it tomorrow. Markets are volatile, something or the other will keep happening. The last six-nine months have been so eventful whether it is Trump, tariff, global war, oil prices. Now again, today people are talking about Iran and Israel. These things will come and go. But if you keep your homework ready and if you are a really good stock picker and stock investor, these volatility gives you time and opportunity to invest and that to my opinion really creates that extra alpha which people like me are looking at. But you think that time is going to come sometime during this year because with all the geopolitical tensions and all that is happening around the world, the market has actually quite resilient. In fact for the last 28 days, it has just been range bound, we have done nothing at all at an index level. Madhu Kela: I would say even though market has been there, look at for instance what has happened to NBFC sector, look at the returns that the sector has given in the last three-four months even in a stable market. Markets have not gone anywhere. In fact, Nifty is only up 6% in last one year. Smallcap is down. Midcap is only up 4% in last one year. But you look at select stories. Even within the NBFC sector, there are something is up 30%, something is up 50%, something is up even 100% in this overall sector. So, that is precisely what I am saying. If we think markets are going to be in a range bound, that is the best time to do stock picking. So, we have got a list of multibaggers and the headline of this graphic is multibagger stocks not one but many which Madhusudan Kela over his careers has identified. Some of them have been 10x, 20x, 50x, even 100x. It starts with a legendary investment of yours, JSPL, Inox group of companies, Radico Khaitan, many more. But the last part we have kept it blank which is that which are the next new themes or ideas Madhusudan Kela is waiting on and we will call this as Madhusudan Kela's birthday gift to our viewers. Madhu Kela: So, I do not have all of these multibaggers, we do not know which one will be 10x and which one will be 100x when we make the investment. It is only a period of time when we start tracking these companies and they deliver, we develop more and more conviction. So, let us say Gujarat Fluoro for instance, I bought the stock maybe at Rs 400-500 five-six years back. At that time I did not know that it is going to be 10x, but I was sure that this company will do well. So, I feel it is not that it is lot of return is being made, so there will be no multibaggers in times to come. You see forget Indian market, even American markets have delivered so many multibaggers in the last four years. So, markets will always keep giving that opportunity. Today clearly, I see that opportunity, I do not know whether it will be 5x or 10x, but I remain very positive on select NBFC companies because the overall regulatory framework for the NBFC sector has dramatically improved in the last three-four months. The rate cut has boosted, their liquidity availability in the market because deposits going down, suddenly we see there is lot of liquidity available for these companies and lot of these companies have tightened their belt significantly in the last three-four years in the very tight regulatory regime. So, this is maybe just the beginning for this sector which has not done too much maybe in the last three-four years.
Indian Express
23 minutes ago
- Indian Express
US Senate clears GENIUS Act: What the US stablecoin regulation means for the global crypto landscape
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Recent reporting projects that stablecoins could grow into a $3.7 trillion market by the end of the decade. That scenario becomes more likely with passage of the GENIUS Act. A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries, which back… — Treasury Secretary Scott Bessent (@SecScottBessent) June 17, 2025 In a podcast clip posted on his X page, Bessent said crypto is unlikely to pose a threat to the US dollar stating that 'stablecoins could reinforce dollar supremacy, because stablecoins can end up being one of the largest buyers of US Treasuries… T-bills.' Elaborating on how this may work, Bessent gave the example of how 'all of a sudden if you are using a stablecoin in Nigeria backed by the USD, you don't actually have to have dollars it's on your phone, you can transact (using dollar-backed stablecoins)…' Crypto is not a threat to the dollar. In fact, stablecoins can reinforce dollar supremacy. Digital assets are one of the most important phenomena in the world right now, yet they have been ignored by national governments for far too long. This administration is committed to… — Treasury Secretary Scott Bessent (@SecScottBessent) June 18, 2025 'There's a very good chance that crypto is actually one of the things that locks in dollar supremacy,' Bessent added. GENIUS, STABLE and the race to regulate stablecoins The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act was passed by the US Senate on Wednesday with a 68-30 vote. The bill sets guardrails for stablecoins with proposals for compliance to ensure prevention of money laundering, full backing of cryptocurrencies by reserves and monthly audits. Last week, Bessent told Senators that the US stablecoin market could surge 8X to $2 trillion, CNBC reported. The GENIUS Act will be tabled next in the US Representatives House which has its own version of the stablecoin regulation bill, the STABLE Act. 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In his podcast interview, Bessent reiterated the Trump administration's commitment to digital assets, while adding that 'because there are so many other things that happen around digital assets… it's one of the most important phenomenons happening around us in the world and the US just ignored it (under the Biden administration).' Trump reversed his stance on crypto assets from his first term, and even released his own namecoin to burnish his credentials as a backer of virtual digital assets. Cryptocurrency backers also contributed generously — around $20 million —into electing what is considered a pro-crypto Congress during the 2024 cycle, CNBC reported. Trump's crypto empire In a recent declaration, Trump disclosed earnings of over $600 million from interests including crypto, golf clubs, and licensing deals apart from other ventures. According to the public disclosure, the US President has earned an estimated $320 million from his $TRUMP memecoin. Trump also pulled in $400 million from the World Liberty Financial platform for cryptocurrencies which is backed by his children. The US President earned $57.35 million from the sale of digital tokens at WLF. He also reportedly held over 15 billion governance tokens in WLF. Other crypto ventures related to Trump include exchange traded funds held via Truth Social's crypto vertical and crypto mining firm American Bitcoin, CNBC reported. Crypto diplomacy and countering de-dollarisation Hacker group Gonjeshke Darande, Persian for 'Predatory Sparrow', with potential links to Israel, wiped off $90 million from Iran's largest crypto exchange Nobitex, Reuters reported, citing a Telegram post by the group. The attack was confirmed in the app by Nobitex, according to the report. Hackers wiped the exchange clean of a range of digital coins from Bitcoin to Ethereum and Dogecoin, said Andrew Fierman, head of national security intelligence at Chainalysis, the newswire reported. Last month, Trump family-linked WLF inked a pact with the Pakistan Crypto Council to boost cryptocurrency adoption in the country, days after it agreed to a ceasefire with India in the aftermath of Operation Sindoor, which was launched by New Delhi to target terror camps across the border in response to a terror attack in Pahalgam, Kashmir which killed 26 Indian tourists. Apart from these instances of cryptocurrencies playing a key role in diplomacy as well as hostilities, digital tokens are also being used to reinforce the US dollar's supremacy, as pointed out by Bessent above. By formalising stablecoin issuance, backed by the dollar, the US is seemingly hedging its bets in a world where key economies are switching to commodities such as gold as they intend to de-risk their holdings from USD-related volatility. The US sanctions on Russia in the aftermath of the declaration of war on Ukraine involved the freezing of Russian foreign exchange worth $300 billion, triggering a risk-off approach among countries across the world. In 2023, Russian President Vladimir Putin gave a call for de-dollarisation, urging the BRICS grouping to promote settlements in national currencies and expand bank-to-bank cooperation. Trump warned the BRICS against such a move which could potentially hurt the dollar. In a statement in February Trump boasted he had warned BRICS nations of desisting from de-dollarisation or face outsized tariffs. The stablecoin route is expected to energise the dollar by promoting the use of cryptocurrency pegged to the greenback. It remains to be seen whether this will be adopted across the globe.
Economic Times
30 minutes ago
- Economic Times
Hyundai Motor, Bharti Airtel among 5 Nifty500 stocks that touch 52-week highs on Friday
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