RBI MPC’s monetary policy meeting outcome scheduled on June 8 will be the key thing that will drive the market sentiments this week, Meanwhile, FPIs pumped in ₹43,838 crore in Indian equities in May, the highest level in nine months, supported by strong macroeconomic fundamentals, and reasonable valuations.
OPEC: Saudis unveil extra 1 million barrel cut per day starting July
Saudi Arabia Sunday said it will make an additional voluntary cut of 1 million barrels of oil per day starting July to support the sagging cost of crude. The rest of the OPEC producers agreed to extend earlier production cuts through the end of 2024.
Unveiling the unilateral cut, Saudi Energy Minister Prince Abdulaziz bin Salman said, “This is a grand day for us, because the quality of the agreement is unprecedented,” adding that the new production targets are “much more transparent and much more fair.”
The Saudi energy minister further said the cut could be extended and that the group “will do whatever is necessary to bring stability to this market.” (Read More)
Wipro sets record date for buyback offer of up to 269,662,921 shares of face value ₹2 each
IT major Wipro Ltd has set June 16, 2023, as the record date for the whopping ₹12,000 crore buyback plan.
“The Company has fixed Friday, June 16, 2023, as the Record Date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback,” said Wipro in its filing.
The IT major had announced ₹12,000 crore buyback plan and had fixed a floor price of ₹445 per equity share. Wipro will buy back up to 269,662,921 shares of face value ₹2 each from the shareholders and account for 4.91 per cent of all equity shares. (Read More)
Wall Street leaps on Friday, nearly escapes its bear market after strong jobs report
Stocks rushed higher Friday after a strong report on the U.S. job market suggested a recession may not be as close as Wall Street had feared.
The S&P 500 leaped 1.5% for the latest surge in a rally that’s vaulted it nearly 20% since mid-October. That put Wall Street’s main measure of health on the edge of entering what’s called a “bull market” despite a long list of challenges.
The Dow Jones Industrial Average rallied 701 points, or 2.1%, while the Nasdaq composite gained 1.1%.
The indexes got a boost after a report showed employers unexpectedly accelerated their hiring last month. It’s the latest signal that the job market remains remarkably solid despite much higher interest rates, and it offers a hefty pillar of support for an economy that’s begun to slow.
Areas of the market that do best when the economy is healthy led a widespread rally, including stocks of industrial companies, energy producers and banks. Exxon Mobil rose 2.3% as prices for crude oil climbed on hopes that a resilient economy would burn more fuel.
Perhaps more importantly for markets, the Labor Department’s monthly jobs report also showed a slowdown in increases for workers’ pay even as hiring strengthened. (AP)
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