Sensex, Nifty open in the green: SAIL, TVS Motor and Cochin Shipyard in focus

• Sensex was up 69 points while Nifty was up 23 points in early trade.
  
• Hong Kong’s Hang Seng is trading 0.5% lower, along with KOSPI that was down by 0.3%.
  
• Brent crude fell in today’s trade by 0.8% to trade at $73.2 per barrel.
  

Indian benchmark indices opened in the green on Monday, in spite of mixed global cues.

Sensex was up 69 points to trade at 62,694 while Nifty was up 23 points to 18,586 as of 9:44 am.

On Friday, Indian stock markets closed in the red after trading flat in the morning trade on Friday. Sensex fell by 223 points to 62,625 while Nifty fell by 71 points to 18,563, as FMCG and IT stocks came under pressure.

Foreign Portfolio Investors (FPIs) continued their buying stance and pumped in close to ₹9,800 crore in Indian equities this month so far, on strong economic growth and attractive valuations of stocks.

This came following a nine-month high investment of ₹43,838 crore in equities in May, ₹11,631 crore in April, and ₹7,936 crore in March, data with the depositories showed.

However, on the other hand, inflows into equity mutual funds almost halved to ₹3,240 crore in May, compared to ₹6,480 in April as high market valuations made investors book profits and stay away from fresh investments.

Asian markets mixed, US markets upbeat

The US stocks markets closed in the green after the S&P 500 closed 0.1% up, and the tech heavy Nasdaq Composite went up by 0.16%.

Asian markets on the other hand are giving out mixed cues. Japan’s Nikkei 225 was trading 0.6% higher, while SGX Nifty is trading 0.3% higher as of 8:19 am.

Hong Kong’s Hang Seng is trading 0.5% lower, along with South Korea’s index KOSPI that was trading 0.3% lower.

Brent crude too fell in today’s trade by 0.8% to trade at $73.2 per barrel.

Stocks in news

TVS Motor: The company’s financial services arm TVC Credit Services received an investment from Premjiinvest. The latter will take up 9.7% equity in the company for ₹737 crore in primary and secondary investments.

SAIL: State owned LIC has raised stake in the PSU steel major by 2% to 8.67% via open market purchases. LIC said that it raised stake through purchases between October 14, 2021 to June 8, 2023.

Vedanta: The company has emerged as the highest bidder for an iron ore mine in Goa in a tender invited by the state government. It won the block VII - Cudnem mineral block, via an electronic auction, the company said on Saturday. The grant of the lease will be subject to making payments and meeting other terms and conditions.

Cochin Shipyard: Cochin Shipyard said on Friday that it won a ₹300 crore contract from the Indian Navy – for the mid-life upgrade of a ship. The contract will last for the duration of 24 months.