Good morning, people!
Of late, it seems like red is the new black for the markets. Signs of an aggressive hike by the US Fed are keeping investors on the edge. What’s in store for the Indian markets today? We’ll find out soon. Here are the top stories to begin the day.
For more updates on F&O, click here.
⭐ OMCs face margin pressure 😣
Shares of oil marketing companies were under pressure on Tuesday, owing to concerns around declining margins. Margins could be impacted as crude prices continue to rise, while sales prices have remained unchanged. Shares of Hindustan Petroleum Corporation and Bharat Petroleum Corporation hit their respective 52-week lows on Tuesday.
⭐ WPI at record high 😱
Wholesale inflation rose to 15.88% in May, compared to 15.08% in April, as per the government data released on Tuesday. The wholesale price index (WPI) is now at a record high. The rise in prices was mainly due to rising food, fuel and power costs. On Monday, the Consumer Price Index (CPI), stood at 7.04% in May due to base effect and cheaper food prices.
⭐ Fitch expects RBI to hike rates 🤔
Credit rating agency Fitch said that the Reserve Bank of India (RBI) is likely to hike interest rates to 5.9% by the year-end. The agency said that India's economy faces challenges from several fronts like increasing commodity prices and a tight monetary policy. To tame inflation, the RBI raised the repo rate by 40 basis points in May and by 50 basis points in June, taking it to 4.9%.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.03% |
| Nikkei 225 (Japan) | ▼ 0.7% |
| Hang Seng (Hong Kong) | ▲ 1.0% |
| SSE Composite (China) | ▲ 0.9% |
| Dow Jones (US) (June 14) | ▼ 0.5% |
| NYSE (US) (June 14) | ▼ 0.7% |
| Nasdaq (US) (June 14) | ▲ 0.1% |
| S&P 500 (US) (June 14) | ▼ 0.3% |
Fact of the day
‘Chai Pani’, a restaurant which serves Indian street food, was declared the best restaurant in the US at the James Beard Foundation Awards in Chicago.
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