Stock markets on June 6: Here are key things that changed for markets overnight

The Indian equity benchmarks are set to open on a flat note as indicated by NIFTY futures traded at Gift City in Ahmedabad. Gift NIFTY future was unchanged at 24,849 ahead of the Reserve Bank of India's monetary policy decision amid mixed global cues.

Asian markets

Asian markets were trading mixed with South Korea's KOSPI rising 1.45% and Japan's Nikkei up 0.40% while Hong Kong's Hang Seng declined 0.39% and China's Shanghai Composite declined 0.1%.

US markets

U.S. stocks drifted lower on Thursday as financial markets locked in their final moves before a highly anticipated update coming Friday about the U.S. job market.

The S&P 500 fell 0.5% for its first drop in four days. After sprinting through May and rallying within a couple good days’ worth of gains of its all-time high, the index at the centre of many 401(k) accounts has lost momentum, news agency AP reported.

The Dow Jones Industrial Average dropped 108 points, or 0.3%, and the Nasdaq composite sank 0.8%.

Trading activity in options markets suggests investors believe the next big move for the S&P 500 could come on Friday, when the U.S. Labor Department will say how many more jobs U.S. employers created than destroyed during May. The expectation on Wall Street is for a slowdown in hiring from April.

Stocks to watch

The non-binding memorandum of understanding (MoU) was signed between both companies in Kolkata.

"Coal India Ltd (CIL) and Indian Port Rail & Ropeway Corporation Limited have executed a non-binding Memorandum of Understanding (MoU) on 05.06.2025 at Kolkata with the intent of developing the rail infrastructure of CIL and its subsidiaries," the maharatna firm said in a BSE filing.

The National Company Law Tribunal (NCLT) direction came during a hearing on the petitions filed by the three lessors – AWAS 36698 Ireland, AWAS 36694 Ireland and AWAS 36695 Ireland.

Three aircraft lessors filed insolvency pleas against SpiceJet over a default of Rs 77 crore in April 2024.

However, earlier this week, when the NCLT started hearing on June 2, it was pointed out that the person who had filed a petition on behalf of these lessors, his power of attorney was valid till February 11, 2025.

This capacity addition will enable the company to benefit from the peak wind season during the year and will contribute to the overall renewable output, a company statement said.

With this, the installed wind capacity stands at 3,482 MW, solar capacity at 1,968 MW and hydro capacity at 1,391 MW, taking the share of renewables in the overall capacity to 55%.

Further, JSW Renew Energy Three, a step-down subsidiary of the company, has signed a power purchase agreement (PPA) with Adani Electricity Mumbai Ltd for STU-connected wind capacity of 250 MW.

As of FY 2024-25, 67% of the company's domestic manufacturing units operate with Zero Liquid Discharge (ZLD) systems, it said in a statement.

"At Cipla, we recognise that water is a critical resource and are committed to responsible usage across our operations," Cipla MD and Global CEO Umang Vohra said.

In a release, the insurer said it has seen an increasing adoption of the loan against policy feature among its customers, with a 60% year-on-year rise in loan disbursal last fiscal year.

A loan against a policy provides liquidity to meet unexpected financial obligations.

The loan feature not only enables customers to meet short-term liquidity needs but also ensures the long-term savings plan is uninterrupted, said Amish Banker, Chief Operations Officer, ICICI Prudential Life Insurance.

The company said it has completed a pre-NDA (non-disclosure agreement) meeting with the US Food and Drug Administration (USFDA) in May 2025.

Filing to the USFDA is slated in the second quarter of the current fiscal year with a potential launch in FY2026-27, Wockhardt Ltd said in a regulatory filing.

Trade setup

NIFTY50 index continued the previous day’s optimism and opened the 5th June’s session with a slight gap-up. Hopes for a 25 or 50 bps rate cut from the RBI's policy decision led to optimism, despite mixed performances from the US and Asian major indices. Moreover, Indian stock market sentiments strengthened due to the weakness in the Dollar and declining US bond yields amid a gradual slowdown in the US economy attracting foreign investors yet again to the emerging markets.

On the options data front, the 24,750 calls hold the highest open interest for the 12th June expiry, indicating a strong resistance at these levels. On the downside, the index holds the highest open interest at 24,700 puts, indicating strong support at these levels.

SENSEX too opened on a positive note and traded with a positive bias but with slight volatility. Taking cues from the positive closing in the previous session and the strong Rupee led to optimism, but caution ahead of RBI policy decision led to some volatility. Finally, SENSEX too closed the session in green with 0.6% gains.

SENSEX surged above the resistance level of 81,800 but somehow witnessed profit booking and closed below the level. Hence, once 81,800 is taken out the daily charts show 82, 500 as the next resistance for the SENSEX. On the downside, support zone is maintained at 80,500-80,700.

On the options data front, the index continued to face heavy resistance at the 82,000 levels due to the highest open interest on the call side. On the downside, the 81,000 puts hold the highest open interest, indicating strong support for the current weekly expiry.

Block deals

According to news reports, both Bajaj Finserv and ZF Commercial witnssed large transactions today during the block deal window before the opening bell.

As per a report by CNBC-TV18, as many as 2.86 crore shares, representing 1.79% equity, worth ₹5,506 crore of Bajaj Finserv changed hands during the window. The transaction took place at an average price of ₹1,925 per share. Promotors Bajaj Holdings and Investments Ltd. and Jamnalal Sons are likley the sellers.

On the other hand, 6 lakh shares, or 3.17% equity worth ₹792 crore shares of ZF Commercial changed hands at ₹13,191 per share in the block deal window.

Promotor WABCO Holdings are likely the seller.

FII/DII activity

Foreign institutional investors (FIIs) sold shares worth ₹208 crore on Thursday while domestic institutional investors bought shares worth ₹2,382 crore.

In the F&O segment, FIIs sold index futures worth ₹4,224 crore while they bought index options worth ₹2,328 crore.