Market Bizzz

Five Nifty50 stocks saw their closing prices surpass their 200-day moving averages on June 7, signaling a potential uptrend according to stockedge.com’s technical analysis.

On Friday, Huang reached another milestone, surpassing personal computer pioneer Michael Dell to become the world’s 13th-richest person with a net worth of $106.1 billion, according to the Bloomberg Billionaires Index. His wealth has increased by more than $62 billion this year, driven by the insatiable demand for Nvidia chips used in artificial intelligence tasks.

“Even one megatrend will create multiple types of opportunities, multiple types of companies and business models that you will be able to participate in. I think the way the financial savings in the country will get channelised will be another megatrend,” says the CEO of Rare Enterprises.

Foreign portfolio investors were as unenthusiastic in June so far, as they were in April and May when they offloaded shares worth Rs 38,158 crore. Domestic institutional investors, however, continued to repose their faith in D-Street and remained on the buying side.

Blackstone may sell up to 15% stake in IT major Mphasis for Rs 6,697 crore through a block deal. Blackstone holds 55.45% in Mphasis. Mphasis specializes in cloud and digital solutions.

Bakkt, offering a range of services such as trading and custody, enters the market amid growing consolidation in the digital-asset sector, as crypto prices approach record highs. While some firms consider expansion, others are still recovering from the industry-wide meltdown two years ago.

The world witnessed unexpected outcomes in the Mexican elections and Narendra Modi’s victory, impacting markets globally. Claudia Sheinbaum’s landslide win also played a significant role in reshaping market dynamics.

Tokyo stocks traded in a narrow range on Friday after a mixed finish on Wall Street as investors await key US jobs data. “The Tokyo market is expected to stay within a narrow range in early trade after the US market ended mixed,” brokerage house Monex said.

Oil prices rose as OPEC+ members Saudi Arabia and Russia hinted at output adjustments. Brent crude futures reached $80.03 per barrel, and U.S. West Texas Intermediate crude futures hit $75.71. Europe’s interest rate cut raised expectations of a similar move in the U.S. Analysts await Chinese commodity trade data for insights into global oil demand.