Housing Finance LIC, Bharat Forge, Vedanta, Reliance Industries

Trends on SGX Nifty indicated an opening gap for domestic markets.

New Delhi:

Domestic stock indices are expected to trade higher on Tuesday, taking inspiration from their Asian counterparts. Asian stocks were in the green today as Japan’s Nikkei index rose 1.82%, South Korea’s KOSPI rose 0.49% and Hong Kong’s Hang Seng index rose. climbed 0.87%. Trends on SGX Nifty indicated a gap opening for home markets. The Nifty Futures on Singapore Exchange, also known as SGX Nifty Futures, rose 48.75 points or 0.32% to 15,414.80.

The 30-share BSE Sensex jumped 237 points or 0.46% to close at 51,598 on Monday, while the broader NSE Nifty was up 57 points or 0.37% to settle at 15,350.

Here are the actions to watch for in today’s session:

LIC Housing Finance: Mortgage player LIC HFL raised its prime rate (LHPLR) by 60 basis points (bps). With the increase, new interest rates, effective from June 20, on home loans will now start at 7.50%, the company said.

Bharat’s Forge: The company said it will consolidate its electric vehicle (EV) business initiatives under Kalyani Powertrain (KPL), a wholly owned subsidiary, for better strategic alignment.

Vedanta: Mining tycoon Anil Agarwal, Vedanta Ltd has put his copper smelter in Tuticorin, Tamil Nadu up for sale. The company has solicited initial offers, called expressions of interest (EoI), for the plant with the capacity to produce 400,000 tonnes per year by July 4. The plant was closed four years after 13 people were killed in a police shooting of protesters who rioted over allegations of pollution by the unit.

Trusted Industries: Market regulator SEBI has fined Reliance Industries (RIL) and two of its compliance officers for breaching fair disclosure standards during Facebook’s $5.7 billion investment in its digital unit (Jio Platforms) in 2020.

Telecom actions: The government has proposed to provide an incentive of Rs 4,000 crore to promote design driven manufacturing in the telecommunications sector under the Production Linked Incentives (PLI) scheme.

Additionally, Indiabulls Housing Finance and RBL Bank are the two stocks in the F&O (Futures and Options) blackout period today.