Nifty set for a tepid start
GIFT Nifty:
GIFT Nifty June 2025 futures were trading 10 points higher in early trade, suggesting a flat-to-positive opening for the Nifty 50.
Institutional Flows:
Foreign portfolio investors (FPIs) sold shares worth 2,853.83 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 5,907.97 crore in the Indian equity market on 3 June 2025, provisional data showed.
According to NSDL data, FPIs have sold shares worth Rs 10376.45 crore in the secondary market during June 2025. This follows their purchase of shares worth Rs 18082.82 crore in May 2024.
Global Markets:
Asian shares climbed following a tech-led rally on Wall Street, with Nvidia once again in the spotlight. South Korean stocks led the charge after opposition leader Lee Jae-myung won the presidential election. The Kospi surged over 2%, hitting its highest level since August 2024, as markets cheered expectations of bold fiscal stimulus and a more pragmatic stance on international trade.
Over in Australia, GDP growth came in at 1.3% year-on-year for Q1 2025. It's the same pace as the previous quarter, signaling steady but subdued momentum.
In the US, all three major indices closed higher. The S&P 500 rose 0.58%, the Dow added 0.51%, and the Nasdaq outperformed with a 0.81% gain. Nvidia shares jumped more than 2% as investors continued to digest last weeks blockbuster earnings.
On the policy front, President Trump signed off on higher tariffs, doubling duties on steel and aluminum imports to 50%. He cited the move as a step to deter dumping and strengthen US producers. Notably, the UK was granted an exemption, sticking to the previous 25% rate under a trade deal signed in May.
Labor market data also impressed. The latest JOLTS report showed job openings at 7.39 million, topping estimates of 7.11 million and up from 7.2 million in the previous month. All eyes now turn to Fridays non-farm payrolls for the next big clue on the Feds rate path.
Domestic Market:
Equity benchmarks ended deep in the red on Tuesday, marking their third consecutive day of losses. The mood on Dalal Street turned sour as global trade tensions escalated following the U.S. decision to hike tariffs on steel and aluminium. The move spooked investors, especially given its implications for Indian exporters. Adding fuel to the fire, weak manufacturing data from both the U.S. and China pointed to cooling global demand. The S&P BSE Sensex declined 636.24 points or 0.78% to 80,737.51. The Nifty 50 index dropped 174.10 points or 0.70% to 24,542.50. In the three consecutive sessions, the Sensex and Nifty declined 1.1% and 1.17%, respectively.
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Hindustan Times
25 minutes ago
- Hindustan Times
Elon Musk and Donald Trump's feud goes public: Timeline of their tumultuous partnership
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Once Trump beat Clinton in the 2016 race to the White House, Musk retained ties with the federal government due to the close contractual interaction between NASA and his company SpaceX. He was also a part of several White House advisory boards such as Trump's Manufacturing Jobs Council. However, when Trump decided to withdraw from the Paris Climate Accords in 2017, Musk publicly voiced his disapproval of the decision by tweeting, 'Climate change is real. Leaving Paris is not good for America or the world.' Trump, however, felt differently and publicaly called Musk a 'great guy' during a 2020 SpaceX launch in Florida. It was in May 2022, that Musk decided to switch his allegiance from blue to red and publically declared his support of the Republican Party, calling the Democrats a 'party of division & hate'. Even though Musk decided to rally behind the GOP, it didn't automatically ensure his support for Trump as the right man for the job. 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Hindustan Times
33 minutes ago
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Time of India
41 minutes ago
- Time of India
State to use I-T data to weed out ineligible ‘Ladki Bahin' beneficiaries
1 2 3 Pune: State govt is set to conduct a comprehensive verification of beneficiaries under the Mukhyamantri Mazhi Ladki Bahin Yojana, leveraging income tax return data from the Central Board of Direct Taxes (CBDT) to ensure that the monthly Rs 1,500 aid reaches only economically weaker women. A notification issued by the CBDT on June 3 authorises the secretary of the state women and child development (WCD) department to access income tax (I-T) data under Section 138 of the Income Tax Act, 1961. The department has already formed a team to review the existing list of 2.5 crore applicants. Officials said the verification would help identify and remove ineligible claimants, particularly those from families with higher incomes or tax-paying members. Earlier, a scrutiny of around 2 lakh applications had revealed that 2,289 government employees had registered under the scheme. These names were promptly removed. State WCD minister Aditi Tatkare had described such verification as a routine and necessary process in the implementation of welfare schemes. The Ladki Bahin Yojana is targeted at women from low-income families, including married, widowed, divorced, abandoned and single, between the ages of 21 and 65. Eligible applicants must reside in Maharashtra, have an Aadhaar-linked bank account and belong to families with annual income below Rs 2.5 lakh. Women will be deemed ineligible if their family members are income taxpayers or are employed as regular or permanent staff in govt departments or public undertakings. Those receiving pensions, owning four-wheelers (excluding tractors) or already benefiting from other govt schemes of Rs 1,500 or more per month will also be excluded. Families of current or former MPs, MLAs or individuals holding top positions in govt boards or corporations are similarly disqualified. The officials said the integration of verified I-T data would make the screening process more accurate, reduce fraudulent claims and ensure that benefits reach the right individuals. At present, the department has 2.52 crore beneficiaries. "We have pushed the funds to accounts but it is likely that 2.47 crore would have received it," a source from the department said. Around Rs 3,719 crore was allocated for May under this scheme. CM Fadnavis says there is no diversion of funds from departments CM Devendra Fadnavis on Saturday told TOI that no funds from any govt department were diverted towards Ladki Bahin scheme. A section of ruling party politicians, as well as the opposition, had criticized state govt for alleged diversion of funds from key departments to sustain the Ladki Bahin scheme. On June 5, a social justice department GR stating diversion of Rs 410 crore had triggered further discussions. When asked, Fadnavis in a text message reply to TOI said, "All the schemes in which individual benefit goes to SC and ST are to be shown under tribal and social welfare department respectively. It is the budget principle and deputy CM Ajit Pawar, who is also the finance minister, while preparing the budget has showed the same. Hence, the budget given to both departments increased significantly. It's not that their regular funds are being diverted or utilised for this scheme. " Pune: State govt is set to conduct a comprehensive verification of beneficiaries under the Mukhyamantri Mazhi Ladki Bahin Yojana, leveraging income tax return data from the Central Board of Direct Taxes (CBDT) to ensure that the monthly Rs 1,500 aid reaches only economically weaker women. A notification issued by the CBDT on June 3 authorises the secretary of the state women and child development (WCD) department to access income tax (I-T) data under Section 138 of the Income Tax Act, 1961. The department has already formed a team to review the existing list of 2.5 crore applicants. Officials said the verification would help identify and remove ineligible claimants, particularly those from families with higher incomes or tax-paying members. Earlier, a scrutiny of around 2 lakh applications had revealed that 2,289 government employees had registered under the scheme. These names were promptly removed. State WCD minister Aditi Tatkare had described such verification as a routine and necessary process in the implementation of welfare schemes. The Ladki Bahin Yojana is targeted at women from low-income families, including married, widowed, divorced, abandoned and single, between the ages of 21 and 65. Eligible applicants must reside in Maharashtra, have an Aadhaar-linked bank account and belong to families with annual income below Rs 2.5 lakh. Women will be deemed ineligible if their family members are income taxpayers or are employed as regular or permanent staff in govt departments or public undertakings. Those receiving pensions, owning four-wheelers (excluding tractors) or already benefiting from other govt schemes of Rs 1,500 or more per month will also be excluded. Families of current or former MPs, MLAs or individuals holding top positions in govt boards or corporations are similarly disqualified. The officials said the integration of verified I-T data would make the screening process more accurate, reduce fraudulent claims and ensure that benefits reach the right individuals. At present, the department has 2.52 crore beneficiaries. "We have pushed the funds to accounts but it is likely that 2.47 crore would have received it," a source from the department said. Around Rs 3,719 crore was allocated for May under this scheme. CM Fadnavis says there is no diversion of funds from departments CM Devendra Fadnavis on Saturday told TOI that no funds from any govt department were diverted towards Ladki Bahin scheme. A section of ruling party politicians, as well as the opposition, had criticized state govt for alleged diversion of funds from key departments to sustain the Ladki Bahin scheme. On June 5, a social justice department GR stating diversion of Rs 410 crore had triggered further discussions. When asked, Fadnavis in a text message reply to TOI said, "All the schemes in which individual benefit goes to SC and ST are to be shown under tribal and social welfare department respectively. It is the budget principle and deputy CM Ajit Pawar, who is also the finance minister, while preparing the budget has showed the same. Hence, the budget given to both departments increased significantly. It's not that their regular funds are being diverted or utilised for this scheme. "
