Weak business data and a selloff in global technology stocks are likely to further dampen investor sentiment. However, investors may find some relief after US President Donald Trump announced that there would be no further US naval blockade of the Strait of Hormuz.
US Market: The S&P 500 was lower on Tuesday as a tech sell-off that began during the prior session picked up steam overnight, with global markets in Asia routed as memory chip-related shares tumbled. The broad market index fell 1%, while the Nasdaq Composite slid 1.5%. The Dow Jones Industrial Average traded around the flatline.
Poor Monsoon: India’s kharif crop season could come under pressure this year as below-normal rainfall and the growing impact of El Niño threaten sowing and crop yields, Agriculture Minister Shivraj Singh Chouhan has warned. Data for the period between June 1 and June 22 showed rainfall was 43% below the long-period average. Several key agricultural states have recorded sharp deficits, raising concerns over the progress of the kharif season, which relies heavily on monsoon rains.
IRFC OFS: The Centre has announced an Offer for Sale (OFS) in Indian Railway Finance Corporation seeking to divest a 1% stake in the company, with an additional 1% available through a greenshoe option. The OFS will open for non-retail investors on Wednesday, while retail investors will be able to bid on Thursday, the Department of Investment and Public Asset Management (DIPAM) Secretary said.
Infosys AGM: Infosys Ltd is already working with 90% of its top 200 clients on their artificial intelligence (AI) journeys, Chairman Nandan Nilekani said at the company’s 45th Annual General Meeting on Tuesday, underscoring the growing role of technology services firms in helping enterprises adopt AI at scale. “More than three years after GenAI was launched, Infosys is more relevant than ever before,” Nilekani said, arguing that the AI revolution has accelerated demand for legacy modernisation and fresh technology investments.
(Edited by : Ajay Vaishnav)
