Gift Nifty Cracks 200 Points! Global Selloff Spooks Dalal Street | What Investors Should Know

Hinzugefügt: 2026-06-02

[00:00:01]Hello and a warm welcome. You have joined us on market [music] cafe right here on ET now. I'm Ashish Shadhu and first up let's take a look at how US [music] markets ended in trade yesterday and clearly it turned out to be a positive session for Wall Street yesterday because all three major indices ended with some amount [music] of gains. Dow Jones ended absolutely flat but with some bit of positive bias.

[00:00:20]That index ended 46 points [music] higher. We also had NASDAQ which ended 114 points higher in yesterday's trading session and S&P 5002 ended slightly higher in trade yesterday. [music] But US futures clearly are not showing the same picture because US futures this morning are trading with some amount of losses. Dow Jones futures [music] down 225 points as we speak. NASDAQ futures down 200 points and S&P 500 futures are also sitting with cuts of nearly 30 points. So US markets ended in the green [music] yesterday. But US market futures this morning are indicating some bit of negative bias in trade today. Mean as meanwhile as far as individual [music] stocks are concerned remember several IT stocks were in focus in yesterday's trading session. So we have to talk about that in just a [music] bit. But let's shift focus and let's also talk about how Asian markets are doing this morning. GIF Nifty is suggesting a muted start for Indian equity markets. Nifty [music] implied open is now down nearly 227 points in trade today. It is a gift nifty is now at the 23,234 mark. So clearly gift nifty is suggesting a weak start for Indian equity markets this Tuesday morning.

[00:01:27][music] Meanwhile as far as the Asian markets are concerned NIC index is down more than 1% that's the Japanese index.

[00:01:33]Cosby Korean market is down [music] more than 1% in trade today. Shanghai is down 310 of a percent and Hen meanwhile uh is sitting with a half a percent gain in trade today. So mixed picture but [music] largely on the negative side especially with the kind of losses that we're seeing for the Japanese and the Shanghai market this morning [music] and Nifty implied open is also suggesting a muted start or rather a weak start for Indian [music] equity markets. Let's also take a look at what commodity markets are doing this morning and first up let's talk about gold which is continuing to hover near that $4,500 [music] per ounce mark. Uh as far as Brent crude is concerned that is at $95 [music] per ounce. Remember we have seen a lot of action of late and WTI crude at $92 [music] per barrel and Brent crude at about $95 per barrel. We've seen a lot of volatility of late bases comments that come in from US President Donald Trump. But for now uh this is the action that we are getting from Wall Street [music] for American markets and for Asian markets this morning which is on the negative side. [music] But shifting focus then to the biggest global story.

[00:02:37]Iran has confirmed that it is stopping exchanges with the US amid escalated Israeli offensive in Lebanon and in the face of alleged ceasefire violations.

[00:02:47][music] US has bombed Iranian military sites and has claimed to have intercepted two ballistic missiles that were targeting American bases in Kuwait.

[00:02:56]The shaky ceasefire was already being tested on all fronts [music] and now the true stock talks have hit an impass with Iran withdrawing from negotiations.

[00:03:05]And we also spoke to experts on their [music] views on this listening to what they had to say.

[00:03:12]>> The anticipations that the world had which was uh you know this the ceasefire was never grounded in reality. Uh I think both sides want things that are completely different from from each other. Uh the expectations are not uh in any way matching the ideas on the on the ground, the realities on the ground. I think the idea that the the Israel attacks on Lebanon can be dehyenated from the entire ceasefire deal is also something that is not grounded on the reality. I don't think that the Donald Trump administration will go back having a deal with Iran which is not long-term and and that's the that's the problem and and that's the crux of the matter.

[00:03:56]And shifting focus then, US President Donald Trump struck a dismissive tone on Iran negotiations, saying he couldn't care less if talks are over. He [music] downplayed the risks, saying oil prices would fall soon sharply and reiterated that stopping Iran from acquiring nuclear weapons remains the key objective and suggested NATO should play a larger [music] role in safeguarding global energy roots. And a partial ceasefire appears to be taking shape in Lebanon with Israel agreeing to halt strikes on Beirut [music] and Hisbullah expected to stop attacks on Israel.

[00:04:30]However, fighting continues in southern Lebanon, underlying how fragile the arrangement remains. [music] The development comes as Iran links the Lebanon conflict to wider peace negotiations [music] with the United States and shifting focus to US manufacturing data. Then US manufacturing activity accelerated to a 4-year high in the month of May with the ISM manufacturing PMI [music] rising to 54 beating estimates and marking the fifth straight month of expansion.

[00:04:58]However, beneath the strong headline, supply chain stress is intensifying.

[00:05:01][music] Manufacturers cited disruptions linked to Iran conflict, rising input costs, delayed deliveries, and cautious customer spending. [music] Denmark's metaphixen has secured a third consecutive term as the prime minister, ending months of coalition negotiations following a fragmented March election.

[00:05:20]The new center-left minority government comes at a critical time with Copenhagen facing [music] growing tensions with Trump administration over Greenland and accelerating military spending amid Europe's worsening [music] security environment. The coalition marks a shift leftward after uh his previous cross ideidological government.

[00:05:40]And Chinese EV giant BYD has ended its longest [music] sales slowdown with May global vehicle sales rising marginally and production returning to growth. The recovery was driven most entirely by booming over sales demand [music] particularly in Europe and emerging markets. However, challenges persist in China where domestic [music] sales declined for the 13th consecutive month amid a prolonged price [music] war, fading subsidies, and rising competition from local rivals.

[00:06:10]And Alphab Alphabet is planning to raise about $80 billion through stock [music] sales to accelerate its AI ambitions, including a $10 million investment from Burkshar Hateway. The Google parent says proceeds will fund AI infrastructure and computing capacity [music] as demand for generative AI continues to surge. The move comes just months after Alphabet [music] raised its FI26 capex guidance to as much as 190 billion US highlighting the scale of AI [music] investment race.

[00:06:39]And South Korea has overtaken India to become the world's sixth largest stock market powered by a massive rally in AI linked semiconductor [music] stocks. The market value of Korean listed companies has surged to 5 trillion US [music] overtaking India's 4.8 trillion US. The rally has been led by chip giant Samsung and SKH Highix both beneficiaries of global AI boom. While Korea [music] has taken the lead in market capitalization, India's economy remains more than twice as large and amongst the fastest growing [music] economies globally.

[00:07:13]And commerce and industry minister Push Goyel back home has announced that three-day trade talks will be held between India and US. He also said that soon they will sign the first branch of the bilateral trade agreement with the United States. Listen into what he had to say.

[00:07:45]framework agreement ambassador Mr. Sergio or full stops.

[00:08:06]Finalize.

[00:08:28]USA bilateral trade agreement bilateral trade agreement.

[00:08:48]That's the word coming in from Commerce Minister PJ Goyel and perhaps a trade deal or rather a bilateral trade agreement could be signed between India and US [music] over the next few days.

[00:08:57]But on that note, we need to slip into a very short break. More stock specific action coming up on the other side.

[00:09:09]Welcome back. You're still tuned into uh ET now. But let's shift focus and first let's talk about macro data that came in yesterday. [music] India has met its fiscal consolidation target for FI26 with the fiscal deficit coming in at 4.4% of GDP exactly in line with the budget estimate. My colleague Anurak Jooshi is now joining us with more details on this.

[00:09:31]>> India's fiscal deficit reading for the financial year to March has met the budget target. The uh fiscal deficit for the FI26 was 4.4% 4% of the gross domestic product. Uh and this met the target uh which the budget had announced. Uh this is according to the data from the controller of general of accounts. Uh now the revenue deficit is at 1.55% of the GDP and the effective revenue deficit is at 78% of the GDP. In the budget, the government had targeted a fiscal b deficit of 4.4% 4% of GDP in the year ended March 2026 and is now targeting a fiscal gap of 4.3% in the year to March 2027.

[00:10:23]Uh the government takes various steps to bridge the fiscal deficit gaps such as uh raising funds raising u funds from tax revenue from GST and also income tax and also uh cutting on wasteful expenditure at the same time disinvestment of uh government stakes in various enterprises also helps the government bridge this fiscal gap.

[00:10:50]Anurat, thanks so much for joining us with all those details. But while speaking to ET now, Mosby Secretary Sorab Ger stated that West Asia war is likely to have limited impact on the domestic sector. Listening to what he had to say, >> the data which has been released of course u uh it suggests that the IP growth stands at 4.9% for April. Um do you see that uh any uh do you see any impact of the waste Asia crisis uh in these numbers or it is too early to assess the impact? So uh the IIP is uh gives the numbers of domestic uh production and uh to the extent that uh uh supplies have really not been disrupted either on the manufacturing side or uh in any other manner >> and I think the number of interventions that the government has done to ensure that the supply chains remains robust >> uh there's not really been a significant impact. There has been some impact for example in the petroleum sector but it is an extremely limited uh impact.

[00:11:59]>> All right and shifting focus from macros to stock specific action then earning season has come to an end but despite that a whole host of counters will be in focus today. Karan is now joining us with a list of first set of stocks that you need to watch out for in trade today. Karan, >> well let's start off with NHPC wherein the government is set to sell its three person stake through an offer for sale.

[00:12:21]This also includes a green show option for an additional 3% stake. Currently the government stake is roughly around 67.4% and after this OFS if the green show option is exercised the stake will reduce to 61.4%.

[00:12:34]The floor price is set at 71 per share which implies an 8% discount on the last closing price. Non- retail investors can place their bids on 2nd of June which is today and the retail investors can place their bids on 3rd of June which is tomorrow. So do watch out for NHPC.

[00:12:49]Anantra will also be in focus as the company is set to invest 25,000 crores to develop data center and cloud services in Hana and this is one of the largest announced digital infrastructure investments by the company. The focus will also be on PNC infrared as the company has received a letter of acceptance from the Lucknau Development Authority. The value is 194 crores and the auto book on that note stands north of 18,000 crores with a book to bill of 3.3 times. Force Motors will also be in focus as the total sales is down 15% to 2,600 units and the export sales is down 37% at 54 units. Fenop payments bank.

[00:13:28]The bank has entered into a strategic partnership with easy.ai to build lending ecosystem for seamless small finance bank transition. Remember in December last year the RBI granted in principal approval to the bank making it the first payments bank in India to be allowed to convert into a full-scale small finance bank. And finally we have blackbox in focus as the company has entered into a strategic alliance with Aonos to scale AIE infrastructure and applications.

[00:13:56]>> Karan, thanks so much for joining us with all those details. But other than that, a couple of companies have also come out with their fundraising plans and Darita is now joining us with a list of exactly that.

[00:14:08]Right, let's look at some stocks that could be in focus today on the back of fundraising. Starting off with Ola Electric. The company has launched its 1500 cr which opens today. Now the issue price is 37.74 per share representing a discount of just over 5% to the last closing price.

[00:14:25]The fundraising proposal was first discussed in October last year and subsequently received the shareholders approval. Another stock to watch is Acme Solar. The company has opened its QIP to raise up to 3,000 cr. The floor price has been set at 294.3 per share implying a discount of around 4.3% to the previous closing price. The fundraising plan was approved by shareholders last year and is aimed at supporting the company's growth plan. And finally, KR and heat exchanger has successfully completed a 350 cr qip. Now the company has approved the allotment of over 33 lakh equity shares at 1,60 rupees per share. Notably the issue saw participation from mari institutional investors like value quest, white oak group funds, adia and bank of India mutual fund schemes.

[00:15:17]Darita, thanks so much for joining us with all those details. And shifting focus to the auto sector, then major auto manufacturers like Marauti, Suzuki, Hyundai, Eminem recorded positive growth in their sales figures for the month of May. The rise comes due to sustained domestic demand and strong performance that these companies have reported. Ai Agarwal is now joining us from the research desk to take us through the fine print of how auto sales looked like for the month of May.

[00:15:43]The auto sales data for the month of May is out and let's break it down for you with Marauti Eminem tractor and PVS motors performing better than the estimates and Hyundai and Ashok Cleland performing below their estimates. The PVS fared quite well in the overall segment with Hundai being an exception.

[00:16:00]The CVS have performed a tad bit lower than their expectation and the tractors have also seen some good traction. Let's discuss it segment wise versus their expectation. Talking about the PV segment, we can see that the Marauti has beaten its estimate by around 8% and M&M Auto has beaten its estimate around 3%, Yundai is lower than the expectation at 61,137 units with Tata Motors performing 2% better than its estimate. Uh talking about the CV segment, we can see that Tata Motors CV is down 3% by its expectation and Ashok Cleland is down a big minus4% by its expectation. Aisha Motors is seen that is down by 2% by its expectation. Talking about the two-heer segment, we can see that the Royal Enfield has sold 1 lakh 3,000 units, which is a negative 1% from its expectation. And TVS Motors has performed very well compared to its expectation at 5 lakh 66,000 units. Hero Motorc is not out with its uh monthly sales data number yet with Bajage Auto selling 4 lakh 61,000 units which is a tad bit above its estimate. Talking about the tractor segment, we can see that the Escorts have sold 12,310 units and Eminem tractor has performed very well with a sales of 49,695 units. Talking about uh the segment with for a month-on-month and YI comparison, we can see that Maruti is up 35% YI and M&M is up 18% YI with Yundai being up 4% YI and Tata Motors being up 42% YI.

[00:17:29]Maratui Suzuki has broken its own record yet again with the highest ever monthly sales at 2 lakh 43,000 units and it has [music] broken its previous record which it had created in April 2026 by selling 2 lakh 39,000 cars. It is it has seen an uptick of 40% in CNG demand. Talking about the CV segment, we can see that the Tata Motors has sold more than 17% on a Y basis and uh show clearance is down 9% on a Y basis. With talking about the two-heer segment, TVS Motors has performed very well by selling five lakh 66,000 units which is its highest ever lease sales in a month. Talking about the tractor segment, we can see that Eminem tractor has sold 4 lakh 90 49,695 units and is up 9% on a yearly basis.

[00:18:13]>> Okay, so the entire auto sector will be in focus on the back of that. AI, thanks so much for joining us. But let's shift focus to the metals and mining sector.

[00:18:20]NMDC and NMDC steel. These were the two stocks that were soaring in trade yesterday on the back of strong uh numbers that they reported for the fourth quarter. And now we have operational data uh and some management commentary that has come in for NMDC.

[00:18:34]And first up, let's talk about pricing where the management of NMDC believes that prices are largely expected to remain rangebound going forward. They are not expecting elevated volatility uh as far as pricing is concerned despite everything that is happening on the geopolitical front. As far as production is concerned, now remember in FI26, uh company reported a total production of 50 million tons and the management has now guided for 60 million tons of production in FI27. So that's as far as uh the production target is concerned, 20% jump up as compared to what they reported in FI26. On the capeex front, 3,300 cr of capeex was incurred in FI26.

[00:19:14]6,000 crex is the planned uh target for FI27. and going forward even beyond FI27 they're saying that they are targeting about 7,000 to 10,000 million uh of capeex or rather cres of capeex over the next few years as far as the long-term target is concerned as I mentioned companies um aim is to achieve 60 million tons of production in FI27 and they are targeting about 100 million tons of production capacity by FI30 uh so that's as far as the con call highlights is concerned management is positive and the stock ended nearly 5 and a half% % higher in trade yesterday as well. But shifting focus to the fertilizer sector then India has cut curry fertilizer demand estimates amid weaker monsoon expectations linked to El Nino concerns. URA and diammonium phosphate demand forecast have been lowered. Merryill is now joining us with more details on this. Yes, fertilizer stocks could be seen in focus today after the government government has revised lower its curry fertilizer demand estimates. They've cight they've cited concerns over a weaker monsoon and the impact of El Nino conditions on the subsequent monsoon. This time the fertilizer stocks could uh uh the fertilizer stocks uh the fertilizer department actually has cut ura demand estimates to 190 metric tons from the earlier estimate of 194 lakh metric tonses while DAP demand has as well has been lowered down to 60 lakh metric tonses from the earlier 66 lakhs. Now this is because lower rainfall could impact sewing activity and the and even push farmers towards less rainfall intensive crops such as millets as well as pulses. Now this comes at the same time as the government launching a nationwide campaign for starting from the 1st of June in order to curb excessive fertilizer uh usage improve soil health and also improve import dependency. Now this is especially in focus following Prime Minister Narendra Modi's call to reduce chemical fertilizer consumption by around 50%.

[00:21:16]Now despite the demand uh uh revisions, officials are maintaining that fertilizer availability remains quite comfortable with current stocks exceeding the 51% uh of projected demand and is well above the normal buffer level which is normally at 33%. The government has also moved aggressively to secure supplies. They've jumped uh they've also noted the uh extreme jump in prices in global ura which is seeming to cause this policy shift.

[00:21:47]>> Okay Meril, thanks so much for joining us with all those details. So the entire fertilizer sector will be in focus on the back of that. GIF Nifty is suggesting a muted [music] start and Asian markets too are also under pressure. Perhaps we could see some bit of negative reaction on the screen today. But that's all the time we have on this edition of the show. Thanks so much for tuning in. The market [music] will come up next.