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Our plans to build out a domestic business in fact were conceived during the pandemic. With the pandemic’s intensity having weakened considerably, we have accelerated our plans and formed a dedicated team to establish the business.

Each of the indices is making a new high for different reasons but one reason is common, strong household balance sheet and income growth for FY21 and FY22 is driving urban consumption strong.

This meant that while Nifty showed no vigor to push beyond 18660, thus leading to a turn lower, but bargain buying emerged as soon as dips turned substantial enough, thus avoiding major falls as well.

The Indian market is expected to rise as positive global cues influenced trade. The S&P BSE Sensex gained 100 points, and the Nifty50 market index closed above 18,500 levels. India VIX decreased by 4.09% creating sessions that are choppy. The strategic Call OI maximum for this week is at 18,600 while the maximum Put OI is at 18,500. Stocks suggested for traders who have a short-term trading horizon include Redington, NMDC, Shriram Finance, and BEML. On the other hand, Hero MotoCorp, Mahindra Finance, and L&T, among others, are also suggested for trading by various experts.

Paytm, the Indian digital payments platform, has experienced a 24% YoY increase in its average monthly transacting users (MTU) at 9.2 crore for the quarter-to-date period. The company disbursed loans worth ₹5,502 crore ($666m) in May, representing a 169% increase in loan disbursements in value terms. The MTUs have been averaged over the April and May months. Paytm credited the jump to growth trends in postpaid and personal loans. It has also seen continued growth in its payments and loan distribution businesses, supported by the continued expansion of its customer base.

But when I do look at Saudi Arabia, I get a sense that they are saying, well, look, we are going to continue to have the supply cuts there and to create stability.

From the Sensex pack, M&M, ICICI Bank, and Wipro were the top gainers, rising over 1% each. Power Grid, HCL Tech, Bajaj Finserv, Axis Bank, Bajaj Finance, and Tata Motors also opened higher. On the other hand, only Nestle, Tech Mahindra, and Asian Paints opened lower.

In the NSE list of stocks with a market cap of over Rs 10,000 crore, 8 stocks crossed their previous 5-year high values at the close on June 2.

JPMorgan has downgraded Vedanta to neutral from overweight, while maintaining its underweight stance on Hindustan Zinc and overweight rating on Hindalco. Citi has also downgraded AU Small Finance Bank to neutral, while Macquarie has retained its underperform rating on Info Edge. JPMorgan has slashed the 12-month target price for Vedanta to INR 280 from INR 350, while maintaining its underweight rating on Hindalco with a target price of INR 205, and retained its overweight rating on Hindalco with a target price of INR 490.

Redington, incorporated in the year 1961, is a Mid Cap company (having a market cap of Rs 14482.32 Crore) operating in IT - Hardware sector.