Stock Market Today: SGX Nifty indicates a bullish start, Wipro and Tech Mahindra in focus

Stock Market Today: The Nifty 50 oscillated between gains and losses on yet another day as the market struggled to find direction due to traders' reluctance to take holdings into the weekend. The benchmark 30-share BSE Sensex increased 118 points or 0.19% to close at 62,547. The larger NSE Nifty increased by 46 points, or 0.25 percent, to close at 18,534.

Stocks in focus: Wipro

The massive Rs. 12,000 crore repurchase plan has a record date of June 16, 2023, according to IT giant Wipro Ltd. "The Company has fixed Friday, June 16, 2023, as the Record Date for purposes of determining the entitlement and names of equity shareholders who are eligible to participate in the buyback," according to Wipro in its filing. The large IT company had set a floor price of Rs. 445 per equity share and announced a buyback plan around Rs. 12,000 crore. Up to 269,662,921 shares with a face value of 2 will be repurchased by Wipro from the owners; these shares represent 4.91 percent of all equity shares.

Oil jumps; rupee gains

The world's top exporter Saudi Arabia promised to reduce output by an additional 1 million barrels per day starting in July, reversing market-depressing macroeconomic headwinds. As a result, oil prices increased by more than $1 a barrel on Monday.At 00:14 GMT, Brent oil futures were trading at $77.64 a barrel, up $1.51 (or 2%), from their session high of $78.73. On Friday, the rupee strengthened by 1 paisa to 82.39 against the US dollar thanks to a bullish tone in domestic stock markets.

Stock Market Today: Wall Street

U.S. stocks ended the day higher on Friday as investors cheered a Washington agreement that prevented a catastrophic debt default and a labour market report that showed slower wage growth in May suggested the Federal Reserve may forego raising interest rates in two weeks.

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