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After opening the day on a positive note, Indian share markets snapped their 4-day winning streak following the RBI policy outcome.

Benchmark indices were trading higher ahead of the RBI rate decision and rose to notch gains of nearly 0.3% after the decision, before reversing gains. The RBI maintained key policy rates as expected, but hinted at tight monetary conditions to fight inflation.

At the closing bell, the BSE Sensex stood lower by 294 points.

Meanwhile, the NSE Nifty closed lower by 92 points.

NTPC, L&T, and Power Grid were among the top gainers today.

Kotak Mahindra Bank, Sun Pharma, and Tech Mahindra on the other hand, were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The SGX Nifty was trading at 18,720, down by 92 points, at the time of writing.

Broader markets ended on a negative note. The BSE Midcap index ended 0.9% lower and BSE SmallCap ended 0.5% lower.

Sectoral indices ended on a mixed note with stocks in the power sector, utilities sector, and metal goods sector witnessing most of the buying.

On the other hand, stocks from the realty sector and telecom sector witnessed selling pressure.

Shares of Nestle India and UltraTech Cement hit their 52-week highs today.

Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments...

Asian stock markets ended on a mixed note. The Nikkei ended lower by 0.9%. while the Hang Seng ended 0.3% higher. The Shanghai Composite ended 0.5% higher.

The rupee is trading at 82.54 against the US$.

Gold prices for the latest contract on MCX are trading higher marginally at Rs 59,522 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading 0.7% higher at Rs 72,214 per kg.
 

SpiceJet Aviation partners with FTAI Aviation

On 8 June 2023, SpiceJet said it will partner with FTAI Aviation, a leading aftermarket provider of engine services, to reduce maintenance expenses and aircraft downtime.

The New York stock exchange listed FTAI Aviation will provide SpiceJet with up to 20 engines for lease, inclusive of maintenance services, for the Guurgam-based airline.

By leveraging FTAI Aviation's engine expertise, SpiceJet will have access to a pipeline of available engines which eliminates the need for frequent shop visits.

According to the company, the revitalization program will reduce maintenance expenses and minimize aircraft downtime, enhancing the airline's overall performance.

The first engines will be used to support the reactivation of SpiceJet's aircraft fleet over the next two-three months and will be critical for service on new routes.

The partnership with FTAI Aviation is a step in that direction that would ensure that the fleet is up and running at all times without worries about engines or their maintenance.

On 7 June, SpiceJet commenced Haj operations by operating special flights from Bhopal, Gaya, Vijayawada, Aurangabad, and Srinagar.

The airline company has inducted two wide-body A340 aircraft for its Haj operations. SpiceJet will operate these special flights to Jeddah between 7 June and 22 June. Return flights from Medina are also scheduled from 17 July to 2 August.

The new flights and strategic partnership with FTAI aviation might bring SpiceJet share price out of its downward trajectory.

SpiceJet share price has fallen by more than 9% in the last month. Over the past six months, the company's shares have declined by more than 30%. The stock is also down more than 28% in 2023.

Aether Industries obtains a letter of intent from a US-based company

Aether Industries' share price rallied post signing a letter of intent (LoI) with a US-based leading global oil field services company for a strategic supplier and contract manufacturing partnership.

The LoI paves the way for the execution of a strategic supply agreement (SSA) between the two companies within 3 months of the LoI execution. The LoI specifies 4 strategic products of the new customer that will be contract manufactured by Aether as the first set of products in this new partnership.

The individual volumes of these 4 products is also specified in the LoI, and amount to 1,325 metric tonnes (MT) per month (i.e. approximately 16,000 MT per year). These products will be supplied to the global energy and oil and gas locations of the customer, including a significant supply within India.

Today's Letter of Intent and the following SSA within the next 3 months will cement the chemical company's relationship as a strategic contract manufacturing partner with this new customer.
 

Why Inox Wind's share price is rising

Inox Wind gained more than 3% on 8 June after the company announced bagging an order for a 100-Mega Watt (MW) wind power project from ABEnergia Renewables (ABEnergia), an independent power producer.

As part of the order, the green energy company will supply and install 3.3 MW wind turbine generators with 145 m rotor & 120 m hub height. The project will be executed on a turnkey basis at Dayapar in Gujarat's Kutch district and is scheduled to be commissioned by 2024.

Infrastructure facilities, including the 220 KV pooling substation at Dayapar and an extra-high voltage transmission line, have already been commissioned, therefore, the project would be executed on a plug-and-play basis.

As part of the agreement, Inox Wind will be responsible for multi-year operation and maintenance (O&M) services.

Inox Wind is a fully integrated player in the wind energy market with three state-of-the-art manufacturing plants in Gujarat, Himachal Pradesh, and Madhya Pradesh with a cumulative manufacturing capacity of 1,600 MW.

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