What changed for the market while you were sleeping? Top 10 things to know

Indian stock market is likely to open in the red following its global peers after US Fed Chairman Jerome Powell pointed towards a grim US outlook.

US Markets closed in the deep in the red while Asian markets are trading trading in the red on May 14.

Equity market in India is likely to open in the red as trends in the SGX Nifty indicate a 145 points loss. The Nifty futures were trading at 9,246 on the Singaporean Exchange around 07:30 hours IST.

A big-bang announcement of Rs 20 lakh crore stimulus by the Prime Minister Narendra Modi lifted market sentiment on May 13 as the Sensex and the Nifty closed 2 percent higher.

The S&P BSE Sensex climbed Mount 32K and the Nifty50 closed just a shade below 9,400 on May 13, riding high on the Rs 20-lakh crore stimulus package announced by Prime Minister Narendra Modi on the evening before.

According to pivot charts, the key support level for Nifty is placed at 9,294.93, followed by 9,206.32. If the index moves up, key resistance levels to watch out for are 9,528.33 and 9,673.12.

Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:

M Sitharaman announces Rs 30,000-crore special liquidity scheme for NBFCs, MFIs

Finance Minister Nirmala Sitharaman on May 13 announced a Rs 30,000- crore special liquidity scheme for non-banking finance companies (NBFCs), housing finance companies (HFCs) and micro-finance institutions (MFIs). She also announced an extension of the partial credit guarantee scheme worth Rs 45,000 crore under which the first 20 percent loss in debt papers will be borne by the government. AA and below rated and unrated papers will be eligible for this investment, she said.

FM Sitharaman detailed the Rs 20 lakh crore economic stimulus package under the Atmanirbhar Bharat Abhiyan. The first tranche of the announcement has 15 relief measures, of which six pertain to the micro, small and medium enterprises (MSMEs), two related to Employees' Provident Fund, two on non-banking finance companies (NBFCs), housing finance companies (HFCs) and micro-finance institutions (MFIs), one on discoms, one for contractors, one for real estate and 3 tax measures.

US Markets

Wall Street’s three major indexes closed lower for the second day in a row after Federal Reserve Chairman Jerome Powell warned on Wednesday of extended economic weakness due to the coronavirus pandemic and called for Congress to agree on additional fiscal support.

The Dow Jones Industrial Average fell 516.81 points, or 2.17%, to 23,247.97, the S&P 500 lost 50.12 points, or 1.75%, to 2,820 and the Nasdaq Composite dropped 139.38 points, or 1.55%, to 8,863.17.

Asian Markets

Asian equities were set to slump on Thursday after the head of the Federal Reserve warned of a “significantly worse” U.S. recession than any downturn since World War Two because of coronavirus pandemic fallout, sentiments that drove bonds higher on a safety bid.

Hong Kong's Hang Seng index futures slipped 0.92%, Australian S&P/ASX 200 futures fell 1.07%, while Japan's Nikkei 225 futures rose 0.05%.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the index in India with a 145 points loss. The Nifty futures were trading at 9,246 on the Singaporean Exchange around 07:30 hours IST.

Fed's Powell warns of prolonged economic weakness, calls for more fiscal support

Federal Reserve Chair Jerome Powell, in a sober review of where the US economy stands on the cusp of its reopening, warned on Wednesday of an “extended period” of weak growth and stagnant incomes, pledged to use more of the central bank’s power as needed, and issued a call for additional fiscal spending.

“It will take some time to get back to where we were,” Powell said in a webcast. “There is a sense, growing sense I think, that the recovery may come more slowly than we would like. But it will come, and that may mean that it’s necessary for us to do more.”

UN forecasts pandemic to shrink world economy by 3.2%

The United Nations has forecast that the coronavirus pandemic will shrink the world economy by 3.2 percent this year, the sharpest contraction since the Great Depression in the 1930s. The UN's mid-year report said the impact of the coronavirus crisis is expected to slash global economic output by nearly $8.5 trillion over the next two years, wiping out nearly all gains of the last four years.

India's economic growth is forecast to slow to 1.2 percent in 2020, a further deterioration from the already slowed growth of 4.1 percent in 2019.

Oil prices edge higher on surprise US stock drawdown

Oil prices crept up on Thursday, supported by a surprise decline of US crude inventories, but gains were capped by worries that a potential second wave of the coronavirus pandemic might trigger fresh lockdowns and slam fuel demand once again.

Brent crude futures rose 6 cents, or 0.2%, to $29.25 per barrel at 0045 GMT. US West Texas Intermediate (WTI) crude futures were up 8 cents, or 0.3%, to $25.37 a barrel.

Clear picture of GST mop up in April to come by June-end: Finance Secretary

Finance Secretary Ajay Bhushan Pandey on Wednesday said the clear picture regarding GST collections for April would emerge only by June 30 -- the deadline by which businesses with up to Rs 5 crore turnover can file returns without any late fee and interest.

For taxpayers with turnover up to Rs 5 crore, there would be no interest and late fee would be waived if filed within the stipulated deadline set in June.

Centre extends timeline for real estate project completions, registrations by 6 months

To provide relief to real estate developers and ensure that homebuyers get their homes with new timelines, Finance minister Nirmala Sitharaman said on May 13 that the housing and urban affairs ministry will issue advisory to states and union territories to treat COVID-19 as force majeure. States, union territories can suo moto extend registration and completion date of realty projects by six months if projects are registered on or after March 25.

“MoHUA India will advise states/UTs and their regulatory authorities to extend the registration and completion data suo moto by six months for all registered projects expiring on or after March 25, 2020, without individual applications,” she said.

OPEC slashes oil demand forecast again, sees biggest hit this quarter

OPEC slashed its forecast on Wednesday for global oil demand this year and predicted this quarter would see the steepest decline even as some countries ease lockdown measures designed to stem the coronavirus outbreak. It now expects global demand to contract by 9.07 million barrels per day (bpd), or 9.1%, in 2020, it said in a monthly report. Last month, OPEC expected a contraction of 6.85 million bpd.

“The speedy supply adjustments in addressing the current acute imbalance in the global oil market have already started showing positive response, with rebalancing expected to pick up faster in the coming quarters,” OPEC said in the report.

FII and DII data

Foreign institutional investors (FIIs) sold shares worth Rs 283.43 crore, while domestic institutional investors (DIIs) bought shares worth Rs 232.65 crore in the Indian equity market on May 13, provisional data available on the NSE showed.

Stock under F&O ban on NSE

Vodafone Idea and BHEL are under the F&O ban for May 14. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.