The Indian stock market is expected to open in the red as trends on SGX Nifty indicate a negative opening for the index in India with a 30 points loss against May 12 closing of 14,696.50.
The BSE Sensex declined 471.01 points, or 0.96 percent, to close at 48,690.80 on May 12 while the NSE Nifty50 slipped 154.30 points, or 1.04 percent, to 14,696.50.
According to pivot charts, the key support levels for the Nifty are placed at 14,622.8, followed by 14,549.1. If the index moves up, the key resistance levels to watch out for are 14,797.1 and 14,897.7.
Stay tuned to Moneycontrol to find out what happens in the 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:
US Markets
Wall Street ended sharply higher at the close of a broad rally on Thursday, bouncing back from three straight days of selling on upbeat labor market data.
The Dow Jones Industrial Average rose 433.79 points, or 1.29%, to 34,021.45, the S&P 500 gained 49.46 points, or 1.22%, to 4,112.5 and the Nasdaq Composite added 93.31 points, or 0.72%, to 13,124.99.
Asian Markets
Asian markets jumped on Friday morning with Nikkei adding 1.43 percent. The Topix index gained 1.24 percent while South Korea’s Kospi advanced 0.78 percent.
SGX Nifty
Trends on SGX Nifty indicate a negative opening for the index in India with a 30 points loss. The Nifty futures were trading around 14,666 level on the Singaporean Exchange, down 30 points from May 12 closing of 14,696.50. Exchanges were shut for trading on May 13 on account of Eid.
March IIP expands 22.4% over low base, recovery in manufacturing
Industrial output in India expanded due to a low base effect in March, rising 22.4 percent after contracting 3.6 percent in February.
Measured by the Index of Industrial Production (IIP), data for which was released by the Centre on May 12, industrial output had been contracting since January. IIP had contracted by 0.9 percent in January after rising by 1.6 percent in December.
April retail inflation eases to 4.29% on sharp fall in food prices
Consumer Price Index-based inflation (CPI) for April, 2021 came in at 4.29 percent, the lowest in three months, compared with 5.52 percent in March and is well within the Monetary Policy Committee’s medium-term inflation target range of 4 (+/-2 per cent), official data showed on May 12.
The fall in inflation rate was primarily on back of a sharp decline in food inflation. Data by the National Statistical Office shows that Consumer Food Price Index (CFPI) inflation dropped to 2.02 percent in April from 4.87 percent in March.
India-focussed offshore funds, ETFs see $376 million outflow in March quarter
India-focused offshore funds and exchange-traded funds (ETFs) witnessed a net outflow of $376 million in three months ended March 2021, making it the twelfth consecutive quarter of withdrawal, according to a Morningstar report released on Wednesday. This was markedly lower than the net outflows of $986 million registered during the quarter ended December 2020.
Inflation a key risk, but RBI actions to keep g-sec yields under check: Principal AMC
Principal Asset Management Company (AMC) was in the news recently when Sundaram AMC took over its reins. Bekxy Kuriakose, head of Fixed Income at Principal, with over two decades of experience in research and trading, has steered its portfolio to deliver consistent returns. She believes that the Reserve Bank of India (RBI) will aim to contain any sharp rise in the benchmark government security (g-sec) yields. What does that mean for debt fund investors? Vatsala Kamat talks to Kuriakose about debt fund strategies, credit-risks and how an investor can strive for stable returns in such uncertain times.
Results on May 14
Larsen & Toubro, Dr Reddy's Laboratories, Cipla, Aditya Birla Capital, Macrotech Developers, The Anup Engineering, Asian Star Company, Automotive Axles, Balkrishna Industries, BCPL Railway Infrastructure, Bharat Seats, Cholamandalam Financial Holdings, Deccan Gold Mines, DRC Systems India, Escorts, Gokaldas Exports, Greenpanel Industries, Hi-Klass Trading and Investment, HIL, Indigo Paints, Jindal Stainless, Just Dial, Kartik Investments Trust, Kesoram Industries, Menon Bearings, Mindspace Business Parks REIT, Monte Carlo Fashions, Oberoi Realty, Octal Credit Capital, Onward Technologies, Privi Speciality Chemicals, QGO Finance, Reliance Infrastructure, Rossari Biotech, Sagarsoft (India), Saint-Gobain Sekurit India, SKF India, Surbhi Industries, Texmaco Infrastructure, Vimta Labs, and Welspun India.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,260.59 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 704.36 crore in the Indian equity market on May 12, as per provisional data available on the NSE.
5 stocks under F&O ban on NSE
BHEL, Cadila Healthcare, Canara Bank, Punjab National Bank and Sun TV Network 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.
With inputs from Reuters & other agencies.