The Indian stock market is expected to open on a cautious note as trends on SGX Nifty indicate a negative opening for the index in India with a 38 points loss.
The BSE Sensex shot up 975.62 points, or 1.97 percent, to 50,540.48 on May 21 while the Nifty50 climbed 269.30 points, or 1.81 percent, to 15,175.30.
According to pivot charts, the key support levels for the Nifty are placed at 15,044.07, followed by 14,912.83. If the index moves up, the key resistance levels to watch out for are 15,248.27 and 15,321.23.
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
US stocks ended mostly lower on Friday, weighed down by technology and consumer discretionary shares, while the dollar edged higher after stronger-than-expected US manufacturing data.
The Dow Jones Industrial Average rose 123.69 points, or 0.36%, to 34,207.84, the S&P 500 lost 3.26 points, or 0.08%, to 4,155.86 and the Nasdaq Composite dropped 64.75 points, or 0.48%, to 13,470.99.
Asian Markets
Asian shares got off to a cautious start on Monday as investors anxiously awaited a key read on U.S. inflation this week for guidance on monetary policy, while Bitcoin took a hammering after China cracked down on mining and trading of the cryptocurrency.
MSCI’s broadest index of Asia-Pacific shares outside Japan was barely changed in slow trade. Japan’s Nikkei added 0.1% and South Korea was flat.
SGX Nifty
Trends on SGX Nifty indicate a cautious opening for the index in India with a 38 points loss. The Nifty futures were trading at 15,187 on the Singaporean Exchange around 07:30 hours IST.
Bitcoin falls 8.9% to $34,156
Bitcoin fell by 8.9 percent to $34,156 at 1000 GMT on Sunday, losing $3,344.54 from its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, is down 47.4 percent from this year's peak of $64,895.22 on April 14. Ether, the coin linked to the ethereum blockchain network, dropped 11.5 percent to $2,031.96 on Sunday, down $264.35 from its previous close.
RBI surplus transfer to Centre likely to impact economy, markets, banks: Experts
Banking stocks that led the rally on May 21 would be in focus in the coming week as well after the Reserve Bank of India (RBI) said that it would transfer a surplus of Rs 99,122 crore to the government for the nine-month accounting period ended March 31.
The amount transferred is higher than market expectations, and any additional liquidity will cushion the fiscal deficit burden for the government. The global rating agency, Moody's in a report highlighted that it has estimated the general government debt burden to reach 90 percent of GDP in fiscal FY22, and 90.8 percent in FY23.
Results on May 24
Grasim Industries, India Cements, JK Paper, Mahanagar Gas, ADF Foods, Balaji Amines, Barbeque-Nation Hospitality, Choksi Imaging, Dalmia Bharat Sugar and Industries, FGP, 3P Land Holdings, ADC India Communications, Hindustan Fluorocarbons, IG Petrochemicals, India Cements Capital, Jonjua Overseas, JSW Holdings, Kanpur Plastipack, Karda Constructions, Lakshmi Machine Works, Loyal Textile Mills, Nutricircle, Pharmaids Pharmaceuticals, Poly Medicure, Ramco Cements, Ramco Industries, Shanthi Gears, Shree Pushkar Chemicals & Fertilisers, Sparc Systems, Summit Securities, Tiaan Consumer, Tirupati Tyres, UTL Industries, and Wall Street Finance.
COVID-19 impact: FPIs net sellers at Rs 4,444 crore in May so far
Overseas investors withdrew Rs 4,444 crore from Indian markets in May so far amid concerns over the second wave of the coronavirus pandemic and its possible impact on the Indian economy. As per depositories data, foreign portfolio investors (FPIs) took out Rs 6,370 crore from equities but pumped in Rs 1,926 crore in the debt segment between May 1-21.
Oil jumps on weather concerns in Gulf of Mexico
Oil prices jumped 2% after three days of losses, driven higher as a storm formed in the Gulf of Mexico, but were on track for a weekly fall as investors braced for the return of Iranian crude supplies after officials said Iran and world powers made progress a nuclear deal.
Brent crude futures settled up $1.33, or 2%, to $66.44 a barrel, while U.S. West Texas Intermediate was at $63.54 a barrel, up $1.64, or 2.65%.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 510.16 crore, while domestic institutional investors (DIIs) net acquired shares worth Rs 649.10 crore in the Indian equity market on May 21, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Five stocks - BHEL, Jindal Steel & Power, NALCO, Punjab National Bank, and SAIL - are under the F&O ban for May 24. 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.