The Indian stock market is expected to open flat as trends on SGX Nifty indicate a cautious opening for the index in India with a 4 points gain.
The BSE Sensex climbed 379.99 points to 51,017.52 on May 26 while the Nifty50 jumped 93 points to 15,301.50.
According to pivot charts, the key support levels for the Nifty are placed at 15,224.37, followed by 15,147.23. If the index moves up, the key resistance levels to watch out for are 15,349.27 and 15,397.03.
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 closed out Wednesday’s session with modest gains as recent comments from Federal Reserve officials helped tamp down concerns about runaway inflation and kept bond yields in check.
Dow Jones Industrial Average fell 3.47 points, or 0.01%, to 34,308.99, the S&P 500 gained 5.62 points, or 0.13%, to 4,193.75 and the Nasdaq Composite added 71.22 points, or 0.52%, to 13,728.40.
Asian Markets
Asian shares retreated from two-week highs on Thursday and China started on the backfoot on fears central banks were closer to considering winding back their emergency stimulus while the dollar held at a one-week top.
Australian shares were flat while New Zealand’s benchmark index stumbled 0.9%, extending losses for a second day in a row after the country’s central bank on Wednesday signalled rate rises from next year. Japan’s Nikkei was down 0.8%. E-Mini futures for the S&P 500 were down 0.2%.
SGX Nifty
Trends on SGX Nifty indicate a cautious opening for the index in India with a 4 points gain. The Nifty futures were trading at 15,305 on the Singaporean Exchange around 07:30 hours IST.
China industrial profits rise 57% YoY in April, slowing amid high commodity prices
Earnings at China’s industrial firms grew at a slower pace in April, with high commodity prices and weaker performance in the consumer goods sector limiting overall profitability from manufacturing.
Profits at China’s industrial firms rose 57% year-on-year in April to 768.63 billion yuan ($120.22 billion), down from year-on-year growth of 92.3% in March, data from the National Bureau of Statistics (NBS) showed on Thursday.
Banks’ gross NPAs to fall in FY21 on restructuring, write-offs and economic resilience: CARE Ratings
Gross non-performing assets (NPAs) are expected to decline in FY21 due to restructuring of accounts, loan write-offs and resilience in the economy, CARE Ratings said in a report on May 25. The rating agency expects the quantum of NPAs to fall to Rs 7.9 lakh crore at the end of FY21 from Rs 8.9 lakh crore in FY20.
Several regulatory and government support schemes helped borrowers access liquidity and conserve their cash flows during the year, the rating agency said. These schemes included the moratorium on loan repayments for six months till August 30, 2020, the COVID-related restructuring scheme for large corporates till December 31, 2020, and for micro, small and medium enterprises (MSMEs) till March 31, 2021.
Results on May 27
Eicher Motors, Sun Pharma, Cadila Healthcare, IRB Infrastructure Developers, 63 Moons Technologies, Ador Fontech, Aegis Logistics, Alkyl Amines Chemicals, Amalgamated Electricity, Amrutanjan Health Care, Axtel Industries, Banaras Beads, Bharat Bijlee, Black Rose Industries, Blue Chip Tex Industries, Borosil, BSEL Infrastructure Realty, Capri Global Capital, John Cockerill India, Colinz Laboratories, Dixon Technologies, Elecon Engineering, Everest Industries, Fine Organic Industries, Garware Technical Fibres, Gujarat Industries Power, Golden Crest Education, Goodyear India, Gujarat Pipavav Port, GRM Overseas, Greenlam Industries, Garware Hi-Tech Films, Gujarat State Fertilizers, GTL, Hawkins Cookers, HEG, Honda India Power Products, International Data Management, India Grid Trust, Infibeam Avenues, India Infrastructure Trust, Jindal Saw, Kalyan Jewellers, KIOCL, Kopran, KREBS Biochemicals & Industries, Kunststoffe Industries, Mangalam Organics, Metropolis Healthcare, Modern Converters, Navneet Education, Nocil, Page Industries, PC Jeweller, The Phoenix Mills, Punjab Chemicals and Crop Protection, Rashtriya Chemicals & Fertilizers, Redington (India), Solar Industries, Strides Pharma Science, Suryoday Small Finance Bank, Themis Medicare, Thomas Cook, Tower Infrastructure Trust, TTK Healthcare, UCO Bank, and Wockhardt.
Manyavar owner targets Rs 2,500-crore IPO In 2021
Kolkata-based ethnic wear heavyweight Vedant Fashions Private Ltd, the owner of popular brand Manyavar, is gearing up to launch an initial public offering ( IPO) in 2021 and raise around Rs 2,500 crore, people familiar with the matter told Moneycontrol.
“In recent weeks, Vedant Fashions Private Ltd has been in talks with multiple investments banks to get them on board as advisors, primarily ICICI Securities, Kotak Mahindra Capital, Edelweiss Financial Services, IIFL Capital and Axis Capital ,” said one of the individuals cited above.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 241.60 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 438.59 crore in the Indian equity market on May 26, as per provisional data available on the NSE.
Gold eases off 4-1/2-month peak as dollar, yields rebound
Gold prices eased on Thursday after hitting a 4-1/2-month high in the previous session, hurt by an uptick in the U.S. dollar and bond yields, while investors awaited key economic readings out of the United States.
Stocks under F&O ban on NSE
Two stocks - Amara Raja Batteries and Canara Bank - are under the F&O ban for May 27. 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