Asian stock markets were largely in the negative on Wednesday morning.
(Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices ended Tuesday’s trading session flat, outperformed by broader markets that ended in the green. On the closing bell, S&P BSE Sensex was at 52,275 points while the 50-stock NSE Nifty was at 15,740. On Wednesday morning, SGX Nifty was holding steady, hinting at flattish market momentum. Wall Street once again traded mixed on Tuesday with Dow Jones ending in red, while NASDAQ and S&P 500 gained. Asian stock markets were largely in the negative territory. Shanghai Composite was down 0.02%, Nikkei 225, TOPIX, KOSPI, and KOSDAQ were all in red. Hang Seng, however, was trading with some positive bias.
The World Bank has projected India’s economic growth for 2021 to stand at 8.3%, once the lowest forecasts so far. The global lender has further said that in 2022, India’s economic growth will stand at 7.5%. Earlier this year, World Bank had predicted that India’s economy will grow at 10.1% in 2021 as the country bounced back from the pandemic swiftly. However, the gruesome second wave of Covid-19 pandemic has forced many economists to trim projections. “India’s recovery is being hampered by the largest outbreak of any country since the beginning of the pandemic,” the World Bank said. In the financial year 2020, India’s economy contracted 7.3%.
Highlights
"Nifty finds support around 15,600 while 15,850 will act as resistance on the upside. Bank Nifty finds support at 34,800 while 35,750 will act as strong resistance on the upside," said IIFL.
"Nifty finds support around 15,600 while 15,850 will act as resistance on the upside. Bank Nifty finds support at 34,800 while 35,750 will act as strong resistance on the upside," said IIFL.
Apple has scaled up its ecosystem in India in terms of manufacturing on the back of the government’s Rs 40,000-crore production-linked incentive scheme for smartphones. Two of the company’s contract manufacturers Foxconn and Wistron, which earlier had negligible presence in the country apart from relocating units from China and Taiwan, have crossed their year one (FY21) investment target of Rs 250 crore each and have hired aggressively despite Covid-led disruptions.
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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel have been hiked once again today, taking fuel rates to record highs in metro cities. Petrol in Delhi today costs Rs 95.56 per litre, up 25 paise since yesterday. Diesel in the capital city costs Rs 86.47 litre today, an increase of 25 paise. Since May 4, rates have been hiked 22 times. During this period, the price of petrol in Delhi has increased by Rs 5.01, while diesel price has surged Rs 5.56 per lire. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.
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"In India, high-frequency economic indicators are showing early signs of a rebound as the second wave of Covid-19 cases ebbs. The turn, if it strengthens, will mean that the months of April-May were the worst hit, with the economy set to rebound from June. Nifty made an almost double top compared to the previous trading session but closed nominally lower. The advance-decline ratio though in the positive, is falling and hence showing signs of profit-taking across the markets. Sector rotation continues as does some specific stock rotation based on news and developments. 15630-15840 remains the band for the Nifty for the near term," said Deepak Jasani, Head of Retail Research, HDFC Securities.
"After the recent run-up, Nifty now trades at rich valuations. Thus any negative surprise or misses in the June quarter earnings could act as a dampener. However, the overall structure of the market remains positive as the second COVID wave has now started to recede, with the number of active COVID cases down >50% since its peak in early May to sub-18 lakhs now. There is greater visibility on vaccine supply now v/s April’21 and May’21. The expeditious containment of active COVID-19 cases and accelerated pace of vaccinations would boost and provide confidence in economic growth recovery in FY22E. As states ease restrictions gradually in Jun’21, we expect the demand environment to get better. Technically too, Nifty remain in positive set up and can see move towards highs of 16000 zones," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.
SGX Nifty was sitting 1 point higher on Wednesday morning, hinting at a flat start for domestic equity markets.
The World Bank on Tuesday projected India’s economy to grow at 8.3 per cent in 2021 and 7.5 per cent in 2022, even as its recovery is being hampered by an unprecedented second wave of the COVID-19, the largest outbreak in the world since the beginning of the deadly pandemic. The Washington-based global lender, in its latest issue of Global Economic Prospects released here, noted that in India, an enormous second COVID-19 wave is undermining the sharper-than-expected rebound in activity seen during the second half of Fiscal Year 2020/21, especially in services.