The benchmark indices opened higher on May 13. At 09:16 AM, the Sensex is up 480.23 points or 0.91 percent at 53,410.54. The Nifty is up 164.30 points or 1.04 percent at 15972.30. About 1,486 shares have advanced, 397 shares declined, and 72 shares are unchanged.
Among gainers on the Nifty were Tata Motors, Sun Pharma, Adani Ports, Eicher Motors and Hero MotoCorp were among major gainers on the Nifty. Among top gainers on the Sensex were Sun Pharma, Tata Steel, and Titan. Among major losers were NTPC Bharti Airtel, and Larsen & Toubro
Rupee opens lower
Rupee opens at 77.36 against dollar from Thursday's close of 77.42 per dollar.
On May 12, the Indian rupee opened lower at 77.52 against the US dollar on May 12. It had closed at 77.24 against the US dollar on Wednesday.
The rupee slumped 30 paise to 77.55 against the US dollar in opening trade on Thursday as a lacklustre trend in the domestic equity markets and a firm American urrency weighed on investor sentiment
Asian shares trim losses
Asian shares found some footing after a volatile session for US stocks. Federal Reserve Chair Jerome Powell again pushed back against speculation of more aggressive interest-rate hikes. Powell reaffirmed the Fed is likely to raise rates by a half percentage point at each of its next two meetings and that it isn’t “actively considering” a 75 basis-point increase.
The dollar remained at 20-year highs and global stocks near 18-month lows on worries about persistently high inflation and tightening central banks.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.15 percent, trimming its losses for the week to around 3.5 percent. Australian shares were up 1.56 percent, while Japan's Nikkei stock index jumped 2.62 percent. In China, the blue-chip CSI300 index was up 0.92 percent and Hong Kong's Hang Seng rose 1.8 percent.
US stocks close lower on Thursday
US stocks closed lower Thursday, but were off the session’s ugliest levels, after Federal Reserve Chairman Jerome Powell was voted in by Congress to serve a second term of four years.
Before Powell’s confirmation, the S&P 500 had been veering close to bear-market territory. Stocks pared losses in choppy trade Thursday after Federal Reserve Chairman Jerome Powell was given more time to dramatically pull back the central bank’s easy-money stance to battle inflation before it wrecks the economy.
Equities initially rallied following fresh economic data that showed slowing wholesale inflation in April, but swung lower in afternoon trade as investors focused on the potential ramifications of still intense price pressures. While meeting forecasts, prices rose 0.5 percent in April, from a 1.6 percent jump in March.
The Dow Jones Industrial Average fell 103.81 points, or 0.33 percent, to 31,730.3, the S&P 500 lost 5.1 points, or 0.13 percent, to 3,930.08 and the Nasdaq Composite added 6.73 points, or 0.06 percent, to 11,370.96.
Global shares sink to their lowest point in 18-months
Global shares sank to their lowest point in 18-months on Thursday while the dollar hit a 20-year-high, as investors feared that inflation pushing up interest rates will bring the global economy to a standstill.
In Europe, economic worries were exacerbated by a German warning that Russia was now using energy supplies as a "weapon." Europe's continent-wide STOXX 600 index was down 0.75 percent. MSCI's gauge of stocks across the globe was down 0.69 percent, as of 5:09 PM ET (2109 GMT).
Retail inflation soars to 8-year high
Retail inflation soared to an eight-year high of 7.79 percent in April mainly due to stubbornly high food prices, thus remaining above the RBI's upper tolerance level for the fourth month in a row. Inflation based on the Consumer Price Index (CPI) was 6.95 percent in March this year and 4.23 per cent in April 2021. Inflation in the food basket rose to 8.38 percent in April from 7.68 per cent in the preceding month and 1.96 percent in the year-ago month.
India's industrial growth, as per the Index of Industrial Production (IIP), edged up to 1.9 percent in March from 1.5 percent in February. Manufacturing sector output rose by 0.9 percent, slightly up from an increase of 0.5 percent posted in February. The other two sectors - mining and electricity - saw their fortunes move in opposite directions. While electricity production grew at a faster rate of 6.1 percent, growth in mining output declined to 4.0 percent from 4.5 percent in February.
Southwest Monsoon set to arrive early
India’s Southwest Monsoon is set to arrive early with the Andaman and Nicobar Islands expected to receive first seasonal showers on May 15. The normal onset date for the monsoon over Kerala is June 1.
Tata Motors Q4 consolidated net loss narrows
Tata Motors on Thursday reported a narrowing of consolidated net loss to Rs 992.05 crore in the fourth quarter ended March 2022. The company had posted a consolidated net loss of Rs 7,585.34 crore in the same period last fiscal, Tata Motors said in a regulatory filing. Total consolidated revenue from operations stood at Rs 78,439.06 crore in the fourth quarter as against Rs 88,627.90 crore in the year-ago period, it added.
L&T net profit rises 10%
Larsen & Toubro on Thursday reported a 10 percent growth in its consolidated net profit at Rs 3,620.69 crore for the quarter ended March, 2022. The company had posted a consolidated net profit of Rs 3,292.81 crore in the year-ago period, Larsen & Toubro (L&T) said.
The consolidated income during the quarter under review rose to Rs 53,366.26 crore from Rs 49,116.16 crore in the year-ago period, ''The consolidated net profit after tax for the quarter ended March 31, 2022 at Rs 3,621 crore registered a growth of 10 percent over the corresponding quarter of the previous year, in line with revenue growth,'' the company said in a statement.
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