The benchmark Sensex and Nifty indices are expected to open negatively on May 13, following trends in the GIFT Nifty that are indicating a decline of 35 points for the broader index.
India's benchmark Sensex surged over 260 points while Nifty ended above the 22,000 mark on May 10 tracking gains in the global equity markets.
Nifty Metal led gains, up 1.5%, with FMCG, Auto, and Pharma following at 1% each. Nifty IT led losses, down 0.8%, and Nifty Realty and Nifty PSU Bank are both down 0.4% and 0.3%, respectively.
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.
Gift Nifty
The GIFT Nifty trends suggest a negative opening for the broader index in India, with a 0.18 percent decline or 36 points. Nifty futures are trading around the 22,092 level.
Asian markets
Asian stocks opened lower due to slack in China and news of US President Joe Biden planning to increase tariffs on some Chinese goods. Australia, Japan, and Hong Kong saw declines, with US contracts also down after the S&P 500 struggled last week. Consumer sentiment fell to a six-month low while short-term inflation expectations rose. The dollar strengthened against most peers. Biden is set to significantly raise tariffs on certain Chinese goods, including electric vehicles. Chinese industrial prices continued to decline, and credit shrank for the first time in April. Global investors are watching US officials' comments for clues on how long interest rates will remain high. Federal Reserve officials have differing views, with some saying it's too early to consider lowering borrowing costs. Wednesday's US April inflation data is expected to drive further trading moves.
US Markets
On Friday, the US stock market struggled amid signs of economic slowdown and persistent inflation. Equities wavered as US consumer sentiment hit a six-month low, driving up short-term inflation expectations. Despite calls for Fed rate cuts due to sector slowdowns, officials reiterated a commitment to higher rates to curb inflation. The S&P 500 hovered around 5,220, marking its longest winning streak since February, while the Dow Jones Industrial Average rose for an eighth consecutive session.
Dollar
The dollar index, which measures the US currency’s strength against major currencies, was trading at 105.35, up 0.05 percent from its previous close of 105.301.
Gold & crude oil
President Putin's surprise replacement of his defense minister sharpens focus on commodities such as gold and oil. Russian forces aim to exploit a battlefield advantage in Ukraine. Putin's move precedes his China visit and NATO's Brussels meeting. Oil dipped; gold held steady. Meanwhile, US concerns mount over Israel's Gaza offensive, cautioning against fueling a Hamas insurgency. Secretary Blinken demands a credible Israeli plan for civilian protection in Rafah and postwar strategies.
Asian currencies
Asian currencies were trading lower against the US dollar. Philippines Peso fell 0.4 percent, South Korean won lost 0.3 percent, China renminbi, Malaysian ringgit, and Japanese yen were down 0.1 percent each; Taiwan dollar and Singapore dollar were down 0.05 percent each.
LME news
A surge in aluminum deliveries to the London Metal Exchange signals potential for renewed trading activity, following recent efforts to curb speculative plays. Aluminum inventories spiked by over 500,000 tonnes on Friday, marking the largest daily increase on record since 1997. The influx was fueled by deliveries to warehouses in Port Klang, Malaysia.
FII & DII Flow
FIIs sold shares worth Rs 2,117.50 crore while DIIs pumped in Rs 2,709.81 crore worth of stocks on May 10
Stocks under NSE F&O ban
Hindustan Copper, Balrampur Chini Mills, Canara Bank, GMR Airports Infrastructure, Vodafone Idea, Punjab National Bank, SAIL, and Zee Entertainment Enterprises
Results Today
UPL, DLF, Zomato, Jindal Steel & Power, Varun Beverages, Aditya Birla Capital, BLS E-Services, Chalet Hotels, GIC Housing Finance, INOX India, and C E Info Systems
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