The Indian stock market is expected to open in the red as trends on SGX Nifty indicate a gap-down opening for the index in India with a 205-points loss.
The BSE Sensex gained 295.94 points to close at 49,502.41 on May 10 while the Nifty50 rose 119.20 points to 14,942.40. According to pivot charts, the key support levels for the Nifty are placed at 14,900.9, followed by 14,859.5. If the index moves up, the key resistance levels to watch out for are 14,975.3 and 15,008.3.
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:
The Dow Jones Industrial Average hit a record high on Monday morning on hopes that interest rates would remain lower for longer, while the S&P 500 was subdued as a slide in technology shares offset a surge in commodity-linked energy and material stocks.
The Dow Jones Industrial Average was up 299.59 points, or 0.86%, at 35,077.35, rising for the seventh straight session, while the S&P 500 was down 0.39 points, or 0.01%, at 4,232.21 and the Nasdaq Composite was down 205.65 points, or 1.50%, at 13,546.59.
Asian markets are trading lower following a sell-off in tech stocks that weighed down major U.S. indexes overnight. Japan’s Nikkei 225 led declines in early trade, shedding around 2.2% while the Topix moved 1.7% lower. South Korea’s Kospi fell around 1.4%.
Trends on SGX Nifty indicate a gap-down opening for the index in India with a 205 points loss. The Nifty futures were trading at 14,783 on the Singaporean Exchange around 07:30 hours IST.
Oil settles higher as key U.S. fuel pipeline plans restart
Oil prices settled higher on Monday after a major U.S. fuel pipeline said it could largely restart within the week after a cyberattack forced its shutdown.
Brent crude settled up 4 cents, or 0.1%, at $68.32 a barrel. U.S. West Texas Intermediate (WTI) crude settled up 2 cents, or 0.03% at $64.92. Both benchmarks rose more than 1% last week, their second consecutive weekly gain.
Rating agency Crisil on May 10 said that India's GDP growth rate could drop to single digits or around 8.2 percent in 2021-22 (April-March) if the second wave of the COVID-19 pandemic reaches a peak number of cases by June-end.
The rating agency had projected India's GDP to grow 11 percent in 2021-22 (April-March) at the beginning of the current financial year. It added that in case the COVID-19 pandemic reaches a peak number of cases by May-end, the GDP growth will fall to around 9.8 percent.
Debt mutual funds witnessed an outflow of Rs 84,202 crore in three months ended March 2021, with liquid schemes contributing 56 percent of the withdrawal, according to a Morningstar report. This was the only quarter in 2020-21 that saw outflow in the fixed-income or debt category.
The outflow comes following an inflow of Rs 1.69 lakh crore in December quarter, Rs 35,522 crore in September quarter and Rs 1.09 lakh crore in June quarter.
Results on May 11
Siemens, Alembic, Andhra Paper, BASF India, Bliss GVS Pharma, Dishman Carbogen Amcis, Firstsource Solutions, Godrej Consumer Products, Granules India, Huhtamaki India, Kalpataru Power Transmission, KEC International, Linde India, Magadh Sugar & Energy, Mahindra EPC Irrigation, Matrimony.com, Neuland Laboratories, Orient Abrasives, Pervasive Commodities, Remedium Lifecare, Savani Financials, Shreyans Industries, Solid Containers, Stovec Industries, Tainwala Chemicals & Plastics, Transcorp International, Ultracab (India), and Wardwizard Innovations & Mobility will release quarterly earnings on May 11.
Japan March household spending posts biggest monthly rise in 18 months
Japan’s household spending posted its biggest monthly gain in 18 months in March, data showed on Tuesday, as consumer demand rebounded strongly from the heavy blow it took from the worsening impact of the coronavirus pandemic last year.
Household spending surged 6.2% in March from a year earlier, after a 6.6% decline in February, government data showed, and was stronger than a median market forecast for a 1.5% gain in a Reuters poll.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 583.69 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 476.26 crore in the Indian equity market on May 10, as per provisional data available on the NSE.
3 stocks under F&O ban on NSE
NALCO, Punjab National Bank and Sun TV Network are under the F&O ban for May 11. 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.