The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the index in India with a 77 points gain.
The BSE Sensex rose 41.75 points to 48,732.55 on May 14 while the Nifty50 fell 18.70 points to 14,677.80.
According to pivot charts, the key support levels for the Nifty are placed at 14,596.57, followed by 14,515.33. If the index moves up, the key resistance levels to watch out for are 14,754.37 and 14,830.9.
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:
Wall Street closed higher in a broad rally, an upbeat conclusion to whipsaw week of buying and selling as signs of a rebounding economy squared off against mounting inflation jitters.
The Dow Jones Industrial Average rose 360.68 points, or 1.06%, to 34,382.13, the S&P 500 gained 61.35 points, or 1.49%, to 4,173.85 and the Nasdaq Composite added 304.99 points, or 2.32%, to 13,429.98.
Asian shares edged cautiously higher on Monday catching the tailwind from a bounce on Wall Street and ahead of what are expected to be upbeat readings on the Chinese economy, though any disappointment could quickly chill the mood.
MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 0.2%, nudging further away from a four-month trough hit last week. Japan’s Nikkei gained 0.4%, having also touched its lowest since early January last week.
Trends on SGX Nifty indicate a positive opening for the index in India with a 77 points gain. The Nifty futures were trading around 14,787 level on the Singaporean Exchange, down 44 points from May 12 closing of 14,710.05.
China industrial output rises 9.8% YoY in April, retail sales up 17.7% YoY
China’s industrial output grew 9.8% in April from a year ago, slower than the 14.1% surge in March, official data showed on Monday. That matched a 9.8% on-year rise in a consensus forecast by analysts from a Reuters poll.
Retail sales rose 17.7% year-on-year in April, much weaker than a 24.9% uptick expected by analysts and down from the 34.2% jump seen in March.
April exports up three times on low base effect; imports soar 163%
Owing to a severe low base effect, India's merchandise trade shot up by a massive 193.63 percent in April, after a large rise of 60 percent in March. Data released by the Commerce and Industry Ministry on 14 May showed outbound trade rose to $30.63 billion in April, 2021 from $10.36 billion in April, 2020.
India's forex reserves up by $1.444 billion to $589.465 billion
The country's foreign exchange reserves increased by $1.444 billion to $589.465 billion in the week ended May 7, 2021, RBI data showed.
In the previous week ended April 30, 2021, the reserves had risen by $3.913 billion to $588.02 billion. The reserves had touched a lifetime high of $590.185 billion in the week ended January 29, 2021.
CarTrade files for IPO to raise around Rs 2,000 crores, first ever by an auto classifieds portal
CarTrade Tech Ltd, which had hit near unicorn status post its last fundraising round in April, is one step closer to becoming India’s first online auto classifieds marketplace to list on the domestic bourses.
The firm - backed by marquee investors such as Temasek, Warburg Pincus and JP Morgan - has filed its draft red herring prospectus (DRHP) with SEBI to raise around Rs 2,000 crores via an initial public offer (IPO), sources with knowledge of the matter told Moneycontrol.
Results on May 17
Bharti Airtel, Federal Bank, Colgate Palmolive, Gland Pharma, Sun Pharma Advanced Research Company, Orient Cement, 3i Infotech, Asit C Mehta Financial Services, ATV Projects India, Butterfly Gandhimathi Appliances, Gujarat Narmada Valley Fertilizers, Gokul Agro Resources, Garden Reach Shipbuilders & Engineers, Indo Count Industries, Mangalore Refinery & Petrochemicals, Nalin Lease Finance, Nutricircle, Prakash Pipes, Rane Brake Lining, SBEC Systems, Shakti Pumps (India), Subex, Suraj, and Wabco India.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 2,607.85 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 613.26 crore in the Indian equity market on May 14, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Six stocks - BHEL, Cadila Healthcare, Canara Bank, Punjab National Bank, SAIL and Sun TV Network - are under the F&O ban for May 17. 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.