The Indian stock market is expected to open in the red as trends on SGX Nifty indicate a negative opening for the index in India with a 44 points loss.
The BSE Sensex climbed 307.66 points to close at 51,422.88 on May while the Nifty50 rose 97.80 points to 15,435.70 and formed a Doji kind of pattern on the daily charts.
According to pivot charts, the key support levels for the Nifty are placed at 15,397.1, followed by 15,358.5. If the index moves up, the key resistance levels to watch out for are 15,472 and 15,508.3.
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:
US Markets
US stocks climbed on Friday as investors brushed off a stronger-than-expected inflation reading, as both the Dow and S&P 500 indexes clinched their first weekly gain in the past three weeks.
The Dow Jones Industrial Average rose 64.81 points, or 0.19%, to 34,529.45, the S&P 500 gained 3.23 points, or 0.08%, at 4,204.11 and the Nasdaq Composite added 12.46 points, or 0.09%, at 13,748.74.
Asian Markets
Asian shares edged higher on Monday, looking to extend their recent rally to a third week should U.S. jobs figures show the expected revival in hiring in May and keep the global recovery on track.
MSCI’s broadest index of Asia-Pacific shares outside Japan was a fraction firmer, having rallied 2.2% last week. Japan’s Nikkei was flat, while Australia rose 0.2% to a fresh all-time peak.
SGX Nifty
Trends on SGX Nifty indicate a negative opening for the index in India with a 44 points loss. The Nifty futures were trading at 15,444 on the Singaporean Exchange around 07:30 hours IST.
Sovereign Gold Bond issue price fixed at Rs 4,889 per gm of gold, subscription opens today
The issue price for Sovereign Gold Bond Scheme 2021-22, which will open for subscription for five days from May 31, has been fixed at Rs 4,889 per gram of gold, the Reserve Bank of India (RBI) said on Friday. The Sovereign Gold Bond Scheme 2021-22- Series-III or the third tranche will be open for subscription from May 31 to June 4, 2021.
The bonds will be sold through banks (except small finance banks and payment banks), Stock Holding Corporation of India Limited (SHCIL), designated post offices, and recognised stock exchanges viz., National Stock Exchange of India Ltd and Bombay Stock Exchange Ltd.
Contempt pleas against RBI Guv Shaktikanta Das, bank forum chief, others filed in Supreme Court
A number of petitions have been filed before the Supreme Court seeking to initiate contempt of court proceedings against Reserve Bank of India (RBI) Governor Shaktikanta Das, Indian Banks Association (IBA) Chief Executive and others for allegedly flouting the apex court’s earlier order, by declaring the account of the petitioners as Non Performing Assets (NPA) in connection with the moratorium matter.
According to a report by news agency ANI, petitioners M/s Azeez Trading Company, Umrazz Trading Corporation, Ajay Hotel and Restaurant, Latur, Maharashtra, have filed a plea through lawyer Vishal Tiwari and Advocate on Record (AOR) Abhigya.
Sebi disposes of adjudication proceedings against Axis Capital in SpiceJet matter
Sebi on Friday disposed of adjudication proceedings against Axis Capital, saying the alleged violation of the merchant banker norms could not be established against it with respect to foreign currency convertible bonds issuance by SpiceJet India Ltd back in 2010. It was alleged that Axis Capital (formerly known as Enam Securities) had amended the Share Purchase Agreement (SPA) on October 5, 2010, after the issuance of "observation" letter by Sebi on October 4, 2010.
US pips Mauritius as 2nd largest source of FDI in India in 2020-21: DPIIT data
The US replaced Mauritius as the second largest source of foreign direct investment into India during 2020-21 with inflows of USD 13.82 billion, according to government data. Singapore remained the top source of foreign direct investment (FDI) into the country for the third consecutive fiscal at USD 17.41 billion.
During the last financial year, India attracted USD 5.64 billion in FDI from Mauritius, according to the data by the Department for Promotion of Industry and Internal Trade (DPIIT).
The island country was followed by UAE (USD 4.2 billion), Cayman Island (USD 2.79 billion), Netherlands (USD 2.78 billion), UK (USD 2.04 billion), Japan (USD 1.95 billion), Germany (USD 667 million), and Cyprus (USD 386 million).
India's forex reserves hit lifetime high, rise $2.8 billion to $592.894 billion
The country's foreign exchange reserves rose by USD 2.865 billion to a record high of USD 592.894 billion for the week ended May 21, boosted by gold and currency assets, RBI data showed on Friday.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Covid impact: Bank credit growth slows to 5.6 percent in March 2021, says RBI data
Banks' credit growth slowed to 5.6 per cent year-on-year (y-o-y) basis in March 2021 compared with 6.4 per cent a year ago reflecting the tough market conditions due to the impact of the Covid pandemic on the ground, according to data released by the Reserve Bank of India (RBI).
In its annual report for 2020-21, the RBI said that the slowdown in banks’ credit growth during the year has been broad-based across all major sectors, except agriculture. According to data on the sectoral deployment of bank credit for March 2021, credit growth to agriculture and allied activities accelerated to 12.3 per cent in March 2021 from 4.2 per cent a year ago, the highest since April 2017.
Paytm board gives in-principle approval for IPO
The board of One97 Communications, the parent firm of India's leading digital payments player Paytm is learnt to have given an in-principle approval for an initial public offering, according to sources familiar with the development, setting the stage for what is likely to one of India's largest public offerings.
The eight member board met on 28th May, 2021 to give their approval for a $3 billion initial public offering (IPO), making it the biggest in India's history. It is aiming to list in India in November this year at a valuation of $25-$30 billion. The company was last valued at $16 billion when it raised $1 billion from Softbank and Ant Financial in 2019.
With inputs from Reuters & other agencies
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