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Trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 58 points.

April 29, 2022 / 08:31 AM IST
Stock market

Stock market


The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 58 points.

The BSE Sensex surged 702 points or 1.23 percent to 57,521, while the Nifty50 jumped 207 points or 1.21 percent to 17,245 and formed a small-bodied bullish candle on the daily charts.

As per the pivot charts, the key support level for the Nifty is placed at 17,103, followed by 16,961. If the index moves up, the key resistance levels to watch out for are 17,355 and 17,464.

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

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Wall Street ended sharply higher on Thursday after a strong quarterly report from Meta Platforms lifted beaten down technology and growth stocks and offset worries about the US economy's contraction in the first quarter. The Facebook parent surged 17.6% after the social network reported a larger-than-expected profit and rebounded from a drop in users.

The Dow Jones Industrial Average rose 1.85% to 33,916.39 points, S&P 500 climbed 2.47% to end the session at 4,287.50 points. The Nasdaq gained 3.06% to 12,871.53 points.

Asian Markets

Shares in Asia-Pacific climbed in Friday morning trade following big gains overnight on Wall Street as the Nasdaq Composite surged 3%. South Korea’s Kospi gained 0.27% while the S&P/ASX 200 in Australia advanced 0.46%. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.26% higher.

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 58 points. The Nifty futures were trading around 17,288 levels on the Singaporean exchange.

US GDP dropped 1.4% annualised in Q1 2022, worse than expected

US economic growth fell 1.4 percent annualised in the first quarter of 2022 as the Omicron variant of COVID-19 and tapering of government spending hit consumers and business, government data said Thursday. The data was far worse than the mild increase analysts had expected, and came after the economy had grown 6.9 percent in the final quarter of 2021.

The Commerce Department said the decrease in GDP was the result of less private inventory investment, government spending and exports, as well as a jump in imports.

Oil eases as China lockdowns weigh on demand outlook

Oil edged lower on Friday as China's COVID-19 lockdowns weighed on the outlook for crude demand, although supply disruption fears as Western sanctions curb crude and products exports from Russia underpinned prices.

Brent crude futures dipped 4 cents to $107.55 a barrel by 0040 GMT after rising 2.1% in the previous session. The front-month June contract expires later on Friday. The more active July contract fell 30 cents to $106.96 a barrel. US West Texas Intermediate crude dropped 49 cents, or 0.5%, to $104.87 a barrel after settling 3.3% higher on Thursday.

Apple beats sales estimates

Apple Inc on Thursday reported record fiscal second-quarter sales and profit that beat Wall Street estimates as it managed chip shortages and consumers snapped up new iPhones. Sales rose 19% in the Americas and were up by single-digits in Europe and China.

The Silicon Valley-based iPhone maker, which is the world's largest company by market capitalization, is aiming to maintain high demand for the iPhone and other hardware while growing sales from services, including music and video subscriptions.

Apple's overall fiscal second-quarter revenue was $97.3 billion, up 8.6% from last year and higher than analysts' average estimate of $93.89 billion, according to Refinitiv data.

Amazon results and outlook fall short as warehouse, fuel costs soar

Amazon.com Inc delivered a disappointing quarter and outlook on Thursday as the e-commerce giant was swamped by higher costs to run its warehouses and deliver packages to customers.

Amazon's forecast shows hiking the price of its fast-shipping club Prime last quarter may not be enough to prop up its profit. The company expects to lose as much as $1 billion in operating income this quarter, or make as much as $3 billion. That's down from an operating income of $7.7 billion in the same period last year.

Net sales were $116.4 billion in the first quarter, compared to analysts' expectations of $116.3 billion, according to IBES data from Refinitiv.

Twitter Q1 revenues miss estimates, but active users rise

Twitter released mixed first-quarter results Thursday, with revenues missing estimates but active users rising, three days after agreeing to be acquired by Elon Musk for $44 billion.

The micro-blogging platform reported profits of $513.3 million, more than seven times the year-ago level following a one-time gain from a divestiture. Revenues rose 16 percent to $1.2 billion, a bit below the $1.22 billion expected by analysts.

SEBI cuts listing time for REITs, InvITs by half to 6 days

To streamline the process of public issue of units of REIT and InvIT, markets regulator Securities and Exchange Board of India (SEBI) on April 28 reduced the time taken for the listing these investment vehicles to six working days from 12 days at present.

“As a part of the continuing endeavor to streamline the process of public issue of units of Real Estate Investment Trust (REIT), it has been decided to reduce the time taken for allotment and listing after the closure of issue to six working days as against the present requirement of within twelve working days,” according to a SEBI circular.

LIC grey market premium hints at listing gain for IPO investors

The premium on shares of Life Insurance Corporation of India in the grey market climbed 80 percent on April 28, with the company’s initial public offering – the largest in the country – set to open next week.

LIC shares commanded a premium of Rs 45 over the higher end of the price band set for the IPO, compared with Rs 25 on April 27, according to IPOWatch, which tracks unofficial prices of upcoming IPOs, also known as the grey market prices. Experts expect the grey market premium to inch higher closer to the launch date.

The LIC IPO opens on May 4 and closes on May 9. The price band has been set at Rs 902 to Rs 949, with a discount of Rs 60 for policyholders and Rs 45 for employees.

Results today

Maruti Suzuki India, IndusInd Bank, UltraTech Cement, Wipro, SBI Cards and Payment Services, Can Fin Homes, Geojit Financial Services, Gillette India, GNA Axles, Gokaldas Exports, HFCL, Just Dial, L&T Finance Holdings, Lloyds Metals and Energy, RPG Life Sciences, Shriram City Union Finance, Solara Active Pharma Sciences, Sonata Software, Star Health and Allied Insurance Company, Supreme Industries, Tanla Platforms, Tata Chemicals, and Thyrocare Technologies will release their quarterly earnings on April 29.

FII and DII data

Foreign institutional investors (FIIs) turned net buyers for the first time in last 15 consecutive sessions, buying shares worth Rs 743.22 crore, while domestic institutional investors (DIIs) have net purchased shares worth Rs 780.94 crore on April 28, as per provisional data available on the NSE.

With inputs from Reuters & other agencies



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Sandip Das
first published: Apr 29, 2022 06:59 am
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