The Indian stock market is expected to open higher as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 170 points.
The BSE Sensex fell 276 points to 54,088, while the Nifty50 declined 73 points to 16,167 and formed bearish candle which resembles Hammer kind of pattern on the daily charts.
As per the pivot charts, the key support level for the Nifty is placed at 15,682, followed by 15,556. If the index moves up, the key resistance levels to watch out for are 15,988 and 16,168.
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:
U.S. stocks ended a whipsaw session slightly lower on Thursday, as investors juggled signs of peaking inflation with fears that it could remain elevated, prompting ever more aggressive tightening from the Federal Reserve.
All three major U.S. stock indexes seesawed and the S&P 500 came within striking distance of confirming it entered a bear market after swooning from its all-time high reached on Jan. 3.
When the dust settled, the S&P and the Dow ended modestly red, but the Nasdaq eked out a modest gain.
The Dow Jones Industrial Average fell 103.81 points, or 0.33%, to 31,730.3, the S&P 500 lost 5.1 points, or 0.13%, to 3,930.08 and the Nasdaq Composite added 6.73 points, or 0.06%, to 11,370.96.
Asian shares found some footing after a volatile session for U.S. equities, but the dollar remained at 20-year highs and global stocks near 18-month lows on worries about persistently high inflation and tightening central banks.
Those worries ultimately overcame hopes on Wall Street that high inflation might be peaking, pushing the S&P 500 close to confirming a bear market on Thursday, at nearly 20% off its January all-time high.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.15%, trimming its losses for the week to around 3.5%.
Australian shares were up 1.56%, while Japan's Nikkei stock index jumped 2.62%.
In China, the blue-chip CSI300 index was up 0.92% and Hong Kong's Hang Seng rose 1.8%.
Trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 170 points. The Nifty futures were trading around 15,987 levels on the Singaporean exchange.
The Reserve Bank of India's (RBI) worst fears have been realised after data showed headline retail inflation surged to 7.79 percent in April - the highest since May 2014. At 7.79 percent, the Consumer Price Index (CPI) inflation print for April is 84 basis points higher than the March number of 6.95 percent, data released on May 12 by the Ministry of Statistics and Programme Implementation showed.
Inflation was expected to rise sharply last month. However, the print for April is higher than the already elevated consensus estimate, with a Moneycontrol poll showing economists saw inflation rising to 7.5 percent.
The sharp rise in inflation in April was driven by significant price pressures. As expected, fuel items led the charge, with the index for the 'fuel and light' group of the CPI rising 3.1 percent month-on-month in April, resulting in an inflation rate of 10.8 percent.
India's industrial growth, as per the Index of Industrial Production (IIP), edged up to 1.9 percent in March from 1.5 percent in February, data released on May 12 by the Ministry of Statistics and Programme Implementation showed.
Industrial growth was not expected to show significant improvement in March after data released on April 29 showed the output of India's eight core sectors increased by 4.3 percent year-on-year in the last month of FY22, down from 6 percent the previous month.
The higher-than-expected retail inflation print for April has sent tongues wagging, with experts seeing the June 6-8 meeting of the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) as "super live" for another repo rate hike.
Tata Motors Limited on May 12 reported a consolidated net loss of Rs 1,032 crore for the quarter ended March as against a consolidated net loss of Rs 7,605 crore in the year-ago quarter. The company reported an 11.5 percent year-on-year decline in consolidated revenue from operations to Rs 78,439 crore for the reported quarter.
Analysts had expected the company to report a consolidated net profit of Rs 12.8 crore on revenues of Rs 82,386 crore.
The weakness in the performance of the company was largely down to subsidiary Jaguar Land Rover, whose revenues in the reported quarter nosedived 27.1 per cent year-on-year to 4.8 billion pound sterling.
India's largest infrastructure company Larsen & Toubro Limited on May 12 reported a 10 percent year-on-year rise in consolidated net profit at Rs 3,621 crore, which was below analysts' expectations.
The infrastructure giant's consolidated revenue from operations rose 10 percent on-year to Rs 52,851 crore for the reported quarter, missing analysts' expectations.
Gold faces fourth weekly drop as burgeoning dollar drains appeal
Gold prices on Friday were held near a three-month low as the strongest dollar in two decades continued to sap demand for greenback-priced bullion, setting up what could be the metal's fourth consecutive weekly fall.
Spot gold was down 0.1% at $1,820.54 per ounce, as of 0054 GMT, having dropped to its lowest since Feb. 7 earlier in the session. U.S. gold futures fell 0.2% to $1,821.20.
Oil climbs even as weaker demand concerns cap gains
Oil prices firmed in early trade on Friday but were headed for their first weekly losses in three weeks as worries about inflation and China's COVID lockdowns slowing global growth outweighed concerns about dwindling fuel supply from Russia.
Brent crude futures were up 97 cents, or 0.9%, at $108.42 a barrel at 0008 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed $1.00, or 0.9%, to $107.13 a barrel.
Both benchmark contracts were, however, on track to post declines for the week, with Brent set to drop more than 3% and WTI more than 2%.With inputs from Reuters & other agencies