The Indian stock market is expected to open on a cautious note as trends on SGX Nifty indicate a flat opening for the index in India with a 2 points gain.
The BSE Sensex plunged 1,707.94 points or 3.44 percent to 47,883.38 on April 12 while the Nifty50 plummeted 524.10 points or 3.53 percent to 14,310.80.
According to pivot charts, the key support levels for the Nifty are placed at 14,155.5, followed by 14,000.2. If the index moves up, the key resistance levels to watch out for are 14,559.3 and 14,807.8.
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 S&P 500 and Dow Jones industrial average ended lower on Monday, with investors waiting for cues from the upcoming corporate earnings season and a key inflation report later this week.
The Dow Jones Industrial Average fell 55.2 points, or 0.16%, to 33,745.4, the S&P 500 lost 0.81 points, or 0.02%, to 4,127.99 and the Nasdaq Composite dropped 50.19 points, or 0.36%, to 13,850.
Asian markets edged higher following a muted finish overnight on Wall Street. Nikkei 225 was up 0.91% while the Topix index gained 0.53 percent. South Korea’s Kospi advanced 0.7 percent. Australia’s S&P/ASX 200 traded in the green by 0.27 percent.
Trends on SGX Nifty indicate a flat opening for the index in India with a 2 points gain. The Nifty futures were trading at 14,361 on the Singaporean Exchange around 07:30 hours IST.
IIP shrinks 3.6% in February owing to steep decline in manufacturing
Official macroeconomic data continues to show that the economy is off to a tough start in 2021. Released by the Centre on April 12, the Index of Industrial Production (IIP) showed industrial output in India once again shrank in February, going down by 3.6 percent.
IIP had contracted by an updated 0.9 percent in January after rising by 1.6 percent in December. It has shrunk 8 out of the first-11 months of the 2020-21 financial year.
March CPI inflation at 5.52%, up from February's 5.03%
Consumer Price Index-based inflation (CPI) for the month of March came in at 5.52 percent, rising from February's 5.03 percent. Official data released on April 12 shows that retail inflation in March stayed within the Reserve Bank of India's (RBI) medium term inflation target of 4(+/-2 per cent) for the fourth consecutive month.
The combined food price inflation rose to 4.94 percent in March, as compared to 3.87 percent in February.
India's economic fallout from second virus wave may be limited: Barclays
India’s accelerated vaccination drive may limit the economic disruption caused by a resurgence in COVID-19 cases, Barclays said in a note on Monday, although it warned that shortages in vaccine supply could weigh on the campaign’s progress.
Oil edges higher on Mideast tension, likely crude stocks drawdown
Oil prices edged higher on Tuesday on tensions in the Middle East after the Yemen-based Houthi movement said it fired missiles on Saudi oil sites and on an expected drawdown in crude oil inventory in the United States.
Brent crude oil futures was up 9 cents, or 0.1%, at $63.37 a barrel by 0055 GMT while U.S. crude oil futures gained 11 cents, or 0.2%, to $59.81 a barrel.
Systemic risk in Indian banks remains high due to COVID-19 second wave: S&P
S&P Global Ratings on Monday said systemic risk in Indian banks is likely to remain high in the wake of the second wave of COVID-19 and high proportion of weak loans. S&P estimates the weak loans in banks at 11-12 percent of gross loans.
"We forecast credit losses will decline to 2.2 percent of total loans in the year ending March 31, 2022, and 1.8 percent in fiscal 2023, after staying elevated at an average of 2.8 percent in fiscals 2016-2021," S&P added.
TCS Q4 profit jumps 6.3% QoQ to Rs 9,246 crore with highest-ever quarterly deal wins
Tata Consultancy Services, India's second-largest listed company by market capitalisation, on April 12, has reported a 6.3 percent sequential growth in March quarter consolidated profit at Rs 9,246 crore, driven by better-than-expected growth in revenue and operating income.
Consolidated revenue during the quarter grew by 4 percent to Rs 43,705 crore compared to the previous quarter backed by ramp-up of large deals, cross-currency tailwind and recovery in demand.
Sebi imposes Rs 25 crore penalty on YES Bank in AT1 bonds case
Market regulator, Securities and Exchange Board of India (Sebi), on April 12 imposed a monetary penalty of Rs 25 crore on private sector lender, YES Bank in the additional tier 1 bonds (AT1) misselling case. Sebi has asked the bank to pay the penalty amount within 45 days of receipt of the notice.
Results on April 13
Alliance Integrated Metaliks and Pulsar International will announce quarterly earnings on April 13, while Infosys, Jyoti Structures, Reliance Industrial Infrastructure and Tata Metaliks will release quarterly numbers on April 14.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,746.43 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 232.76 crore in the Indian equity market on April 12, as per provisional data available on the NSE.
1 stock under F&O ban on NSE
SAIL is under the F&O ban for April 13. 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