The market is expected to open in the red, with the SGX Nifty indicating a 38-point loss for the broader index in India.
On the daily charts, the BSE Sensex fell 106 points to 54,365, while the Nifty50 fell 62 points to 16,240, forming a small-bodied bearish candle that resembled the Inverted Hammer pattern formation.
The pivot charts show that the Nifty’s key support level is 16,157, followed by 16,073. The key resistance levels to watch if the index rises are 16,364 and 16,488.
Keep an eye on Moneycontrol to see what’s going on in the currency and stock markets today. We’ve compiled a list of important headlines from various news outlets that could have an impact on Indian and international markets:
The S&P 500 and Nasdaq both ended the day higher on Tuesday, with big growth stocks outperforming the previous day’s selloff as Treasury yields fell. Bank stocks and yields both dropped. The benchmark 10-year note yield fell below 3% after reaching a three-year high.
The Dow Jones Industrial Average dropped 84.96 points, or 0.26 percent, to 32,160.74, while the S&P 500 rose 9.81 points, or 0.25 percent, to 4,001.05, and the Nasdaq Composite rose 114.42 points, or 0.98 percent, to 11,737.67.
Oil is falling due to the EU’s energy embargo on Russia. Oil fell slightly in early Asian trade on Wednesday, extending the previous session’s weakness, which was fueled by concerns about an economic slowdown and uncertainty over a European Union embargo on Russian oil.
By 0002 GMT, Brent crude was down 86 cents, or 1.1 percent, to $101.60 per barrel. To $98.96 a barrel, US West Texas Intermediate crude fell 80 cents, or 0.8 percent.
The broader index in India is expected to open with a loss of 38 points, according to SGX Nifty trends. On the Singaporean exchange, the Nifty futures were trading around 16,173 points.
SEBI, the capital markets regulator, deregistered Indian Commodity Exchange Ltd on Tuesday, citing a lack of experienced staff and financial capacity. As a result, Sebi declared that “ICEX shall cease to be a recognised stock exchange.”
The central government recognised ICEX (Indian Commodity Exchange) as an exchange under forward contracts on a permanent basis through a notification issued in October 2009.
After finding the bourse non-compliant on several grounds, including net worth requirements, SEBI inspection observations, and infrastructure, the regulator revoked its recognition. SEBI noted in its order that ICEX’s net worth was Rs 93.43 crore in November 2021, but had decreased to Rs 86.45 crore in January 2022.
Sebi, the capital markets regulator, has issued a new rule requiring infrastructure investment trusts (InvITs) to pay draught filing fees for initial offers and rights issues. The regulator said in a notification posted on its website on Tuesday that InvITs must now pay non-refundable filing fees of 0.1 percent in the case of an initial offer and 0.05 percent in the case of a rights issue of the total issue size, including green shoe option, when filing a draught placement memorandum or offer letter with respect to a private placement.
Previously, regardless of the type of issue, the InvIT was required to pay non-refundable filing fees of 0.1 percent of the total issue size. The Securities and Exchange Board of India (SEBI) has amended InvIT rules to reflect this. InvITs are relatively new investment instruments in India, but they are very popular in international markets.
According to a Reuters poll, India’s retail inflation likely rose to an 18-month high in April, largely due to higher fuel and food prices, and remained well above the Reserve Bank of India’s upper tolerance limit for the fourth consecutive month.
Following the Indian government’s decision to delay raising fuel prices until after key state elections in March, the increase has been widely anticipated. Since Russia’s invasion of Ukraine in late February, global energy prices have risen dramatically.
Food inflation, which accounts for nearly half of the CPI basket, hit a multi-month high in March and is expected to continue to rise as global vegetable and cooking oil prices rise.
SBI, the country’s largest lender, announced on Tuesday that its board of directors has approved raising up to $2 billion (roughly Rs 15,430 crore) from the international market during the current fiscal year to fund foreign business expansion.
SBI said in a regulatory filing that the central board has approved raising funds in single or multiple tranches. Long-term funds of up to $2 billion would be raised in 2022-23 through a public offering and/or private placement of senior unsecured notes in US dollars or any other convertible currency, according to the statement.
The quarterly earnings of Adani Ports, Punjab National Bank, Indian Bank, Petronet LNG, Balaji Amines, Birla Corporation, HSIL, JSW Ispat Special Products, Kalyan Jewellers India, Kennametal India, KSB, Lakshmi Machine Works, Lloyds Steels Industries, NCC, Skipper, Prism Johnson, Relaxo Footwears, Sagar Cements, SKF India, Butterfly Gandhimathi Appliances, Century Enka, Cholam
According to provisional data available on the NSE, foreign institutional investors (FIIs) net offloaded shares worth Rs 3,960.59 crore on May 10, while domestic institutional investors (DIIs) remained net buyers, buying Rs 2,958.40 crore worth of shares.
Despite the rise in global commodity prices, China’s producer prices rose at the slowest pace in a year in April, leaving room for more stimulus to bolster the flagging economy, which is under pressure from COVID-19 curbs.
The producer price index (PPI) increased 8.0 percent year over year, according to the National Bureau of Statistics (NBS), following an 8.3 percent increase in March and exceeding the 7.7 percent growth forecast by a Reuters poll. The consumer price index (CPI) increased 2.1 percent from a year ago, the fastest rate in five months, up from 1.5 percent in March and beating expectations of 1.8 percent growth.
