Market Live Updates Today: Trends in SGX Nifty indicate a positive opening for the broader index in India with a gain of 40 points
The market is expected to open in the green as trends in SGX Nifty indicate a positive opening for the broader index in India with a gain of 40 points.
Positive short-term texture
The market is expected to open in the green as trends in SGX Nifty indicate a positive opening for the broader index in India with a gain of 40 points.
The BSE Sensex lost nearly 1,000 points from the day's high to close with 137 points down at 52,794, and the Nifty50 failed to hold on to the psychological 16,000 mark, down 26 points at 15,782, and formed bearish candle on the daily charts on Friday.
US Markets
Wall Street surged on Friday to end higher, closing the book on a week of wild market gyrations as relief at signs of peaking inflation vied with fears that policy tightening by the Federal Reserve could tilt the economy into recession.
Gains were led by a rebound in mega-cap tech and tech-adjacent stocks, which sold off in recent sessions as benchmark Treasury yields climbed and investors worried the Fed might hike interest rates more aggressively than expected.
The Dow Jones Industrial Average rose 466.36 points, or 1.47 percent, to 32,196.66, the S&P 500 gained 93.81 points, or 2.39 percent, to 4,023.89 and the Nasdaq Composite added 434.04 points, or 3.82 percent, to 11,805.00.
Asian Markets
Shares in the Asia Pacific rose on Monday as investors watched for a slew of Chinese economic data. Japan's Nikkei 225 gained 1.54 percent, while the Topix advanced 0.93 percent in early trading.
The Kospi in South Korea rose 0.46 percent, and the Kosdaq was 1.43 percent higher. In Australia, the S&P/ASX 200 climbed 0.73 percent. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.33 percent.
SGX Nifty
Trends in SGX Nifty indicate a positive opening for the broader index in India with a gain of 40 points. The Nifty futures were trading around 15,812 levels on the Singaporean exchange.
Live Updates
- 16 May 2022 3:33 AM GMT
FII and DII data
Foreign institutional investors (FIIs) have net sold shares worth Rs 3,780.08 crore, whereas domestic institutional investors (DIIs) remained net buyers, to the tune of Rs 3,169.62 crore worth of shares on May 13, as per provisional data available on the NSE.
- 16 May 2022 3:33 AM GMT
Twitter shares slump as Musk puts $44 billion acquisition deal on hold
Elon Musk on Friday put his $44-billion deal for Twitter Inc temporarily on hold, citing pending details in support of calculation that spam and fake accounts indeed represent less than 5% of users.
Shares of the social media company fell 17.7% to $37.10 in premarket trading, their lowest level since Musk disclosed his stake in the company in early April and subsequently made a "best and final" offer to take it private for $54.20 per share.
The implied probability of the deal closing at the agreed price fell below 50% for the first time on Tuesday, when Twitter shares dropped below $46.75.
- 16 May 2022 3:32 AM GMT
RBI to raise rates again in June but not clear by how much: Reuters poll
The Reserve Bank of India will follow its surprise May rate rise with another hike at its meeting next month, according to a majority of analysts polled by Reuters who were exceptionally split on the size of the move. India's retail inflation accelerated to an eight-year high in April, remaining above the central bank's tolerance limit for a fourth month in a row, and is likely to stay elevated.
In the latest Reuters poll, over a quarter of economists, 14 of 53, expected the RBI to hike by 35 basis points to 4.75 percent next month, while 20 expected a larger move ranging from 40-75 basis points, including ten who forecast a 50 basis point hike.
- 16 May 2022 3:32 AM GMT
Foreign investors' relentless selling continues; pull out Rs 25,200 crore from equity market in May so far
The relentless selling of Indian stocks by foreign investors continued, as they pulled out a little over Rs 25,200 crore from the Indian equity market in the first fortnight of this month, on hike in interest rate globally and concerns over rising COVID cases.
Foreign portfolio investors (FPIs) remained net sellers for seven months to April 2022, withdrawing a massive net amount of over Rs 1.65 lakh crore from equities. Going ahead, FPIs selling will continue in the coming weeks as heat waves in the market and outside will make investors sweat a bit more, Vijay Singhania, Chairman, TradeSmart, said, adding that the selling has resulted in FPI’s stake in Indian companies falling to 19.5 percent, the lowest since March 2019.
- 16 May 2022 3:31 AM GMT
Oil jumps 4% as US gasoline prices hit record high
Oil prices rose about 4 percent on Friday as US gasoline prices jumped to a record high, China looked ready to ease pandemic restrictions and investors worried supplies will tighten if the European Union bans Russian oil.
Brent futures rose $4.10, or 3.8 percent, to settle at $111.55 a barrel. US West Texas Intermediate (WTI) crude rose $4.36, or 4.1 percent, to settle at $110.49.
