Market Live Updates Today: Trends on SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 268 points

Coal India Reverses Losses After Production Rises 28% YoY

In April Shares of Coal India reversed more than 2% losses and rose 1% after the company reported production of 53.5 million tonnes in April, up 28% YoY.

• Sales rose 6.3% YoY to 57.5 million tonnes.
• Of the 27 analysts tracking the company, 22 maintained 'buy', two suggest 'hold' and three recommend 'sell'. The return potential on the stock

Sensex, Nifty Open Lower; Yes Bank Surges

India's stock benchmarks opened lower, dragged by broad based losses across sectors. Information technology, consumer durables, realty and telecom stocks led the decline. The fall comes ahead of U.S. Federal Reserve's monetary policy decision due on Wednesday. The Fed is expected to raise rates by a half a point.

The S&P BSE Sensex fell 0.66% to 56,685.74. The NSE Nifty 50 also declined by similar magnitude to 16,978.70

The broader indices almost mirrored their larger peers. All the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Consumer Durables shedding nearly 2%. The market breadth was skewed in the favour of bears. About 920 stocks advanced, 1,791 declined and 126 remained unchanged.

FII and DII data

Foreign institutional investors (FIIs) net offloaded shares worth Rs 3,648.30 crore, while domestic institutional investors (DIIs) managed to offset the outflow by buying shares worth Rs 3,490.30 crore on April 29, as per the provisional data available on the NSE. 

FPI outflow continues for 7th straight month, Rs 17,144 crore goes out of equities in April

Continuing its selling spree for the seventh consecutive month, foreign investors have pulled out Rs 17,144 crore from the Indian equity market in April amid fears of an aggressive rate hike by the US Fed that haunted such investors and dented sentiments.

Further, foreign flows are likely to remain volatile in the near term amid the high prospect of aggressive rate hikes globally and the headwinds in terms of higher crude prices, and rising Inflation, experts said.

Foreign portfolio investors (FPIs) remained net sellers for seven months to March 2022, withdrawing a massive net amount of Rs 1.65 lakh crore from equities. These were largely on the back of anticipation of a rate hike by the US Federal Reserve and due to the deteriorating geopolitical environment following Russia's invasion of Ukraine.

Oil falls on China growth concerns even as EU weighs Russia import ban

Oil prices fell on Monday in holiday-sapped trade in Asia as concerns about slowing economic growth in China, the world's top oil importer, outweighed fears of potential supply disruptions from a looming European Union ban on Russian crude.

Brent crude futures fell $1.21, or 1.1%, to $105.93 a barrel at 0205 GMT, while US West Texas Intermediate (WTI) crude futures fell 99 cents, or 1%, to $103.70 a barrel. Markets in Japan, India and across Southeast Asia were closed for public holidays on Monday.

Eight core sector growth slows down to 4.3% in March from 6% a month back

India's eight core sectors grew by 4.3 percent in March, down from 6 percent in February, the commerce ministry said on April 29. As per the latest data, only three of the eight core sectors exhibited faster rates of output growth in March as opposed to six in February. These three sectors were fertiliser, cement, and electricity.

While fertiliser output jumped by a huge 15.3 percent on a year-on-year basis in March, that of cement and electricity rose 8.8 percent and 4.9 percent, respectively.

Among the laggards were coal and crude oil. Production of coal in March was down a marginal 0.1 percent compared to the corresponding period last year. However, crude oil output fell by a larger 3.4 percent on a year-on-year basis.

Indian economy to overcome COVID losses only in FY35: RBI report

It will take nearly 15 years for the Indian economy to make up for the losses it has incurred during the coronavirus pandemic, according to the Reserve Bank of India's (RBI) report on currency and finance for FY22.

"Taking the actual growth rate of -6.6 percent for 2020-21, 8.9 percent for 2021-22 and assuming growth rate of 7.2 percent for 2022-23, and 7.5 percent beyond that, India is expected to overcome COVID-19 losses in 2034-35," the report, released on April 29, said.

The report, whose theme this year is 'Revive and Reconstruct' in the context of nurturing a durable post-pandemic recovery and raising trend growth in the medium-term, does not reflect the views of the central bank itself but of the contributors, who are part of the RBI's Department of Economic and Policy Research.