Market Live Updates Today: Trends on the SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 165 points
Market Live Updates
The market is expected to open in the red as trends on the SGX Nifty indicate a gap-down opening for the broader index with a loss of 165 points.
The Sensex dropped more than 700 points to 57,197, while the Nifty plunged 221 points to 17,172 to form a bearish candle on the daily charts, indicating a trend favouring bears. For the week, the Nifty saw long-legged Doji pattern on the weekly scale as the index lost nearly 2 percent.
As per the pivot charts, the key support for the Nifty is at 17,109, followed by 17,046. If the index moves up, the key resistance levels to watch out for are 17,275 and 17,378.
US Markets
Wall Street tumbled more than 2.5 percent on Friday, ensuring the three main benchmarks ended in negative territory for the week, as surprise earnings news and increased certainty around aggressive near-term interest rate rises took its toll on investors.
The Dow Jones Industrial Average fell 981.36 points, or 2.82 percent, to 33,811.4, the S&P 500 lost 121.88 points, or 2.77 percent, to 4,271.78 and the Nasdaq Composite dropped 335.36 points, or 2.55 percent, to 12,839.29.
Asian Markets
Shares in Asia-Pacific fell on Monday following a sell-off on Wall Street on Friday. Japan's Nikkei 225′s dropped 2.08 percent in early trade on Monday, while the Topix declined 1.79 percent. In South Korea, the Kospi slid 1.25 percent and the Kosdaq was down 1.69 percent.
Live Updates
- 25 April 2022 10:11 AM GMT
JSW Steel Denies Bidding For Pawan Hans
- JSW Steel has denied it submitted a bid for acquisition of Pawan Hans.
- The company said it has no interest in the asset.
- 25 April 2022 4:16 AM GMT
FMCG Stocks Fall After Indonesia's Ban On Palm Oil Exports
Shares of fmcg companies fell after Indonesia announced on palm oil exports.
- Analysts expect Britannia, Hindustan Unilever, Nestle India, ITC and Godrej Consumer to be adversely impacted.
- Analysts expect weak to sideways movement for select consumer stocks in the near term.
- 25 April 2022 4:12 AM GMT
Opening Bell: Britannia, Hindustan Unilever drag Sensex, Nifty over 1% lower
Indian equity benchmark indices opened gap-down on Monday with the Nifty breaching the 17,000 level on the back of weak global markets. Except for ICICI Bank and NTPC, all other Sensex stocks were in the red. Hindustan Unilever, IndusInd Bank, Bajaj Finance, HDFC twins, Wipro, Tata Steel, and Tech Mahindra, down up to 3 percent, were the top laggards.
- 25 April 2022 4:10 AM GMT
India's oil import bill doubles to $119 billion in FY22
India's crude oil import bill nearly doubled to $119 billion in the fiscal year that ended on March 31, as energy prices soared globally following the return of demand and war in Ukraine.
India, the world's third biggest oil consuming and importing nation, spent $119.2 billion in 2021-22 (April 2021 to March 2022), up from $62.2 billion in the previous fiscal year, according to data from the oil ministry's Petroleum Planning & Analysis Cell (PPAC).
- 25 April 2022 4:09 AM GMT
UBS trims India's growth forecast to 7% as global macro risks worsen
UBS cut India's 2022-23 economic growth forecast by 70 basis points to 7 percent on Friday, citing slowing global growth due to high commodity prices, and weak local demand because of energy price hikes, inflationary pressures and a struggling labour market.
The downgrade comes a week after the World Bank lowered its economic growth forecast for India and the whole South Asia, citing worsening supply bottlenecks and rising inflation risks along with the Ukraine crisis.
- 25 April 2022 3:50 AM GMT
ECB policymakers keen for quick end to bond buys, early rate hike
European Central Bank policymakers are keen to end their bond purchase scheme at the earliest possible moment and raise interest rates as soon as July but certainly no later than September, nine sources familiar with ECB thinking told Reuters.
The ECB has been removing stimulus at the slowest possible pace this year but a surge in inflation is now putting pressure on policymakers to end their nearly decade-long experiment with unconventional support.
The big obstacle so far has been that longer-term forecasts still showed inflation falling back below the ECB's 2% target but fresh estimates shared with policymakers at their April 14 meeting showed even 2024 inflation over target, several of the sources said.
- 25 April 2022 3:46 AM GMT
Reliance recalls $3.4-billion Future assets deal after secured creditors vote against scheme
The $3.4 billion deal to take over the retail assets of Future Retail Ltd (FRL) cannot be implemented as the company's secured creditors have "voted against the scheme", Reliance Industries Ltd (RIL) informed the stock exchanges on April 23.
The regulatory filing comes in the backdrop of voting conducted by FRL amongst its shareholders and creditors on the scheme to transfer its assets to Reliance Retail Ventures Ltd (RRVL), a wholly-owned subsidiary of RIL.
Future group has intimated the results of the voting on the scheme of arrangement by their shareholders and creditors at their respective meetings, Reliance said.
