Market Live Updates Today:Trends on SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 204 points.
The market is expected to open in the red as trends in the SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 204 points.
The BSE Sensex tanked 867 points to 54,836 and the Nifty50 fell 271 points to 16,411, while the Nifty Midcap 100 and Smallcap 100 indices shed 1.8 percent and 2.5 percent at the close on Friday.
As per the pivot charts, the key support level for the Nifty is placed at 16,340, followed by 16,269. If the index moves up, the key resistance levels to watch out for are 16,483 and 16,555.
US Markets
Wall Street's main indexes extended losses on Friday as investors worried that the Federal Reserve will need to be more aggressive than expected in raising interest rates to combat inflation.
The tech-heavy Nasdaq registered its lowest close since 2020, notching a fifth straight weekly loss, its longest losing streak since the fourth quarter of 2012. The S&P 500 also posted its fifth straight weekly loss, its longest string of weekly losses since the second quarter of 2011.
The Dow Jones Industrial Average fell 98.6 points, or 0.3 percent, to 32,899.37, the S&P 500 lost 23.53 points, or 0.57 percent, to 4,123.34 and the Nasdaq Composite dropped 173.03 points, or 1.4 percent, to 12,144.66.
Asian Markets
Asian markets got off to a shaky start on Monday as US stock futures took an early skid on rate worries, while a tightening lockdown in Shanghai stoked concerns about global economic growth and possible recession. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3%, and Japan's Nikkei 1.2 percent.
Live Updates
- 9 May 2022 3:29 AM GMT
US added 428,000 jobs in April despite surging inflation
America’s employers added 428,000 jobs in April, extending a streak of solid hiring that has defied punishing inflation, chronic supply shortages, the Russian war against Ukraine and much higher borrowing costs.
Friday’s jobs report from the Labor Department showed that last month’s hiring kept the unemployment rate at 3.6 percent, just above the lowest level in a half-century. The economy’s hiring gains have been remarkably consistent in the face of the worst inflation in four decades. Employers have added at least 400,000 jobs for 12 straight months.
- 9 May 2022 3:28 AM GMT
FII and DII data
There was an intense selling pressure by foreign institutional investors (FIIs) on May 6 as they have net offloaded shares worth Rs 5,517.08 crore. However, domestic institutional investors (DIIs) remained net buyers, to the tune of Rs 3,014.85 crore worth of shares on same day, as per provisional data available on the NSE.
- 9 May 2022 3:27 AM GMT
RIL Q4 consolidated PAT surges 22.5% YoY; FY22 gross sales top $100 billion
Reliance Industries Limited (RIL) on May 6 reported a 22.5 percent year-on-year growth in its consolidated net profit to Rs 16,203 crore for the quarter ended March, which was below analysts' expectations of Rs 17,167 crore. The oil-to-telecom conglomerate's consolidated revenue from operations surged 36.8 percent year-on-year to Rs 2.1 lakh crore for the reported quarter, which met Street's estimate of Rs 2.1 lakh crore.
The company's board also recommended a dividend of Rs 8 per share for the financial year ended March 31, 2022.
For FY22, RIL reported a record-high gross revenues of Rs 7.92 lakh crore or $104.6 billion, making it the first Indian company to achieve the $100-billion revenue mark. RIL also reported record annual consolidated net profit of Rs 67,845 crore for the financial year.
"Despite the ongoing challenges of the pandemic and heightened geo-political uncertainties, Reliance has delivered a robust performance in FY2021-22," Chairman and Managing Director Mukesh Ambani said in a press statement.
- 9 May 2022 3:24 AM GMT
FPIs withdraw Rs 6,400 crore from equity markets in May so far
Foreign investors have pulled over Rs 6,400 crore from the Indian equity market in the first four trading sessions of the ongoing month when the Reserve Bank of India (RBI) and US Federal Reserve raised interest rates.
Foreign Portfolio Investors (FPIs) remained net sellers for seven months to April 2022, withdrawing a massive amount of over Rs 1.65 lakh crore from equities. This was 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.
- 9 May 2022 3:24 AM GMT
Oil declines as traders weigh G-7 crude ban, Saudi price cuts
Oil declined as the week’s trading kicked off as investors weighed a pledge by the Group of Seven to ban imports of Russian crude against a cut in official prices by Saudi Arabia and China’s lockdowns.
West Texas Intermediate fell toward $109 a barrel after closing at a six-week high on Friday. The leaders of the most-industrialized countries made the vow in response to President Vladimir Putin’s war in Ukraine after holding a video call with Ukraine President Volodymyr Zelenskiy on Sunday. A similar plan by the European Union has yet to be agreed as some members object.
Saudi Arabia cut prices for buyers in Asia as coronavirus lockdowns in China weigh on consumption in the top importer. State-controlled Saudi Aramco lowered prices for the first time in four months, dropping its key Arab Light grade for next month’s flows to $4.40 a barrel above the benchmark it uses.
- 9 May 2022 3:22 AM GMT
LIC IPO subscribed 1.79 times on day 5
Life Insurance Corporation of India's (LIC) initial public offering received 1.79 times subscription till May 8, the fifth day of bidding, but the portion reserved for qualified institutional buyers (QIBs) is yet to get fully booked. Till Sunday, investors have put in bids for 29.08 crore equity shares, against the offer size of 16.2 crore shares as per the subscription data published on exchanges.
The bids received so far are worth Rs 26,408 crore wherein policyholders and retail investors are neck-to-neck in subscription, putting in bids little more than Rs 9,900 crore worth of shares each. Policyholders have bid 5.04 times the allotted quota and retail investors 1.59 times, while employees bought shares 3.79 times the portion set aside for them, which are worth Rs 542 crore.
