Market Live Updates: Trends in SGX Nifty indicate a positive opening for the broader index in India with a gain of 42 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 42 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 42 points.
The BSE Sensex rose 180 points to 52,974 after losing more than 5 percent in previous six consecutive sessions, while the Nifty50 gained 60 points at 15,842 and formed Doji candlestick pattern on the daily charts indicating indecisiveness among bulls and bears.
As per the pivot charts, the key support level for the Nifty is placed at 15,729, followed by 15,615. If the index moves up, the key resistance levels to watch out for are 15,967 and 16,092.
US Markets
The S&P 500 ended lower on Monday, with Tesla and other growth stocks losing ground after downbeat Chinese economic data added to worries about a global slowdown and rising interest rates. The S&P 500 declined 0.39 percent to end the session at 4,008.01 points. The Nasdaq declined 1.20 percent to 11,662.79 points, while Dow Jones Industrial Average rose 0.08 percent to 32,223.42 points.
Asian Markets
Shares in Asia-Pacific were mixed in Tuesday morning trade, with investors looking ahead to the release of meeting minutes from the Reserve Bank of Australia.
The Nikkei 225 in Japan slipped 0.13 percent in early trade while the Topix index hovered above the flatline. South Korea's Kospi climbed 0.46 percent while the S&P/ASX 200 in Australia traded 0.15 percent higher. MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.25 percent higher.
Live Updates
- 17 May 2022 3:50 AM GMT
China's economy skids as lockdowns hit factories, retailers
China's retail and factory activity fell sharply in April as wide COVID-19 lockdowns confined workers and consumers to their homes and severely disrupted supply chains, casting a long shadow over the outlook for the world's second-largest economy.
Retail sales in April shrank 11.1 percent from a year earlier, the biggest contraction since March 2020, data from the National Bureau of Statistics (NBS) showed on Monday, a steeper decline than forecast in a Reuters poll. Factory production fell 2.9 percent from a year earlier, dashing expectations for a rise and the largest decline since February 2020, as anti-virus measures snarled supply chains and paralysed distribution.
- 17 May 2022 3:49 AM GMT
FII and DII data
Foreign institutional investors (FIIs) have net sold shares worth Rs 1,788.93 crore, whereas domestic institutional investors (DIIs) remained net buyers, to the tune of Rs 1,428.39 crore worth of shares on May 16, as per provisional data available on the NSE.
- 17 May 2022 3:49 AM GMT
Oil prices open lower as EU struggles to seal Russia import ban
Oil prices opened lower in early Asian trade on Tuesday after the European Union's efforts to enact a ban on Russian oil imports, a move that would tighten global supply, ran into resistance from member country Hungary.
Brent crude futures fell 35 cents, or 0.3 percent, to $113.89 a barrel at 0004 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 52 cents, or 0.5 percent, to $113.68 a barrel.
- 17 May 2022 3:48 AM GMT
RBI may hike rates by 75 bps by August, say SBI economists
At least 59 percent of the accelerated inflation is attributable to the impact of the geopolitical conflict triggered by the Russian invasion of Ukraine, economists at SBI said on Monday. In the face of the heightened inflation situation – the headline number touched nearly 7.8 percent for April, and the RBI is set to hike rates by another 0.75 percent to get the repo rate back to the pre-pandemic level of 5.15 percent, they added.
- 17 May 2022 3:48 AM GMT
LIC listing today
Life Insurance Corporation of India will make its debut on the stock markets on Tuesday, March 17, after a long-awaited initial public offering (IPO) that attracted overwhelming investor response and raised Rs.21,000 crore for the government.
The listing comes at a time when the stock markets are volatile amid accelerating inflation and rising interest rates. With shares in the state-owned giant in the demat accounts of successful bidders, investors face the question of what do with the stock – whether to exit at the time of listing if it lists at a premium, hold it for the short terms or treat it as a long-term investment.
Market experts are expecting a tepid listing for LIC because of the current upheaval in global equity markets, blamed on Russia's February 24 invasion of neighboring Ukraine, supply-chain disruptions caused by the war, and interest rate increases by the US Federal Reserve and other central banks that have ended years of easy money.
