Market Live Updates Today: Trends in SGX Nifty indicate a positive opening for the broader index in India with a gain of 93 points
The BSE Sensex rallied 503 points to 54,253, while the Nifty50 rose 144 points to 16,170 and formed a bullish candle on the daily charts as the closing was higher than the opening levels.
The BSE Sensex rallied 503 points to 54,253, while the Nifty50 rose 144 points to 16,170 and formed a bullish candle on the daily charts as the closing was higher than the opening levels.
US Markets
World shares rose on Thursday and the US dollar edged lower, a day after minutes from the US Federal Reserve's May meeting indicated the central bank would remain flexible and might pause rate hikes later in the year.
Wall Street closed higher with the three main US indices positioned for their biggest weekly gains since mid-March.
The Dow Jones Industrial Average rose 516.91 points, or 1.61 percent, to 32,637.19; the S&P 500 gained 79.11 points, or 1.99 percent, to 4,057.84; and the Nasdaq Composite added 305.91 points, or 2.68 percent, to 11,740.65.
Asian Markets
Shares in Asia-Pacific rose in Friday morning trade, with investors monitoring shares of Alibaba in Hong Kong after the Chinese tech giant posted better-than-expected fourth-quarter earnings on Thursday.
The Nikkei 225 in Japan gained 0.88 percent as shares of conglomerate SoftBank Group surged 4.47 percent. The Topix index advanced 0.62 percent. South Korea's Kospi also jumped 1.15 percent. In Australia, the S&P/ASX 200 climbed 1.07 percent. MSCI's broadest index of Asia-Pacific shares outside Japan traded 1.57 percent higher.
Live Updates
- 27 May 2022 3:34 AM GMT
Global firms warn of sluggish China demand due to lengthy COVID curbs
Two months into harsh COVID-19 lockdowns that have choked global supply chains, China's economy is staggering back to its feet, but businesses from retailers to chipmakers are warning of slow sales as consumers in the country slam the brakes on spending.
"The current China lockdowns ... has implications to both supply and demand," said Colette Kress, chief financial officer at US chipmaker Nvidia, which forecast on Thursday a $400 million hit to gaming sales from China's stringent coronavirus restrictions. read more
Retail sales in April shrank 11.1 percent year-on-year, after falling 3.5 percent in March. UBS and JP Morgan lowered their full-year GDP growth forecasts for China to 3 percent and 3.7 percent, respectively, earlier this week.
- 27 May 2022 3:33 AM GMT
FII and DII data
Foreign institutional investors (FIIs) have net sold shares worth Rs 1,597.84 crore, whereas domestic institutional investors (DIIs) remained net buyers, to the tune of Rs 2,906.46 crore worth of shares on May 26, as per provisional data available on the NSE.
- 27 May 2022 3:33 AM GMT
SBI economists peg India's Q4 GDP growth at 2.7%, FY22 expansion at 8.5%
Upcoming release of official data for economic performance is likely to register a 2.7 percent growth for the January-March period, and the FY22 growth is expected to be 8.5 percent, economists at SBI said on Thursday.
We believe the GDP projection for Q4 FY22 is clouded by significant uncertainties. For example, even a one per cent downward revision in Q1 GDP estimates of FY22 from 20.3 percent, all other things remaining unchanged, could push Q4 GDP growth to 3.8 percent, they noted.
- 27 May 2022 3:32 AM GMT
US weekly jobless claims fall; first-quarter economic contraction confirmed
The number of Americans filing new claims for unemployment benefits fell last week, consistent with a labor market that remains tight amid strong demand for workers despite rising interest rates and tightening financial conditions.
Initial claims for state unemployment benefits decreased 8,000 to a seasonally adjusted 210,000 for the week ended May 21, the Labor Department said on Thursday. The decline partially unwound some of the prior week's surge, which had pushed claims to their highest level since January.
Economists polled by Reuters had forecast 215,000 applications for the latest week. Some blamed the recent increase in applications to less generous seasonal factors in May, the model that the government uses to strip out seasonal fluctuations from the data, relative to the prior two months.
- 27 May 2022 3:31 AM GMT
RBI to hike repo rate by 50 basis points, lower FY23 growth to 7% in June review: Barclays
The Reserve Bank will opt for a larger, 0.50 percent, hike in key rates at its next monetary policy review in June to protect medium term economic stability in face of the uncomfortable inflation situation, a British brokerage said on Thursday.
The central bank will likely revise its inflation estimate to 6.2-6.5 percent, which is way above the upper end of its tolerance band of 2-6 percent, economists at Barclays said.
"We expect the RBI to deliver another large interest rate hike in June, as above-target inflation could undermine medium-term economic stability,” its chief economist Rahul Bajoria said, adding that the quantum of rate hike can be 0.50 percent.
- 27 May 2022 3:30 AM GMT
Oil near 2-month high amid global supply concerns
Oil prices eased slightly in early Asian trade on Friday, after surging to a two-month high in the previous session as investors focused on signs of tight global supply.
Brent crude futures fell 11 cents to $117.29 a barrel by 0:08 GMT. WTI crude futures for July delivery fell 19 cents to $113.90 a barrel. Prices have gained about 50 percent so far this year.
OPEC+ is set to stick to last year's oil production deal at its June 2 meeting and raise July output targets by 432,000 barrels per day, six OPEC+ sources told Reuters, rebuffing Western calls for a faster increase to lower surging prices. read more
