The Indian stock market is expected to open in the red as trends on SGX Nifty indicate a gap-down opening for the broader indices in India with a loss of 268 points.
The market squandered again in the last hour of the trade to end lower on April 29, with benchmark indices losing around 1.5 percent each from the day's peak to settle eight-tenth of a percent lower.
The Sensex declined 460 points to close at 57,061 and the Nifty shed 143 points to 17,102.
As per the pivot charts, the key support for the Nifty is at 16,978, followed by 16,853. If the index moves up, the resistance levels to watch out for are 17,302 and 17,502.
Wall Street slid on Friday to its deepest daily losses since 2020, as Amazon slumped following a gloomy quarterly report, and as the biggest surge in monthly inflation since 2005 spooked investors already worried about rising interest rates.
The, S&P 500 declined 3.63% to end the session at 4,131.93 points. The Nasdaq declined 4.17% to 12,334.64 points, while Dow Jones Industrial Average declined 2.77% to 32,977.21 points.
Shares in Asia-Pacific were lower in Monday morning trade, with data released over the weekend showing Chinese factory activity contracted in April. In Japan, the Nikkei 225 fell 0.54% as shares of robot maker Fanuc dropped about 3%. The Topix index also shed 0.38%. South Korea’s Kospi traded 0.5% lower.
Australia stocks declined, with the S&P/ASX 200 falling 1.41%. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.55% lower.
Trends on SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 268 points. The Nifty futures were trading around 16,858 levels on the Singaporean exchange.
At Rs 1.68 lakh crore, GST collection scales to all-time high in April 2022
The monthly collection under the Goods and Services Tax (GST) has peaked to an all-time high of Rs 1.68 lakh crore in April 2022, according to a statement by the Finance Ministry on May 1. The gross GST collection has crossed the Rs 1.5 lakh crore-mark for the first time in April 2022 and Rs 1 lakh crore-mark for the tenth month in a row.
The gross GST revenue collected April 2022 is Rs 1,67,540 crore, out of which CGST is Rs 33,159 crore, SGST is Rs 41,793 crore, IGST is Rs 81,939 crore (including Rs 36,705 crore collected on import of goods), and cess is Rs 10,649 crore (including Rs 857 crore collected on import of goods).
The gross GST collection in April marks a consecutive month-on-month (MoM) surge as a record-high amount of Rs 1.42 lakh crore was collected in March. GST collection in April was Rs 25,000 crore more than the collection in March.
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.
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.
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.
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.
Results on May 2
HDFC, Britannia Industries, Alembic Pharmaceuticals, Astec Lifesciences, Adani Wilmar, Castrol India, CG Power and Industrial Solutions, Devyani International, Dwarikesh Sugar Industries, EIH Associated Hotels, IDBI Bank, Inox Leisure, JBM Auto, Jindal Stainless, Mahindra & Mahindra Financial Services, Mahindra Holidays & Resorts India, Meghmani Organics, NGL Fine-Chem, Olectra Greentech, Saregama India, Shakti Pumps (India), and Surana Solar will release quarterly earnings on May 2.
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.