The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 223 points.
The BSE Sensex plunged 1,416 points, or 2.6 percent, to 52,792, while the Nifty50 declined 431 points, or 2.65 percent, to 15,809 and formed a bearish candle on the daily charts.
As per the pivot charts, the key support level for the Nifty is placed at 15,728, followed by 15,647. If the index moves up, the key resistance levels to watch out for are 15,938, followed by 16,066.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms that could impact Indian as well as international markets.
Wall Street ended lower after a volatile session on Thursday, with Cisco Systems slumping after giving a dismal outlook, while investors fretted about inflation and rising interest rates.
The S&P 500 declined 0.58% to end the session at 3,900.79 points. The Nasdaq declined 0.26% to 11,388.50 points, while the Dow Jones Industrial Average declined 0.75% to 31,253.13 points.
Asian shares jumped in early trade on Friday after China cut a key lending benchmark to support a slowing economy, but a gauge of global equities remained set for its longest weekly losing streak on record amid investor worries about sluggish growth.
China cut its five-year loan prime rate (LPR) by 15 basis points on Friday morning, a sharper cut than had been expected, as authorities seek to cushion an economic slowdown, though it left the one-year LPR unchanged. The five-year rate influences the pricing of mortgages.
MSCI's broadest index of Asia-Pacific shares outside Japan quickly built on early gains after the cut, and was last up 1.4%.
The trends on SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 223 points. The Nifty futures were trading at 16,008 levels on the Singaporean exchange.
Oil steady as economic worries offset China's demand rises
Oil prices were little changed on Friday as worries about weaker economic growth offset expectations that crude demand could rebound in China as Shanghai lifts some coronavirus lockdowns.
Brent futures for July delivery fell 36 cents, or 0.3 percent, to $111.68 a barrel by 0015 GMT, while US West Texas Intermediate (WTI) crude fell 36 cents, or 0.3 percent, to $111.85 on its last day as the front-month.
US weekly jobless claims rise; continuing claims lowest since 1969.
New claims for U.S. unemployment benefits unexpectedly rose last week, but the labor market remains tight amid worker shortages, with the number of Americans on jobless rolls at its lowest since 1969 in early May.
Initial claims for state unemployment benefits increased by 21,000 to a seasonally adjusted 218,000 for the week ended May 14, the highest level since January, the Labor Department said on Thursday. Reuters economists polled by Reuters had forecast 200,000 applications for the latest week.
SEBI streamlines the process of trading in rights entitlements on its exchange platform.
Capital markets regulator SEBI on Thursday streamlined the process of rights issues pertaining to the minimum time period between the closure of trading in Right Entitlements (RE) on a stock exchange platform and the closure of such issue.
According to a circular, trading in REs on the secondary market platform of stock exchanges will commence along with the opening of the issue and will be closed at least three days prior to the closure of the rights issue.
Sugar exports up 64% to 71 lakh tonnes during the October 2021 to April 2022 period: ISMA
Sugar exports have risen by 64 percent to 71 lakh tonnes during the October 2021-April 2022 period on better demand for the Indian sweetener in global markets, according to industry body ISMA. In a statement, the Indian Sugar Mills Association (ISMA) said that 43.19 lakh tonnes of sugar were exported during the corresponding period of last year.
"As per port information and market reports, over 85 lakh tonnes of contracts for the export of sugar have already been entered into so far.
results on May 20.
NTPC, One 97 Communications (PayTM), Amara Raja Batteries, Gati, HeidelbergCement India, Indiabulls Housing Finance, IDFC, Indigo Paints, Indian Railway Finance Corporation, JK Tyre and Industries, CE Info Systems, Metro Brands, Narayana Hrudayalaya, Nuvoco Vistas Corporation, Paras Defence and Space Technologies, Pfizer, SML Isuzu, Sobha, Thermax, and Zydus Lifesciences will report their March quarter earnings on May 20.
FII and DII data
Foreign institutional investors (FIIs) have net sold shares worth Rs 4,899.92 crore, whereas domestic institutional investors (DIIs) remained net buyers, to the tune of Rs 3,225.54 crore worth of shares on May 19, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Four stocks – Delta Corp, GNFC, Indiabulls Housing Finance, and Punjab National Bank – remained under the F&O ban for May 20. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.