The Indian stock market is expected to open in the green as trends on the SGX Nifty indicate a positive opening for the broader index in India with a gain of 62 points.
The BSE Sensex fell more than 700 points, or 1.2 percent, to 56,463, while the Nifty50 corrected over 200 points to 16,959 and formed a bearish candle on the daily charts, indicating the trend in favour of bears.
As per the pivot charts, the key support level for the Nifty is placed at 16,764, followed by 16,569. If the index moves up, the key resistance levels to watch out for are 17,215 and 17,471.
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.
US stocks surged on Tuesday on the back of stronger-than-expected corporate earnings, but bleak forecasts on global economic growth pushed bond yields up and drove oil down.
The Dow Jones Industrial Average rose 1.45 percent, the S&P 500 gained 1.61 percent, and the Nasdaq Composite jumped 2.15 percent.
Shares in the Asia-Pacific were mixed in Wednesday morning trade as China defied expectations by keeping its benchmark lending rate unchanged.
The Shanghai composite in mainland China fell 0.26 percent in morning trade while the Shenzhen component shed 0.528 percent. Hong Kong’s Hang Seng index, which fell more than 2 percent on Tuesday, gained 0.36 percent.
The Nikkei 225 climbed 0.47 percent, too. The Topix index advanced 0.73 percent. Australian stocks also traded in positive territory as the S&P/ASX 200 gained 0.51 percent. South Korea’s Kospi shed 0.37 percent.
Trends on the SGX Nifty indicate a positive opening for the broader index in India with a gain of 62 points. The Nifty futures were trading at 16,992 levels on the Singaporean exchange.
Oil prices rose 1% after sinking in the previous session.
Oil prices rose about 1 percent on Wednesday, gaining back some of their losses during the previous session on concerns about energy demand after the International Monetary Fund (IMF) cut its economic growth forecasts.
Brent crude futures rose 96 cents, or 0.9 percent, to $108.21 a barrel by 00:04 GMT. The front-month WTI crude futures contract, which expires Wednesday, rose $1.19, or 1.2 percent, to $103.75 a barrel. The second-month contract gained $1.18, or 1.2 percent, to $103.23 a barrel. Both the benchmarks fell 5.2 percent in volatile trading on Tuesday.
The IMF cuts India's GDP growth forecast by 80 bps to 8.2% for FY23.
The International Monetary Fund (IMF) has cut its growth forecast for India for FY23 by 80 basis points to 8.2 percent, warning that Russia's invasion of Ukraine would hurt consumption and, hence, growth by way of higher prices.
"Notable downgrades to the 2022 forecast include Japan (0.9 percentage point) and India (0.8 percentage point), reflecting in part weaker domestic demand-as higher oil prices are expected to weigh on private consumption and investment-and a drag from lower net exports," the IMF said in its World Economic Report, released on April 19.
Real estate prices are expected to increase by 10% to 15% across the country. Credai
Real estate prices have increased 5–8 percent due to a rise in the cost of construction, and rates are expected to rise further by 5-7 percent, taking the total increase to 10-15 percent across India, Credai National President Harsh Vardhan Patodia said on April 19.
Nearly 40 percent of real estate developers feel that they would not be able to deliver their projects if the government did not take immediate steps to provide relief to them from a sharp hike in the prices of construction raw materials like steel and cement, according to a survey conducted by Credai, the realtors' apex body, titled "National Price Rise Impact Study 2022."
He said that cement prices have gone up by more than Rs 100 a bag, while steel prices have risen from Rs 45,000 per metric tonne last year to Rs 89,000 per metric tonne as of date.
Inflation is a "clear and present" danger for many countries, says the IMF's top economist, Pierre-Olivier Gourinchas.
Inflation poses a "clear and present danger" to many countries, the International Monetary Fund's top economist, Pierre-Olivier Gourinchas, has warned.
This is the latest in a series of warnings on inflation. Writing for the Project Syndicate website on April 16, noted economist Eswar Prasad said policymakers had a "daunting high-stakes balancing act ahead of them" because of the resurgence of global inflation. In March, US Federal Reserve chair Jerome Powell said it was clear that inflation was "much too high".
"Even prior to the (Russia-Ukraine) war, it surged on the back of soaring commodity prices and supply-demand imbalances. Many central banks, such as the Federal Reserve, have already moved toward tightening monetary policy. War-related disruptions amplify those pressures, "Gourinchas wrote in an article accompanying the release of the IMF's World Economic Outlook report on April 19.
Results on April 20
Angel One, Glenmark Life Sciences, Tata Elxsi, ICICI Securities, JTL Infra, Reliance Industrial Infrastructure, Ellora Trading, HCKK Ventures, Indbank Merchant Banking Services, and Ind Bank Housing will release quarterly earnings on April 20.
FII and DII data
Foreign institutional investors (FIIs) have net sold shares worth Rs 5,871.69 crore, while domestic institutional investors (DIIs) have net bought shares worth Rs 3,980.81 crore on April 19, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
One stock – Tata Power – is under the F&O ban for April 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.