Opening Bell:
SGX Nifty is up by 22.5 points in the early morning trade, indicating a positive opening for Indian stock market.
Asian markets are mixed today. The Nikkei 225 is up 0.80% while the Hang Seng gained 0.18%. The Shanghai Composite is off 0.05%. Wall Street finished mixed on Monday, with the Nasdaq helped by gains in Alphabet and Meta Platforms, while the S&P 500 ended near flat as investors refrained from big bets ahead of a fresh round of talks about raising the U.S. debt ceiling. The S&P 500 up by 0.01%. while the Nasdaq Composite is up by 0.50%. The Dow Jones Industrial Average down by 0.42%.
Stocks News:
đBharat Petroleum Corporation Limited (BPCL) on May 22 reported a 159 percent surge in standalone net profit at Rs 6,478 crore for the quarter ended March 31, 2023, beating Street estimates. According to CNBC-TV18 poll, the company was expected to report a net profit of Rs 3,981 crore. The government-owned downstream oil producer had reported a net profit of Rs 2,501 crore in the year-ago period.
đPB Fintech, the parent company of Policybazaar, reported sharp narrowing of losses in the fourth quarter at Rs 8.9 crore. Revenue from operations jumped 61% year-on-year to Rs 869 crore for the January-March period.
đShree Cement posted a net profit of Rs 546 crore in the three months ended March period. Revenue from operations came in at Rs 4,785 crore in the same period.
đIndiabulls Housing Finance net profit rose 14% to Rs 262 crore for the fourth quarter. NII for the quarter was up 13% to Rs 734 crore.
đForeign portfolio investors (FPIs) have net purchase shares worth Rs 923 crore on Friday. DIIs, on the other hand, stock purchase worth Rs 604 crore.
Domestic and International Events
- India’s economy is likely to see downside risks to growth and upside risks to inflation, partly due to challenges in the country’s external sector as well as weather-related uncertainties, the finance ministry said in its Monthly Economic Review for April on Monday.
- Tax experts on Monday sought clarity on the applicability of TCS on foreign payments of over Rs 7 lakh made via credit cards, saying it would be difficult for the I-T department to differentiate between personal and business visits. The government on May 16 issued a notification under Foreign Exchange Management Act (FEMA), which effectively imposed a 20 per cent TCS on international credit cards (ICC) spends in foreign exchange. ICC spending was brought under the RBI’s liberalised remittance scheme (LRS).
- Oil prices climbed for a second day on Tuesday as investors expect a tighter market led by a seasonal rise in gasoline demand and supply cuts from OPEC+ producers, though concerns over the risk of a U.S. debt default capped gains.
- Gold prices edged higher on Monday after rising over 1% in the previous session following less-hawkish comments from the U.S. Federal Reserve Chair Jerome Powell, with uncertainty around the U.S. debt ceiling outcome and over the banking sector’s stability adding to safe-haven bullion’s gains.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,678 | 1.2 % |
| Shanghai Composite | 3,296 | 0.4 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,287 | (0.4) % |
| DAX | 16,224 | (0.3) % |
| FTSE 100 | 7,771 | 0.2 % |
| Nikkei | 31,087 | 0.9 % |
| Straits Times | 3,211 | 0.3 % |
