Opening Bell:
SGX Nifty is down by 36.0 points in the early morning trade, indicating a negative opening for Indian stock market.
Asia-Pacific markets are trading mixed after two out of three major U.S. indexes recorded a second straight week of losses, fueled by concern over the US debt ceiling and disappointing economic data. US President Joe Biden and congressional leaders postponed a meeting set for Friday to the following week. The Nikkei 225 is higher by 0.47%, while Hong Kong’s Hang Seng is off 0.52%. Shares in China are unchanged with the Shanghai Composite is down by at 0.30%. US consumers are concerned about uncertainty surrounding the economy and a potential default of the US government’s debt. That’s according to a preliminary report from the University of Michigan on Friday. The survey shows that the university’s consumer-sentiment index fell by 9% this month, with the decline erasing more than half of its gains since rebounding from a record low in June 2022. the S&P 500 down by 0.16%. while the Nasdaq Composite is down by 0.35%. The Dow Jones Industrial Average down by 0.66%,
Stocks News:
👉Adani Enterprises and Adani Transmission today announced that they would raise funds totalling Rs 21,000 crore through the qualified institutional placement (QIP) route.
👉Mining major Vedanta reported a 67.5% year-on-year drop in its March quarter net profit at Rs 1,881 crore. The company’s revenue from operations dropped 5.4% YoY to Rs 37,225 crore
👉Hindustan Petroleum Corp Ltd (HPCL) has posted 79% growth in its consolidated net profit at Rs 3,608 crore for the January-March period Revenue from operations rose 9% to Rs 1.14 lakh crore during the quarter under review.
👉Pharma major Cipla has reported a consolidated net profit of Rs 526 crore for the quarter ended March, up 45%. Revenue from operations during the quarter jumped 9% year-on-year to Rs 5,739 crore.
👉Foreign portfolio investors (FPIs) have net purchase shares worth Rs 1,014 crore on Friday. DIIs, on the other hand, stock sold worth Rs 922 crore.
Domestic and International Events
- India’s retail inflation moderated to an 18-month low of 4.70 per cent in April on an annual basis as against 5.66 per cent in March, showed data released by the ministry of statistics on Friday. The consumer-price index (CPI) based inflation has remained within the Reserve Bank of India’s (RBI) tolerance band of 2-6 per cent for the second consecutive month.
- ONGC Videsh, the overseas arm of the Oil and Natural Gas Corporation, has raised a foreign currency loan of $500 million from a consortium of banks comprising DBS, Bank of Baroda and State Bank of India, according to people familiar with the matter.
- Oil prices settled more than 1% lower on Friday, falling for the fourth consecutive week, as the market balanced supply fears against renewed economic concerns in the United States and China.
- Spot gold prices reached near-all-time highs as multiple catalysts pushed prices higher, such as a weak US dollar, the US debt ceiling standoff, and global economic fears. Investors shifted from the dollar to gold-like assets due to a drop in the outlook for global interest rates. The recent banking crisis, predictions of a pause in US interest rates and signs of easing inflation prompted investors to flock to safe-haven assets. The short-term outlook for gold remains positive, but there is a chance of correction.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,627 | (0.6) % |
| Shanghai Composite | 3,272 | (1.1) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,301 | (0.0) % |
| DAX | 15,914 | 0.5 % |
| FTSE 100 | 7,755 | 0.3 % |
| Nikkei | 29,388 | 0.9 % |
| Straits Times | 3,209 | (0.7) % |
