Opening Bell:
SGX Nifty is down by 37.0 points in the early morning trade, indicating a negative opening for Indian stock market.
Asia-Pacific markets are trading mixed as the region looks to economic data from several countries, including Japan and Australia. The Nikkei 225 is higher by 0.59%, while both indices the Shanghai Composite and Hang Seng are down by 0.27% and 0.11% respectively. U.S. stock indexes ended down, the tech-heavy Nasdaq’s losses were held in check by momentum megacaps including Amazon.com, Alphabet Inc and Microsoft Corp. the S&P 500 down by 0.64%. while the Nasdaq Composite is down by 0.18%. The Dow Jones Industrial Average down by 1.01%.
Stocks News:
👉Bharti Airtel reported a 50% YoY rise in the consolidated net profit for the quarter ended March to Rs 3,006 crore. Consolidated revenue grew 14.3% YoY to Rs 36,009 crore
👉Bank of Baroda on May 16 reported standalone profit for the quarter ended March at Rs 4775.33 crore, up 168.46 percent from Rs 1778.77 crore in the same quarter last year.
👉Indian Oil Corp Ltd on May 16 reported 67 percent year-on-year jump in standalone net profit to Rs 10,059 crore for the quarter ended March 2023. Net profit stood at Rs 6,021 crore in the year-ago period.
👉Jindal Steel and Power’s consolidated net profit fell 69% to Rs 462 crore in the March quarter. Revenue from operations too dropped 4% to Rs 13,691 crore during the reporting quarter.
👉Foreign portfolio investors (FPIs) have net purchase shares worth Rs 1,407 crore on Tuesday. DIIs, on the other hand, stock sold worth Rs 886 crore.
Domestic and International Events
- The Reserve Bank of India’s board is expected board to meet on Friday when it is expected to consider a dividend payout to the government, news agency Bloomberg reported on Tuesday citing sources. For FY22, the central bank transferred a surplus of ₹30,307 crore to the Centre.
- Trade between India and Russia reached the record level of 44.4 bln USD during the financial year 2022-2023, having surpassed the targets set by the leadership of the two countries. Today Russia is India’s 5th trade partner, after US, China, UAE and Saudi Arabia.
- Oil prices fell for a second day on Wednesday after a surprise rise in U.S. crude inventories stoked demand concerns on the heels of weaker-than-expected economic data from the United States and China, the world’s two biggest oil consumers.
- Gold fell on Tuesday after U.S. economic data and hawkish remarks from Federal Reserve officials drove bets that interest rate cuts may be delayed, but debt default jitters kept a floor under safe-haven bullion.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,978 | 0.0 % |
| Shanghai Composite | 3,291 | (0.6) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,012 | (1.0) % |
| DAX | 15,898 | (0.1) % |
| FTSE 100 | 7,751 | (0.3) % |
| Nikkei | 29,843 | 0.7 % |
| Straits Times | 3,214 | (0.0) % |
