Key things to know before the market opens on Wednesday
Benchmarks for Indian equities are expected to open on a flat note on Wednesday, as reported by the Nifty Futures on the Singapore Stock Exchange amid weak global signals. Today is the last working day of the week as markets will remain closed on Thursday and Friday due to trading holidays on the occasion of Mahavir Jayanti and Good Friday respectively. On Tuesday, Sensex and Nifty fell for the second session in a row, dragged down by selling pressure from index heavyweights like Reliance Industries, Infosys, Bharti Airtel, Larsen & Toubro and Hindustan Unilever.
Here are the key things to know before the market opens on Wednesday
Clever SGX Update
The Nifty Futures on Singapore Exchange, also known as SGX Nifty Futures, fell 0.02% or 3 points to 17,562.
Most Asian markets were trading higher with the Japanese Nikkei up 1.5%, the weighted Taiwan up 1.2% and the South Korean KOSPI up 0.72%.
Stocks ended slightly lower on Wall Street on Tuesday after investors weighed new data showing signs that inflation eased slightly in March, although it remained overall at a 40-year high. years.
The S&P 500 fell 0.3% after rising 1.3% earlier in the day. The pullback extends the benchmark’s losing streak to a third day, reflecting investor concerns about potential collateral economic damage as the Federal Reserve more aggressively tackles high inflation.
The Dow Jones Industrial Average and the Nasdaq composite each fell 0.3% after losing early gains.
The indices initially rallied after the release of the report, which showed inflation last month was again at its highest level in generations, particularly due to soaring gasoline prices. Still, the reading was relatively close to economists’ expectations, the AP news agency reported.
Checking the price of gold and crude oil
Benchmark U.S. crude for May delivery fell $3.97 to $94.29 a barrel on Monday. Brent crude for June delivery fell $4.30 to $98.48 a barrel.
Gold for June delivery rose $2.60 to $1,948.20 an ounce. Silver for May delivery rose 17 cents to $24.99 an ounce and May copper fell 9 cents to $4.63 a pound.
The dollar fell from 124.37 yen to 125.46 Japanese yen. The euro fell from $1.0885 to $1.0890.
Update on the Russian-Ukrainian War
The United States and its allies are moving forward with sanctions aimed at forcing Vladimir Putin to spend Russia’s money to support its economy rather than support its “war machine” for the fight in Ukraine, says a senior Treasury Department official on Tuesday.
Deputy Treasury Secretary Wally Adeyemo, one of the main U.S. coordinators of Russia’s sanctions strategy, said in an interview with The Associated Press that the goal is to make Russia “less capable of projecting power at the ‘coming”.
Main developments of the Russian-Ukrainian war:
- Ukrainian investigators say toxic substance was dropped in Mariupol
- A look at Russia’s military goals and the challenges it faces
- “This is not the end”: the children who survived the horror of Bucha
- War in Russia worsens fertilizer shortage, jeopardizing food supply
- Czechs offer free shooting training to local Ukrainians
Foreign institutional investors (FII) sold shares worth Rs 3,128 crore on Monday while domestic institutional investors bought shares worth Rs 870 crore.
Earnings on April 13
Infosys, Den Networks and Lesha Industries will release their March quarter results on Wednesday.
Stocks in Brief: Anand Rathi, TVS Motor Company, Tata Steel, ICICI Bank
Anand Rathi’s profit jumped 184% to Rs 126 crore in the 2021-22 financial year. Its assets under management grew by 23% to Rs 32,906 crore.
TVS Motor Company
The company’s subsidiary, Swiss E-Mobility Group (Holding) AG, acquired 100% of Alexandr’Ro Edouard’O Passion Vélo Sàrl (“Passion Vélo”), whose main activity is the sale of electric bicycles as well as as accessories for electric bikes. across a range of premium e-bike brands such as TREK, Riese & Muller, Cannondale, Mustache and others.
The company has acquired a 100% stake held by Steel Authority of India Limited (SAIL) in S&T Mining Company.
The bank’s board of directors will meet on April 23, 2022 to consider raising funds through the issuance of debt securities.
Macro data points to watch
March inflation data
Consumer price-based inflation jumped to 6.95% in March from 6.07% in February, mainly due to more expensive food items, government data showed on Tuesday.
Food basket inflation was 7.68% in March, down from 5.85% the previous month.
This is the third consecutive month in which inflation has remained above the Reserve Bank of India’s (RBI) upper 6% mandate limit, averaging 6.4% from January to March.
The RBI, which primarily takes retail price inflation into account when formulating its fortnightly monetary policy, has been tasked by the government to keep inflation at between 2 and 6 percent.
February PII data
Factory output rose 1.7% in February, mainly due to an increase in the mining sector and electricity production.
According to government data released on Tuesday, the manufacturing sector grew by 0.8%.
The industrial production index (IIP) had fallen by 3.2% in February 2021.
Cumulative growth in April-February 2021-22 was 12.5%. In the prior year period, there had been a contraction of 11.1%.