Benchmarks opened higher on May 13. As of 9:16 a.m., the Sensex is up 480.23 points or 0.91% at 53,410.54. The Nifty is up 164.30 points or 1.04% at 15972.30. About 1,486 stocks were up, 397 stocks were down and 72 stocks were unchanged.
Among the Nifty winners were Tata Motors, Sun Pharma, Adani Ports, Eicher Motors and Hero MotoCorp were among the top Nifty winners. Some of Sensex’s top winners included Sun Pharma, Tata Steel and Titan. Among the big losers were NTPC Bharti Airtel and Larsen & Toubro
Rupee opens lower
The rupiah opens at 77.36 against the dollar from Thursday’s close of 77.42 against the dollar.
On May 12, the Indian Rupee opened lower at 77.52 against the US Dollar on May 12. It had closed at 77.24 against the US dollar on Wednesday.
The rupee fell 30 paise to 77.55 against the US dollar when trading opened on Thursday, as a lackluster trend in domestic stock markets and a firm US currency weighed on investor sentiment.
Asian stocks cut losses
Asian equities found balance after a volatile session for US equities. Federal Reserve Chairman Jerome Powell again pushed back on speculation of more aggressive interest rate hikes. Powell reiterated that the Fed would likely raise rates by half a percentage point at each of its next two meetings and that it was not “actively” considering a 75 basis point hike.
The dollar remained at 20-year highs and global equities near 18-month lows on concerns about persistently high inflation and central bank tightening.
MSCI’s broadest index of Asia-Pacific stocks outside Japan rose 1.15%, cutting its losses for the week to around 3.5%. Australian stocks rose 1.56%, while Japan’s Nikkei stock index jumped 2.62%. In China, the blue chip CSI300 index rose 0.92% and Hong Kong’s Hang Seng rose 1.8%.
US stocks close lower on Thursday
US stocks closed lower on Thursday but were off the session’s ugliest levels after Federal Reserve Chairman Jerome Powell was elected by Congress to a second four-year term.
Prior to Powell’s confirmation, the S&P 500 had edged closer to bear market territory. Stocks pared losses in choppy trade on Thursday after Federal Reserve Chairman Jerome Powell was given more time to drastically withdraw the central bank’s easy money stance to fight inflation before it does not destroy the economy.
Stocks initially rallied following new economic data that showed a slowdown in wholesale inflation in April, but fell in afternoon trade as investors focused on the potential ramifications of pressures always intense on prices. While sticking to forecasts, prices rose 0.5% in April, after jumping 1.6% in March.
The Dow Jones Industrial Average fell 103.81 points, or 0.33%, to 31,730.3, the S&P 500 lost 5.1 points, or 0.13%, to 3,930.08 and the Nasdaq Composite added 6.73 points, or 0.06%, to 11,370.96.
Global stocks fall to their lowest level in 18 months
Global stocks fell to their lowest level in 18 months on Thursday while the dollar hit a 20-year high as investors feared that inflation driving up interest rates could bring the global economy to a standstill.
In Europe, economic concerns were heightened by a German warning that Russia was now using energy supplies as a “weapon”. Europe’s continent-wide STOXX 600 index fell 0.75%. The MSCI gauge of stocks across the world was down 0.69%, as of 5:09 p.m. ET (21:09 GMT).
Retail price inflation hits highest level in 8 years
Retail price inflation hit an eight-year high of 7.79% in April, largely due to stubbornly high food prices, remaining above the RBI’s upper tolerance level for the fourth consecutive month. Inflation based on the Consumer Price Index (CPI) was 6.95% in March this year and 4.23% in April 2021. Food basket inflation rose to 8.38% in April, compared to 7.68% the previous month and 1.96% last year. -a month ago.
India’s industrial growth, according to the Industrial Production Index (IPI), reached 1.9% in March, down from 1.5% in February. Manufacturing sector output rose 0.9%, slightly up from a 0.5% increase recorded in February. The other two sectors – mining and electricity – have seen their fortunes move in opposite directions. While power generation grew at a faster pace of 6.1%, mining output growth fell to 4.0% from 4.5% in February.
The southwest monsoon is expected to arrive early
India’s southwest monsoon is expected to arrive early, with the Andaman and Nicobar Islands set to receive the first seasonal showers on May 15. The normal start date of the monsoon over Kerala is June 1st.
Tata Motors’ fourth-quarter consolidated net loss narrows
Tata Motors on Thursday announced a reduction in consolidated net loss to Rs 992.05 crore in the fourth quarter ended March 2022. The company had recorded a consolidated net loss of Rs 7,585.34 crore during the same period of the year. previous fiscal year, Tata Motors said in a regulatory filing. Total consolidated revenue from operations stood at Rs 78,439.06 crore in the fourth quarter compared to Rs 88,627.90 crore a year ago, it added.
L&T net profit increases by 10%
Larsen & Toubro on Thursday announced a 10% growth in its consolidated net profit to Rs 3,620.69 crore for the quarter ended March 2022. The company had posted a consolidated net profit of Rs 3,292.81 crore during the period a year ago, Larsen & Toubro ( L&T) said.
Consolidated profit during the quarter under review increased to Rs 53,366.26 crore from Rs 49,116.16 crore a year ago,” Consolidated net profit after tax for the quarter ended 31 March 2022 at Rs 3 621 crore was up 10 percent from the same quarter a year earlier in line with revenue growth,” the company said in a statement.
Posted: Friday May 13th 2022, 09:23 IST