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    SGX Nifty up 130 points; here's what changed for market while you were sleeping

    Synopsis

    SBI, JSW Steel, Shree Cements, Hindalco Industries, United Spirits, Container Corporation of India, Crompton Greaves Consumer, Dr Lal Pathlabs, Godrej Industries, Ircon International and Birlasoft are among companies which will announce their March quarter results today.

    NiftyGetty Images
    Net-net, foreign portfolio investors (FPIs) turned net buyers of domestic stocks to the tune of Rs 71.04 crore, data available with NSE suggested. DIIs were net sellers to the tune of Rs 876.06 crore, data suggests.
    Domestic stocks may see a positive start to Friday's trade, as positive data on weekly US jobless claims helped Wall Street stocks gain overnight and suggested the world's largest economy was recovering well. The day will be a busy one for investors, as four Nifty50 companies will report quarterly earnings during the day. Sugar stocks could be in focus after the government cut subsidies on exports. Here's breaking down the pre-market actions:

    STATE OF THE MARKETS

    SGX Nifty signals positive start
    Nifty futures on the Singapore Exchange traded 127 points, or 0.85 per cent, higher at 15,065 signaling that Dalal Street was headed for a positive start on Friday.

    • Tech View: Nifty50 formed a bearish candle on the daily scale on Thursday.
    • F&O: India VIX moved up 1.72% to 19.65 levels on Thursday.
    Asian stocks gain in early trade
    Asian markets rose in early trade on Friday, taking cues from Wall Street.

    • South Korea's Kospi rose 0.3 per cent
    • Japan's Nikkei gained 0.97 per cent
    • Australian S&P/ASX 200 index added 0.31%
    • Hang Seng edged 0.10% lower.
    • China's Shanghai Composite rose 0.3%

    US stocks settled higher
    Stock indices rose around the globe on Thursday, with the S&P500 index climbing more than 1 per cent led by sharp gains in technology shares.

    • Dow Jones rose 188.11 points, or 0.55%
    • S&P500 gained 43.44 points, or 1.06%
    • Nasdaq added 236.00 points, or 1.77%

    Dollar heads for weekly loss
    The dollar was pinned near milestone lows on Friday, and headed for a weekly loss, as traders' initial concerns at taper talk in Federal Reserve minutes ebbed - with actual tapering seeming distant - while pandemic recovery boosted other currencies.

    • Euro traded at $1.2228 vs dollar
    • British pound at $1.4186 vs dollar
    • The yen at 108.83 vs dollar
    • Offshore yuan at 6.4324 vs dollar
    4 Nifty cos to report Q4 results today
    SBI, JSW Steel, Shree Cements, Hindalco Industries, United Spirits, Container Corporation of India, Crompton Greaves Consumer, Dr Lal Pathlabs, Godrej Industries, Ircon International and Birlasoft are among companies which will announce their March quarter results today.

    DIIs sell Rs 876 cr worth shares
    Net-net, foreign portfolio investors (FPIs) turned net buyers of domestic stocks to the tune of Rs 71.04 crore, data available with NSE suggested. DIIs were net sellers to the tune of Rs 876.06 crore, data suggests.

    MONEY MARKETS
    Rupee: The rupee strengthened by 6 paise to end at 73.12 against the US dollar on Thursday, tracking the weakness in the American currency in the overseas market. At the interbank forex market, the local unit opened at 73.16 against the greenback and witnessed an intra-day high of 73.09 and a low of 73.17.

    10-year bonds: India 10-year bond yield fell up 0.12 per cent to 5.96 after trading in 5.96 -5.98 range.

    Call rates: The overnight call money rate weighted average stood at 3.14 per cent, according to RBI data. It moved in a range of 1.90-3.45 per cent.

    DATA/EVENTS TO WATCH

    • Q4 Earnings: Concor | Crompton | Godrej Ind | Hindalco | JSW Steel | Lal Pathlab | SBI
    • India Deposit Growth YoY May/07 (05:00 pm)
    • India Foreign Exchange Reserves 14/May (05:00 pm)
    • India Bank Loan Growth YoY May/07 (05:00 pm)
    • Japan Jibun Bank Services PMI Flash May (06:00 am)
    • UK Retail Sales YoY April (11:30 am)
    • Euro Area Markit Manufacturing PMI Flash May (01:30 pm)
    • UK Markit/CIPS Manufacturing PMI Flash May (02:00 pm)
    • ECB President Lagarde Speech (04:30 pm)
    • US Markit Composite PMI Flash May (07:15 pm)
    • US Existing Home Sales MoM April (07:30 pm)
    MACROS

    India's Unemployment shoots up
    India’s unemployment rate shot up to 14.5% in the week ended May 16, up from 8% in April, said the Centre for Monitoring Indian Economy (CMIE). The unemployment rate was the highest since it touched 21.73% in May last year, during the nationwide lockdown imposed to curb the spread of Covid-19. Net new enrolments under the EPFO in 2020-21 fell by a marginal 1.9% to 7,708,375 from 7,858,394 in the previous year on the back of Covid-19 outbreak and a nationwide lockdown last year which had resulted in huge job losses.

    US weekly jobless claims decline
    The number of Americans filing new claims for unemployment benefits dropped further below 500,000 last week, but jobless rolls swelled in early May, which could temper expectations for an acceleration in employment growth this month. Initial claims for state unemployment benefits fell 34,000 to a seasonally adjusted 444,000 for the week ended May 15, the Labor Department said.

    Covid 2.0 hits ecommerce too
    Ecommerce hasn’t been able to escape the impact of the ongoing second wave of the pandemic, unlike last year. There is uncertainty among industry executives over recovery in the sector with pandemic impact been visible over the past several weeks. Data from ecommerce solutions provider Unicommerce said online shopping volumes dipped 11% in April from the month ago. Only FMCG, agri, health and pharmaceutical goods saw growth

    Crypto investors told to not sell in panic
    Indian crypto entrepreneurs are urging investors not to panic-sell assets like Bitcoin and ether after prices crashed over 30% this week. Cryptocurrency exchanges say investors should decide if they can sustain with locked funds for 3-4 years, and use only risk capital for what would be more of an allocation for long-term appreciation.

    PSU bank staff in for bonanza
    Employees of many PSU banks are in for a small windfall due to the performance-linked component in the wage agreement signed with the Indian Banks’ Association in November 2020. Canara Bank this week paid out a performance-linked incentive to its employees, equivalent to15 days’ pay. Bank of Maharashtra has also distributed a performance-linked incentive to its employees. SBI, the largest employer with 2.5 lakh employees, is also expected to announce an improvement in profits.

    SFIO probes Winsome group
    The agency, which probes white-collar crimes, has engaged forensic auditors Chokshi & Chokshi, and officials seconded by PwC to look into the accounts, transaction patterns, and foreign exchange derivative deals of Winsome group — one of the largest wilful defaulters whose promoters and some of their key aides have long crossed the borders to take citizenship of countries having no extradition treaty with India.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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