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    SGX Nifty up 15 points; here's what changed for market while you were sleeping

    Synopsis

    Asian markets were trading largely higher in Friday's trade. Japan’s Nikkei added 0.23 per cent, Hong Kong’s Hang Seng gained 0.47 per cent; Korea’s Kospi was flat while China’s Shanghai Composite index edged 0.30 per cent higher.

    market-shutterShutterstock.com
    India 10-year bond yield rose 1.91 per cent to 6.12 after trading in 6.02-6.13 range.
    An overnight rise in US stocks, recovery in the rupee-dollar exchange rate and hopes of foreign inflows may push the domestic stocks higher on Friday. But data showing a eight-year high WPI inflation and over 2 lakh daily Covid cases may keep the upside capped.

    Here's breaking down the pre-market actions:

    STATE OF THE MARKETS
    SGX Nifty signals flat start
    Nifty futures on the Singapore Exchange traded 14.5 points, or 0.105 per cent, higher at 14,634 in signs that Dalal Street was headed for a flat start on Friday.

    Tech View: Nifty consolidation likely to continue
    Nifty50 on Thursday rose for the second straight session. The day saw the 50-pack index staging a smart 230-point recovery from the day's low, as the index formed a Hammer-like candle on the daily chart. Analysts said that the index has defended the 100-day moving average well as it looks to chalk out a near-term bottom. Till that is achieved, the ongoing consolidation will continue, they said.

    Asian markets rise in early trade
    Asian markets were trading largely higher in Friday's trade. Japan’s Nikkei added 0.23 per cent, Hong Kong’s Hang Seng gained 0.47 per cent; Korea’s Kospi was flat while China’s Shanghai Composite index edged 0.30 per cent higher.

    Oil steady near four-week highs
    Oil prices dipped in early trade on Friday, but were on course for a weekly gain of more than 6 per cent with an improved oil demand outlook and strong economic recoveries in China and the United States offsetting concerns about spikes in Covid-19 infections. Brent crude futures fell 17 cents, or 0.3 per cent, to $66.77 a barrel, following a 36 cent rise on Thursday.

    Dow, S&P500 hit record highs
    The Dow industrials closed above 34,000 for the first time while the S&P500 index posted fresh record highs on a tech stock rally fueled by falling bond yields and strong March US retail sales. The Dow Jones Industrial Average index rose 305.1 points, or 0.9 per cent, to 34,035.99; the S&P500 index gained 45.76 points, or 1.11 per cent, at 4,170.42; and the Nasdaq Composite index added 180.92 points, or 1.31 per cent, at 14,038.76.

    MindTree, MMTC to announce results today
    Den Networks, GTPL Hathway, Mindtree and MMTC would be among companies which would annuonce their quarter;y results on Friday.

    FPIs buy Rs 980 crore worth stocks
    Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 979.70 crore, data available with NSE suggested. DIIs were net sellers to the tune of Rs 526.63 crore, data suggests.

    MONEY MARKETS
    Rupee: The rupee recouped its early losses to close higher by 12 paise at 74.93 against the dollar on Thursday, snapping its six-session losing streak on the back of gains in the domestic equity market and easing crude oil prices.

    10-year bonds: India 10-year bond yield rose 1.91 per cent to 6.12 after trading in 6.02-6.13 range.

    DATA/EVENTS TO WATCH
    • India Foreign Exchange Reserves 09/April (05:00 pm)
    • China House Price Index YoY March (07:00 am)
    • China NBS Press Conference (07:30 am)
    • China GDP Growth Rate QoQ Q1 (07:30 am)
    • China Industrial Production YoY March (07:30 am)
    • China Unemployment Rate March (07:30 am)
    • Euro Area Balance of Trade Feb (02:30 pm)
    • US Housing Starts March (06:00 pm)
    • US Baker Hughes Total Rig Count 16/April (10:30 pm)
    MACROS
    Airtel's 'near-death' moments... Bharti Airtel has emerged stronger from the throes of several “near-death moments” including rival telco Reliance Jio’s predatory pricing and is now adding more users than competitors in wireless services, Chairman Sunil Mittal said. “We have gone through, I would say, several near-death experiences… We have now arrived today, after three or four big crises, into a very healthy shape,” Mittal said at the Amazon Smbhav Summit 2021 on Thursday.

    PSU bank buyers can hold 26%... Acquirers of PSU banks that are up for privatisation may be allowed to hold a minimum 26% stake and also be given a longer time frame to trim it down to this level, a flexibility that the government thinks will help elicit a good response from investors. The government currently owns more than 51% stake in all public-sector banks, which means an investor acquiring them would need to cut down their holding over time.

    NPA entry age may rise to 70... The PFRDA is looking to raise the maximum age of entry into the National Pension System (NPS) to 70 years from 65. “We are also looking at allowing subscribers who join after the age of 60 to continue their NPS accounts till the age of 75,” said PFRDA chairman Supratim Bandyopadhyay. At present, the age limit to continue NPS accounts is 70. Bandyopadhyay noted that around 15,000 subscribers over the age of 60 have joined the NPS over the past three-and-a-half years after the age limit was raised to 65 from 60.

    Surat diamond industry hit as migrants flee... The fear of rising Covid cases has already impacted the diamond trade of Surat. Nearly 25% of migrant workers engaged in cutting and polishing of diamonds in Surat have left the city, which has become the epicentre of cases in Gujarat, in the past one week. There are around 10 lakh workers in diamond trade, of which 4 lakh are migrant workers who come from the states of Madhya Pradesh, Uttar Pradesh, Rajasthan, Bihar and Jharkhand. The shortage in workers is already being felt in Surat, that cuts and polishes 14 out 15 diamonds in the world.

    Biz activity dips for the second week... Business activity in India dipped further in the second week of April as states imposed stricter restrictions amid an intensifying second wave of Covid-19, according to brokerage firm Nomura. The Nomura India Business Resumption Index (NIBRI) fell to 90.4 for the week ended April 11 from 93.7 a week earlier, the firm said in a report on Thursday. The index had last recorded such figures in December.

    NBFCs want MSME recast scheme extended... Non-bank lenders have approached RBI and sought to extend the MSME recast scheme by more than a year, in light of the fresh surge in Covid cases. NBFCs have told the RBI that since the MSMEs have been unable to revive their business activities, they are in urgent need of financial support. The central bank had allowed a one-time restructuring of standard MSME advances until December 2020.

    Weak rupee doesn't worry importers... Importers seem relatively less concerned about the rupee’s latest weakness since the central bank is perceived to be protecting the crucial level of 75 to a dollar through reportedly robust market interventions. Companies with overseas liabilities have not shown any desperation to cover their currency risk in the past three working days during which the local unit slipped well below the psychological mark amid the second wave of the coronavirus.

    WPI inflation at 8-year high... Wholesale price inflation shot up to an eight-year-high in March driven by a jump in fuel, manufactured products and metal prices, signalling the strengthening of inflationary pressures and posing a fresh challenge for policymakers besides ruling out any interest rates cuts for now. Official data released on Thursday showed inflation, as measured by the wholesale price index (WPI), accelerated to 7.4% in March, higher than the 27-month high of 4.2% in February. This is the highest inflation rate recorded in the new data series. The previous high was 7.4% in October 2012.

    Citibank to exit India consumer biz... Citibank, the largest foreign lender in India, has said that it will exit consumer business in the country as it does not have the scale required to compete. The multinational bank has a host of consumer business in India. The decision was conveyed by the bank’s global CEO Jane Fraser during the earnings conference for the first quarter, where she announced exit from its consumer franchises in 13 countries. Citi has operated in India since 1902 and despite having only 35 branches has a large market-leading franchise thanks to digital channels.

    Bansal among new bank licence seekers... Sachin Bansal’s Chaitanya India Finance, former Citibanker Pankaj Vaish and Akhil Kumar Gupta are among the applicants for a bank licence. RBI on Thursday released the names of eight entities that had put in an application for either a universal bank or a small finance bank licence. Chaitanya India had earlier announced its intent to pursue a banking licence. Non-bank lender UAE Exchange had first applied in 2017 when it was still part of the BR Shetty Group of companies.

    16% hike, 5-day week for LIC staff... The government is understood to have finalised a 15-16% wage hike and a five-day week policy for LIC employees. The hike is understood to be in line with the wage increase for bank staff, which followed a bilateral agreement between bank unions and the Indian Banks’ Association. While the wage revision in the insurance industry also follows negotiations with the unions, the final wage structure is announced by the government through a gazette notification.



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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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