Adani Enterprises incorporats subsidiary for fertilizer businessAdani Enterprises has incorporated a WOS namely, Kutch Fertilizers Limited (KFL), on 10th May 2022, with an initial authorized and paid-Up share capital of Rs 10,00,000 each, to carry on business of manufacturing & trading of fertilizers of all kinds and description and other allied items required for agricultural and to do all necessary and incidental activities in this regard. KFL will commence its business operations in due course.
BSE Auto index slipped nearly 2 percent dragged by the Tata Motors, Sundram Fasteners, Mahindra & Mahindra
Passenger vehicle dispatches dip 4% in April as supply challenges remain: SIAM
Passenger vehicle dispatches from factories to dealers in the domestic market declined by 4 percent in April as supply side challenges continued for the automotive industry, industry body SIAM said on Wednesday.
Total passenger vehicle domestic wholesales stood at 2,51,581 units last month as compared to 2,61,633 units in April 2021. Passenger car dispatches stood at 1,12,857 last month as against 1,41,194 units in the same month last year. Utility vehicle wholesales however increased to 1,27,213 units from 1,08,871 units in the year-ago period.
RBI may up inflation forecast in next MPC meeting; rate hike on cards: Sources
The Reserve Bank is likely to raise inflation projections in the Monetary Policy Committee (MPC) meeting next month and would also consider a rate hike to tame inflation which is above its comfort level, sources said.
The MPC, headed by the RBI Governor, is scheduled to meet between June 6 and June 8. It has been mandated to keep retail inflation in the range of 2-6 percent. Sources said the MPC would review the inflation scenario in the next meeting. The MPC had not changed inflation projections in an off-cycle meeting earlier this month.
Gainers and Losers on the BSE Sensex in the early trade:
Market Opens: Indian indices opened on negative note on May 12 with Nifty slipping below 16,000 mark amid weak global markets.
At 09:16 IST, the Sensex was down 589.10 points or 1.09% at 53499.29, and the Nifty was down 169.30 points or 1.05% at 15997.80. About 442 shares have advanced, 1488 shares declined, and 65 shares are unchanged.
ONGC, Bajaj Auto, Power Grid Corporation, Eicher Motors and Divis Labs were among major gainers on the Nifty, while losers were Britannia Industries, Bajaj Finance, HDFC Bank, Hero MotoCorp and Bajaj Finserv.
ICICI Direct
Rupee is expected to depreciate today amid risk aversion in the global markets and strong dollar. Further, rupee may slip on persistent FII outflows and surge in crude oil prices.
Additionally, market participants will remain vigilant ahead of CPI data from country which is likely to show that inflation remained above RBI comfort zone for 4th consecutive month. USDINR (May) is expected to trade in a range of77.25-77.75
The RBI will manage rupee, as always
The most obvious reason for RBI intervention is that a weakening exchange rate increases the country’s import burden. The central bank of a net importing country is justified in defending its currency…
Mohit Nigam, Head – PMS, Hem Securities:
According to the SGX Nifty and Global Trend, the Indian market will open lower. The US stock market was trading lower. The key reason given by investors and experts for the market’s weakness is the Federal Reserve’s policy adjustment. The Fed warned early in 2022 that it was shifting to tighter monetary policy in an attempt to tamp down soaring inflation, signalling a substantial shift in the investing climate.
Indian markets are seeing turbulent swings as investors continue to be concerned about rising interest rates, fears about slowing economic growth, and additional tightening measures in China.
In the previous seven trading sessions, the Nifty has fallen by 6.5 percent. Even attitudes were shaky, as foreign investors dumped $1.82 billion in Indian shares so far this month. In these situations, investors should exercise caution and take advantage of any declines in fundamentally sound companies.
Immediate support and resistance for Nifty are 16,000 and 16,500 respectively. Immediate support and resistance for Bank Nifty are 34000 and 35,000 respectively.
Rupee Opens:
Indian rupee opened 23 paise lower at 77.46 per dollar on Thursday against Wednesday’s close of 77.23.
Market at pre-open: Benchmark indices are trading lower in the pre-opening session with Nifty below 16000.
At 09:04 IST, the Sensex was down 566.29 points or 1.05% at 53522.10, and the Nifty was down 211.90 points or 1.31% at 15955.20.
ICICI Direct
Indian markets are likely to open on a negative note today tracking weak global cues. US inflation data moderated but topped expectations, signalling persistent price pressures and did little to ease investor worries over the outlook for interest rates and economy.
US markets ended lower yesterday tracking losses in technology stocks amid release of macroeconomic data.
