Buzzing Stocks: L&T, Cipla, Bharti Airtel and others that will be in focus today
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Market Opens: Indian indices opened on positive note on May 17 with Nifty above 14700 amid better global cues.
At 09:16 IST, the Sensex was up 264.38 points or 0.54% at 48996.93, and the Nifty was up 76 points or 0.52% at 14753.80. About 1296 shares have advanced, 264 shares declined, and 75 shares are unchanged.
Ajit Mishra, VP – Research, Religare Broking:
In absence of any major event, participants will be closely eyeing the performance of global indices, US bond yields, movement of rupee against the US dollar and crude oil prices. Needless to say, COVID-related updates and progress of the vaccine drive will also be in focus.
In case of further decline, Nifty would find support around 14,300-14,400 zone while 15,000 continue to act as the crucial hurdle. The broader indices, which have been consistently outperforming, may also see some profit-taking. Thus, we advise maintaining extra caution in the selection of stocks and managing overnight risk.
DAILY VOICE | India’s Long-term Structural Story Will Bring Back FIIs Once COVID Is Contained: Mayuresh Joshi Of William O’Neil India
The rise in COVID cases, inflationary concerns in the west, geopolitical flare-ups might cause short-term volatility in the markets but the longer-term outlook remains pretty stable and solid for…
Indian markets are likely to see a gap up opening on the back of strong global cues and declining daily Covid-19 cases in the country. However, global news flows and sector specific development will be key monitorables. US markets ended higher on gains mainly in technology stocks amid value buying and release of macroeconomic data.
Market at pre-open: Benchmark indices are trading higher in the pre-opening session.
At 09:02 IST, the Sensex was up 267.46 points or 0.55% at 49000.01, and the Nifty was up 74.10 points or 0.50% at 14
India’s forex reserves up by $1.444 billion to $589.465 billion
The country’s foreign exchange reserves increased by $1.444 billion to $589.465 billion in the week ended May 7, 2021, RBI data showed.
In the previous week ended April 30, 2021, the reserves had risen by $3.913 billion to $588.02 billion. The reserves had touched a lifetime high of $590.185 billion in the week ended January 29, 2021.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 2,607.85 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 613.26 crore in the Indian equity market on May 14, as per provisional data available on the NSE.
Bitcoin price lower after Musk tweet
The price of Bitcoin traded below $45,000 on Sunday after a tweet by Tesla CEO Elon Musk, an outspoken supporter of cryptocurrency, suggested Tesla may be considering or may have sold off its bitcoin holdings.
Hot Stocks: Here’s Why ITC Is The Top Buy Of The Week
We advise traders to continue with a stock-centric approach. It is advisable to stay light and avoid aggressive bets till the time global volatility subsides, said Sameet Chavan
Japan April wholesale prices jump
Japan’s wholesale prices rose in April at their fastest annual pace in six and a half years, data showed on Monday, a sign that rising energy and commodities costs were pinching corporate margins.