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Market Opens: Indian indices opened on positive note on May 6 with Nifty above 14600.
At 09:16 IST, the Sensex was up 172.65 points or 0.35% at 48850.20, and the Nifty was up 54.40 points or 0.37% at 14672.30. About 1130 shares have advanced, 271 shares declined, and 74 shares are unchanged.
Petrol and diesel prices:
Fuel prices across metro cities was hiked for the third consecutive day on May 6. In the national capital Delhi, petrol prices were hiked by 25 paise and diesel prices by 30 paise.
People in New Delhi will now shell out Rs 90.99 per litre for petrol and Rs 81.42 per litre on diesel. In Mumbai, the prices increased to Rs 97.34 per litre and Rs 88.49 per litre for petrol and diesel, respectively.
Indian markets are likely to open flat on the back of weak global cues even as Covid worries continue to persist and with the RBI Governor deciding to allow restructuring of retail and MSME loans as part of a calibrated strategy to tackle the second Covid-19 wave in the country. US markets ended mixed amid earnings season, optimism over economic recovery and losses in select tech stocks.
Market at pre-open: Benchmark indices are trading higher in the pre-opening session with Nifty above 14600.
At 09:02 IST, the Sensex was up 488.99 points or 1% at 49166.54, and the Nifty was up 54 points or 0.37% at 14671.90.
Hero MotoCorp, Adani Power, Adani Transmission, Apcotex Industries, Blue Star, Caplin Point Laboratories, Century Textiles & Industries, Coforge, CreditAccess Grameen, Hindoostan Mills, ICRA, IIFL Finance, Jost’s Engineering, Ludlow Jute & Specialities, Procter & Gamble Health, Praj Industries, Raymond, Solara Active Pharma Sciences, Sundram Fasteners, Tata Consumer Products, Five X Tradecom, Foseco India, Hikal, Ashika Credit Capital and Bombay Burmah Trading Corporation will release quarterly earnings on May 6.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,110.50 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 240.61 crore in the Indian equity market on May 5, as per provisional data available on the NSE.
Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services:
Going forward, markets are likely to remain range bound along with increase in volatility. Resurgence of the second COVID wave has dented sentiments and weakened FY22E earnings visibility. While the market is currently looking beyond the short-term impact, if the pandemic doesn’t subside soon, it opens up downside risks.
4QFY21 earning season is progressing well so far, but earnings downgrades are now rising, given the widespread restrictions in various states, which is hurting mobility and economic recovery. Thus the interplay of resurgence in COVID-19 cases and the pace of vaccination would decide the trajectory of economic recovery going forward.
Bitcoin rises 6.8% to $56,852.03
Bitcoin rose 6.8% to $56,852.03 on Wednesday, adding $3,622.23 to its previous close.
However, the world’s biggest and best-known cryptocurrency is down 12.4% from the year’s high of $64,895.22 on April 14.
Tata Steel posts profit of Rs 6,644 crore for Q4
Tata Steel on May 5 posted consolidated profit of Rs 6,644.1 crore for the quarter ended March 2021, with topline and operating performance beating analysts’ expectations. The company had posted a loss of Rs 1,481.3 crore in the year-ago quarter.
Consolidated revenue from operations stood at Rs 49,977.4 crore, up by 38.8 percent over Rs 36,009.4 crore reported in the corresponding quarter of the last fiscal.
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