Rahul Kalantri, VP Commodities, Mehta Equities
Gold and silver prices were finished mix to flat on Thursday, after struggling for direction, as the dollar extended its recent pullback and investors dove back into stocks.
The sharply higher crude oil prices and a weaker U.S. dollar index are working in favor of the precious metals. Gold has support at $1834-1822, while resistance at $1862-1874. Silver has support at $21.55-21.40, while resistance is at $22.10-22.38.
In INR terms gold has support at Rs 50,740–50,510, while resistance is at Rs 51,140–51,350. Silver has support at Rs 61,380-60,750, while resistance is at Rs 62,280–62,710.
Nifty Bank index added 1 percent led by the IDFC First Bank, IndusInd Bank, Federal Bank
Hindalco jumps 4% as Q4 profit doubles: Should you buy, sell or hold the stock?
For the full-year period from April to March 2022, the consolidated net profit grew more than three-fold or 294.2 percent to Rs 13,730 crore from Rs 3,483 crore achieved in FY21.
BSE Information Technology index rose 2 percent supported by the NIIT, Coforge, Aptech:
SBI economists peg India’s Q4 GDP growth at 2.7%
Upcoming release of official data for economic performance is likely to register a 2.7 percent growth for the January-March period, and the FY22 growth is expected to be 8.5 percent, economists at SBI said on Thursday.
We believe the GDP projection for Q4 FY22 is clouded by significant uncertainties. For example, even a one per cent downward revision in Q1 GDP estimates of FY22 from 20.3 percent, all other things remaining unchanged, could push Q4 GDP growth to 3.8 percent, they noted.
Delhivery granted a patent for its proprietary technology product, AddfixDelhivery has been awarded a US Patent – US 11,343,638 B2 (45) on May 24, 2022. The patent covers Delhivery’s innovation in address verification and location mapping – ‘System and method for validating geographic location accuracy for an address.
Dollar sinks to one-month low amid easing Fed rate hike bets
The U.S. dollar sank to a one-month low versus major peers on Friday as traders lowered Federal Reserve rate hike expectations amid signs the central bank might slow or even pause its tightening cycle in the second half of the year.
The dollar index, which measures the greenback against a basket of six major peers, fell as low as 101.43 for the first time since April 25. A rally in Asian stocks also sapped demand for the greenback as a haven.
ZEEL posts Rs 182 crore net profit in Q4:Zee Entertainment Enterprise Ltd (ZEEL) on Thursday reported a consolidated net profit of Rs 181.93 crore for the March quarter. The company had posted a net profit of Rs 272.36 crore in the January-March quarter a year ago, according to a BSE filing.
US weekly jobless claims fall; first-quarter economic contraction confirmed
The number of Americans filing new claims for unemployment benefits fell last week, consistent with a labor market that remains tight amid strong demand for workers despite rising interest rates and tightening financial conditions.
Initial claims for state unemployment benefits decreased 8,000 to a seasonally adjusted 210,000 for the week ended May 21, the Labor Department said on Thursday. The decline partially unwound some of the prior week’s surge, which had pushed claims to their highest level since January.
Economists polled by Reuters had forecast 215,000 applications for the latest week. Some blamed the recent increase in applications to less generous seasonal factors in May, the model that the government uses to strip out seasonal fluctuations from the data, relative to the prior two months.
India Q1 GDP growth likely slowed for the third consecutive quarter: Poll
India’s economic recovery from the COVID-19 pandemic likely stumbled again in the first quarter of this year primarily due to Omicron-related restrictions and higher inflation, a Reuters poll showed.
Growth in Asia’s third-largest economy was pencilled in at 4.0% for the January-March quarter from the same period a year ago in a May 23-26 Reuters poll of 46 economists, down from 5.4% in Q4 2021. If realised, that would be the slowest in a year, and a third consecutive quarter of weaker growth.
Gainers and Losers on the BSE Sensex in the early trade:
Market Opens: Indian indices opened higher on May 27 with Nifty above 16300 amid positive global cues.
At 09:16 IST, the Sensex was up 442.07 points or 0.81% at 54694.60, and the Nifty was up 138.30 points or 0.86% at 16308.50. About 1409 shares have advanced, 336 shares declined, and 66 shares are unchanged.
