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After a sharp beatdown in the previous session, the domestic equity market was headed for a gap-up opening on Friday, tracking the rejuvenated mood of Asian peers. However, US stocks settled lower in overnight trade. Rising inflation and looming fears of slowdown in economic growth are spooking traders. Back home, the IPO of eMudhra kicks off for subscription today. Here’s breaking down the pre-market actions:

STATE OF THE MARKETS


SGX Nifty signals positive start
Nifty futures on the Singapore Exchange traded 211 points, or 1.34 per cent, higher at 15,996, signaling that Dalal Street was headed for a positive start on Friday.


Tech View: Nifty50 on Thursday saw a gap-down start and saw intensified selling as the session progressed. It ended up forming a small bearish candle on the daily chart. Analysts said the strong support for the index is seen in the 15,750-15,650 range.

India VIX: The fear gauge spiked more than 10 per cent to 24.56 level on Wednesday over its close at 22.30 on Thursday.

Asian shares trade higher
Asian stocks opened higher on Friday despite falls on Wall Street as bargain-hunting purchases offset some risk-off sentiment among investors. MSCI’s index of Asia-Pacific shares outside Japan was up by 1.32 per cent.

Japan’s Nikkei surged 1.01%

Australia’s ASX 200 gained 1.23%

South Korea’s Kospi jumped 1.52%

New Zealand’s DJ advanced 1.39%

China’s Shanghai added 0.98%

Hong Kong’s Hang Seng rallied 2.31%

US stocks end lower
Stocks ended another volatile day lower on Wall Street Thursday, bringing the market closer to its first bear market since the beginning of the pandemic. US Stocks settled lower, with Cisco Systems slumping after giving a dismal outlook, while investors fretted about inflation and rising interest rates.

Dow Jones dropped 0.75% to 31,253.13

S&P 500 declined 0.58% to 3,900.79

Nasdaq retreated 0.26% to 11,388.50

Oil prices steady
Oil prices were little changed on Friday as worries about weaker economic growth offset expectations that crude demand could rebound in China as Shanghai lifted some coronavirus lockdowns.

Brent futures for July delivery fell 36 cents, or 0.3 per cent, to $111.68 a barrel by 0015 GMT, while US West Texas Intermediate (WTI) crude fell 36 cents, or 0.3 per cent, to $111.85 on its last day as the front-month.

FIIs sell shares worth Rs 4,900 cr
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 4,899.92 crore, data available with NSE suggested. DIIs turned net buyers to the tune of Rs 3,225.54 crore, data suggests.

Q4 earnings today
NTPC,

, , , , , , Metro Brands, , Nuvoco Vistas, , India Grid Trust, , , CE Info Systems and are among the companies which will announce their earnings today.

Stocks in F&O ban today
Four stocks –

, , and – are under F&O ban for Friday, May 12. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 per cent of the market-wide position limit.

eMudhra IPO opens today
The Rs 412.79 crore initial public offering (IPO) of eMudhra Limited, India’s largest licenced Certifying Authority, will kick off for subscription on Friday. The issue would be open till Tuesday, May 24. The company is selling its shares in the range of Rs 243-256 with a lot size of 58 shares.

MONEY MARKETS

Rupee: Sliding for the second straight session, the rupee dipped 3 paise to close at a fresh lifetime low of 77.65 against the US dollar on Thursday, weighed down by a negative trend in domestic equities and unabated foreign fund outflows.

10-year bonds: India 10-year bond dropped 0.48 per cent to 7.32 after trading in 7.31 – 7.36 range on Thursday.

Call rates: The overnight call money rate weighted average stood at 4.04 per cent on Thursday, according to RBI data. It moved in a range of 2.30-4.30 per cent.

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