National benchmarks, the BSE Sensex and NSE Nifty, are set to open on a subdued note on Wednesday, following mixed indices from Asian peers and a negative finish on Wall Street overnight amid concerns over the high interest rates. Muted trends on SGX Nifty also signaled a smooth open for domestic exchanges, with SGX Nifty futures trading 33 points, or 0.19%, up at 17,598 on the Singapore Stock Exchange as of 08:35. Investors will also be keeping an eye on corporate earnings figures for future clues, with major IT company Infosys due to report results today.
The domestic stock market extended its losing streak on Tuesday, following weak signals from global peers and weakness from heavyweights such as Wipro, RIL and Bharti Airtel. Investors also remained apprehensive about key macroeconomic data, industrial production and inflation figures. The 30-stock BSE Sensex ended down 388.20 points or 0.66% at 58,576, and the NSE Nifty fell 144.65 points or 0.82% to settle at 17,530. BSE Sensex pack laggards were Tata Steel, Wipro, Tech Mahindra, Bharti Airtel, Reliance Industries, Larsen & Toubro and Bajaj Finserv.
Infosys: The computer science major is expected to release its fourth quarter earnings report today. The country’s second-largest software exporter is expected to post 15-20% growth in consolidated profit and around 25% increase in consolidated revenue in the March quarter 2022 (Q4 FY22).
Wealth of Anand Rathi: The company more than tripled its after-tax profit to ₹35 crore for the quarter ending March 2022 from ₹10 crore in the same quarter last year. Revenue rose 49% to ₹115 crore in the quarter under review from ₹77 crore a year ago.
Future Enterprises Ltd (FEL): The indebted company defaulted on payment of ₹9.10 crore of interest on the non-convertible debentures. Payment was due April 11.
Nyka: Falguni Nayar, CEO and founder of the beauty products company, has been named EY Entrepreneur of the Year for 2021.
GNP, IDBI Bank: The government has appointed new directors to the boards of the Punjab National Bank (PNB) and IDBI Bank, following the termination of the terms of incumbent directors.
F&O Prohibition: RBL Bank will be under the F&O ban today as shares breached 95% of the market-wide position limit.
Here are the key things investors should know before the market opens today:
US stocks end lower in choppy trade
On Wall Street, the three major U.S. indexes closed lower in volatile trade on Tuesday as investors reacted to hawkish comments from Fed Governor Lael Brainard. The official reiterated the need for the US central bank to tighten interest rates to combat decades-high inflation. Market sentiment was also shaken by the record rise in US inflation, which hit a new four-decade high of 8.5% in March from the same month a year ago. Reversing early gains, the S&P 500 fell 0.34%, the Dow Jones Industrial Average slipped 0.26% and the Nasdaq Composite fell 0.3%.
Asian stocks mixed as US inflation soars
Asia-Pacific stocks saw mixed trading in Wednesday’s opening session, following a weak close on Wall Street overnight. Looming fears of monetary tightening from the US Federal Reserve amid soaring inflation also left investors jittery. CPI inflation in the United States jumped to 8.5% in March, the highest year-on-year inflation figure in more than four decades. Concerns over the Covid-19 situation in mainland China and ongoing geopolitical disputes also weighed on market sentiment.
Japan’s benchmark Nikkei 225 rose 1.6% in early trading, while South Korea’s KOSPI gained 1.2%. Singapore’s Straits Times Traded Index climbed 0.7%, Indonesia’s Jakarta Composite Index rose 0.2%, Taiwan’s weighted index rose 1.4% and Australia’s ASX 200 Index added 0.2%.
Contrary to the trend, Hong Kong’s benchmark, the Hang Seng, fell 0.2% and the Thai SET Composite fell 0.25%.
In mainland China, the Shenzhen Component and the Shanghai Composite were down 1% and 0.7%, respectively, on concerns over the coronavirus outbreak.
Oil prices rise due to supply problems
The price of Brent crude and U.S. crude oil rose on Wednesday amid concerns over tight supply prospects as peace talks between Russia and Ukraine came to nothing. Additionally, reports of a partial easing of the lockdown situation in China raised hopes for an improving demand outlook.
In the early hours of trading in Asia on Wednesday, Brent oil for June delivery rose 0.52% to $105.18 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 0.52% to $105.18 a barrel. climbed 0.38% to $100.98 a barrel.
In overnight trade, oil prices soared more than 6% after Russian President Vladimir Putin said peace talks with Ukraine were ‘at an impasse’, heightening risk supply disruption in the oil market.
Meanwhile, gasoline and diesel prices remained unchanged for the seventh consecutive day on Tuesday, following several increases over the past 21 days. National oil companies have raised fuel tariffs by ₹10 per liter since the end of a four-and-a-half-month long hiatus in tariff review on March 22, when the results of five Assembly polls were announced .
FIIs remain net sellers, DIIs net buyers
the foreign institutional investors (IFIs) remained net sellers in the Indian stock market on March 12, while domestic institutional investors (IDIs) became net buyers. According to exchange data, FIIs sold shares worth ₹3,128.4 crore, while DIIs bought shares net worth ₹870 crore.
Infosys, Den Networks and Lesha Industries will release their March quarter results today.
Retail price inflation hits 17-month high in March
Retail inflation in India hit a 17-month high of 6.95% in March, from 6.07% in February, due to rising food prices, according to data released by the ministry. statistics and program implementation. CPI inflation once again exceeded the upper limit of the RBI. The central bank has set a medium-term CPI inflation target of 4% within a range of +/- 2%.
IIP growth improves in February
India’s industrial production, according to the Industrial Production Index (IPI), improved to 1.7% in February from 1.5% in January, according to data released by the Ministry of Statistics and Statistics on Tuesday. of the implementation of the programs.