Trends on SGX Nifty indicate a gap-up opening for the index in India with 115 points gain

The Indian stock market is expected to open on a positive note as trends on SGX Nifty indicate a gap-up opening for the index in India with a 115 points gain.

The BSE Sensex fell 337.78 points to close at 49,564.86 on May 20 while the Nifty50 index declined 124.20 points to 14,906.

According to pivot charts, the key support levels for the Nifty are placed at 14,837.33, followed by 14,768.67. If the index moves up, the key resistance levels to watch out for are 15,022.23 and 15,138.47.

US Markets

The Dow Jones Industrial Average rose 188.11 points, or 0.55%, to 34,084.15, the S&P 500 gained 43.44 points, or 1.06%, to 4,159.12 and the Nasdaq Composite added 236.00 points, or 1.77%, to 13,535.74.

Asian Markets

Asian markets traded higher on Friday morning following an overnight bounce on Wall Street.The Hang Seng index edged 0.31% higher. Japan's Nikkei 225 rose 0.95% in morning trade while the Topix index gained 0.62%. South Korea's Kospi advanced 0.77%.

Japan April core CPI falls 0.1% YoY

Japan's core consumer prices fell 0.1% in April from a year earlier, government data showed on Friday. The core consumer price index, which includes oil products but excludes fresh food prices, compared with economists' median estimate for a 0.2% annual fall.

U.S. regulators signal stronger risk, tax oversight for cryptocurrencies

U.S. Federal Reserve chief Jerome Powell turned up the heat on cryptocurrencies on Thursday, saying they pose risks to financial stability, and indicating that greater regulation of the increasingly popular electronic currency may be warranted.

The Treasury Department, meanwhile, flagged its concerns that wealthy individuals could use the largely unregulated sector to avoid tax and said it wanted big crypto asset transfers reported to authorities.

RBI imposes monetary penalty on City Union, Tamilnad Mercantile Bank

The Reserve Bank of India (RBI) on May 20 imposed monetary penalty on Tamilnad Mercantile Bank and City Union Bank citing non-compliance of certain provisions. The RBI imposed a monetary penalty of Rs one crore on Tamilnad Mercantile Bank for non-compliance with certain provisions of directions issued by RBI on "Cyber Security Framework in Banks" dated June 2, 2016, the central bank said.

FII and DII data

Foreign institutional investors (FIIs) net acquired shares worth Rs 71.04 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 876.06 crore in the Indian equity market on May 20, as per provisional data available on the NSE.

Stocks under F&O ban on NSE

Six stocks - BHEL, Cadila Healthcare, Jindal Steel & Power, NALCO, Punjab National Bank, and SAIL - are under the F&O ban for May 21. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.