Trends on SGX Nifty indicate a gap-up opening for the index in India with a 158 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 158 points gain.

The BSE Sensex jumped 848.18 points to 49,580.73 on May 17 while the Nifty50 climbed 245.40 points to 14,923.20.

According to pivot charts, the key support levels for the Nifty are placed at 14,786.33, followed by 14,649.47. If the index moves up, the key resistance levels to watch out for are 14,999.03 and 15,074.87.

US Markets

Technology stocks pulled Wall Street's main indexes lower on Monday, as signs of inflationary pressures building up in the economy kept investors worried about monetary policy tightening.

The Dow Jones Industrial Average was down 158.20 points, or 0.46%, at 34,223.93, the S&P 500 was down 19.61 points, or 0.47%, at 4,154.24, and the Nasdaq Composite was down 93.00 points, or 0.69%, at 13,336.98.

Asian Markets

Asian markets rose as investors reacted to the release of Japan's first quarter gross domestic data. The Taiex in Taiwan surged 3.28%. In Japan, the Nikkei 225 also saw robust gains as it jumped 2.12% while the Topix index advanced 1.49%.

SGX Nifty

Trends on SGX Nifty indicate a gap-up opening for the index in India with a 158 points gain. The Nifty futures were trading at 15,104 on the Singaporean Exchange around 07:30 hours IST.

Biggest toll of COVID-19 second wave is in terms of 'demand shock': RBI

The biggest toll of the second COVID-19 wave is in terms of a "demand shock", the Reserve Bank of India (RBI) said on May 17. The resurgence of coronavirus has "dented but not debilitated" economic activity in the first half of first quarter of financial year 2021-22, the central bank said in its monthly bulletin.

Resurgence of COVID-19 infections to put brakes on companies' earnings recovery: Moody's

Moody's Investors Service on Monday said if the second wave of the pandemic does not decline to more manageable levels and results in a prolonged and wider lockdowns, it will have a more severe effect on companies' earnings recovery.

"India's largely regional and less stringent lockdowns amid the second wave of coronavirus cases so far have had a limited impact on economic activity. If infections fail to decline to more manageable levels, however, lockdowns may be prolonged and widen, which will have a more severe effect on companies' earnings recovery," Moody's said in a report.

Sebi proposes framework for gold exchange; yellow metal to be traded as e-gold receipt

Capital and commodity market regulator Securities and Exchange Board of India (Sebi) has come out with a discussion paper on setting up a gold spot exchange in the domestic market. The yellow metal will be traded as electronic gold receipts (EGRs) in the exchange, as per the proposal.

Shyam Metalics & Energy gets SEBI nod for Rs 1,107-crore IPO

Shyam Metalics and Energy, a leading integrated metal producing company and also one of the largest producers of ferro alloys in India, on May 17 received the capital markets regulator Sebi's approval for an initial public offering (IPO).

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 2,255.84 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,948.48 crore in the Indian equity market on May 17, as per provisional data available on the NSE.