Market Live Updates Today: Trends on SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 228 points.
The BSE Sensex climbed 428 points to 55,320, while the Nifty50 rose 122 points to 16,478 and formed a bullish candle on the daily charts.
image for illustrative purpose
The BSE Sensex climbed 428 points to 55,320, while the Nifty50 rose 122 points to 16,478 and formed a bullish candle on the daily charts.
As per the pivot charts, the key support level for the Nifty is placed at 16,317, followed by 16,156. If the index moves up, the key resistance levels to watch out for are 16,566 and 16,654.
US stocks sold off sharply Thursday as investor anxiety heightened ahead of data on Friday that is expected to show consumer prices remained elevated in May. Selling picked up toward the end of the session. Mega-cap growth stocks led the drop, with Apple Inc and Amazon.com Inc falling 3.6% and 4.2%, respectively, and putting the most pressure on the S&P 500 and the Nasdaq.
The Dow Jones Industrial Average fell 638.11 points, or 1.94%, to 32,272.79; the S&P 500 lost 97.95 points, or 2.38%, to 4,017.82; and the Nasdaq Composite dropped 332.05 points, or 2.75%, to 11,754.23.
Asian Markets
Shares in Asia-Pacific slipped in Friday morning trade as Chinese inflation data for May came in largely in line with expectations. Investors also looked ahead to the release of US inflation data expected later stateside.
Japan's Nikkei 225 shed 1.27% as shares of SoftBank Group dropped 2.88%. South Korea's Kospi fell 1.34%. The S&P/ASX 200 in Australia dipped 0.76%. MSCI's broadest index of Asia-Pacific shares outside Japan traded 1.23% lower.
Live Updates
- 10 Jun 2022 9:03 AM IST
FII and DII data
Foreign institutional investors (FIIs) have net sold Rs 1,512.64 crore worth of shares, whereas domestic institutional investors (DIIs) remained net buyers to the tune of Rs 1,624.90 crore on June 9, as per provisional data available on the NSE.
- 10 Jun 2022 9:03 AM IST
US weekly jobless claims near five-month high
The number of Americans filing new claims for unemployment benefits increased to the highest level in nearly five months last week, but that likely does not mark a material shift in labour market conditions, which remain extremely tight.
The report from the Labor Department on Thursday also showed unemployment rolls remained at a more than 52-year low at the end of May, underscoring the jobs market's strength.
- 10 Jun 2022 9:02 AM IST
IMF expects further cut in global growth outlook
The International Monetary Fund expects to further cut its forecast for global economic growth in 2022 next month, an IMF spokesperson said on Thursday, following moves by the World Bank and Organization for Economic Co-operation and Development (OECD) to cut their own forecasts this week.
That would mark the IMF's third downgrade this year. In April, the IMF had already slashed its forecast for global economic growth by nearly a full percentage point to 3.6% in 2022 and 2023.
- 10 Jun 2022 9:02 AM IST
China's exports surge on easing COVID curbs, trade outlook still fragile
China's exports grew at a double-digit pace in May, shattering expectations in an encouraging sign for the world's second biggest economy, as factories restarted and logistics snags eased after authorities relaxed some COVID curbs in Shanghai.
Outbound shipments in May jumped 16.9% from a year earlier, the fastest growth since January this year, and more than double analysts' expectations for a 8.0% rise. Exports were up 3.9% in April.
- 10 Jun 2022 9:01 AM IST
ECB raises inflation, cuts growth forecasts
The European Central Bank raised its inflation projections once again on Thursday but cut its growth outlook as the conflict in Ukraine continues to weigh on confidence, consumption and investment. The ECB now sees inflation over its 2% target throughout its projection horizon, accepting that rapid price growth is not nearly as temporary as it had forecast for the past year.
The ECB failed to predict the recent inflation surge and its projections have been raised sharply quarter after quarter, leading to criticism of the bank's forecasting methods and a large internal study on how they got the outlook so wrong. Inflation is seen averaging 6.8% this year, well above the 5.1% predicted in March, while it is seen at 3.5% in 2023 and 2.1% in 2024.
- 10 Jun 2022 9:00 AM IST
Most rated companies have buffers to withstand further 10-15% rupee depreciation: Moody's
Moody's Investors Service on Thursday said most rated companies in India have buffers to withstand a further 10-15 percent depreciation of the rupee. The rupee depreciated by 8 paise to close at 77.76 against the US dollar on Thursday, weighed down by elevated crude oil prices and persistent foreign capital outflows.
In a statement, Moody's said the rupee has depreciated around 4.5 percent since the start of the year. Higher energy prices and interest rates in developed economies have led to capital outflows and rising commodity prices, pressuring the rupee.
"While these external factors will heighten credit risks associated with currency volatility, most rated companies in India have buffers to withstand a further 10-15 per cent depreciation of the rupee," Moody's said. The rupee's depreciation is credit negative for companies that generate revenue in rupees but rely heavily on US dollar debt to fund operations, as well as for those with significant dollar-based costs, such as raw materials and capital spending. However, the negative credit implications for rated companies will be limited.
