SGX Nifty up, Rupee at new low, Q4 results, CPI at 8-yr high, Delhivery, Prudent IPOs; key things to watch out

BSE Sensex and Nifty 50 were staring at a positive start on Friday, as suggested by trends on SGX Nifty in early trade.

BSE Sensex, NSE Nifty, stock market
Analysts say overall weakness is expected to continue, markets are now in oversold territory after witnessing a sharp decline in the last few trading sessions. Image: Pixabay

BSE Sensex and Nifty 50 were staring at a positive start on Friday, as suggested by trends on SGX Nifty in early trade. Nifty futures were ruling at 15,797.50, up 163 points or 1.03 per cent. In the previous session, S&P BSE Sensex fell 1,158 points or 2.14% to end at 52,930 while the NSE Nifty 50 index tanked 359 points or 2.22% to settle at 15,808. Analysts say overall weakness is expected to continue, markets are now in oversold territory after witnessing a sharp decline in the last few trading sessions.

Top things to watch out for before stock market opens

Rupee at fresh low: On Thursday, Rupee plunged to all time low of 77.63 on the back of RBI’s aggressive stance to curb inflation and strength in US Dollar. The Dollar Index touched a 20 year high of 104.5.

Call, Put OI data: Maximum Call open interest was seen at 17,000 strike, followed by 16,000 strike, and 16,500 strike. Maximum Put open interest was seen at 16,000 strike, followed by 15,000 strike, and 15,500 strike.

Stocks under F&O ban: Two stocks – Punjab National Bank and Indiabulls Housing Finance — were under the F&O ban for 12 May 2022. If the open interest of any stock crosses 95% of the MWPL (market-wide positions limits), all F&O contracts of that stock enter a ban period.

FII and DII activity: On Thursday, foreign institutional investors (FIIs) sold shares worth Rs 5,255.75 crore, whereas domestic institutional investors (DIIs) remained net buyers, to the tune of Rs 4,815.64 crore worth of shares on a net basis in Indian equity market.

Q4 results today: BSE-listed companies such as State Bank of India, Eicher Motors, Tech Mahindra, Bank of Baroda, Bandhan Bank, Union Bank of India, Alkem Laboratories, Emami, Escorts, Hindustan Aeronautics, JK Paper, Linde India, Nazara Technologies, Amber Enterprises India, APL Apollo Tubes, Balkrishna Industries, Carborundum Universal, CESC, Coromandel Engineering Company, DB Corp, Elgi Equipments, Gujarat Fluorochemicals, REC, Reliance Infrastructure, Reliance Power, Sharda Cropchem, Sigachi Industries, Steel Strips Wheels, Triveni Turbine, UCO Bank, and Vakrangee will release quarterly earnings on May 13.

Retail inflation at 8-year high: India’s headline inflation galloped for a seventh straight month to touch an 8-year high of 7.79 per cent in April on rising food and fuel prices, raising the odds of an interest rate hike by the RBI early next month to tame prices.

IIP growth marginally up: The index of industrial production (IIP) grew at 1.9% in March from a year earlier, having crept up only marginally from 1.5% in the previous month, suggesting the fragile nature of the economic recovery.

Global market set-up: Asian stock markets were trading higher in early trade. Japan’s Nikkei traded 2.34% higher, while the Topix index climbed 1.61%. In overnight trade on Wall Street, the S&P 500 declined 0.13%, the Dow Jones Industrial Average shed 0.33%, while the tech-heavy Nasdaq Composite was up at 11,370.96.

Delhivery, Prudent IPOs: Today is the last day to subscribe to Delhivery’s Rs 5,235 crore IPO. While the initial public offer of Prudent Corporate Advisory Services was subscribed 1.22 times on the last day of offer on Thursday. The Rs 538.61-crore IPO got bids for 73,30,928 shares against 60,18,689 shares on offer, as per NSE data.

Nifty outlook: The short term trend of Nifty continues to be negative, said an analyst. “There is a possibility of further weakness down to 15670 and one may expect downside breakout of it in the coming sessions. There is a higher possibility of Nifty forming lower bottom reversal around 15500 levels. Confirmation of reversal pattern could open upside bounce in the market,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.

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