Stock Market Highlights, May 21: Market-cap of BSE-listed firms hits $5 trillion mark

Stock Market Highlights on Tuesday, May 21, 2024: The S&P BSE Sensex ended at 73,953, down 53 points, while the Nifty50 ended above 22,500, up 27 points

8:28 AM

RBI in talks with Sebi to allow mutual funds to sell debt to ARCs

This development follows the recommendations of an RBI committee, led by Sudarshan Sen, which was formed to comprehensively review the functioning of ARCs. The committee submitted its report in November 2021. Among its key recommendations was allowing mutual funds to sell debts to ARCs. “Today, AIFs (alternative investment funds), mutual funds, FPIs (foreign portfolio investors), etc, are actively providing funds to non-financial firms through subscription to debt securities. Retail investors are also investing in debt securities, including unsecured debt. It would, therefore, be useful to broad base the entities from which ARCs can purchase financial assets,” the Sen committee stated. READ MORE

8:23 AM

Can global Big Tech companies afford to ignore the Indian market?

The ex-ante provision means the Competition Commission of India (CCI) can intervene before anyone indulges in anticompetitive practices. This would be a contrast from the current framework, in which the CCI scrutinises or acts against anticompetitive practices after they have occurred. Numerous such disputes are already pending before the courts. READ MORE

8:20 AM

Stocks to watch on May 21: Oil India, India Cements, Signature Global

Locally, investors will be closely monitoring key earnings releases from major companies such as BHEL, Metropolis Healthcare, and Aether Industries. Additionally, today's earnings lineup includes reports from Eris Lifesciences, GPT Healthcare, Greenply Industries, GSFC, IRCON International, JK Tyre & Industries, Laxmi Organic Industries, PI Industries, Ramco Systems, RateGain Travel Technologies, Religare Enterprises, Va Tech Wabag, and Welspun Enterprises. READ MORE

8:17 AM

TCS, ONGC, SAIL, Ujjivan SFB, Trident among nine stocks to track on May 21

ONGC:Oil and Natural Gas Corporation (ONGC) consolidated net profit rose 78 per cent for the fourth quarter of the fiscal year 2023-24 to Rs 11,526.53 crore compared to Rs 6,478.23 crore in the corresponding period last year. The state-owned oil and gas exploration giant reported a marginal rise in revenue from operations for the fourth quarter of the current fiscal year to Rs 1.66 lakh crore, compared to Rs 1.64 lakh crore in the same period of the previous year. The board of directors has proposed a final dividend of Rs 2.50 per equity share with a face value of Rs 5 each for the financial year 2023-24, subject to shareholders approval. READ MORE

8:14 AM

Nifty levels, Q4 result, IPOs: Things to know before Opening Bell on May 21

"Investors are expressing optimism regarding potential interest rate cuts in 2024, supported by favourable US consumer inflation data and improved jobless claims figures. However, uncertainties persist regarding the timing of the US Fed rate adjustments. The release of the PMI data for May, from both the US and India, this week will be closely monitored for further market insights," said Vinod Nair, head of research at Geojit Financial Services. READ MORE

8:10 AM

Nifty50, Mid Select Index bullish on charts in near term; key details here

The Nifty 50 Index, currently at 22,502.00, exhibits promising signs of strength as indicated by technical indicators such as MACD and RSI. In the near term, the best trading strategy for traders is to buy the index on dips. This approach is bolstered by the positive momentum seen in the technical charts. Key resistance levels to monitor are 22,685, 22,800, and 23,050. READ MORE

8:07 AM

Buy and Sell ideas: Top technical picks by ICICI Securities for May 21

Technical view: Reliance Industries, proxy of Oil & Gas and Telecom, both outperforming sectors, has been in structural uptrend since its early CY24 breakout from 28-month consolidation. Current mean reversion to its 100-days ema offers fresh entry opportunity READ MORE

8:03 AM

Commodity Check :: Energy market exhibits weakness

8:00 AM

ALERT :: Hang Seng extends losses

7:57 AM

ALERT :: Australia's central bank considered raising rates in May meeting, minutes show

>> The Reserve Bank of Australia considered raising rates in its May meeting, minutes of the central bank’s meeting showed.

 

>> Members noted that inflation in Australia had declined less than expected, and economic growth and inflation internationally was exceeding expectations.

 

>> The RBA board members also agreed that economic information since the April meeting had increased the risks of inflation staying above target for longer.

 

>> RBA, however, left the cash rate unchanged at 4.35%.

Source: CNBC

7:54 AM

Bank of Korea to hold rates on May 23, first cut pushed to Q4: Poll

>> The Bank of Korea will keep its key policy rate unchanged for an 11th straight meeting on Thursday and through next quarter, followed by a half point cut in Q4 after the likely start of policy easing from many global peers, a Reuters poll found.
 

>> South Korea's economy grew at the fastest pace in over two years last quarter thanks to strong exports, suggesting the economy may not need an immediate rate cut from the central bank.

Source: Reuters

7:51 AM

Japan closely monitoring weak yen and bond market, finmin says

>> Japanese Finance Minister Shunichi Suzuki said on Tuesday he was concerned about the negative implications of the current weakness in the yen and its effect on incentives to increase wages.

 

>> "One of our major goals is to achieve wage increases that exceed the rise in prices," Suzuki said. "On the other hand, if prices continue to remain high, it will be difficult to reach this target even if wages rise."

 

>> While a weak yen is a boon to exporters, it has become a headache for Japanese policymakers as it hurts consumption by pushing up the cost of raw material imports.

 

>> The yen's slump past 160-per-dollar late last month triggered a suspected round of interventions by Tokyo.

 

>> The Japanese currency has bounced since then and was last fetching around 156.45.

Source: Reuters

7:48 AM

Fed policymakers still cautious on inflation and policy

>> Federal Reserve officials are not ready to say inflation is heading to the central bank's 2% target after data last week showed a welcome easing in consumer price pressures in April, with several on Monday calling for continued policy caution.

 

>> "It is too early to tell whether the recent slowdown in the disinflationary process will be long lasting," Fed Vice Chair Philip Jefferson told the Mortgage Bankers Association conference in New York, even as he called the April data "encouraging."

>> Speaking separately at a conference held by the Atlanta Fed, Fed Vice Chair of Supervision Michael Barr, said "disappointing" first-quarter inflation readings were "did not provide me with the increased confidence that I was hoping to find to support easing monetary policy."

Source: Reuters

7:45 AM

Asian markets :: All but Nikkei give up early gains, Hang Seng bleeds the most

7:42 AM

Wall Street check :: Dow Jones slips on JPMorgan woes, Nvidia lifts Nasdaq to record high