The Indian stock market is expected to open in red as trends on the SGX Nifty indicate a negative opening for the index in India with an 80% loss.
The BSE Sensex rose 374.87 points to 48,080.67 points on 22 April, while the Nifty 50 109 rose 109 points to close at 14,406.20. According to the axis chart, the major support level for the Nifty is placed at 14,230.13, followed by 14,054.07. If the index goes up, the major resistance levels to watch out for are the 14,503.53 and 14,600.87 levels.
Equity markets around the world fell after Wall Street reported on Thursday that the Biden administration would propose a sharp increase in the capital gains tax, while the dollar index rose as the euro and pound rose and recently recovered profits.
The Dow Jones Industrial Average fell 321.41 points or 0.94% to 33,815.9, the S&P 500 lost 38.44 points or 0.92% to 4,134.98 and the Nasdaq Composite fell 131.8 points or 0.94% to close at 13,818.41 points.
Asian markets fell after an overnight decline on Wall Street. The Nikkei 225 fell 1.36% in early trading while the Topics index fell 0.88%. South Korea’s Kospi dropped 0.92%. Shares in Australia were also at the S & P / ASX 200 shed 0.14%.
Trends on the SGX Nifty indicate a negative opening for the index in India with a loss of 80 points. The Nifty was trading at 14,322 on the Singapore Exchange around 07:30 am during futures trading.
The Reserve Bank of India (RBI) said on April 22 that commercial banks could pay up to 50 per cent of pre-COVID on equity shares from profits for the financial year ended March 31, 2021.
For FY20, RBI asked banks not to make any dividend payment on equity shares out of profits in view of the ongoing tensions and increased uncertainty due to COVID-19. It was said to ensure that banks continue to conserve capital to support the economy and absorb losses.
This rule has been relaxed for FY21.
India’s power transmission company Power Grid Corporation is preparing to launch the first-ever Invite (Infrastructure Investment Trust) IPO by a state-owned firm on April 29, a landmark deal for the Indian capital markets, in this case. Marks knowledgeable people.
“It is a large transaction and the size of the IPO is likely to be around Rs 7,700 crore, with the primary component being around Rs 4500 crore and the remaining amount being the secondary component. The price band is expected to be announced on 29 April.
Fitch Ratings said on Thursday that the resurgence of the COVID-19 transition could delay India’s economic recovery, but it would not derail, as it kept sovereign ratings unchanged at ‘BBB-‘ with negative ratings.
It projected a 12.8 percent recovery in GDP for the fiscal year ending March 2022 (FY22), from 5.8 percent in FY23 to an estimated contraction of 7.5 percent in 2020-21. Fitch revised the outlook for India in June last year on a ‘stable’ to ‘negative’ basis that the coronavirus pandemic significantly undermined the nation’s development outlook and highlighted challenges associated with a high public debt burden did.
US jobless claims 13-month low
The number of Americans applying for unemployment assistance fell to 547,000 last week, a new low since the epidemic and another encouraging sign that retrenchment is slowing on the strength of the reform work market.
The Labor Department said on Thursday that applications had dropped by 39,000 from the revised 586,000 a week earlier. In the beginning of January, weekly unemployment claims are coming down sharply from the peak of 900,000. At the same time, they are still above the level of about 250,000 that prevailed in March of last year before the viral spread through the economy.
Result on 23 April
HCL Technologies, Indiabulls Real Estate, Mahindra & Mahindra Financial Services, Aditya Birla Money, Bombay Wire Ropes, Control Print, GNA Axles, Integrated Capital Services, Medinova Diagnostic Services, Oriental Hotels, Pranavaditya Spinning Mills, Radix Industries (India), Shiva Cement , Smruthi Organics and Wendt (India) will release their quarterly numbers.
FII and DII data
Foreign Institutional Investors (FIIs) sold shares worth Rs 909.56 crore, while domestic institutional investors (DIIs) bought shares worth Rs 849.98 crore in the Indian equity market on April 22, as per provisional data available on the NSE.
3 stocks under F&O ban on NSE
Indiabulls Housing Finance, SAIL and Sun TV Network are under the April 23 F&O ban. Securities in the restriction period under the F&O clause include companies in which the security has exceeded the 95 percent threshold of the market position.