Indices likely to open on cautious note; Asian markets down

FPJ Web DeskUpdated: Wednesday, May 12, 2021, 10:10 AM IST
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Stock market updates | ANI Photo

Benchmark Indices are expected to open on a cautious note . Asian markets were down and and Dow Jones fell 500 points as speculations of rising inflation pressure prompting interest rate hikes rose, said Mohit Nigam, Head, PMS, Hem Securities.

Trends on SGX Nifty signalled a negative opening for headline indices.

At 09:02 hrs IST, the Sensex is up 109.19 points or 0.22 percent at 49271.00, and the Nifty up 5.90 points or 0.04 percent at 14856.70.

Key companies announcing their quarterly results today includes Asian paints, Lupin, UPL, Apollo Tyres, Tata Power, Borosil Renewables, Happiest Minds, Sagar cements etc.

The immediate support and resistance for Nifty 50 are 14,800 and 15,000 respectively. Nifty should close above 15,000 to continue the bullish trend, Nigam said.

Moody's slash growth forecast to 9.3%

Moody's Investors Service on Tuesday slashed India's growth forecast for the current financial year to 9.3 percent saying that the second wave of coronavirus infections hampers economic recovery and increases risk of longer-term scarring.

The US-based rating agency had in February forecast a 13.7 per cent economic growth for the current fiscal (April 2021-March 2022). As per official estimates, the Indian economy contracted 8 per cent in the previous fiscal ended March 2021.

Fuel prices up

The price of petrol and diesel were hiked 25 paise each. This is the third consecutive day that prices have been hiked.

On Wednesday (May 12) petrol in Delhi today costs Rs 92.05 per litre, diesel costs Rs 82.61 litre, an increase of 25 paise each.

Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.

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