The benchmark indices opened in the red on May 12. At 09:16 AM, the Sensex was down 589.10 points or 1.09 percent at 53,499.29. The broader Nifty was down 169.30 points or 1.05 percent at 15,997.80. About 442 shares have advanced, 1,488 shares declined, and 65 shares are unchanged.
Rupee hits record low
The Indian Rupee opened at 77.52 and hit a record low of Rs 77.56 against the dollar
Asian stocks decline
Asian stocks fell Thursday after elevated US inflation bolstered the case for aggressive monetary tightening and sparked a slide on Wall Street.
US stocks close sharply lower
US stocks finished lower Wednesday, with the Dow booking its biggest 5-day drop in almost two years, following an eagerly awaited consumer price index reading that showed US inflation slowed less than anticipated in April.
The S&P closed at its lowest level since March 25 2021 and 18% below its Jan. 3 record finish. Nasdaq lagged its peers sharply as interest rate-sensitive growth sectors, technology and consumer discretionary, underperformed the rest of the market also closing down more than 3%. MSCI's gauge of stocks across the globe shed 0.88 percent, registering its lowest close since November 2020.
US consumer inflation slows
US consumer inflation slowed, with the annual pace at 8.3 percent versus the March reading of 8.5 percent. But it was still plenty hot, and above expectations for a reading of 8.1 percent. More problematic for investors was the core reading, which strips out volatile food and energy prices. It showed a 0.6 percentmonthly rise versus a Wall Street forecast for a 0.4 percent increase. The increase in the core rate over the past year also slowed to 6.2 percent from a 40-year high of 6.5 percent in March. The Labor Department's monthly consumer price index (CPI) report suggested inflation may have peaked in April but is likely to stay strong enough to keep the Federal Reserve's foot on the brakes to cool demand.
Oil futures jumps
Oil futures jumped, with the US benchmark closing up 6 percent to $105.71 a barrel after reports that COVID cases were easing in Beijing and Shanghai, driving hopes for an easing of restrictions and pressure on the global economy.
The US also posed a record $308 billion budget surplus in April as federal tax receipts surged, putting the government on a path to register a budget deficit in fiscal 2022 below $1 trillion for the first time since the start of the pandemic.
Treasury yields were mixed after the data, with that of the 10-year US note down 7.2 basis points to 2.918 il futures jumped, with the US benchmark closing up 6 percent to $105.71 a barrel after reports that COVID cases were easing in Beijing and Shanghai, driving hopes for an easing of restrictions and pressure on the global economy.
US posts record budget surplus
The US also posted a record $308 billion budget surplus in April as federal tax receipts surged, putting the government on a path to register a budget deficit in fiscal 2022 below $1 trillion for the first time since the start of the pandemic.
Treasury yields were mixed after the data, with that of the 10-year US note down 7.2 basis points to 2.918 percent.
Inflation slows down in Brazil
Brazil's inflation slowed in April but still posted the steepest rise for the month in 26 years, pushing the 12-month figure to over 12 percent amid continued pressures on food and fuel, official figures showed on Wednesday..
Brazil's inflation slowed in April but still posted the steepest rise for the month in 26 years, pushing the 12-month figure to over 12 percent amid continued pressures on food and fuel, official figures showed on Wednesday.
Investors poorer by over Rs 13.32 lakh cr in 4 days
A four-day decline in stocks has wiped out over Rs 13.32 lakh crore from the market capitalisation of BSE-listed firms.
Sliding for the fourth straight session, the BSE Sensex shed 276.46 points or 0.51 percent to close at 54,088.39 on Wednesday.In four days, the benchmark has lost 1,613.84 points or 2.89 percent.
Tracking the weak trend in equities, the market capitalisation of BSE-listed firms tanked Rs 13,32,898.99 crore in four sessions to stand at Rs 2,46,31,990.38 crore.
RBI likely to consider more rate hike in June
The Reserve Bank of India (RBI) is likely to raise its inflation projection for the current fiscal year at its June monetary policy meeting and will consider more interest rate hikes, a source aware of the development said on Wednesday, said Reuters.
In its first rate move in two years and its first hike in nearly four, the RBI raised the repo rate by 40 basis points (bps) to 4.40 percent following a emergency meeting earlier this month.
Morgan Stanley lowers India's growth forecast
Morgan Stanley has lowered India's gross domestic product (GDP) growth forecast for the current financial year to 7.6 percent citing high inflation and global slowdown.
The new growth projection is 0.30 percent lower from the earlier forecast. The brokerage firm has also lowered India's GDP growth forecast for the financial year 2023-24 to 6.7 percent, which is 0.30 percent lower from its earlier projection.
Gold, Silver declines
Gold prices fell by Rs 231 to Rs 50,646 per 10 grams in the national capital on Wednesday due to overnight losses in the precious metal in global markets, according to HDFC Securities.
Stock under F&O ban
Indiabulls Housing Finance is under the F&O ban for May 12.
(With inputs from Reuters, agencies)
