Base metals view: Sriram Iyer, Senior Research Analyst at Reliance Securities

LME copper extended losses to a 3rd session on Thursday as concerns grew that the global economy might plunge into a recession and dampen demand for industrial metals.

LME 3-month copper was down 0.5%, while the July contract on the SHFE fell 0.2% on Thursday. Prices of most other base metals also fell on both the Shanghai and London exchanges.

The gloomy economic outlook for top metals consumer China as it struggles to contain COVID-19 outbreaks, and ongoing policy tightening by global central banks kept upside capped.

Chinese Premier Li Keqiang held a rare high-profile meeting this week to support the economy, saying the country would strive to achieve reasonable growth in the second quarter and stem rising unemployment, the official Xinhua news agency reported. LME base metals could remain under pressure this Friday morning in Asian trade as China’s economic slowdown woes could dent demand

Domestic metals prices could open weaker this Friday morning tracking overseas prices.

Today’s MCX copper May contract range is 766.47-775.07. Aluminium May contract range is 239.75-243.10.

Nifty Financial Service up 1.15%; Bajaj Finance, Chola Fin, HDFC Life, Bajaj Finserve top gainers

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IRDAI notifies third-party motor insurance premiums for FY2022-23

The Insurance Regulatory and Development Authority of India (Irdai) has notified third-party premium rates for private four-wheelers and two-wheelers for the financial year 2022-23. The premium for third-party cover will go up from 1 June. These rules will be known as the Motor Vehicles (Third Party Insurance Base Premium and Liability) Rules, 2022.

Singtel dubbed reports of selling stake in Bharti Airtel as ‘market speculation’

Singapore-based telecom firm Singtel is ireportedly n talks with Bharti Airtel chairman Sunil Mittal to sell its 2-4 per cent stake in the company, a source aware of the development told PTI

Page industries jumps 7% as company reported an increase of 65% in net profit at ₹190.52 crore for the fourth quarter ended March 

India logged 2,710 new coronavirus infections in a day, death toll climbs to 5,24,539 with 14 fresh fatalities

Nifty Bank gains 1%: IDFC Fist, Bandhan Bank, IndusInd Bank rise over 2% each

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Rupee rises 2 paise to 77.59 against the US dollar in early trade supported by heavy buying in domestic equities

Paradeep Phosphates shares rise on stock market debut, listing at ₹44 on the NSE, a premium of more than 4%

Broad market indices positive: Midcap and smallcap gain over 1% each; India VIX down

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Hindalco Industries up 2% as consolidated March quarter net profit nearly doubled to a record ₹3,851 crore 

Piramal Enterprises hits 52-week low even as company reported a consolidated net profit of ₹150.5 crore vs a loss of ₹510.4 crore

The company reported a consolidated net profit of ₹150.5 crore in the three months through March, as against a loss of ₹510.4 crore in the same period last year. In its financial services business, AUM increased 33% year-on-year (y-o-y) to ₹65,185 crore in Q4. The share of retail in the overall loan book increased from 12% in March 2021 to 36% in March 2022, with the retail book growing 306% y-o-y to ₹21,552 crore.

IT stocks shine: Coforge, Mindtree, LTTS jump 4% each

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All sectoral indices in the green; Nifty IT jumps 2.8%

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Nifty climbs towards 16,300: Apollo Hospitals, Bajaj Finserve top gainers; UltratechCement, ONGC 

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Sensex up 400 points led by banks, IT: Tech Mahindra, Infosys, HCL Tech top gainers, NTPC, Asian Paints lag most

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Sensex, Nifty open firm tracking global markets

Market outlook: Mitul Shah, head of research at Reliance Securities.

U.S. equities ended higher after strong results from retailers lifted sentiment across the market. 

Domestic equities ended higher on Thursday following positive cues across U.S markets. Nifty increased 0.9%, while Nifty Mid-Cap and Nifty-Small Cap were up 1.3% and 0.8% respectively. All sectoral indices ended in green except Nifty FMCG (-0.2%). Nifty PSU Bank increased the most at 3.2%, followed by Nifty Metal and Nifty Bank which climbed 2.7% and 2.2% respectively. The news flow on the Russia-Ukraine war and surging COVID cases in China continue to remain in focus.

As investors await on the last leg of earnings results which will end by this week, the primary focus in the coming weeks will be on the central banks’ policy measures to stabilise inflation. Changes in oil prices and amendments to import and export duties might play a role in assessing the market’s trajectory. However, continuous FII sale and plunging rupee, are likely to have economic implications in the near-term. Globally, the Russia-Ukraine crisis and supply chain disruptions continue to impact global and Indian equities. The markets are likely to see gap up opening, SGX Nifty is up 72 points compared to yesterday’s spot Nifty closing. Asian markets are trading in green, Nikkei is up 0.63%% while Heng Seng is up 2.9%.

Sensex up nearly 300 points in pre-open: Infy top gainer

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Indices in the green at pre-open as suggested by SGX Nifty trends

Centre scraps stake sale in BPCL on muted response

The government called off the strategic sale of Bharat Petroleum Corp. Ltd (BPCL) after companies that showed initial interest in buying the country’s second-largest state-run refiner changed their minds as the outlook for Indian refiners soured because of the pandemic and soaring global energy prices that forced them to sell fuel below cost. (Read here)

Torrent Pharmaceuticals to acquire four brands from Dr Reddy’s Laboratories

Torrent Pharmaceuticals on Thursday said it has inked a pact to acquire four brands from Dr Reddy’s Laboratories. These are Styptovit-E, Finast, Finast-T and Dynapress. Financial details were not disclosed.

Gold set for small weekly gain

Gold was little changed on Friday, but the metal was on track for a second weekly gain following a retreat in the US dollar from 20-year highs.

Spot gold held its ground at $1,848.59 per ounce. US gold futures were little changed at $1,846.70. For the week so far, bullion is up 0.2%.

Stocks to Watch: BPCL, Hindalco, Piramal Enterprises, Tata Power, Nykaa, Bharti Airtel, Union Bank

Aarti Industries, Gail India, General Insurance, Glenmark Pharma, Godrej Industries, JSW Steel, Jindal Steel, Lemon Tree, PB Fintech, Oil India, Jubilant Industries, Nykaa, and Ruchi Soya are some of the companies that will also be in focus as they announce their earnings today. (Read here)

Cheaper steel to delay auto price hikes, but no cut likely

Recent government measures to rein in steel prices might price hikes for automobiles, but will not lead to lower prices, as input cost pressures remain elevated, automakers said.

Over the weekend, the union finance ministry imposed 15% export duty on steel, which constitutes more than 80% of a truck’s raw material and about 75% for cars. With enough steel stocks available in the domestic market, automakers expect to get a better deal from steel manufacturers in the next quarter.

Oil prices ease

Oil prices eased slightly in early Asian trade after surging to a two-month high in the previous session as investors focused on signs of tight global supply.

Brent crude futures fell 11 cents to $117.29 a barrel. WTI crude futures for July delivery fell 19 cents to $113.90 a barrel.

CBIC moves to check coercive tax practices

Troubled by complaints about alleged coercive action by tax inspectors, the Central Board of Indirect Taxes and Customs (CBIC) has warned of disciplinary action against officials facing complaints of high-handed behaviour.

CBIC clarified that recovery of tax dues can be made only after issuing a notice and an adjudication order. (Full report)

Indian indices may open in the green

Indian stock indices may open higher on Friday tracking SGX Nifty which was in the green. Markets had closed higher on Thursday, after snapping a three-day losing streak. Sensex ended at 54,252.53, up 503.27, while Nifty settled at 16,170 points, up 0.9%.

Asia stocks gain 

Stocks in Asia were buoyed Friday by a rebound on Wall Street and better-than-expected earnings at Chinese technology companies. Nikkei 225 index was up 1.29%; Australia’s S&P/ASX 200 Index rose 1.1%; Hang Seng Index gained 2.6%; Shanghai Composite Index rose

Wall Street ends firm

US shares rose on Thursday and the dollar edged lower, a day after minutes from the Federal Reserve’s May meeting indicated the central bank would remain flexible and might pause rate hikes later in the year.

The Dow Jones Industrial Average rose 516.91 points, or 1.61%, to 32,637.19; the S&P 500 ained 79.11 points, or 1.99%, to 4,057.84; and the Nasdaq Composite added 305.91 points, or 2.68%, to 11,740.65.