Stock Market LIVE Updates | Gift Nifty indicates positive start for Indian markets; Asian stocks trade higher

MSCI’s latest rebalancing adds 13 stocks to the India Index, including Indus Towers, Canara Bank, and PB Fintech. Others like Bosch and Jindal Stainless are also included. Aditya Birla Sun Life AMC and RR Kabel are among the new entrants to the Smallcap index. Exclusions from the Smallcap index include Indoco Remedies and Alok Industries

One97 Communications, Berger Paints, and IGL will be removed from the MSCI India Index, according to MSCI’s official statement on Wednesday. Nuvama Alternative and Quantitative Research predicts outflows of $70 million for Paytm, $113 million for IGL, and $117 million for Berger Paints due to the index rejig.

Cipla is likely to see a block trade of shares worth Rs 2,637 crore on May 15, with the promoter family and Okasa Pharma selling as much as 2.53 percent stake. CNBC-Awaaz was the first to report on the possible block trade on May 14.

The price at which the Cipla block is expected to happen is between Rs 1289.50-1357.35 per share which turns out to be a discount of 5 percent at maximum. Kotak Securities is the sole broker of the block deal, according to sources. The block trade comes at a time when the shares have seen healthy returns, rising 44.8% in one year. (Read more)

#1 INR closing: 83.51

#2 INR expected opening: 83.50

#3 Range for the day : broadly 83.40 to 83.60

#4 Exporters to sell at 83.50 and above

#5 Importers to buy dips with stop loss at 83.60 for unhedged positions

Indian rupee was largely unchanged as it is expected to open around 83.50 despite a fall in dollar and rise in Asian currencies. It indicates the $ demand from FPIs who have been selling equities and taking money out of India keeping $ bid with RBI selling $ at the other end. Yesterday’s figure of equity outflows was Rs. 4000 crores.Today also rupee looks to be range bound as we await for inflows to come from various sources and allow some appreciation in rupee.

In yesterday’s trading session, Nifty continued its upward trend for the third consecutive day, with a notable advance-decline ratio favoring bulls. Despite Chairman Powell’s remarks offering little new insight, optimism prevailed as major Wall Street indices approached record highs. However, looming uncertainty surrounds a potential September US rate cut, contingent upon inflation data due for release soon. Amidst this backdrop, Nifty’s options data hints at a trading range of 22000-23000, with strategic support and resistance levels identified. Notably, FIIs sold shares worth Rs. 4066 crores, while Corporate India awaited Q4 results from prominent names. Recommended trades include buying Nifty and Bank Nifty at current market prices, with AUROBINDO PHARMA singled out as a stock to watch, anticipating any corrective declines with bullish sentiment.

#1 Cipla promoters likely to sell 2.5% stake via block deal: sources

#2 Airtel Q4 PAT down 15%; ARPU improves (QoQ)

#3 Siemens Q2 earnings – big beat on profit

#4 Colgate Q4 margins at all-time high

#5 V-Mart Q4 loss widens; margins expand (YoY)

#6 Earnings today: PFC, RVNL, LIC Housing, Jyothy Labs

#7 Oberoi Realty Q4 profit jumps 64% (YoY)

#8 Apollo Tyres Q4 PAT down 13.7%; revenue flat (YoY)

#9 Aadhar Housing, TBO Tek to list on bourses

#10 Virat Kohli-backed Go Digit IPO opens for subscription

FIIs sold shares worth Rs 4,065.52 crore. DIIs pumped in Rs 3,527.86 crore worth of stocks on May 14

Power Finance Corporation, LIC Housing Finance, Dixon Technologies, Indian Energy Exchange, Jindal Stainless, Jyothy Labs, Mankind Pharma, Medi Assist

The GIFT Nifty trends suggest a positive opening for the broader index in India, with a 0.25 percent gain or 56 points. Nifty futures are trading around the 22,370 level.

On 14 May, India’s Sensex and Nifty surged for the third consecutive session, with Sensex up over 300 points and Nifty maintaining above the 22200 level. Broader markets BSE MidCap and SmallCap too showed strength with gaining over 1 percent after recent correction.

At closing, Sensex ended above 73000 mark, up 0.45 percent or 330 points while Nifty closed at 22218, up 0.51 percent or 113.8 points. Among sectoral indices, Nifty Metal was the top gainer, up 2.77 percent, followed by Nifty auto and oil & gas, which rose 1.8 percent each. Nifty PSU Bank, Consumer durables, and realty were up 1 percent each. Among losers, Nifty FMCG and Pharma were down 0.5 percent each.

Oil prices climbed as US stockpiles shrank, with focus shifting to an upcoming International Energy Agency report on market balances. Brent approached $83 following a 1.2% decline, while West Texas Intermediate surpassed $78. The American Petroleum Institute noted a 3.1 million barrel drop in nationwide crude inventories last week, including a drawdown in Cushing, Oklahoma.

Gold stabilized after a nearly 1% increase on Tuesday, ahead of US inflation data potentially impacting the Fed’s rate decisions. Bullion hovered around $2,356 per ounce, awaiting core consumer price index figures. Forecasted data suggests US inflation may have eased in April, potentially supporting gold due to its non-interest-bearing nature. Despite a recent narrow trading range following record highs in March and April, gold remains up approximately 14% this year, supported by central bank purchases, geopolitical tensions, and Chinese consumer demand, despite delays in the Fed’s expected policy shift.

Asia-Pacific markets opened higher Wednesday, following Wall Street’s lead despite stronger-than-expected inflation data. The Nasdaq reached a new record high. Producer price index for April exceeded expectations at 0.5%, initially causing a negative market reaction, but sentiment improved after March wholesale prices were revised down. South Korea and Hong Kong markets closed for a holiday. Investors also analyzed Australia’s annual budget, with the S&P/ASX 200 opening 0.44% higher. Japan’s Nikkei 225 rose by 0.75%, and the broader Topix gained 0.53%.

#1 Don’t Think Next Move Would Be A Rate Hike

#2 More Likely That We Would Hold Policy Rate Where It Is

#3 nflation In Q1 Was Notable For The Lack Of Further Progress

#4 Did Not Expect A Smooth Road On Inflation

#5 Need To Be Patient & Let Policy Do Its Work

#6 Expect Continued GDP Growth Of 2% Or Better

#7 Expect inflation to fall, though not as confident as before