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SGX Nifty Up 170 Points, Retail Inflation at 8-Year High, L&T Quarterly Results, and Top Buzzing Stocks Today
Fri, 13 May Pre-Open

On Thursday, Indian share markets remained in a bear grip for the fifth straight session while the rupee hit an all-time low.

Benchmark indices extended losses amid a broader decline in equity markets following US consumer price data.

At the closing bell on Thursday, the BSE Sensex plummeted 1,158 points, ending 2.1% lower.

Meanwhile, the NSE Nifty was down 359 points, ending at 15,808.

Wipro and HCL Technologies were among the top gainers.

IndusInd Bank, Tata Steel, and Bajaj Finance were among the top losers.

The broader markets ended deep in red as the BSE Mid Cap index slipped 2.2% while the BSE Small Cap index plunged 2%.

The recent sell-off on BSE has eroded investors' wealth by nearly Rs 18.7 tn in the last five trading sessions.

All sectoral indices ended in the red with stocks in capital goods sector, auto sector, and banking sector witnessing most of the selling.

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At 8:00 AM today, the SGX Nifty was trading up by 170 points or 1.1% higher at 15,990 levels.

Indian share markets are headed for a gap-up opening today following the trend on SGX Nifty.

Speaking of stock markets, India's #1 trader Vijay Bhambwani, in his latest video for Fast Profits Daily explains about navigating the market while the US Dollar strengths.

The US Dollar index has scaled its highest in almost two decades. What does it mean? And how do you profit from it?

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Top Buzzing Stocks Today

RBL Bank share price will be among the top buzzing stocks today.

The private lender reported a loss of Rs 747.4 m in the financial year 2022 as against a net profit of Rs 5.1 bn in 2021.

RBL Bank's consolidated post-tax net profit more than doubled to Rs 1.6 bn in the March quarter, mainly due to a low base in the year-ago period.

For the reporting quarter, its core Net Interest Income (NII) grew 25%, despite only a 2% growth in advances while the Net Interest Margin (NIM) widened sharply to 5%.

L&T share price will also be in focus today.

Engineering conglomerate Larsen & Toubro on Thursday reported 10% rise in consolidated net profit at Rs 36.2 bn for the March quarter.

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The company's board of directors recommended a final dividend of Rs 22 per equity share for financial year 2022.

Market participants will also track shares of Eicher Motors, Bank of Baroda, and Tech Mahindra as these companies will announce their March quarter results later today.

Inflation Print for April 2022

The statistics ministry data showed headline retail inflation surged to 7.79% in April - the highest since May 2014.

At 7.79%, the Consumer Price Index (CPI) inflation print for April is 84 basis points higher than the March number of 6.95%.

While promising action to alleviate price rise pain, the finance ministry in its monthly economic review report said:

  • While inflation is expected to be elevated in 2022-23, mitigating action taken by the government and RBI may reduce its duration.

The sharp rise in inflation in April was driven by significant price pressures. Fuel items led the charge, with the index for the 'fuel and light' group of the CPI rising 3.1% month-on-month in April, resulting in an inflation rate of 10.8%.

April saw a big uptick in fuel prices, with the average pump price of petrol in India's top four metropolitan cities up 8.6-9% compared to March.

Food, the other volatile component of the CPI basket, also registered a higher inflation rate of 8.38% in April. The strongest price momentum, within food, was seen in cereals, oils and fats, and milk.

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The surge in the CPI inflation has clearly justified the off-cycle rate hike last week, and significantly raised the likelihood of a back-to-back rate increase in June 2022.

The Monetary Policy Committee (MPC) is scheduled to next meet on 6-8 June.

Industrial growth inches up

As per the Index of Industrial Production (IIP), India's industrial growth edged up to 1.9% in March from 1.5% in February.

The data was in line with the expectations as data released on 29 April showed the output of India's eight core sectors increased only by 4.3% year-on-year in March, down from 6% the previous month.

With the eight core industries accounting for 40.3% of the total weight of IIP, industrial growth as per the IIP tracks the performance of these core sectors.

In line with these growth figures, Morgan Stanley has lowered its forecasts for India's economic growth in the next two fiscal years, saying a global slowdown, surging oil prices, and weak domestic demand would take a toll on Asia's third-largest economy.

The latest on LIC IPO...

Supreme Court has refused to interfere in the on-going IPO process of LIC and rejected interim relief.

While declining to grant interim relief, the bench said:

  • The IPO is ongoing and it is a matter wherein large investments have already been made, the bench observed during the hearing.

    It would not be appropriate for the court to interfere in a matter of this nature at such a juncture.

The petitioners before the court were aggrieved by the government's decision to trade 5% of its holding in LIC through the IPO.

The petitioners seeking a halt on the IPO process came before the Supreme Court after their respective petitions were rejected by Madras and Bombay High Courts.

The apex court, however, issued notice on the petitions that challenge the passage of Finance Act, 2021 as a money bill.

It was the Finance Act of 2021 and the amendments to the LIC Act made accordingly that facilitated the ongoing IPO.

The court said that the question of passage of Finance Act 2021 as money bill and amendments to LIC Act is a question 'that needs further reconsideration'.

Stay tuned for more developments from this space.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

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