Stock Market Live Updates: Sensex jumps 400 points, Nifty around 14,850; metals, banks lead

The Indian indices are likely to open higher on Friday tracking gains in global peers. The SGX Nifty was trading 73.50 points or 0.50 percent higher at the 14,870.50, at 7:55 am, indicating a positive start for the broader index in India

Wall Street | The Dow Jones Industrial Average closed at a record high on Thursday, bolstered by an upbeat weekly jobless claims report, while vaccine makers dipped after US President Joe Biden backed plans to waive patents on COVID-19 shots. The Dow Jones Industrial Average rose 0.93 percent to end at 34,548.53 points, while the S&P 500 gained 0.82 percent to 4,201.62. The Nasdaq Composite climbed 0.37 percent to 13,632.84.

Asian markets | MSCI’s benchmark for global equity markets, which tracks stocks in 50 countries, edged up about 0.1 percent, on course for a 0.4 percent gain this week. Its broadest index of Asia-Pacific shares outside Japan ticked up by about 0.4 percent on Friday, with China’s blue chips and Japan’s Nikkei each gaining about 0.3 percent.

Indian market on Thursday | Indian equity indices ended higher Thursday led by gains in metals, auto, and IT stocks amid positive global cues. The Sensex added 272.21 points, or 0.56 percent to close at 48,949.76, while the Nifty ended 106.95 points, or 0.73 percent higher at 14,724.80. Broader markets, Nifty Midcap100 and Nifty Smallcap100 indices ended 0.94 percent and 0.70 percent higher, respectively. Among sectoral indices, Nifty Metal ended over 2 percent higher, followed by IT, auto and media indices that rose 1 percent each. Selling was seen in PSU Bank and pharma indices.

Crude oil | Oil prices edged up in early Asian trade after a 1 percent dip in the previous session, as global economic recovery and easing travel curbs in the United States and Europe buoyed the fuel demand outlook while the surging pandemic in India capped prices. Brent crude futures for July were at $68.17 a barrel, up 8 cents, while US West Texas Intermediate (WTI) crude for June rose 9 cents to $64.80.

Rupee | The Indian rupee strengthened by 13 paise to settle at 73.78 against the US dollar on Thursday, tracking positive domestic equities and weaker American currency against key rivals overseas. At the interbank forex market, the local unit opened at 73.87 against the greenback and witnessed an intra-day high of 73.77 and a low of 74. It finally ended at 73.78 against the American currency, registering a rise of 13 paise.

US weekly jobless claims drop to fresh 13-month low | Fewer Americans filed new claims for unemployment benefits last week as the labor market recovery gains steam amid an economic boom, which is being fueled by a rapidly improving public health situation and massive government financial assistance. Initial claims for state unemployment benefits tumbled 92,000 to a seasonally adjusted 498,000 for the week ended May 1, the Labor Department said. That was the lowest since mid-March 2020, when mandatory shutdowns of nonessential businesses were enforced to slow the first wave of COVID-19 infections.

Credit Suisse cuts FY22 GDP forecast to 8.5-9% | Credit Suisse has sharply lowered its real GDP growth forecast for this fiscal year to around 8.5-9 percent, citing economic disruptions in the country due to the raging second wave that is likely to shave 100-150 bps growth off the economy. The Swiss brokerage has also warned that it will delay the economy from reaching a potential growth rate by an additional two-three years beyond 2022-23.    

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