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Benchmark indices fell for the ninth consecutive session for the first time in eight years. Nifty broke 11,150 level while Senses ended below its 100-DMA.
At close, Sensex was down 372.17 points at 37,090.82, while Nifty was down 130.70 points at 11,148.20. About 639 shares advanced, 1,826 shares declined, and 157 shares were unchanged.
Eicher Motors, Zee Entertainment, Sun Pharma, Indiabulls Housing and Yes Bank were among major losers on the Nifty, while Titan Company, Bharti Infratel, Tech Mahindra, HDFC and HUL were among gainers.
On the sectoral front, major selling was seen in PSU Banks and Pharma as both the indices closed with 4 percent cut, followed by metal, auto, energy and infra.
According to the Pivot charts, the key support level is placed at 11,082.47, followed by 11,016.73. If the index starts moving upward, key resistance levels to watch out are 11,257.07 and 11,365.93.
The Nifty Bank index closed at 28,659.95, down 380.55 points on May 13. The important Pivot level, which will act as crucial support for the index, is placed at 28,504.3, followed by 28,348.7. On the upside, key resistance levels are placed at 28,932.3, followed by 29,204.7.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.
Wall Street hit hard by escalation of tariff war
Wall Street’s main indexes tumbled on Monday after Beijing announced plans to retaliate with higher tariffs on US goods, raising fears that another round of tit-for-tat measures could push the US economy toward recession.
The Dow Jones Industrial Average fell 560.03 points, or 2.16%, to 25,382.34, the S&P 500 lost 61.84 points, or 2.15%, to 2,819.56 and the Nasdaq
Composite dropped 222.72 points, or 2.81%, to 7,694.22.
Asian shares extend losses as US-China trade war heats up
Shares in Asia extended losses on Tuesday following sharp falls on Wall Street overnight, the yen strengthened and US Treasury yields ticked lower as the trade war between China and the United States escalated.
In early trade on Tuesday, MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.4%, touching its lowest level since February 15. Australian shares were down 1.2% while Japan’s Nikkei stock index slid 1.9%.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 50 points or 0.45 percent. Nifty futures were trading around 11,135-level on the Singaporean Exchange.
China hikes tariffs on US goods after Trump warning
China said on Monday it would impose higher tariffs on most US imports on a revised $60 billion target list, hitting back at a tariff hike by Washington on $200 billion of Chinese goods in a further escalation of a bitter trade war.
The retaliation comes as US President Donald Trump signals his intent to slap tariffs on all Chinese imports if Beijing does not give in, suggesting a prolonged standoff between the world’s two largest economies that could roil global markets for weeks or months to come.
A total of 5,140 US products will be subject to additional tariffs of 5%, 10%, 20% and 25% starting June 1, the finance ministry in Beijing said in a statement. The escalation, from rates of 5% and 10%, was announced hours after Trump warned China not to retaliate against the latest US tariffs hike.
Trump and Xi to meet after defiant China hits US with new tariffs
US President Donald Trump said on Monday he would meet Chinese President Xi Jinping next month as the trade war between the world’s two largest economies intensified, sending shivers through global markets.
China announced earlier it would impose higher tariffs on a range of US goods, including frozen vegetables and liquefied natural gas, a move that followed Washington’s decision last week to hike its own levies on $200 billion in Chinese imports.
The US Trade Representative’s office said later it planned to hold a public hearing next month on the possibility of raising duties of up to 25% on a further $300 billion worth of imports from China. Cellphones and laptops would be included in that list but pharmaceuticals would be excluded, the office said.
April retail inflation at 2.92% vs 2.86% in March
India’s retail inflation stood at 2.92 percent in April, higher than 2.86 percent in March. Core CPI for April contracted to 4.6 percent from 5 percent in March. The latest price data released by the Central Statistics Office showed that consumer price index (CPI)-based inflation, which measures changes in shop-end prices, remained comfortably within the Reserve Bank of India’s target level of 4 percent.
Food prices, which is a gauge to measure changes in kitchen budgets, grew 1.1 percent in April compared to 0.3 percent in March. Inflation rate in cereals and products stood at 1.17 percent in April as against 1.25 percent in March. Vegetables inflation stood at 2.87 percent in April versus -1.49 percent in March.
Rupee crashes to over 2-month low on foreign fund outflows
The rupee on May 13 fell sharply by 59 paise to close at nearly two-and-a-half-month-low of 70.51 against the US currency due to persistent foreign fund outflows and renewed worries over rising crude oil prices. An unabated sell-off in domestic equity markets also weighed on the domestic currency, forex dealers said.
The rupee opened sharply lower at 70.16 and fell further to touch over two-month low of 70.53 at the interbank foreign exchange market as oil prices rose over 1 percent in global markets.
The local unit finally settled at 70.51, down by 59 paise over its previous close. The rupee had on Friday closed at 69.92 against the US dollar. “Indian rupee plunges along with other emerging market currencies amid concerns of a drawn- out trade war.
Gold falls as US-China trade stand-off weighs on yuan
Gold prices fell on May 13 as an escalating trade conflict between Washington and Beijing weighed on the yuan, denting demand in the world’s biggest consumer of the metal, China. Spot gold was down 0.2% at $1,283.63 an ounce at 1031 GMT. US gold futures slipped 0.3% to $1,284.20.
SEBI takes action against mutual fund companies for delay in FMP payments
The Securities and Exchange Board of India has sent notices to mutual fund companies that defaulted on Fixed Maturity Plan payments. SEBI has taken action for not fulfiling the investor protection norms by delaying the payments due on fixed maturity plan and for giving loan against shares.
A source close to the development told Moneycontrol, “SEBI has taken action on mutual fund on several issues that occurred in the recent past. SEBI action is on those mutual funds which defaulted on fixed maturity plan scheme on the due date. Subsequently, they increased the timeline of payment of fixed maturity plan with the consent of unitholders. However, the regulator has asked mutual fund companies the format of taking consent of unitholders in increasing timeline of fixed maturity plan.”
Bitcoin tops $8,000 as it hits highest since July 2018
Bitcoin surged to more than $8,000 late on Monday, its highest level since July last year, as the cryptocurrency’s rally gained further momentum. There is no real fundamental explanation as to why bitcoin, the original cryptocurrency, hit a 10-month high on Monday.
Bitcoin was last up nearly 17% at $8,131 on the Bitstamp exchange, the largest daily percentage jump since early April. It hit a high of $8,167.50, a roughly 10-month peak.
Some analysts pointed out that bitcoin’s rally coincided with the escalating trade war between the United States and China, which eroded overall market risk sentiment. But it is too soon to declare bitcoin as a safe-haven asset, they said.
60 companies to report march quarter numbers today
As many as 60 companies will declare their results for the quarter ended March which include names like HOEC, Indian Bank, Nestle India, Pidilite Industries, PTC India, Siemens, UCO Bank, Union Bank of India, Welspun Corp etc. among others.