May 14: Here’s what you should know before the opening bell

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian market closed at over three-month high on Friday, due to major gains in heavyweight stocks such as HDFC, HDFC Bank, Reliance, ITC and ICICI Bank and backed by strong global cues.

The BSE Sensex and the NSE Nifty gained 1% each with the Nifty closing at 10,807 and the Sensex at 35,536.

Here’s what you should know before the opening bell

• Industrial output grew by 4.4% in March, the slowest in five months, due to a fall in capital goods production and deceleration in mining activity, according to the official data.
• Rising global crude oil prices and consistent outflow of foreign funds from the Indian equity market is expected to further weaken the Indian rupee, an official said on Sunday.
• US President Donald Trump said in a tweet on Sunday that he has asked the Commerce Department to help Chinese technology company ZTE Corp “get back into business, fast,” a concession to Beijing ahead of high-stakes trade talks that will take place this week.
• The Reserve Bank of India (RBI) failed to sell all the debt it offered to bidders at an auction for the fourth week in a row on Friday, raising concerns the government may have to pay investors much more to complete this year’s borrowing programme.
• Reliance Jio on Thursday announced its first-ever postpaid offer  “hello-postpaid,” at a price of Rs 199 per month which led to the dip in telco stocks in Friday’s trade.
• The tax department will seek share purchase agreement from Flipkart on the mega $ 16 billion buyout by US retail giant Walmart to assess the tax liability and also to find out whether the GAAR provisions can be invoked, an official said.
• Countries that continue to deal with Iran could face American sanctions, the Trump administration said today, days after it announced its decision to withdraw from the Iranian nuclear deal.
• After Dena Bank, the Reserve Bank now is likely to impose certain restrictions on a couple of more public sector lenders under the Prompt Corrective Action (PCA) mechanism due to worsening asset quality, a source said.
• Hindustan Unilever, Dr Lal PathLabs, Bombay Dyeing, Blue Star, among others will declare their quarterly earnings today.
  
  Disclosure: RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow