May 28: 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 began the expiry week on a positive note on Monday with the Sensex and the Nifty closing at 2-week highs.

Here’s what you should know before the opening bell

• The rupee continued its unabated rise for the third-straight day, surging by 35 paise to end at a new two-week high of 67.43 against the US dollar after a surprise crash in crude prices quickly faded near-term trade deficit and inflation worries.
• Oil prices were mixed in early Asian trading on Tuesday, but remained under pressure from expectations that Saudi Arabia and Russia would pump more crude to ease a potential shortfall in supply.
• The central government is all set to announce a long-term solution to the oil price crisis, said Department of Economic Affairs secretary Shubhash Chandra Garg.
• Gold prices fell for a second session on Monday as the US dollar firmed and after US President Donald Trump revived hopes that he would meet North Korean leader Kim Jong Un next month, lowering political tensions and demand for gold as a safe-haven investment.
• On the earnings front, BPCL, M&M, BHEL, BEL, Coal India, Dish TV, Dilip Buildcon, Power Grid, Eveready, Force Motors, Glenmark, among others will declare their quarterly results.
• The fuel prices, however, have increased for the 16th day. The prices are at a record high in Mumbai with petrol price pegged at Rs 86.24 per litre, increased by 16 paise from the previous price and diesel pegged at Rs 73.79 per litre, increased by 15 paise from the previous.
• The Tamil Nadu government on Monday ordered the permanent closure of a copper smelter controlled by London-listed Vedanta Resources after 13 people protesting to demand its shutdown on environmental concerns were killed last week.
• CNG price in the national capital was hiked by Rs 1.36 per kg as input raw material got costlier because of rupee depreciation and rise in natural gas price.
• India said it will continue trading with Iran and Venezuela despite US sanctions against the two countries, asserting that it only recognises UN restrictions.
• Monsoon is never uniformly distributed as several parts of the country gets less rainfall every year. There is an indication that parts of Southern India, specifically North Karnataka might get less rainfall, otherwise monsoon should be fairly good and well spread, Skymet CEO said.

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