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Sensex slipped 200 points while the nifty 50 index was nearing 14,300 levels ahead of the opening bell.
Sensex was moving between gains and losses during the pre-open session on Friday. Nifty gave up 14,400.
SGX Nifty was trading over half a per cent weak in the early morning trade, hinting at a gap-down start for BSE Sensex and Nifty 50 on Friday. Market participants will take cues from rising COVID-19 cases, oil prices, corporate earnings, rupee movement, and other global cues. Asian peers were also trading weak following Wall Street losses in the overnight trade. US stock indices fell on reports that President Joe Biden has planned to almost double the capital gains tax to 39.6 per cent for people earning more than $1 million.
Nifty futures on Singapore Exchange were down 90 points on Friday morning.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel remain unchanged today for the eights consecutive day. Fuel prices were last cut on April 15 after having remained unchanged for fifteen consecutive days earlier. Today, the Petrol price in Delhi is Rs 90.40 per litre, while Diesel prices were at Rs 80.73 per litre. Fuel prices remain the highest in Mumbai at Rs 96.83 per litre for Petrol. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.
“Going ahead, Indian markets are likely to continue with its volatility till COVID-19 cases continue its upward trajectory. Investors would continuously watch out government’s course of action along with progress on vaccination drive. Once the availability and the pace of vaccination picks-up and daily cases start falling, we expect the narrative to gradually shift from Covid-19 and restrictions back to growth/cyclical recovery and rebound corporate earnings. We would recommend investors to take advantage of this volatility as the medium term thesis remains unchanged,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Ahead of today’s trading session, SGX Nifty was down 48 points. With Nifty futures trading with losses, domestic stock markets are likely to open in red.
A total of 16 companies including HCL Technologies, Indiabulls Real Estate, Mahindra & Mahindra Financial Services, Aditya Birla Money, GNA Axles, Integrated Capital Services, Oriental Hotels, and Wendt (India), among others will release their quarter earnings on April 23.
Fitch Ratings on Thursday affirmed ‘BBB-’ sovereign rating for India, saying that a recent surge in coronavirus cases may delay GDP recovery, but it won’t derail the economy. However, the agency said that the outlook was negative, reflecting lingering uncertainty around the debt trajectory.
Finance minister Nirmala Sitharaman said on Thursday that despite the fresh challenges to economic management caused by the second, virulent Covid wave, key budgetary proposals including the creation of a state-owned development finance institution (DFI) and an ambitious agenda laid out for privatisation were very much ‘on course’.