are looking to start Friday’s trade deep in red as global cues turn soar on fears of bigger rate hikes and high inlfation.
Markets in the US fell up to 5 per cent overnight amid weak earnings and fed rate hikes fear. Dow Jones plunged over 3 per cent, the S&P 500 tanked 3.5 per cent and the Nasdaq crashed 5 per cent to its lowest closing level since November 2020.
Tracking this, asian markets also tumbled this morning, led by Hong Kong’s Hang Seng, that slid 3 per cent.
Global sentiment was also bogged down as the Bank of England hiked interest rates by 25 bps to 1 per cent and raised its inflation forecast to 10 per cent.
Today, market will eye global developments around the Russia-Ukriane conflict and possible new sanctions on Russia by the EU. The weekend factor may also weigh on equities.
Among stocks, Canara Bank, Federal Bank, GE Shipping, Reliance Industries, Shipping Corporation of India and Tata Power will be in focus ahead of their Q4 results.
In the primary market, Life Insurance Coproration (LIC) IPO was fully subscribed on day 2 of the offer period. The issue so far has generated bids worth Rs 20,744 crore, including the Rs 5,628 crore raised from anchor investors. Small investors have poured in over Rs 12,000 crore in the IPO.
Meanwhile, the second largest IPO of this year – Delhivery’s Rs 5,235-crore issue opens for subscription on May 11 in a price band of Rs 462-487 per share.
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