Home / Markets / Live Blog /  Sensex soars 1534 pts, Nifty ends above 16,250; RIL, DRL shine, realty roars

Sensex soars 1534 pts, Nifty ends above 16,250; RIL, DRL shine, realty roars

Market Closing: Indian indices rebounded strongly on Friday to gain close to 3% amid strong Asian trendsPremium
Market Closing: Indian indices rebounded strongly on Friday to gain close to 3% amid strong Asian trends

  • Market Closing: Indian indices on Friday surged around 3% supported by strong buying interest in metal, auto and realty stocks as markets bounced back from their worst session in nearly three months. 

Indian indices on Friday bounced back in style from previous day's slump as both the Sensex and Nifty advanced close to 3%, tracking positive trends from Asian peers. Investors remained unfazed as Wall Street fell closer to bear territory in overnight trade. Asian investors reacted positively to the Chinese central bank's decision to reduce its rate on a five-year loan, which would shore up weak housing sales by cutting mortgage costs. Shares rose in Japan, South Korea, Australia, Hong Kong, and Shanghai. 

20 May 2022, 03:47:50 PM IST

Sensex jumps 1534 pts, Nifty ends above 16,250; all sectors in the green; metals, realty rally

Indian indices on Friday advanced strongly, ending the week on a positive note after two straight weeks of losses, with solid gains recorded in market heavyweights Reliance, DRL, Nestle India, and L&T, among others.

The Sensex added 1534.16 points, or 2.91%, to close at 54,326.39, while Nifty50 gained 456.75 points to end at 16,266.15. Sectorally, all the sectors ended in the green, with metals, banks, realty stocks powering the rally.

On the 30-stock index, the most gains were made by DRL, Reliance, Nestle India, and Tata Steel, among others. All the 30 stocks registered gains. 

On Nifty50, DRL, Reliance, Adani Ports, and JSW Steel made the most gains, while Shree Cement and UPL were the only two losers.

Sensex at close
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Sensex at close
20 May 2022, 03:16:54 PM IST

Shriram Transport Finance raises fixed deposit interest rates by up to 25bps

Shriram Transport Finance Company, part of the Shriram Group, has hiked fixed deposit rates by 15-25 basis points (bps) across different tenors. The new rates will be effective 20 May.

20 May 2022, 03:00:10 PM IST

Global stocks rise after Wall St slips closer to bear market

Global stock markets rose Friday after Wall Street fell closer to bear territory, China cut a key interest rate and Japanese inflation edged higher.

London opened higher while Frankfurt retreated. Shanghai, Tokyo, Hong Kong and Sydney gained. Oil prices declined.

Wall Street futures were higher after the benchmark S&P 500 index lost 0.6% on Thursday as rising interest rates, Russia's war on Ukraine and a Chinese economic slowdown added to investor unease.

The benchmark is down 18.7% from its January high and close to the 20% decline that defines a bear market.

20 May 2022, 02:18:40 PM IST

Inflation crimps Indian firms as rural millions cut spending

Surging inflation is forcing many poor Indians to rein in spending, threatening a slowdown for companies such as Godrej Appliances which saw bumper sales as recently as March and April after a brutal heatwave spiked demand for its cooling products.

The Ukraine crisis and global supply chain disruptions have stoked prices worldwide, but people in developing countries such as India are more vulnerable to even small cost increases that can wreck their meagre budgets.

20 May 2022, 02:12:55 PM IST

India Inc worries about demand as inflation starts to hit discretionary spending

Surging inflation is forcing many poor Indians to rein in spending, threatening a slowdown for companies such as Godrej Appliances which saw bumper sales as recently as March and April after a brutal heatwave spiked demand for its cooling products.

20 May 2022, 02:07:12 PM IST

LIC shares make a new low today. Good time to buy?

LIC shares made a new low today when it hit its intraday low of 827.35 apiece levels on NSE. Despite huge upside in key benchmark indices today, LIC share price today opened upside and started retracing post-profit booking trigger. Shares of insurance behemoth went on to hit a new low today, logging more than 12 per cent dip from the upper price band of LIC issue price of 949 per equity share.

20 May 2022, 01:57:13 PM IST

Expect 2H23 recovery in demand and margins: Prabhudas Lilladher on Pidilite Industries

Rating: HOLD | CMP: Rs2,118 | TP: Rs2,389

We are marginally cutting FY23/24 EPS estimates by 2.1%/1.2% which factors in margin pressure in 1Q23 followed by gradual improvement. PIDI has given cautiously optimistic outlook with margins nearing bottom along with an expected demand recovery in 2H23. Near term rural & semi urban demand looks soft due to steep inflation & price hikes, while urban demand remains steady. Long term prospects remain intact led by 1) aggressive innovation in core & growth categories 2) adjacent segments like tiles and marble grouts adhesives to be next growth drivers 3) market leadership in a low penetrated waterproofing segment and 4) focus to improve distribution reach and quality in next 3-5 years. We expect 26.0% EPS CAGR over FY22-24 and assign a DCF based TP of Rs2389 (earlier 2417). Potential loss of leadership in waterproofing to APNT is a key risk to our call. Retain ‘Hold’.

20 May 2022, 01:56:15 PM IST

Sectoral indices: Banks, auto, financials, FMCG, metals rally

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20 May 2022, 01:45:03 PM IST

Growth levers in place: Prabhudas Lilladher on Navneet Education

Rating: BUY | CMP: Rs91 | TP: Rs121

While NELI’s top-line was ahead of our estimates due to swift recovery in stationary exports; GM at 53.8% was broadly in-line with our expectation. Though syllabus change schedule for FY23E is not exciting (see exhibit 6); given last academic cycle was impacted by COVID usage of 2nd hand books can be lower aiding growth in publishing segment. On the other hand, management commentary on stationary exports continues to remain bullish and top-line CAGR of 25% is envisaged over next 3-4 years. Apart from strong tailwinds in publishing & stationary exports, NELI has intensified focus on Ed-Tech. Besides ear-marking Rs600mn towards spends in Navneet Future Tech, additional investment of Rs375mn will be made in SFA, a sports tech company in FY23E. While we cut our EPS estimates by 15%/6% for FY23E/FY24E to account for increased spends in Ed-Tech we maintain our BUY rating on the stock with a TP of Rs121 (12x FY24E EPS; no change) amid 1) expected normalcy in publishing business as schools have re-opened 2) strong growth momentum in exports and 3) increasing focus on Ed-Tech.

20 May 2022, 01:43:36 PM IST

Nifty50: Surges over 2.4%; DRL, Nestle India, Tata Motors top gainers

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20 May 2022, 01:32:44 PM IST

Stable Results Despite Industry Headwinds; Maintain BUY: Axis Securities on Dr Reddy

Dr Reddy is currently investing in various businesses that may provide excellent growth in the long term. The company is building a global pipeline of biosimilars, developments of NCE for Immuno-oncology, and building up a Neutraceuticals portfolio, vaccines, CDMO, and digital healthcare platforms. However, high inflation could decrease margins prompting us to reduce TP to 4,500/share.

20 May 2022, 01:31:44 PM IST

Strong Growth Across Geographies to Drive Profitability: Axis Securities on Gland Pharma

High competition in Injectables generic and an increase in raw material prices may impact the company’s growth and margins in the upcoming quarters. We believe stock trades at rich valuations of PE of 36.2x and 30.4x for FY23E and FY24E respectively. We, therefore, recommend a HOLD rating on the stock with a target price of 3,300/share.

20 May 2022, 01:24:11 PM IST

Sensex roars back after Thursday's sharp fall; DRL gains over 8%, RIL, Nestle, L&T rally 

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20 May 2022, 01:05:57 PM IST

ICICI Bank, Bandhan Bank among Jefferies' top bank stock picks as RBI embarks on rate hike cycle

Indian banks can defend earnings during inflation-targeting as credit growth is running ahead & pick-up in corporate loans can make-up for softness in retail — evident from long-term trends, deposit cost inflation may play with a lag and banks carry provision buffers, as per Jefferies.

20 May 2022, 01:05:02 PM IST

Broad market indices: Nifty50 rises over 2%, India VIX eases over 4%

20 May 2022, 12:41:55 PM IST

Asian stocks rise after Wall St slips closer to bear market

Asian stock markets rose Friday after Wall Street fell closer to bear territory, China cut a key interest rate and Japanese inflation edged higher.

Market benchmarks in Shanghai, Tokyo, Hong Kong and Sydney advanced. Oil prices shed more than $1 per barrel.

Wall Street's benchmark S&P 500 index lost 0.6% on Thursday as rising interest rates, Russia's war on Ukraine and a Chinese economic slowdown added to investor unease. The benchmark is down 18.7% from its January high and close to the 20% decline that defines a bear market.

20 May 2022, 12:33:31 PM IST

Birlasoft to consider share buyback next week. 5 things to know

Birlasoft share buyback: The Board of Directors of Birlasoft is going to consider share buyback next week when they will sit for their scheduled meeting on 23rd May 2022. The IT company management informed about the share buyback plan in exchange communication and said that outcome of the board meeting will be further shared with the Indian exchanges soon after the conclusion of the meeting.

20 May 2022, 12:03:01 PM IST

RBL Bank collaborates with Amazon Pay to offer UPI Payment Services

RBL Bank, Amazon Pay and Amazon Web Services (AWS) have announced a collaboration to offer UPI payments. The Bank has partnered with Amazon Pay to offer peer-to-peer and peer-to-merchant transactions. With this integration Amazon Pay will issue NPCI’s allocated UPI ID with the handle @rapl, to RBL Bank.

20 May 2022, 11:55:51 AM IST

Banking stock gives 140% return after market bottom in March 2020

Indian stock market made its bottom on 23rd March 2020 after huge sell-off on Covid-19 fears. But, after bottoming out, Indian stocks rebounded strongly and delivered whopping return to those investors who entered at lower levels. ICICI Bank shares are one such stock. After Indian stock market made its bottom in March 2020, this Nifty Bank stock has surged from around 287 to 690 apiece levels, logging near 140 per cent rise in this period.

20 May 2022, 11:44:30 AM IST

Bank Nifty weekly option report by Axis Securities


Bank Nifty has seen decrease in Open Interest of -27.48% with increase in price of 1.70% indicating Short Covering.

Nifty has seen decrease in Open Interest of -18.66% with a increase in price of 2.63% indicating Short Covering.

BANK NIFTY Strategy : - PUT Spread

View: Moderately BEARISH.

Rationale: - Traders could initiate this spread strategy to make modest returns with limited risk and reward. The spread suggested consists of buying one lot of 34,000 strike PUT option and simultaneously selling one lot of 33,500 strike PUT Option.

Axis Securities
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Axis Securities
20 May 2022, 11:38:39 AM IST

Chris Wood tweaks India long-only portfolio. Here are the stocks

In its Greed & Fear note, Jefferies' Christopher Wood highlighted the tweaks he has made to his India's long-only portfolio, which was launched last year, and includes 17 Indian stocks in total. In the recent changes, investment in Tata Steel has been removed whereas introduced that in Macrotech (Lodha) and CAMS.

20 May 2022, 11:31:04 AM IST

Petrol, diesel prices remain unchanged for 44 consecutive days. Check today's fuel rates here

The cost of petrol and diesel continue to be on freeze for 44 consecutive days on Friday, May 20, 2022. Petrol and diesel prices were last hiked by 80 paise a litre each on April 6, taking the total increase in rates in 16 days to 10 per litre.

20 May 2022, 11:23:13 AM IST

Oil falls on uncertainty over fuel demand recovery

Oil prices fell on Friday as investors worried that weakening global economic growth and tighter central bank monetary policy could curb a recovery in fuel demand.

Brent futures for July fell 63 cents, or 0.56%, to $111.41 a barrel by 0432 GMT, while U.S. West Texas Intermediate (WTI) crude for June fell $1.36, or 1.21%, to $110.85 on its last day as the front-month.

The more actively traded WTI contract for July was down 0.82% at $108.99 a barrel.

20 May 2022, 11:18:17 AM IST

Stocks, US Futures rise as China helps Sentiment

Stocks and US equity futures pushed higher Friday as sentiment received a boost from a move by Chinese banks to lower a key interest rate for long-term loans by a record amount.

Shares rose in Japan, Hong Kong and China, shrugging off modest losses on Wall Street Thursday. European contracts gained about 1%.

Chinese banks cut the five-year loan prime rate, which will help to reduce mortgage costs and may boost loan demand amid a property slump and Covid lockdowns.

The move “comes as a big surprise, and is without doubt a positive in terms of raising the market’s sentiment," said Niu Chunbao, fund manager at Shanghai Wanji Asset Management.

Treasuries were steady, with the US 10-year yield at about 2.84%. A dollar gauge trimmed its biggest one-day drop since 2020. Oil hovered near $111 a barrel.

20 May 2022, 11:17:29 AM IST

Goldman Sachs says crypto drawdown has little impact on economy

US households might own about one-third of the global cryptocurrencies market, but that doesn’t mean the recent downturn will have a huge effect on the economy.

That’s according to economists at Goldman Sachs Group Inc., who note that the recent selloff in digital assets is “very small" relative to overall household net worth, which last year stood at $150 trillion. Crypto markets have slumped in value to about $1.3 trillion, down from $2.3 trillion late last year.

20 May 2022, 11:16:55 AM IST

Prudent Corporate shares retrace after positive debut. Buy, sell or hold?

Prudent Corporate share listing: After debuting today at around 3 per cent premium, huge profit booking triggered in Prudent Corporate shares. After opening at 660 on BSE, Prudent Corporate share price gave sharp downside moves and hit intraday low of 591.20 on BSE. According to stock market experts, those who have booked profit in pre-opening session are advised not to enter at current levels whereas those who still hold the stock should maintain stop loss at 545 on closing basis and exit on bounce.

20 May 2022, 11:00:57 AM IST

Robust performance in challenging time; Maintain Buy: Axis Securities on JK Lakshmi Cement

We roll over our estimate to FY24 and retain our BUY rating on the stock and value the company at 7x FY24E EV/EBITDA to arrive at a target price of 620/share,implying an upside of 48% from the CMP.

20 May 2022, 10:58:32 AM IST

Ashok Leyland shares in fast lane on Q4 margin beat

Ashok Leyland Ltd’s shares rose more than 5% in opening deals Friday on the National Stock Exchange, as investors cheer the company’s better than expected March quarter (Q4FY22) results.

20 May 2022, 10:49:49 AM IST

ITC share price near highest in 3 years. What's moving the stock?

Riding on strong quarterly numbers fueled by robust growth in cigarette volumes, ITC shares have climbed to near 3 years highest levels. ITC share price today opened upside and went on to hit its new 52-week high of 282.35 apiece levels on NSE. As per the stock market experts, ITC shares are in bull trend and it may go up to around 320 levels in short term.

20 May 2022, 10:42:08 AM IST

Sharp operating miss; recovery remains elusive: Prabhudas Lilladher on Lupin

Rating: HOLD | CMP: Rs635 | TP: Rs600

We cut our FY23E EPS est. by 46% and FY24E EPS by 35% to factor in lower margins. Margins in base business continues to disappoint and recovery remains elusive. Lupin’s (LPC) FY22 profitability has been impacted, on account of low GMs and high overheads along with subdued US sales. We believe LPC’s recovery in US sales will be gradual and may hinge on timely niche launches. Further margins will improve only from HFY23 with likely savings and niche launches, which may see delay. We downgrade stock to ‘Hold’ from Accumulate with TP of Rs600/share, 20x FY24E EPS.

20 May 2022, 10:39:19 AM IST

Strong US show; margin recovery is key: Prabhudas Lilladher on DRL

Rating: BUY | CMP: Rs3,929 | TP: Rs4,900

Dr Reddy’s (DRRD) Q4FY22 US and India revenues were healthy. We continue to expect steady earnings momentum and pick up in US generic business along with cost optimization. Also, strong pipeline/new launches will drive steady growth in India and RoW markets. We expect 13% EPS CAGR over FY22-24E (ex of Revlimid) and broadly maintain our estimates at ‘Buy’ rating with revised TP of Rs4,900/share. At CMP, DRRD is trading at 17.5x P/E on FY24E adjusted for Revlimid. We assign 22x (23x earlier) FY24E EPS plus Rs250/share for Revlimid NPV. Delay in key ANDA approvals and prolonged inflationary environment of raw material prices are key risks to our call.

20 May 2022, 10:34:25 AM IST

Aether Industries IPO: GMP ahead of subscription opening next week

Specialty chemicals company Aether Industries initial public offering (IPO) will open for public subscription next week on Tuesday, May 24 and conclude on May 26. The bidding for anchor investors will open on May 23. The firm has fixed a price band of 610-642 per share for its initial public offering (IPO).

20 May 2022, 10:22:13 AM IST

Multibagger stock turns ex-dividend today. Details here

Dividend paying stock: Taneja Aerospace and Aviation Limited is going to turn ex-dividend stock today as the aviation company has fixed 21st May 2022 as record date for dividend payment. The dividend paying stock informed Indian exchanges that the Board of Directors of the company has declared 40 per cent interim dividend for FY2021-22 and record date for interim dividend payment will be 21st May 2022.

20 May 2022, 10:11:38 AM IST

Rupee surges 7 paise to 77.49 against US dollar in early trade

The rupee appreciated 7 paise to 77.49 against the US dollar in opening trade on Friday as crude oil prices retreated from the elevated levels.

At the interbank foreign exchange, the rupee opened at 77.51 against the American dollar, then gained further ground to quote at 77.49, registering a rise of 7 paise from the last close.

On Thursday, the rupee had settled at 77.56 against the US dollar.

Global oil benchmark Brent crude futures fell 0.71 per cent to USD 111.24 per barrel.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.29 per cent higher at 103.02.

20 May 2022, 10:09:10 AM IST

Healthy growth across geographies and durables: ICICI Securities on V-Guard

V-Guard’s revenue grew 23.7% YoY, led by strong growth in consumer durables and electricals, and price hikes across products. We like company’s continued growth in Non-South India (though tad slower than South India). Despite price hikes, inflation in input material continues to take toll on the profitability of the company. We believe the company will likely take further price hikes to pass on the commodity cost pressures. We continue to like V-Guard’s business model due to (1) strong market shares in stabilizers, water heaters and pumps, (2) investments in distribution and brand-building and (3) investments and likely success in kitchen appliances over the medium term. However, we cut our earnings estimates due to continued input material inflation. We maintain ADD rating with a revised DCF-based TP of Rs250 (implied P/E 34x FY24E).

20 May 2022, 10:06:55 AM IST

BSE metal index shines, gains over 3%; Vedanta, JSW Steel, Tata Steel top performers

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20 May 2022, 09:48:49 AM IST

Top Sensex losers: Godrej Consumer, OnMobile Global, Oil India, Equitas Holdings decline in early trend

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20 May 2022, 09:35:23 AM IST

BSE indices in early trade: Sensex jumps over 1000 points, tracking positive Asian cues 

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20 May 2022, 09:33:53 AM IST

Top BSE gainers in early trade: Surya Roshni, Sunflag Iron & Steel, Elecon Engineering advance

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20 May 2022, 09:31:50 AM IST

Sensex begins the session with positive rally, jumps almost 1000 points

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20 May 2022, 09:20:16 AM IST

Nifty50 surges above 16,050 at open; JSW Steel, Hindalco, Tata Steel shine

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20 May 2022, 09:18:50 AM IST

Sensex soars over 700 points at open; Tata Steel, Axis Bank soar 

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20 May 2022, 09:11:33 AM IST

Nifty50 at pre-open: Trades above 16,000; Hindalco, JSW Steel, Tata Steel top gainers,

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20 May 2022, 09:10:03 AM IST

Sensex at pre-open: Jumps over 700 points; all the stocks in the green

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20 May 2022, 08:55:31 AM IST

Ethos IPO: What GMP (grey market premium) reflects on last day of subscription

Ethos IPO: The public issue worth 472.29 crore opened for subscription on 18th May and it will remain open for bidding till 20th May 2022, which means investors have just one day left to apply for the IPO (Initial Public Offering). After two days of subscription opening, the public issue has been subscribed 0.44 times whereas its retail portion has been subscribed 0.68 times. Meanwhile, Ethos shares have become available for trade in grey market from Thursday. According to market observers, shares of Ethos Limited are available at a premium of 7 per equity share.

20 May 2022, 08:52:58 AM IST

China cuts key mortgage reference rate as Covid bites

China on Friday announced it would cut a key interest rate as the country fights to boost its virus-hit economy and Covid-19 restrictions rip across major cities.

Prolonged virus lockdowns have constricted supply chains, quelled demand and stalled manufacturing in the last major economy welded to a 'zero-Covid' approach to the pandemic.

"The five-year loan prime rate (LPR) is 4.45 percent," China's central bank said on Friday, lowering the rate -- on which many lenders base their mortgage rates -- from the previous 4.6 percent.

The one-year loan prime rate, which guides how much interest commercial banks charge to corporate borrowers, remained unchanged at 3.7 percent.

20 May 2022, 08:46:31 AM IST

Prudent Corporate share listing today. Experts predict 'moderate' debut

Prudent Corporate IPO: Shares of the retail wealth management services company is going to hit the Dalal Street today. As per the information available on BSE website, the equity shares of Prudent Corporate Advisory Services Limited shall be listed and admitted to dealings on the exchange in the list of 'B' group of securities on 20th May 2020 i.e. today in a Special Pre-open Session. According to stock market experts, much will depend upon the market mood. They said that the stock may have a 'moderate' debut and it may open at a discounted price if the market continue to remain under the sell-off heat.

20 May 2022, 08:37:51 AM IST

Dollar falls for first week in seven amid U.S. yield retreat

The U.S. dollar headed for its worst week since early February against major peers on Friday, weighed down by a retreat in Treasury yields and fatigue after the currency's breathless 10%, 14-week surge.

The dollar index, which measures it against six major rivals, was down 1.5% for the week to 102.96, on track to snap a six-week winning run. A week earlier it had soared to the highest since January 2003 at 105.01.

Even with global stocks continuing to slide amid risks to growth from aggressive monetary tightening, led by the Federal Reserve, and China's strict lockdowns to quash a COVID-19 outbreak, the dollar's appeal as a haven was eclipsed by a decline in U.S. yields as investors rushed for the safety of Treasury bonds.

The benchmark 10-year Treasury yield sank overnight to a more than three-week low of 2.772%, from a 3 1/2-year high of over 3.2% earlier this month.

20 May 2022, 08:30:53 AM IST

Day trading guide for Friday

6 stocks to buy or sell today — 20th May

20 May 2022, 08:27:21 AM IST

Delta Corp, PNB continue to be under NSE's F&O ban stock list

As many as four stocks have been put under the ban for trade on Friday, May 20, 2022 under the futures and options (F&O) segment by the National Stock Exchange (NSE). These securities have been put on ban under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE.

20 May 2022, 08:15:35 AM IST

eMudhra IPO opens for subscription today. GMP, key things to know before you apply

Digital signature certificate provider eMudhra Ltd's initial public offering (IPO) will open for public subscription today. and conclude on Tuesday, May 24, 2022. The firm has fixed a price band of 243-256 a share for its issue. It has raised 124 crore from anchor investors ahead of its issue.

20 May 2022, 08:02:46 AM IST

IMF urges Asia to be mindful of spillover risks from tightening

Asian economies must be mindful of spillover risks as a decade of unconventional easing policies by major central banks is withdrawn faster than expected, International Monetary Fund(IMF) Deputy Managing Director Kenji Okamura said.

This risk applied particularly to the most vulnerable economies, said Okamura, without naming them.

Asian economies faced a choice between supporting growth with more stimulus and withdrawing it to stabilise debt and inflation, he said.

20 May 2022, 07:50:31 AM IST

Cooking oil prices to cool as Indonesia lifts export ban

Cooking oil prices in the domestic market are set to soften after Indonesia, the world’s largest producer of palm oil, Thursday decided to lift its export ban from next week. A prolonged ban would have doubled prices as India is the largest importer of palm oil from the Southeast Asian country.

20 May 2022, 07:40:22 AM IST

Asia stocks, US futures rise as sentiment steadies

Stocks in Asia and US futures pushed higher Friday amid a bout of relative calm in markets, though worries about a darkening economic outlook and China’s Covid struggles could yet stoke more volatility.

Equities rose in Japan, South Korea and Australia, shrugging off modest losses for Wall Street shares Thursday. European contracts also made gains.

Sovereign bonds mostly held a rally, with the US 10-year Treasury yield at 2.85%. A dollar gauge trimmed its biggest one-day drop since 2020.

In China, banks may cut benchmark lending rates for a second time this year as Covid lockdowns sap growth, according to a Bloomberg survey.

Shanghai found three Covid cases outside quarantine, raising questions over whether plans to loosen curbs there will be impacted. The offshore yuan fell.

Oil hovered near $112 a barrel, gold held a rally and Bitcoin was near $30,000.

Markets continue to reflect mounting concerns about an economic downturn, in part as the Federal Reserve hikes interest rates to quell price pressures. Global shares are on course for an historic seventh week of declines.

20 May 2022, 07:39:09 AM IST

World stocks slide as growth fears persist, safe-havens gain

Global equities fell further on Thursday, unable to sustain a late rally on Wall Street, as investors dumped stocks on fears of sluggish growth and bought safe-haven assets such as government debt and the Swiss franc.

Supply chain woes continued to fuel inflation and growth concerns as Cisco Systems Inc warned of persistent component shortages, knocking its shares down 13.7%. The plunge made it the latest big name stock this week to post its largest decline in more than a decade.

Data showed factory output in the U.S. Mid-Atlantic region decelerated far more than expected in May with the business outlook for the six months ahead the weakest in more than 13 years, a regional Federal Reserve bank survey said.

Some megacap growth stocks that have underperformed this year posted gains but the rally fizzled. The Dow Jones Industrial Average fell 0.75%, the S&P 500 lost 0.58% and the Nasdaq Composite dropped 0.26%.

20 May 2022, 07:38:34 AM IST

Oil steady as economic worries offset possible China demand rise

Oil prices were little changed on Friday as worries about weaker economic growth offset expectations that crude demand could rebound in China as Shanghai lifts some coronavirus lockdowns.

Brent futures for July delivery fell 36 cents, or 0.3%, to $111.68 a barrel by 0015 GMT, while U.S. West Texas Intermediate (WTI) crude fell 36 cents, or 0.3%, to $111.85 on its last day as the front-month.

WTI futures for July, which will soon be the front-month, were down about 0.6% to $109.20 a barrel.

That put WTI on track to rise for a fourth week in a row for the first time since mid-February. Brent was up less than 1% after falling less than 1% last week.

20 May 2022, 07:31:14 AM IST

Tokyo stocks open higher

Tokyo stocks opened higher on Friday despite falls on Wall Street as bargain-hunting purchases offset some risk-off sentiment among investors.

The benchmark Nikkei 225 index was up 0.14 percent, or 36.47 points, at 26,439.31 in early trade, while the broader Topix index was up 0.03 percent, or 0.49 points, at 1,860.57.

"Investors will stay cautious today on uncertainty over the US economy... but shares are likely to be bought because of their affordability," Mizuho Securities said in a note.

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