The Indian market may open lower on Monday amid mixed global cues as the trend on SGX Nifty indicates a negative start for the broader index in India. The Nifty futures were trading 56.00 points or 0.36 percent lower at the 15,436.50 level on the Singaporean Exchange at 7:45 am.

1. Wall Street | US stocks climbed on Friday as investors brushed off a stronger-than-expected inflation reading, as both the Dow and S&P 500 indexes clinched their first weekly gain in the past three weeks. The Dow Jones Industrial Average rose 61.32 points, or 0.18 percent, to 34,525.96, the S&P 500 gained 2.92 points, or 0.07 percent, at 4,203.8 and the Nasdaq Composite added 11.33 points, or 0.08 percent, at 13,747.61.

2. Asian markets | Shares in Asia traded mixed in Monday morning trade after China’s official manufacturing Purchasing Managers’ Index for May came in at 51.0, a slight decrease from the previous month’s reading of 51.1. Japan’s Nikkei 225 fell 0.49 percent while the Topix index slipped 0.4 percent. South Korea’s Kospi dropped 0.19 percent. In Australia, the S&P/ASX 200 was slightly higher. MSCI’s broadest index of Asia-Pacific shares outside Japan traded fractionally higher.

3. Indian market on Friday | The Indian equity benchmark indices ended higher on Friday with the Nifty posting a record closing high as falling COVID-19 infection rates boosted sentiment. The Sensex ended 307.66 points, or 0.60 percent higher at 51,422.88, while the Nifty gained 97.80 points, or 0.64 percent, to settle at a record closing high of 15,435.65. Broader markets underperformed benchmarks with the midcap index ending marginally lower and smallcap index down 0.7 percent.

4. Crude oil | Oil prices traded higher, with international benchmark Brent crude futures up 0.61 percent to $69.14 per barrel. US crude futures also gained 0.69 percent to $66.78 per barrel.

5. Rupee | The Indian rupee clocked its third straight session of gains on Friday, firming up by another 15 paise to end the session at 72.45 against the US dollar amidst improved risk-on sentiments. At the interbank forex market, the local unit opened at 72.46 against the greenback and witnessed an intra-day high of 72.31 and a low of 72.49 during the session. It finally ended at 72.45 against the American currency, registering a rise of 15 paise over its previous close. In the last three trading sessions, the rupee has appreciated by 51 paise. During the week, the Indian currency gained 38 paise against the US dollar.

6. Pent-up demand, shortages fuel US inflation | US consumer prices surged in April, with a measure of underlying inflation blowing past the Federal Reserve’s 2 percent target and posting its largest annual gain since 1992, because of pent-up demand and supply constraints as the economy reopens. Consumer prices as measured by the personal consumption expenditures (PCE) price index, excluding the volatile food and energy components, increased 0.7 percent last month amid strong gains in both goods and services. In the 12 months through April, the core PCE price index vaulted 3.1 percent, the most since July 1992, after rising 1.9 percent in March.

7. China’s factory activity slows slightly in May as raw material costs surge | China’s official manufacturing Purchasing Managers’ Index for May came in at 51.0. That compared against analyst expectations for a reading of 51.1 in a Reuters poll. The May figure was also a slight decrease from the previous month’s reading of 51.1.

8. FinMin widens scope of ECLGS | The finance ministry on Sunday expanded the scope of the Rs 3 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS), which will now offer concessional loans to hospitals for setting up on-site oxygen generation plants. Besides, the validity of the scheme has been extended by three months to September 30 and or till guarantees for an amount of Rs 3 lakh crore are issued, the ministry said in a statement. The last date of disbursement under the scheme has been extended to December 31.

9. Economy added 16.9 lakh less jobs in FY21 | Net job creation in the economy fell by 16.9 lakh in FY21 over the previous fiscal, shows an SBI Research analysis of EPFO payroll data. However, the FY21 numbers are better than the FY20 net job creation, which had declined by 28.9 lakh, further cementing the view that the economy is not creating new employment opportunities. The latest EPFO data shows that net new EPF subscribers stood at 94.5 lakh in FY21, and NPS added 5.82 lakh, taking the cumulative net addition to 100.4 lakh, which is marginally down from 102.3 lakh in FY20.

10. FPIs net sellers for 2nd consecutive month; pull out Rs 1,730 cr in May | Foreign portfolio investors (FPI) turned out to be net sellers for second month in a row by taking out nearly Rs 1,730 crore from Indian markets in May as second wave of the coronavirus pandemic spooked investor sentiment. In April, the total net outflow from the Indian capital markets (both equity and debt) stood at Rs 9,435 crore. According to depositories data, overseas investors withdrew Rs 3,375.2 crore from equities but invested Rs 1,645.8 crore in the debt segment between May 1 and May 28. This took the total net outflow to Rs 1,729.4 crore.

From HDFC to Axis Bank: Here are ICICI Direct’s top picks for short term

Nifty is near its lifetime high amid continued performance from index heavyweights last week primarily from the technology space. Going forward, ICICI Direct expects the broader NSE benchmark to trade in the range of 15,200-15,500. The domestic brokerage has recommended buying these six stocks for a time frame of three months.

Top stocks to watch out for on May 31

The Indian market is likely to open lower on Monday following a mixed trend in Asian peers. However, falling COVID-19 infection rates in India may lift sentiment. At 7:10 am, the SGX Nifty was trading 67.00 points or 0.43 percent lower at 15,425.50.

Bank of Baroda | The bank posted a net loss of Rs 1,046.5 crore in Q4FY21 against a profit of Rs 506.59 crore, YoY, while net interest income rose 4.5 percent to Rs 7,106.62 crore from Rs 6,798.18 crore, YoY.

HDFC Bank | The Reserve Bank of India (RBI) imposed a Rs 10 crore penalty on the bank in relation to irregularities found in its auto loan portfolio. The action was taken after the regulator conducted an investigation into a whistle-blower complaint alleging misdeeds in the bank’s auto loan portfolio. The irregularities were linked to the marketing and sale of third-party non-financial products to the bank’s customers, RBI said.

Wipro | The IT major has sold its entire stake in Ensono Holdings, LLC for a consideration of $76.24 million.

Kotak Mahindra Bank | The bank’s board has approved a proposal to raise up to Rs 5,000 crore by issuing debt securities.

Glenmark Pharmaceuticals | The company’s Q4FY21 net profit rose 6.15 percent to Rs 233.87 crore from Rs 220.30 crore, while revenue rose to Rs 2,859.9 crore from Rs 2,767.5 crore, YoY.

Cadila Healthcare | Zydus Cadila has received final approval from the US Food and Drug Administration (USFDA) to market Fluphenazine Hydrochloride tablets, used in the treatment of a certain type of mental ailments.

Divi’s Laboratories | The company’s Q4FY21 consolidated net profit rose 29.3 percent to Rs 502.02 crore from Rs 388.23 crore and revenue jumped 28.7 percent to Rs 1,788.19 crore from Rs 1,389.71 crore, YoY.

Punjab National Bank | The bank will divest its stake in Canara HSBC OBC Life Insurance Co.

The Phoenix Mills | The company and Canada Pension Plan Investment Board (CPP Investments) will form a joint venture to develop a regional retail centre in Alipore, Kolkata. CPP Investments will invest approximately Rs 560 crore in the JV – Mindstone Mall Developers Pvt Ltd — in tranches for an ultimate equity stake of 49 percent.

Fortis Healthcare | The company reported consolidated profit at Rs 62.36 crore in Q4FY21 against a loss of Rs 41.24 crore, while revenue at Rs 1,252.44 crore versus Rs 1,112.92 crore, YoY.

Central Bank of India | The bank has allotted over 280 crore shares to the government on a preferential basis for Rs 4,800 crore capital infusion in the bank.

Affle (India) |The company’s Q4FY21 consolidated profit jumped to Rs 58.6 crore from Rs 15.29 crore and revenue rose to Rs 141.57 crore from Rs 80 crore, YoY.

Dhanlaxmi Bank | The bank reported a net profit of Rs 5.28 crore in Q4FY21, up by over two folds from Rs 2.60 crore. YoY.

IndiGo, SpiceJet | The government extended the Emergency Credit Line Guarantee Scheme to the civil aviation sector, a move that is expected to provide a liquidity solace for the pandemic-hit segment. The government also decided to increase minimum airfares by 13-15 percent for domestic flights with effect from June 1, while slashing domestic flight capacity to 50 percent of pre-COVID levels.

Cryptocurrency Price Today: Bitcoin, Ether, Dogecoin trade in red

Nearly all the major currencies continued to trade in red on Saturday as the volatility persisted in the cryptocurrency market. Here are the prices of the ten largest cryptocurrencies, data sourced from CoinMarketCap. 

1. Bitcoin: $36,749, 24-hour change: -0.83 percent, 7-day change: 0.65 percent

2. Ether: $2529, 24-hour change: -1.23 percent, 7-day change: 12.94 percent

3. Tether: $1.00, 24-hour change: -0.04 percent, 7-day change: -0.01 percent

4. Binance Coin: $338, 24-hour change: -0.45 percent, 7-day change: 14 percent

5. Cardano: $1.52, 24-hour change: -1.55 percent, 7-day change: 6.42 percent

6. XRP: $0.9114, 24-hour change: 1.90 percent, 7-day change: 2.96 percent

7. Dogecoin: $0.3128, 24-hour change: -1.35 percent, 7-day change: -6.15 percent

8. USD Coin: $1, 24-hour change: -0.01 percent, 7-day change: 0.01 percent

9. Polkadot: $21.82, 24-hour change: -4.52 percent, 7-day change: 0.96 percent

10. Internet Computer: $116, 24-hour change: -5.58 percent, 7-day change: -12.71 percent