India on Sunday reported 403,738 new cases of Covid-19 and 4,092 deaths from the disease, a day after more states announced stricter lockdowns. India’s share of global active coronavirus cases now stands at 20.38%. The health ministry reported the country had now 222,96,414 coronavirus cases and the overall death toll stood at 2,42,362. It was the fourth day straight that the country had recorded over 400,000 fresh Covid-19 cases. Tamil Nadu, known for its automobile manufacturing, said it would move from a partial to a full lockdown on Monday, shutting public transport and state-run alcohol retailers. Neighboring Karnataka state extended a total shutdown late on Friday. India is yet to impose a national lockdown as it did during its first wave last year, but around half of all its states have imposed a total shutdown. The rest are under a partial shutdown. India has so far administered 169,439,663 vaccine doses. That is 12.18% of its population. Among Indian states, the top 5 in terms of number of vaccine shots administered are Maharashtra (2.26cr), Rajasthan (1.87cr), Uttar Pradesh (1.82cr), Gujarat (1.77cr), and West Bengal (1.60cr).
This week will see a large number of companies releasing their quarterly results. Asian Paints, Lupin, UPL, Vedanta, Cipla, Dr Reddy's Laboratories, Larsen & Toubro, Tata Power, Voltas, Mphasis , KEC International, Pidilite Industries are among the 165 companies that will post earnings next week.
FPIs net sellers
Foreign Portfolio Investors (FPIs) withdrew Rs5,936cr from the Indian stocks in the first week of May in the wake of worries over the massive second wave of COVID-19 and its repercussions on the economy. Overseas investors pulled out Rs 9,659 cr in the month of April after putting in money in the preceding six months, as per the depositories' data, which further revealed that the FPIs withdrew a net amount of Rs5,936cr from Indian equity markets during May 3-7. Domestic institutional investors have net bought Rs2,135cr of shares so far in May, over and above the Rs 16,500cr of buying in the previous two months.
Economic data like the IIP (Index of industrial production) and inflation data will be released this week. The industrial production and manufacturing production data for March, and inflation for April will release on Wednesday, while WPI inflation for April will be declared on Friday.
US stocks ended higher on Friday after unexpectedly weak jobs data spurred hopes of continued Fed intervention. The Dow Jones Industrial Average rose 229.23 points, or 0.7%, to 34777.76 while the S&P ticked up 30.98 points, or 0.7%, to 4232.60. The Nasdaq Composite added 119.39 points, or 0.9%, to 13752.24.
The monthly jobs report showed employers added 266,000 jobs in April and the unemployment rose to 6.1%. These figures significantly missed the expectations of economists who estimated that payrolls grew by one million and the unemployment rate fell to 5.8.The jobless rate rose to a record 14.8% in April 2020 in the midst of the early stages of the pandemic. The March jobs numbers were also revised down to 770,000 from 916,000 reported initially. The jobs report also showed that the unemployment rate ticked up and wages surged. The jump in worker paychecks may not seem like a bad thing, but it tends to set off alarm bells about inflation.
Still, the broader markets edged higher for a second week, with sentiment bolstered by Federal Reserve officials reiterating pledges to refrain from tightening monetary policy until the labor market is recovered.