Stock Market Today: Top 10 things to know before the market opens on 3rd May
The market is likely to open marginally lower on Wednesday as the SGX Nifty indicates a negative start for the broader index with a loss of 71 points after settling the session at 18,149.
SGX futures touched a high of 18,253 in early trade today after opening at 18,139.
The BSE Sensex gained 242 points to close at 61,354 in the previous session, while the Nifty 50 closed 82 points higher at 18,147.
The Nifty 50 traded comfortably higher than its 200-day moving average of 17,488 and is expected to build on the recent momentum.
The pivot charts indicate that the Nifty may get support at 18,113, followed by 18,095 and 18,065.
If the index advances, 18,173 is the initial key resistance level to watch out for followed by 18,192 and 18,222.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today.
We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
SGX Nifty
SGX Nifty indicates a negative start for the broader index with a loss of 71 points after the Nifty closed 82 points higher at 18,147 on Tuesday. SGX futures stood at 18,149.
Stocks tumbled on Tuesday as traders’ fears around contagion in the regional banking sector returned ahead of the Federal Reserve’s rate decision.
The Dow Jones Industrial Average fell 367.17 points, or 1.08 percent, to end at 33,684.53.
The S&P 500 slid 1.16 percent and closed at 4,119.58.
The Nasdaq Composite dropped 1.08 percent, ending the session at 12,080.51.
The three major averages fell for a second consecutive session.
European Markets
European equity markets tumbled on Tuesday as a fall in oil prices drove energy stocks lower and investors braced for an expected Federal Reserve rate hike.
The pan-European Stoxx 600 index was mixed throughout the morning and declined through the afternoon to close 1.24 percent lower.
FTSE lost 1.24 percent to close at 7773. DAX lost 1.23 percent to close at 15,726 points.
Asian markets
Asia-Pacific markets were largely mixed on Tuesday as most markets returned after the long Labor Day weekend. Japan’s Nikkei 225 advanced 0.12 percent to close at 29,157.95 and the Topix fell 0.12 percent to end the day at 2,075.53.
South Korea’s Kospi closed 0.91 percent up at 2,524.39 as the nation’s inflation rate slowed to a 14-month low of 3.7 percent.
The Kosdaq climbed 1.52 percent and closed at 855.61.
Hong Kong’s Hang Seng index climbed 0.22 percent in its final hour of trade, while the Hang Seng Tech index gained marginally. Mainland Chinese markets were closed for a holiday Tuesday.
Titan Q4 preview: Net profit may rise 50% to Rs 737 crore aided by shift in wedding season.
Titan Company Ltd is expected to report year-on-year growth of 50 percent in its standalone profit after tax (PAT) at Rs 737 crore when it declares its results for the March quarter today.
Ambuja Cements Q4 earnings beat estimates, profit grows 1.6% to Rs 502 crore
Ambuja Cements on May 2 has announced standalone profit of Rs 502.4 crore for the quarter ended March FY23, a 1.6 percent growth over a year-ago period, supported by topline and other income.
However, the profitability was impacted by weak operating performance and restructuring cost (Rs 80.71 crore).
Oil prices
Oil prices sank about 5 percent to a five-week low on Tuesday on concerns about the economy as U.S. politicians discuss ways to avoid a debt default and investors prepare for more rate hikes this week.
Brent futures fell $3.99, or 5 percent, to settle at $75.32 a barrel, while West Texas Intermediate crude (WTI) fell $4.00, or 5.3 percent, to end at $71.66.
Dollar
The Dollar index traded 0.19 percent higher in futures at 101.96, whereas the value of one dollar hovered near Rs 81.86.
Gold
Gold extended gains on Tuesday and was on track for its biggest daily rise in a month, as yields dropped on renewed fears of contagion in the US banking sector, ahead of the Federal Reserve’s widely anticipated decision to hike interest rates.
Spot gold jumped 1.8 percent to its highest since April 14 at $2,016.71 per ounce, while US gold futures rose 1.7 percent to $2,026.20.
FII and DII
Foreign institutional investors (FII) bought shares worth Rs 1,997.35 crore, whereas domestic institutional investors (DII) sold shares worth Rs 394.05 crore on May 2, provisional data from the National Stock Exchange showed.
ByMoneycontrol
