Stock Market Today: Top 10 things to know before the market opens

The market is likely to open marginally higher on Wednesday as the SGX Nifty indicates a positive start for the broader index with a gain of 35 points after opening the session at 18,326.

SGX futures touched a high of 18,382 in early trade today.

The BSE Sensex lost 2.9 points to close at 61,761 in the previous session, while the Nifty50 closed 1.5 points higher at 18,265.

The Nifty50 traded comfortably higher than its 200-day moving average of 17,611 and is expected to build on the recent momentum.

The pivot charts indicate that the Nifty may get support at 18,236, followed by 18,209 and 18,165.

If the index advances, 18,324 is the initial key resistance level to watch out for, followed by 18,351 and 18,394.

Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today.

We have collatedalist of important headlines across news platforms which could impact Indian as well as international

markets.

SGX Nifty

The SGX Nifty indicates a positive start for the broader index with a gain of 33 points on Wednesday.

SGX futures stood at 18,344.

US Markets

Stock futures were flat in overnight trading as Wall Street braced for a key inflation report.

Futures tied to the Dow Jones Industrial Average added 7 points, while S&P 500 futures and Nasdaq-100 futures inched slightly higher.

Major averages finished Tuesday’s regular session lower, with the S&P 500 and Nasdaq Composite falling 0.46 percent and 0.63 percent.

The Dow Jones Industrial Average declined 0.17 percent.

European Markets

European stock markets closed lower Tuesday, pulled down by lower oil prices, a retreat in luxury stocks following weak Chinese trade data, and steep declines in several property firms — triggered by a sell-off of SBB shares. France’s CAC 40 closed down 0.7 percent, with the UK’s FTSE 100 down 0.3 percent and Germany’s DAX down 0.1 percent.

The pan-European Stoxx 600 index ended the session 0.42 percent lower provisionally, slightly trimming earlier losses, with sectors mostly in negative territory.

Tech stocks had the steepest fall, down 1.2 percent, as the oil and gas sector fell 1 percent, tracking a retreat in crude prices.

Travel and media were the lone sectors to move higher, up 1.05 percent and 0.86 percent, respectively.

Asian markets

Asia-Pacific markets fell on Wednesday as investors look ahead to US inflation figures for clues on the path ahead for inflation and by extension, the US Federal Reserve’s moves.

Japan’s Nikkei 225 also opened 0.23 percent lower, with the Topix also falling 0.2 percent.

Mitsubishi Corp recorded record earnings for a second-straight year, with net profit coming in above 1 trillion yen for the first time at 1.18 trillion yen ($8.72 billion).

South Korea’s Kospi inched down 0.14 percent, while the Kospi bucked the wider downtrend and gained 0.3 percent. Hong Kong’s Hang Seng index looks set to extend its Tuesday losses, with futures tied to the Hang Seng trading at 19,850 compared with its last close of 19,867.58.

Mankind Pharma takes a 32% leap on debut despite volatility gripping the market

Mankind Pharma staged a stellar performance on its listing day despite volatility in the overall equity markets.

The stock opened with more than 20 percent gains at Rs 1,300 on the NSE, which was way above analysts’ expectations as well as the grey market premium.

Nexus Select Trust REIT IPO subscribed 28% on first day of offer

The Initial Public Offering (IPO) of Nexus Select Trust, the first REIT backed by rent yielding retail real estate assets, was subscribed 28 per cent on the first day of subscription on Tuesday.

The Rs 3,200 crore-share sale received bids for 5,00,49,000 units against 17,60,00,100 units on offer.

Oil prices

Oil prices edged higher on Tuesday, reversing a more than 2% drop earlier in the session, as markets weighed U.S. government’s plans to refill the nation’s emergency oil reserve and anticipated higher seasonal demand.

Brent crude was up 22 cents, or 0.3 percent, at $77.23 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 33 cents, or 0.5 percent, to $73.49.

Dollar

The Dollar index traded 0.07 percent higher in futures at 101.45, whereas the value of one dollar hovered near Rs 82.07.

Gold

Gold gained on Tuesday as investors sought cover from economic uncertainty while also positioning for the U.S. inflation print for cues on the trajectory of interest rates.

Spot gold was up 0.7 percent at $2,034.43 per ounce, while U.S. gold futures settled 0.4 percent higher at $2,042.20.

FII and DII

Foreign institutional investors (FII) bought shares worth Rs 1,942.19 crore, while domestic institutional investors (DII) purchased shares worth Rs 404.70 crore on May 9, provisional data from the National Stock Exchange showed.

ByMoneycontrol

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