Stock Market Today: Top 10 things to know before the market opens on 12th May
The market is likely to open marginally lower on Friday as the SGX Nifty indicates a negative start for the broader index with a loss of 71 points after opening the session at 18,282.
SGX futures touched a high of 18,389 in early trade on May 12.
The BSE Sensex lost 35 points to close at 61,904 in the previous session, while the Nifty 50 closed 18 points lower at 18,297.
The Nifty50 traded comfortably higher than its 200-day moving average of 17,804 and is expected to build on the recent momentum.
The pivot charts indicate the Nifty may get support at 18,273, followed by 18,245 and 18,200.
If the index advances, 18,365 is the initial key resistance level to watch out for, followed by 18,393 and 18,438.
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
The SGX Nifty indicates a negative start for the broader index with a loss of 71 points on Friday.
SGX futures stood at 18,283.
US Markets
U.S. stock futures were little changed on Thursday night. Dow Jones Industrial Average futures rose 26 points, or 0.08 percent.
S&P 500 and Nasdaq 100 futures climbed 0.12 percent and 0.13 percent, respectively.
Investors are coming off a fourth straight losing session for the Dow Jones Industrial Average, which on Thursday slid more than 200 points, or 0.66 percent.
Disney’s decline a day after it reported poor subscriber numbers weighed in on stocks.
Stress in the regional banking sector, after PacWest Bancorp reported a drop in deposits, exacerbated investors sentiment.
The S&P 500 declined 0.17 percent. By contrast, the Nasdaq Compositeadded 0.18 percent.
European Markets
The pan-European Stoxx 600 index closed flat, having evened out earlier gains and losses. Sectors were spread across positive and negative territory, with mining stocks making the biggest losses at 2.9%.
]Household goods led modest gains with a 1-percent uptick. FTSE closed 0.14 percent lower at 7730.
DAX closed 0.39 percent lower at 15834. CAC 40 Index closed 0.28 percent lower at 7381.
Asian markets
Australia’s S&P/ASX 200 slipped marginally in early trade, along with the South Korean markets.
The Kospi lost 0.56 percent, and the Kosdaq saw a smaller loss at 0.3 percent down.
Japan’s Nikkei 225 rose 0.51 percent, while the Topix also climbed 0.35 percent, powered by healthcare and utilities stocks.
Hong Kong stocks are also set for a higher open, as futures tied to the Hang Seng index standing at 19,840 compared to the last close of 19,743.79.
The city will see its first quarter GDP figures later today.
Asian Paints Q4 result: Net profit rises 45% to Rs 1,234 crore
Asian Paints on May 11 reported consolidated net profit of Rs 1,234.14 crore in the March quarter of FY23, a growth of 45.12 percent from Rs 850.42 crore in the year-ago period.
The company’s revenue from operations came in at Rs 8,787.34 crore, rising 11.33 percent over Rs 7,892.67 crore in the year-ago quarter.
The board recommended payment of a final dividend of Rs 21.25 per equity share for the financial year FY23, subject to approval of the shareholders.
Dr Lal PathLabs Q4 net profit falls 8% to Rs 57 crore
Dr Lal PathLabs on Thursday said its consolidated profit after tax declined 8 per cent to Rs 57 crore for the fourth quarter ended March 31, 2023.
The company had reported a net profit of Rs 62 crore in the January-March quarter a year ago.
Revenue from operations rose to Rs 491 crore for the fourth quarter as compared with Rs 485 crore in the year-ago period, Dr Lal PathLabs said in a regulatory filing.
For the year ended March 31, 2023, the company reported a consolidated net profit of Rs 241 crore as against Rs 350 crore in FY22.
Oil prices
Oil prices dropped on Thursday as a political standoff over the U.S. debt ceiling triggered recession jitters in the world’s biggest oil consumer, where rising jobless claimed also weighed on sentiment.
Brent crude last fell $1.19, or 1.56 percent, to $75.22 a barrel. U.S. crude futures shed $1.30, down 1.79 percent, to $71.26.
Both contracts were on track for their first weekly percentage gain in four.
Dollar
The Dollar index traded 0.57 percent higher in futures at 102.06, whereas the value of one dollar hovered near Rs 82.14
Gold
Gold retreated on Thursday as rival safe-haven dollar advanced and outweighed support for bullion from lingering economic risks, while traders digested the impact of weak data on the interest rate outlook.
Spot gold was last down 0.75 percent to $2,014.3021 per ounce, while U.S. gold futures settled down 0.8 percent to $2,020.50.
FII and DII
Foreign institutional investors (FII) bought shares worth Rs 837.21 crore, whereas domestic institutional investors (DII) sold shares worth Rs 200.09 crore on May 11, provisional data from the National Stock Exchange showed.
ByMoneycontrol
