Stock Market Today: Top 10 things to know before
The market is likely to open flat or marginally lower today as the SGX Nifty indicates a mildly negative start for the broader index with a loss of 37 points after settling the session near the day’s high on Tuesday.
SGX futures touched a high of 17,971 in early trade today after opening at 17,731.
The BSE Sensex gained 74 points to close at 60,130 in the previous session, while the Nifty50 closed 25 points higher at 17,769.
The Nifty50 traded comfortably higher than its 200-day moving average of 17,331 and is expected to retain the recent momentum.
Pivot charts indicate that the Nifty may get support at 17,730, followed by 17,708 and 17,674.
If the index advances, 17,799 is the initial key resistance level to watch out for, followed by 17,820 and 17,855.
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 mildly negative start for the broader index with a loss of 37 points after the Nifty closed 25 points higher at 17,769 on Tuesday. SGX futures stood at 17,748.
US Markets
US stock futures rose Tuesday evening as Big Tech earnings began to roll out, led by Alphabet and Microsoft. Futures tied to the Dow Jones Industrial Average gained 47 points or 0.1 percent. S&P 500 futures added 0.4 percent, and Nasdaq 100 futures gained 1.2 percent.
In regular trading Tuesday, the Dow fell about 344 points, or 1 percent.
The S&P 500 finished 1.6 percent lower, and the Nasdaq Composite dropped nearly 2 percent.
European Markets
The pan-European Stoxx 600 index closed the day down 0.4 percent, with most sectors finishing in the red.
Mining stocks fell 2.9 percent and banking stocks dropped 2 percent, while construction stocks shed 1.1 percent. FTSE lost 0.27 percent to close at 7891.
DAX lost 0.05 percent to close at 15872 points.
Asian markets
The S&P/ASX 200 was lower, down at 0.35 percent.
In Japan, the Nikkei 225 fell 0.33 percent, and the Topix dropped 0.62 percent.
South Korea’s Kospi bucked the wider downturn and rose 0.19 percent, while the Kosdaq was 0.44 percent up, after the country’s consumer sentiment index for April rose to 95.1, compared to 92 in March.
Hong Kong’s Hang Seng index looks set to extend its losses from Tuesday, with futures tied to the index standing at 19,391 compared to its last close of 19.617.88.
Sebi bans pledging of clients’ funds by brokers as bank guarantees
In a move that will add to the working capital requirements of stockbrokers, the Securities and Exchange Board of India (Sebi) has prohibited the utilization of clients’ funds for the creation of bank guarantees.
As per the current prevailing practice, stockbrokers and clearing members pledge client funds with banks which in turn issue Bank Guarantees (BGs)to clearing corporations for higher amounts.
This implicit leverage exposes the market and especially the client’s funds to market risks.
Dalmia Bharat Q4 net profit rises two-fold to Rs 609 crore
Revenue up 16 percent to Rs 3,912 crore. Cement maker Dalmia Bharat Ltd on Tuesday reported a two-fold increase in its consolidated net profit at Rs 609 crore in the fourth quarter of the financial year 2022-23.
The company had posted a net profit of Rs 271 crore during the January-March quarter a year ago, Dalmia Bharat said in a regulatory filing.
Its revenue from operations was up 15.73 per cent to Rs 3,912 crore during the quarter under review as against Rs 3,380 crore in the corresponding period of the previous fiscal.
Oil prices
Oil dropped 2 percent on Tuesday after two sessions of gains as deepening concerns of an economic slowdown and a stronger dollar outweighed hopes of higher Chinese demand and lower U.S. crude stocks.
Brent crude fell by $1.96, or 2.4 percent, to settle at $80.77 a barrel. U.S.
West Texas Intermediate crude dropped $1.69, or 2.2 percent, to settle at $77.07.
On Monday, both contracts rose by more than 1 percent.
Dollar
The Dollar index traded 0.02 percent higher in futures at 101.89, whereas the value of one dollar hovered near Rs 81.99.
Gold
Gold prices rose on Tuesday as steeply lower Treasury yields countered pressure from a stronger dollar, while investors awaited a slew of U.S. economic data due later this week that could sway the Federal Reserve’s interest rate-hike stance.
Spot gold was up 0.35 percent to $1,996.12 per ounce, while U.S. gold futures settled 0.34 percent higher at $2,006.60.
FII and DII
Foreign institutional investors (FII) sold shares worth Rs 407.35 crore, whereas domestic institutional investors (DII) bought shares worth Rs 563.61 crore on April 25, according to provisional data from National Stock Exchange.
ByMoneycontrol
