Stock Market Today: Top 10 things to know before the market opens
The Indian equity benchmarks are expected to open flat or marginally higher today, as trends in the SGX Nifty indicate a mildly positive start for the broader index with a gain of 14 points after Nifty closed 24 points higher at 17,624 on Monday. SGX futures stood at 17,699.
The BSE Sensex in the previous session added 13 points to close at 59,846, while the Nifty50 closed 24 points higher at 17,624, trading comfortably higher than its 200-day moving average of 17,511 and trying to consolidate on the recent momentum.
The pivot charts indicate that the Nifty may get support at 17,602, followed by 17,579 and 17,543. If the index advances, 17,675 is the initial key resistance level to watch out for followed by 17,698 and 17,735.
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:
Trends on the SGX Nifty indicate a mildly positive start for the broader index in India, as the index gains of 15 points to trade at 17,699 level on the Singaporean Exchange from its April 10 closing of 17,624.
US Markets
US stock futures were little changed on Monday night as investors look toward the release of economic data later this week.
Dow Jones Industrial Average futures ticked higher by 35 points, or 0.1 percent. S&P 500 and Nasdaq 100 futures added 0.13 percent and 0.11 percent, respectively.
The Dow added 101.23 points, or 0.3 percent, during Monday’s regular trading session.
The S&P 500 inched up 0.1 percent, while tech-heavy Nasdaq Composite slipped by 0.03 percent.
European Markets
The benchmark Stoxx 600 index provisionally closed up 0.5 percent as it shook off some of the pessimism that has taken it to three straight sessions of marginal losses. It is up 0.25 percent this week, according to Eikon data.
The UK’s FTSE 100 closed up 1 percent after a rise in house prices boosted the economic picture and as financial, insurance and energy stocks gained. Germany’s DAX rose 0.5 percent, while France’s CAC 40 was up 0.1 percent.
Asian markets
Stocks in the Asia-Pacific rose on Tuesday as the Bank of Korea held interest rates at 3.5 percent, in line with expectations.
South Korea’s Kospi rose 0.4 percent and the Kosdaq was fractionally lower. Australia’s S&P/ASX 200 led gains in the region and traded 1.3 percent higher.
In Japan, the Nikkei 225 rose 0.97 percent in its first hour of trade and the Topix gained 0.6 percent.
RBI signals possible extended pause in interest rates, but no imminent cut likely
The stance of the policy continues to favour “withdrawal of accommodation”, clearly implying that the RBI will be back on a rate hiking track if there are any nasty surprises to the anticipated softening trend of Headline CPI.
Fed might not need to hike rates in May as economy slows, says BlackRock
The Federal Reserve may not need to raise interest rates further to fight inflation, as the fallout from last month’s turmoil in the banking sector and a series of recent labor data point to a slowing US economy, a BlackRock executive said on Monday.
Oil inches up, weighing OPEC+ supply cuts against rate hike fears
Oil prices edged higher on Tuesday as market participants weighed supply cuts from OPEC+ that would tighten the global market against concerns about further interest rate hikes potentially hurting demand.
Investors were awaiting a slate of reports on inflation, oil demand and supply due this week that could give the market direction.
Brent crude rose 8 cents at $84.26 a barrel by 0004 GMT, while U.S. West Texas Intermediate gained 11 cents to $79.85 a barrel.
Dollar
Rate hike expectations boosted the US dollar index on Monday and Tuesday, which weighed on oil prices as dollar strength makes oil more expensive for other currency holders.
The dollar index, which measures the currency against six rivals, was 0.08 percent lower in futures at 102.4900.
The value of one US Dollar hovers near the 81.98 mark in comparison with the Indian Rupee.
Gold
Gold retreated below the key $2,000 level on Monday as the dollar advanced on Friday’s strong US jobs numbers, while traders also positioned for inflation readings this week that could influence interest rate hikes.
Spot gold fell nearly 1 percent to $1,988.88 per ounce, while U.S. gold futures settled down 1.1 percent at $1,989.10.
FII and DII
Foreign institutional investors (FII) bought shares worth Rs 882.52 crore, whereas domestic institutional investors (DII) bought shares worth Rs 351.50 crore on April 10, National Stock Exchange’s provisional data showed.
ByMoneyconrol
