Stock Market Today: Top 10 things to know before the market opens
The Indian market is likely to open flat or marginally higher today as well as the SGX Nifty indicates a mildly positive start for the broader index with a gain of 23 points after the Nifty closed 41 points lower at 17,618 on Wednesday. SGX futures stood at 17,676.
The BSE Sensex in the previous session lost 159 points to close at 59,567, while the Nifty50 closed 41 points lower at 17,618, though the Nifty50 trades comfortably higher than its 200-day moving average of 17,320 and is expected to retain the recent momentum.
The pivot charts indicate that the Nifty may get support at 17,589, followed by 17,568 and 17,535. If the index advances, 17,655 is the initial key resistance level to watch out for, followed by 17,675 and 17,708.
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 positive start for the broader index with a gain of 23 points after the Nifty closed 41 points lower at 17,618 on Wednesday. SGX futures stood at 17,676.
Stock futures stayed modestly lower on Wednesday as investors appraised the latest batch of corporate earnings.
Futures tied to the Dow Jones Industrial Average lost 43 points, or 0.1 percent. S&P 500 futures shed 0.2 percent, while Nasdaq-100 futures slipped 0.3 percent.
The S&P 500 finished Wednesday’s session slightly below its flatline as investors digested the latest batch of earnings, including Netflix and Morgan Stanley which are both members of the broad index.
The Nasdaq Composite index ended Wednesday slightly higher, while the Dow closed 0.2 percent lower.
European Markets
European stock markets closed lower on Wednesday as investors digested inflation data and mixed signals from US Federal Reserve officials on the trajectory of interest rate hikes.
The pan-European Stoxx 600 index closed 0.1 percent lower, with mining stocks down 1.3 percent after recent gains on Chinese economic data.
Tech stocks made the biggest losses, down 1.9 percent, while insurance led gains with a 1.1 percent uptick.
The FTSE100 lost 0.13 percent to close at 7898. DAX closed 0.08 percent higher at 15,895.2.
Asian markets
Asia-Pacific markets were largely lower on Thursday as investors on Wall Street digest more earnings reports from names like Netflix and Morgan Stanley.
Japan’s Nikkei 225 gained 0.1 percent, but the Topix shed 0.22 percent as Japan’s trade deficit hit a record high of 21.7 trillion yen ($161.14 billion) for its full fiscal year ending March.
In Australia, the S&P/ASX 200 dropped 0.11 percent, while South Korea’s Kospi slid 0.38 percent and the Kosdaq dipped 1.48 percent.
Mainland Chinese markets were also all down, with the Shanghai Composite down 0.14 percent and the Shenzhen Component 0.26 percent lower.
Hong Kong’s Hang Seng Index gained 0.42 percent in early trade, with the Hang Seng Tech index advancing 0.25 percent.
China, India to lead global growth over the next five years: IMF report
Global headline inflation is set to fall from 8.7 percent in 2022 to 7.0 percent in 2023 on the back of lower commodity prices, but underlying (core) inflation is likely to decline more slowly. Inflation’s return to target is unlikely before 2025 in most cases.
NSE IFSC-SGX Connect to kick off on July 3; SGX NIFTY to be delisted
The Singapore Exchange (SGX) issued a circular earlier in the week indicating that there will be a full-fledged liquidity switch from SGX NIFTY to NSE‘s IFSC-SGX Connect, which will effectively facilitate exclusive trading of all US dollar-denominated Nifty derivatives contract on the NSE IFSC. The switch will be operational from June 3.
Oil prices
Oil prices fell on Thursday as muted US economic data and expectations of interest rate hikes pushed up the U.S. dollar, prompting fear of a stronger dollar hurting global oil demand by making it more expensive.
Brent futures for June delivery were down by 37 cents, or 0.4 percent, at $82.76 a barrel. West Texas Intermediate crude (WTI) for May delivery lost 28 cents, or 0.35 percent, to trade at $78.88 at 0005 GMT.
Dollar
The Dollar index traded 0.01 percent lower in futures at 101.662, whereas the value of one dollar hovered near Rs 82.22.
Gold slides as yields climb
Gold prices fell below the key $2,000 level on Wednesday as US yields marched higher, with investors turning more skeptical over potential U.S. rate cuts later this year. Spot gold was down 0.45 percent at $1,995.91 per ounce. U.S. gold futures fell 0.55 percent to $2,008.50.
FII and DII
Foreign institutional investors (FII) sold shares worth Rs 13.17 crore, while domestic institutional investors (DII) offloaded shares worth Rs 110.42 crore on April 19, National Stock Exchange’s provisional data showed.
ByMoneycontrol
