Stock Market Today: Top 10 things to know before the market opens
The market is likely to open marginally lower on Tuesday as the SGX Nifty indicates a negative start for the broader index, with a loss of 5.5 points after opening the session at 18,689.
SGX futures touched a high of 18,737 in early trade on May 30
The BSE Sensex gained 344 points to close at 62,846 on Monday, while the Nifty 50 closed 99 points higher at 18,598.
The Nifty50 traded comfortably higher than its 200-day moving average of 18,143 and is expected to build on the recent momentum.
As per pivot charts, the Nifty may get support at 18,584, followed by 18,570 and 18,547.
If the index advances, 18,630 would be the key resistance level to watch out for followed by 18,644 and 18,667.
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 flat start for the broader index with a loss of 5.5 points on Tuesday. SGX futures stood at 18,694.
US Markets
Stock futures looked up on Monday night after the Biden administration and Republican lawmakers reached a tentative deal on raising the US debt ceiling.
Futures tied to the Dow Jones Industrial Average added 72 points, or 0.2 percent, while S&P 500 futures gained 0.3 percent.
Nasdaq-100 futures climbed 0.5 percent.
President Joe Biden and House Majority Leader Kevin McCarthy reached an agreement to raise the debt ceiling and avoid a default over the weekend, with Congress set to vote on the legislation as early as Wednesday.
Lawmakers have not signaled that they intended to return to Capitol Hill early to work on the deal.
Both Republican and Democratic support is needed for the bill agreement to pass.
European Markets
European stock markets were mixed Monday after U.S. President Joe Biden and House Speaker Kevin McCarthy reached a deal to raise the nation’s debt ceiling.
Germany’s DAX and France’s CAC 40 shed early gains to close down 0.2 percent, while the Stoxx 600 closed 0.1 percent lower.
Sectors ended the reduced trading day mostly close to the flatline, with oil and gas stocks among those closing marginally higher, up 0.2 percent, as tech fell 0.7 percent.
Asian Markets
Asia-Pacific markets are mixed on Tuesday with a vote looming ahead on the tentative US debt ceiling deal reached between President Joe Biden and House Majority Leader Kevin McCarthy over the weekend, avoiding a default for the US economy.
The US Congress is set to vote on the legislation as early as Wednesday.
Lawmakers have not signaled that they intended to return to Capitol Hill early to work on the deal.
Both Republican and Democratic support is needed for the bill agreement to pass.
In Japan, the Nikkei 225 opened 0.36 percent higher, but the Topix inched down 0.18 percent, as the country saw its unemployment rate come down slightly to 2.6 percent in April from 2.8 percent in March.
South Korea’s Kospi returned from a public holiday and saw a strong start at 0.92% up, while the Kosdaq saw a gain of 0.65 percent.
In Australia, the S&P/ASX 200 opened close to the flatline.
Hong Kong stocks meanwhile are set to touch new lows for the year, with Hang Seng index futures at 18,522, headed to mark a fifth straight session of losses.
The HSI last closed at 18,551.11 on Monday.
With $3.31-trillion valuation, India reclaims fifth spot in global stock market tally
Following a broad-based rally in local equities, India has reclaimed its position as the world’s fifth-largest market. This comes after briefly losing the spot to France in January.
The positive performance of the Indian stock market contributed to this resurgence in ranking.
The local equity markets in India is in a rally since March 28, as continued buying from foreign investors amid improving macroeconomic conditions in the country.
The Sensex and the Nifty jumped nearly 10 percent, while BSE MidCap and SmallCap climbed nearly 15 percent.
The BSE Bankex has climbed nearly 13 percent.
IRCTC Q4 Results: Net profit rises 30% YoY to Rs 279 crore; final dividend declared
IRCTC on May 29 reported 30.4 percent year-on-year (YoY) rise in standalone net profit at Rs 279 crore for the quarter ended March 31, 2023.
The tourism and ticketing arm of the Indian Railways had posted a net profit of Rs 214 crore in the year-ago period.
The company’s revenue from operations increased 39.6 percent to Rs 965 crore for the quarter under review, as against Rs 691 crore in the same quarter last fiscal.
Oil prices
Oil prices rose on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world’s largest economy and oil consumer, although concerns about further interest rate hikes capped gains.
Brent crude futures climbed 66 cents, or 0.9 percent, to $77.61 a barrel by 0247 GMT, while U.S. West Texas Intermediate crude was at $73.42 a barrel, up 75 cents, or 1 percent.
Dollar
The Dollar index traded 0.05 percent higher in futures at 104.26, whereas the value of one dollar hovered near Rs 82.62
Gold
Gold prices edged lower on Monday as a tentative deal sealed over the weekend to suspend the U.S. debt ceiling coupled with jitters around higher-for-longer interest rates dampened demand for the non-yielding metal.
Spot gold was down 0.1 percent at $1,944.09 per ounce by 0252 GMT, hovering near two-month lows hit on Friday. U.S. gold futures were listless at $1,943.30.
FII and DII
Foreign institutional investors (FIIs) bought shares worth Rs 1758.16 crore, while domestic institutional investors (DIIs) purchased shares worth Rs 853.57 crore on May 29, provisional data from the National Stock Exchange showed.
ByMoneycontrol
