Stock Market Today: Top 10 things to know before the market opens
The market is likely to open marginally lower on May 31 as the SGX Nifty indicates a negative start for the broader index, with a loss of 54.5 points after opening the session at 18,673.
SGX futures touched a high of 18,760 in early trade on May 31.
The BSE Sensex gained 122 points to close at 62,969 on Tuesday, while the Nifty 50 closed 35 points higher at 18,633.
The Nifty50 traded comfortably higher than its 200-day moving average of 18,221 and is expected to build on the recent momentum.
As per pivot charts, the Nifty may get support at 18,591, followed by 18,570 and 18,537.
If the index advances, 18,657 would be the key resistance level to watch out for followed by 18,678 and 18,711.
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 54.5 points on Wednesday. SGX futures stood at 18,675.
Stock futures were flat on Tuesday evening as investors kept an eye on the federal debt ceiling debate in Washington ahead of the final trading day of May.
Futures tied to the Dow Jones Industrial Average dipped 31 points, or about 0.1 percent. S&P 500 futures and Nasdaq 100 futures were each little changed.
The move in futures comes after a muted day of trading on Tuesday that saw the Dow shed about 50 points while the Nasdaq Composite rose 0.3 percent.
Heading into the final trading day of May, the Nasdaq Composite is up nearly 6.5 percent for the month. The S&P 500, however, is up only about 0.9 percent, while the Dow has fallen 3.1 percent.
The outperformance of the tech-heavy Nasdaq is due in large part to the excitement around artificial intelligence, which briefly pushed Nvidia’s market cap above $1 trillion on Thursday.
European Markets
European stock markets closed lower Tuesday as market participants followed the latest U.S. debt ceiling developments.
The pan-European Stoxx 600 index provisionally ended 0.9 percent lower, with most sectors and major bourses in negative territory. Food and beverages stocks led the losses, down 2.7 percent, while utilities stocks rose 0.8 percent.
FTSE closed 1.38 percent lower at 7522 points. DAX closed 0.27 percent lower at 15,908 points. CAC 40 Index closed 1.29 percent lower at 7209 points.
Asian Markets
In Japan, the Nikkei 225 retreated from its 33-year high and slid 1.03 percent in early trade, while the Topix saw a smaller loss of 0.96 percent.
Australia’s S&P/ASX 200 dropped 0.35 percent, ahead of its inflation numbers for April.
Economists polled by Reuters expect the country’s weighted inflation rate in April to slow slightly to 6.4 percent.
South Korea’s Kospi bucked the trend and gained 0.16 percent, and the Kosdaq advanced 0.13 percent.
Hong Kong’s Hang Seng index is set to fall further despite a late rally in Tuesday session, with futures at 18,260 compared to the HSI’s close of 18,595.78.
Apollo Hospitals Q4 net profit rises 50.5% to Rs 146 crore, lags estimate
Apollo Hospitals Enterprise reported a net profit of Rs 146 crore for the quarter ended March, up 50.5 percent from Rs 97 crore in the same period of the previous year.
However, the bottom line fell significantly short of the analyst’s estimate of Rs 198 crore. Growth in the fourth-quarter was be aided by a favorable base, strong seasonality and better occupancy.
Revenue for the quarter increased by 21.3 percent to Rs 4,302.2 crore, which was in line with expectations of Rs 4,302.7 crore.
In the corresponding quarter of the previous year, the company’s revenue was Rs 3,546.4 crore.
Adani Ports Q4 Results: Net profit rises 5% to Rs 1,159 crore
Adani Ports and Special Economic Zone Ltd on May 30 reported 5.1 percent rise in its consolidated net profit at Rs 1,158.9 crore for the quarter ended March 31, 2023.
The Adani Group company had posted a profit of Rs 1,103 crore in the year-ago period.
Revenue from operations increased 40 percent year-on-year to Rs 5,797 crore in the quarter under preview from Rs 4,140.8 crore in last fiscal.
Oil prices
Oil prices fell by more than 4 percent on Tuesday on concerns about whether U.S. Congress will pass the U.S. debt ceiling pact and as mixed messages from major producers clouded the supply outlook ahead of the OPEC+ meeting this weekend.
Brent crude futures fell 4.58 percent to $73.54 a barrel. U.S. West Texas Intermediate (WTI) crude was down $4.42 percent, from Friday’s close, to $69.46 a barrel.
There was no settlement on Monday because of a U.S. public holiday.
Dollar
The Dollar index traded 0.15 percent lower in futures at 104.06, whereas the value of one dollar hovered near Rs 82.68
Gold
Gold bounced back from early losses on Tuesday, as the dollar pulled back and Treasury yields slid on wider market optimism about the U.S. debt ceiling deal.
Spot gold rose 0.8 percent to $1,958.59, after hitting its lowest since March 17 earlier.
U.S. gold futures added 0.7 percent at $1,958.
FII and DII
Foreign institutional investors (FIIs) bought shares worth Rs 2,085.62 crore, whereas domestic institutional investors (DIIs) sold shares worth Rs 438.93 crore on May 30, provisional data from the National Stock Exchange shows.
ByMoneycontrol
