Stock Market Today: Top 10 things to know before the market opens on 11th May
The market is likely to open marginally higher on Thursday as the SGX Nifty indicates a positive start for the broader index with a gain of 35 points after opening the session at 18,350.
SGX futures touched a high of 18,410 in early trade today.
The BSE Sensex gained 178 points to close at 61,940 in the previous session, while the Nifty 50 closed 49 points higher at 18,315.
The Nifty50 traded comfortably higher than its 200-day moving average of 17,804 and is expected to build on the recent momentum.
The pivot charts indicate that the Nifty may get support at 18,241, followed by 18,214 and 18,170.
If the index advances, 18.,328 is the initial key resistance level to watch out for followed by 18,356 and 18,400.
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 positive start for the broader index with a gain of 35 points on Thursday. SGX futures stood at 18,395.
US Markets
The Nasdaq Composite closed higher Wednesday as investors fled to tech stocks after a tamer-than-expected inflation report.
The tech-heavy index added 1.04 percent, closing at 12,306.44.
The S&P 500 added 0.45 percent to close at 4,137.64. Finally, the Dow Jones Industrial Average inched downward by 0.09 percent, or 30.48 points, to end the day at 33,531.33.
April consumer prices climbed 4.9 percent from a year ago, which was less than the 5 percent gain anticipated by economists polled by Dow Jones.
Month-over-month inflation matched expectations with a 0.4 percent increase in April.
European Markets
European markets closed lower on Wednesday as investors digested the latest U.S. inflation data and how it could affect the U.S. Federal Reserve’s monetary policy.
The pan-European Stoxx 600 index provisionally ended down 0.5 percent, with major bourses and most sectors in negative territory. Food and beverages stocks led the losses, down 1.4 percent.
FTSE closed 0.29 percent lower at 7741. DAX closed 0.37 percent lower at 15896.
CAC 40 Index closed 0.49 percent lower at 7361.
Asian markets
Asia-Pacific markets traded mixed after Wall Street saw a tech rally as U.S. consumer price index rose less than expected for April.
The consumer price index showed a reading of 4.9 percent, slightly less than the 5 percent gain anticipated by economists polled by Dow Jones.
Month-over-month, inflation matched expectations with a 0.4 percent increase.
Investors in Asia will be closely watching the inflation print from China for April as well later Thursday, forecasted to come in at 0.3 percent, according to a Reuters poll of economists.
South Korea’s Kospi rose 0.46 percent and the Kosdaq saw a larger gain of 0.74 percent.
In Australia, the S&P/ASX 200 opened 0.12 percent higher. In Japan, the Nikkei 225 traded close to the flatline, while the Topix saw a marginal loss.
Futures tied to Hong Kong’s Hang Seng index stood at 19,725, lower than the HSI’s last close of 19,762.
L&T Q4 net profit spikes 10% to Rs 3,987 crore, misses estimates
Engineering and construction major Larsen and Toubro (L&T) on May 10 reported a consolidated net profit for the quarter ended March 2023 at Rs 3,987 crore, up 10 percent compared to Rs 3,621 crore in the same quarter last year.
Its revenue from operations for the quarter stood at Rs 58,335 crore, registering a growth of 10 percent from Rs 52,851 crore, the company said in an exchange filing.
The share of international revenues during the quarter was 39 percent.
Dr Reddy’s Q4 net profit jumps to Rs 959 crore on favorable base, US launches, brand deals
Pharmaceutical major Dr Reddy’s Laboratories recorded a manifold rise in its net profit to Rs 959.2 crore for the fourth quarter that ended March 31, from Rs 87.5 crore in the same period last year.
The net profit in the base quarter was hit by impairment charges, price erosion and increased competition in the US market, Dr Reddy’s Laboratories said in an exchange filing.
In addition, the company also benefitted from the sale of nine dermatology brands to Eris Lifesciences for Rs 275 crore, which incrementally boosted its headline numbers for Q4.
Oil prices
Oil prices fell on Wednesday, ending a three-day rally as an unexpected rise in U.S. oil inventories sparked demand concerns and investors awaited inflation data for a steer on U.S. interest rates. Brent crude dropped 98 cents, or 1.27 percent, to $76.46 a barrel while U.S. West Texas Intermediate (WTI) crude fell $1.02, or 1.4 percent, to $72.68.
Dollar
The Dollar index traded 0.03 percent higher in futures at 101.58, whereas the value of one dollar hovered near Rs 81.98
Gold
Gold prices edged lower on Wednesday as optimism over the Federal Reserve cutting interest rates this year faded after U.S. inflation report, triggering profit-taking among some investors. Spot gold was last down 0.19 percent to $2,030.59 per ounce and U.S. gold futures settled 0.3 percent lower at $2,037.10.
FII and DII
Foreign institutional investors (FII) bought shares worth Rs 1,833.13 crore, whereas domestic institutional investors (DII) sold shares worth Rs 789.67 crore on May 10, provisional data from the National Stock Exchange showed.
ByMoneycontrol
