Stock Market Today: Top 10 things to know before the market opens on 16th May
The market is likely to open marginally higher on Tuesday as the SGX Nifty indicates a positive start for the broader index with a gain of 40 points after opening the session at 18,250.
SGX futures touched a high of 18,454 in early trade on May 16.
The BSE Sensex gained 317 points to close at 62,345 in the previous session, while the Nifty 50 closed 84 points higher at 18,398.
The Nifty50 traded comfortably higher than its 200-day moving average of 17,886 and is expected to build on the recent momentum.
The pivot charts indicate that the Nifty may get support at 18,317, followed by 18,276 and 18,211.
If the index advances, 18,447 would be the initial key resistance level to watch out for, followed by 18,488 and 18,553.
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 40 points on Tuesday. SGX futures stood at 18,443.
U.S. stock futures were little changed on Monday evening, as all eyes on Wall Street turn to a Tuesday meeting between congressional leaders and President Joe Biden.
Futures tied to the S&P 500 slipped 0.08 percent, while Nasdaq 100 futures inched lower by 0.08 percent.
Futures linked to the Dow Jones Industrial Average lost 33 points, or 0.1 percent.
Stocks closed higher during regular trading Monday, with the 30-stock Dow breaking five-consecutive sessions of losses.
The tech-heavy Nasdaq Composite led the charge with a 0.66 percent gain while the S&P 500 added 0.3 percent.
European Markets
European markets were mixed on Monday, with investors following U.S. debt ceiling negotiations, Turkish elections and a higher forecast for EU inflation this year.
The pan-European Stoxx 600 index provisionally closed 0.2 percent higher, with U.S. stocks similarly cautious.
Most sectors posted modest gains, as mining stocks led the pack with a 1.2 percent rise, while chemicals, media, and retail all slipped around 0.2 percent.
France’s CAC 40 and Germany’s DAX ended the day flat, while the U.K. FTSE 100 was up 0.3 percent.
Asian markets
Futures tied to Hong Kong’s Hang Seng index pointed to a higher open, standing at 20,185 compared to its last close of 19,971.13, pointing to further gains after jumping nearly 2 percent on Monday afternoon.
In mainland China, the Shanghai Composite and the Shenzhen Component saw their best days since May 8 and March 20, respectively.
In Japan, the Nikkei 225 rose 0.71 percent, while the Topix climbed 0.42 percent and hit its highest level since August 1990.
South Korea’s Kospi and Kosdaq also saw gains on Tuesday, advancing 0.66 percent and 0.75 percent respectively, while Australia’s S&P/ASX 200 slipped 0.15 percent.
Avenue Supermarts falls on Q4 margin decline, slow recovery in merchandise sales
Avenue Supermarts shares fell over 3 percent on May 15 after the D-Mart operator announced a 100-basis-point decline in the March quarter operating margins on May 13.
The company’s margin fell from 8.4 percent in the same period last year to 7.3 percent this year.
The company’s EBITDA (earnings before interest, taxes, depreciation, and amortisation) growth was also relatively modest, increasing by 4.4 percent on-year to Rs 771.5 crore.
India’s retail inflation may ease to central bank’s 4% target in May: Economists
India’s headline retail inflation in May is likely to fall further towards 4 percent — the midpoint of the central bank’s target and a level last seen in January 2021, according to a few economists, who expect lower food prices to aid the decline.
India’s consumer price inflation (CPI) eased to an 18-month low of 4.7 percent in April, from 5.66 percent in the previous month, largely due to a moderation in food prices, which accounts for nearly half of the overall consumer price basket.
Oil prices
Oil prices rose a dollar a barrel on Monday after three straight sessions of declines, boosted by the prospect of tightening supplies in Canada and elsewhere, although recession fears kept pressuring the market.
Brent crude futures rose $1.06, or 1.4 percent to settle at $75.23 a barrel. U.S. West Texas Intermediate crude settled at $71.11 a barrel, up $1.07, or 1.5 percent.
Dollar
The Dollar index traded 0.03 percent lower in futures at 102.40, whereas the value of one dollar hovered near Rs 82.25
Gold
Gold advanced on Monday on a weaker dollar as traders stuck to bets on interest rate cuts before year-end despite comments from Federal Reserve officials, with focus also on the U.S. debt ceiling talks.
Spot gold was up 0.2 percent at $2,015.55 per ounce, rebounding from its one-week low touched on Friday. U.S. gold futures settled up 0.1 percent at $2,020.50.
FII and DII
Foreign institutional investors (FII) bought shares worth Rs 1,685.29 crore, while domestic institutional investors (DII) purchased shares worth Rs 191.20 crore on May 15, provisional data from the National Stock Exchange showed.
ByMoneycontrol
