Stock Market Today: Top 10 things to know before the market opens on 24th May
The market is likely to open marginally lower on Wednesday as the SGX Nifty indicates a negative start for the broader index, with a loss of 89 points after opening the session at 18,301.
SGX futures touched a high of 18,431 in early trade on May 24.
The BSE Sensex gained 18 points to close at 61,981 on Tuesday, while the Nifty 50 closed 33 points higher at 18,348. The Nifty50 traded comfortably higher than its 200-day moving average of 18,033 and is expected to build on the recent momentum.
Pivot charts indicate that the Nifty may get support at 18,327, followed by 18,305 and 18,268.
If the index advances, 18,401 would be a key resistance level to watch out for, followed by 18,423 and 18,460.
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 negative start for the broader index with a loss of 89 points on Wednesday.
SGX futures stood at 18,280.
US Markets
US stock futures inched higher on Tuesday night as investors kept an eye on debt-ceiling negotiations.
Futures linked to the Dow Jones Industrial Average climbed 33 points, or 0.1 percent.
S&P 500 futures and Nasdaq 100 futures each added 0.1 percent.
The three major averages fell during regular trading on Tuesday.
The S&P 500 lost 1.12 percent, while the Nasdaq Composite and the Dow Jones Industrial Average declined 1.26 percent and 0.69 percent, respectively.
European Markets
European stock markets closed lower on Tuesday as US debt ceiling negotiations continued.
The region’s benchmark Stoxx 600 index closed 0.6 percent lower, with sectors mixed as trading came to a close. Household goods fell 2.5 percent as industrials dropped 1.3 percent, while oil and gas stocks gained 0.9 percent.
FTSE closed 0.1 percent lower at 7,762 points. DAX closed 0.44 percent lower at 16,152 points.
CAC 40 Index closed 1.33 percent lower at 7,378 points.
Asian Markets
Asia-Pacific markets started Wednesday on a weaker footing, with investors cautious as ongoing US debt ceiling discussions appeared to yield little progress.
In Japan, the Nikkei 225 slid 0.77 percent and the Topix fell 0.35 percent in early trade, even as the country’s business sentiment among manufacturers turned positive for the first time in 2023, according to a Reuters Tankan survey.
South Korea’s Kospi slipped 0.2 percent lower, with the Kosdaq down 0.34 percent.
In Australia, the S&P/ASX 200 was down 0.3 percent in early trade.
Hong Kong’s Hang Seng index looks set to extend its losses from a two-month low, with futures at 19,285 compared to the HSI’s close of 19,431.25.
NMDC Q4 results: Net profit rises 22% to Rs 2,277 crore; revenue falls 14%
State-owned NMDC Ltd on May 23 reported a 22 percent rise in standalone net profit at Rs 2,277 crore in the quarter ended March 31, 2023.
The country’s largest iron ore company had posted a profit of Rs 1,862 crore in the year-ago period.
The company’s revenue from operations, however, fell by 13.8 percent to Rs 5,851 crore for the March quarter as compared to Rs 6,785 crore last fiscal.
Biocon Q4 net profit rises 31% to Rs 313 crore; declares dividend
Biotechnology company Biocon on May 23 reported 31 percent rise in consolidated net profit at Rs 313 crore in the fourth quarter of the financial year 2022-2023, against Rs 239 crore in the January-March period of the previous fiscal.
Revenue from operations climbed 56.7 percent to Rs 3,773.9 crore in the quarter under review, as against Rs 2,409 crore last fiscal, the company said in an exchange filing.
Oil prices
Oil prices looked up on Tuesday on the back of a tighter gasoline market outlook and a warning from the Saudi energy minister to speculators that raised the prospect of further OPEC+ cuts to support the market. Brent crude was up $1.14, or 1.5 percent, at $77.13 a barrel.
US West Texas Intermediate (WTI) crude gained $1.21, or 1.7 percent, to $73.26 a barrel.
Dollar
The Dollar index traded 0.32 percent higher in futures at 103.53, whereas the value of one dollar hovered near Rs 82.85
Gold
Gold prices dipped on Tuesday as yields climbed while talks over raising the US debt limit stretched to another round but recovered from session lows as the dollar retreated from earlier highs.
Spot gold was down 0.1 percent at $1,967.03 per ounce by 11:57 a.m., after shedding as much as 0.8 percent earlier. U.S. gold futures fell 0.4 percent to $1,969.20.
FII and DII
Foreign institutional investors (FIIs) bought shares worth Rs 182.51 crore, while domestic institutional investors (DIIs) purchased shares worth Rs 397.29 crore on May 23, provisional data from the National Stock Exchange showed.
ByMoneycontrol
