Stock Market Today: Top 10 things to know before the market opens on 29th May
The market is likely to open marginally higher on Monday as the SGX Nifty indicates a positive start for the broader index, with a gain of 83 points after opening the session 0.62 percent higher.
SGX futures touched a high of 18,632 in early trade on May 29.
The BSE Sensex gained 629 points to close at 62,501 on Friday, while the Nifty 50 closed 178 points higher at 18,499. 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 18,380 followed by 18,339 and 18,272.
If the index advances, 18,514 would be the key resistance level to watch out for followed by 18,555 and 18,622.
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 83 points on Monday.
SGX futures stood at 18,632.
US Markets
Stocks jumped Friday as traders grew hopeful that lawmakers will reach a deal to raise the US debt ceiling, avoiding a potentially catastrophic default.
The Dow Jones Industrial Average climbed 328.69 points, or 1 percent to settle at 33,093.34.
The S&P 500 gained 1.3 percent to close at 4,205.45, and the Nasdaq Composite advanced 2.2 percent to 12,975.69.
Intel and American Express rose 5.8 percent and 4.1 percent, respectively to lead the Dow higher.
The S&P 500 tech and consumer discretionary sectors popped more than 2 percent each.
The Nasdaq notched its fifth straight weekly gain, rising 2.5 percent.
The S&P 500 also posted a one-week advanced, advancing 0.3 percent.
The Dow was the laggard this week, losing 1 percent.
European Markets
European stock markets closed higher Friday as talks to raise the US debt ceiling reached their crucial final week. The pan-European Stoxx 600 index closed 1.2 percent higher after falling to its lowest level since early April through three negative sessions.
All sectors ended in positive territory, with tech stocks surging 3 percent and mining stocks up by 2.5 percent. FTSE closed 0.74 percent higher at 7627 points.
DAX closed 1.2 percent higher at 15,983 points. CAC 40 Index closed 1.24 percent higher at 7319 points.
Asian Markets
Asia-Pacific markets are largely higher after U.S President Joe Biden and congressional leaders reached a tentative deal to raise the debt ceiling over the weekend.
The bill is expected to be voted on later this week. In Japan, the Nikkei 225 continued to push 33-year record levels as it jumped 2 percent on the open, with the Topix also gaining 1.26 percent.
In Australia, the S&P/ASX 200 climbed 1.36 percent, while South Korean markets are closed Monday for a holiday. Stocks in Hong Kong are set to buck the trend despite the overall optimism, with Hang Seng index futures at 18,536 compared to the HSI’s close of 18,746.92.
Aurobindo Pharma posts 12% slump in Q4 net profit at Rs 506 crore, revenue jumps 11%
Aurobindo Pharma on May 27 posted a decline of 12 percent in its net profit for the fourth quarter of fiscal year 2022-23, whereas, the company’s revenue during the same period climbed by 11 percent.
The net profit during the March quarter came in at Rs 506 crore as against Rs 576.5 crore reported in the year-ago period.
FPIs invest Rs 37,316 crore in May on strong domestic macro fundamentals
Foreign Portfolio Investors (FPIs) have pumped Rs 37,316 crore in Indian equities in May so far, primarily due to strong macroeconomic fundamentals and reasonable valuation of stocks.
This is the highest investment by FPIs in the last six months.
Before this, they made a net investment of Rs 36,239 crore in equities in November 2022, data available with the depositories showed.
Oil prices
Oil prices ticked up on Friday as U.S. officials appeared close to striking a debt ceiling deal, and as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting. Brent crude settled 69 cents, or 0.9 percent, higher at $76.95 a barrel.
U.S. West Texas Intermediate closed up 84 cents, or 1.2 percent, to $72.67 a barrel.
Dollar
The Dollar index traded 0.02 percent lower in futures at 104.23, whereas the value of one dollar hovered near Rs 82.71
Gold
Gold gave up some gains on Friday and was on course for a third straight weekly loss on the likelihood of a last-minute debt ceiling deal and as a hotter-than-expected U.S. inflation gauge raised bets for rates to stay higher for longer.
Spot gold was up 0.35 percent at $1,947.09 per ounce, having risen as much as 0.9 percent earlier. U.S. gold futures settled mostly flat at $1,944.30.
FII and DII
Foreign institutional investors (FIIs) bought shares worth Rs 350.15 crore, while domestic institutional investors (DIIs) purchased shares worth Rs 1840.98 crore on May 26, provisional data from the National Stock Exchange showed.
ByMoneycontrol
