Stock Market Today: Top 10 things to know before the market opens on 2nd May
The market is likely to open marginally lower on Tuesday as the SGX Nifty indicates a negative start for the broader index with a loss of 7 points after settling the session at 18,065.
SGX futures touched a high of 18,277 in early trade today after opening at 18,264.
The BSE Sensex gained 463 points to close at 61,112 in the previous session, while the Nifty 50 closed 149 points higher at 18,065.
The Nifty 50 traded comfortably higher than its 200-day moving average of 17,488 and is expected to build on the recent momentum.
The pivot charts indicate that the Nifty may get support at 17,935, followed by 17,887 and 17,809.
If the index advances, 18,091 is the initial key resistance level to watch out for, followed by 18,139 and 18,217.
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
SGX Nifty indicates a flat start for the broader index with a loss of 14 points after the Nifty closed 149 points higher at 18,065 on Friday.
SGX futures stood at 18,259.
US Markets
The Dow Jones Industrial Average inched lower Monday in the wake of the government’s seizure of First Republic over the weekend and the bank’s subsequent sale to JPMorgan Chase.
The Dow dipped 46.46 points, or 0.14 percent, to end the session at 34,051.70.
The S&P 500 ticked down 0.04 percent to close at 4,167.87. The Nasdaq Composite fell
European Markets
The pan-European Stoxx 600 index closed 0.6 percent higher after dropping earlier in the session. Banks shed Thursday’s optimism and fell 1.4 percent, while utilities closed down 0.3 percent.
Oil and gas led gains, up 1.9 percent. For the month, the benchmark closed up 1.87 percent.
FTSE gained 0.50 percent to close at 7870. DAX gained 0.77 percent to close at 15,922 points.
Asian markets
In Australia, the S&P/ASX 200 was 0.15 percent lower as investors await the country’s central bank decision on whether it will continue to hike rates.
The Japanese Nikkei 225 was up 0.35 percent, while the Topix saw a marginal gain.
South Korea’s Kospi rose 0.74 percent, while the Kosdaq climbed 0.75 percent after the country saw its inflation rate slow to a 14-month low of 3.7 percent.
Hong Kong’s Hang Seng index is set to rise, with futures pointing to a higher open compared to the index’s last close of 19,894.57.
Mainland Chinese markets are closed for a holiday Tuesday.
Govt reduces windfall tax on crude oil to Rs 4,100
The government has cut the windfall tax on crude oil to Rs 4,100 per tonne from Rs 6,400 per tonne, effective from today, according to a notification.
The government has left the windfall tax on petrol, diesel and aviation turbine fuel at zero.
GST collections hit new all-time high of Rs 1.87 lakh crore in April
The government collected a whopping Rs 1.87 lakh crore as Goods and Services Tax (GST) in April, data released on May 1 by the Union Finance Ministry showed.
At Rs 1.87 lakh crore, the GST collected in April is an all-time high by a substantial margin.
The previous record high was Rs 1.68 lakh crore, collected in April 2022
India’s factory activity expanded at its quickest pace in four months in April, driven by solid growth in new orders and output, a private survey showed on Monday, signaling resilient demand and an encouraging outlook.
Oil prices
Oil fell on Monday as concern over the economic impact of the US Federal Reserve potentially raising interest rates and weaker Chinese manufacturing data outweighed support from new OPEC+ supply cuts taking effect this month.
Brent crude fell $1.01, or 1.26 percent, to $79.32 a barrel, while the US West Texas Intermediate (WTI) crude slid $1.01, or 1.3 percent, to trade at $75.77.
Dollar
The Dollar index traded 0.24 percent higher in futures at 101.90, whereas the value of one dollar hovered near Rs 81.78.
Gold
Gold reversed course to gain, heading into the U.S. session, on Monday, as traders assessed risks from the collapse of the First Republic Bank in the run-up to the Federal Reserve’s rate hike decision this week.
Spot gold was up 0.7 percent at $2,003.99 per ounce, after hitting a session low of $1,976.89. U.S. gold futures added 0.7 percent to $2,013.70.
FII and DII
Foreign institutional investors (FII) bought shares worth Rs 3,304.32 crore, while domestic institutional investors (DII) purchased shares worth Rs 264.27 crore on April 28, according to provisional data from National Stock Exchange.
ByMoneycontrol
