Stock Market Today: Top 10 things to know before the market opens on 5th May
The market is likely to open marginally lower on Friday as the SGX Nifty indicates a negative start for the broader index with a loss of 71 points after opening the session at 18,231.
SGX futures touched a high of 18,314 in early trade today.
The BSE Sensex gained 555 points to close at 61,749 in the previous session, while the Nifty 50 closed 165 points higher at 18,255.
The Nifty 50 traded comfortably higher than its 200-day moving average of 17,611 and is expected to build on the recent momentum.
The pivot charts indicate that the Nifty may get support at 18,120, followed by 18,073 and 17,996.
If the index advances, 18,273 is the initial key resistance level to watch out for followed by 18,321 and 18,397.
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 negative start for the broader index with a loss of 71 points after the Nifty closed 165 points higher at 18,255 on Thursday.
SGX futures stood at 18,250.
Trade setup for today: Top 15 things to know before the opening bell
US Markets
S&P 500 futures inched up by 0.2 percent, while Nasdaq 100 futures added 0.3 percent.
Futures tied to the Dow Jones Industrial Average gained 21 points, or 0.06 percent.
During the regular session on Thursday, the three major averages closed lower for the fourth consecutive day. The S&P 500 lost 0.72 percent, while the Nasdaq Composite dropped 0.49 percent.
The Dow lost 286.50 points, or 0.86 percent.
The 30-stock index also slipped into the red for 2023, down 0.06 percent.
Renewed fears of contagion risk from the embattled regional bank sector drove the selloff and depressed investors’ sentiment.
The averages are also tracking for a week of losses — the worst performance for all three since March 10.
The S&P 500 is off 2.6 percent, while the Nasdaq is off 2.1 percent. The Dow is down 2.8 percent.
European Markets
The Stoxx 600 index trimmed earlier losses to end the session down 0.45 percent.
It comes after the ECB confirmed a widely expected 25 basis point interest rate hike at 1:15pm. London time.
FTSE lost 1.1 percent to close at 7702. DAX lost 0.51 percent to close at 15,734 points.
Asian markets
Asia-Pacific markets fell as banking fears were reignited on Wall Street, sending the three major US indices into a four-day losing streak.
Regional bank shares sold off, with the SPDR S&P Regional Bank ETF (KRE) dropping more than 5 percent and some banks seeing volatile trading.
In Australia, the S&P/ASX 200 fell 0.23 percent in early trade.
The Reserve Bank of Australia will release its statement on monetary policy, which will detail the central bank’s deliberations when it unexpectedly raised interest rates by 25 basis points to 3.85 percent.
Futures for Hong Kong’s Hang Seng index stood at 19,904, pointing to a lower open compared to its last close of 19,948.73.
Britannia may sweeten Q4 topline with 13% growth, led by price hikes, market share gains
Biscuit maker Britannia Industries is expected to report a 32-percent year-on-year growth in its consolidated net profit at Rs 498.4 crore, when it announces its Q4 results today.
According to a poll of brokerages, revenue from operations is seen growing 13.5 percent to Rs 4,029 crore.
Economic slowdown looms on Nifty earnings: BofA maintains the target at 18,000
Global brokerage major BofA predicts that the risks to earnings growth, which include the impact of the global economic slowdown, specifically on the IT sector, as well as potential delays in rural revival and the possibility of a peak in urban demand, are apparent in the market movements.
Oil prices
Oil prices settled nearly unchanged on Thursday after the European Central Bank (ECB) decided to slow the pace of interest rate hikes, with prices still down more than 9 percent for the week on demand concerns in major consuming countries.
Brent futures settled up 17 cents, or 0.24 percent, to $72.50 a barrel. U.S. West Texas Intermediate (WTI) crude settled down 4 cents, or 0.06 to $68.56.
WTI in early trading on Thursday fell to a session low of $63.64 a barrel, the lowest price since December 2021.
Dollar
The Dollar index traded 0.13 percent lower in futures at 101.27, whereas the value of one dollar hovered near Rs 81.68.
Gold
Gold made another run toward record highs on Thursday as U.S. banking concerns accelerated a flight to the safe-haven asset and sustained its stellar rally driven by bets for a pause in U.S. rate hikes.
Spot gold was up 0.3 percent at $2,045.79 per ounce after climbing earlier to $2,072.19, shy of a record high of $2,072.49. U.S. gold futures settled 0.9 percent higher at $2,055.70.
FII and DII
Foreign institutional investors (FII) bought shares worth Rs 1,414.73 crore, while domestic institutional investors (DII) purchased shares worth Rs 441.56 crore on May 4, provisional data from the National Stock Exchange showed.
ByMoneycontrol
