Stock Market Today: Top 10 things to know before the market opens today

February 13, 2023February 13, 2023 Bruce Langford

The market is expected to open in the red as trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 42 points.

The Sensex closed 123 points down at 60,683 and the Nifty ended 37 points lower at 17,856 and formed a Doji pattern on the daily charts, indicating indecision among buyers and sellers.

As per the pivot charts, the Nifty has support at 17,816 followed by 17,798 and then 17,769.

If the index moves up, the key resistance levels to watch out for are 17,874 followed by 17,892 and 17,921.

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:

US Markets

The Nasdaq ended lower on Friday as megacap growth stocks came under pressure after Treasury yields pointed to higher interest rates and shares of ride-hailing firm Lyft plunged following a downbeat profit forecast.

The Dow Jones Industrial Average ended up 169.52 points, or 0.5 percent, to 33,869.4, the S&P 500 gained 8.98 points, or 0.22 percent, to 4,090.48 and the Nasdaq Composite dropped 71.46 points, or 0.61 percent, to 11,718.12.

Asian Markets

Asian shares slipped on Monday as investors hunkered down for US inflation and retail sales data that could jolt the outlook for interest rates globally, while tempering or accelerating the recent spike in bond yields.

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1 percent, after losing 2.2 percent last week. Japan’s Nikkei fell 0.5 percent, and South Korea’s Kospi shed 0.3 percent.

SGX Nifty

Trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 42 points on Monday. The Nifty futures were trading around 17,835 levels on the Singaporean exchange.

US consumer sentiment improves; inflation expectations rise

US consumer sentiment improved to a 13-month high in February, but households expected higher inflation to persist over the next 12 months, a survey showed on Friday.

The sentiment index has rebounded from a low of 50 last June.

The survey’s measure of current economic conditions increased to a reading of 72.6 this month from 68.4 in January.

Its gauge of consumer expectations dipped to 62.3 from a reading of 62.7 last month, likely reflecting lingering recession fears.

Data is expected to show retail sales rebounding 1.5 percent in January after tumbling 1.1 percent in December, according to a Reuters survey of economists.

Foreign institutions pull out Rs 9,600 crore from Indian equities so far this month

Foreign investors continue to desert Indian stock markets as they pulled out over Rs 9,600 crore this month so far on costlier valuation of domestic equities compared to other emerging markets.

The outflow comes following a net withdrawal of Rs 28,852 crore by Foreign Portfolio Investors (FPIs) in January. This was also the worst outflow in the last seven months, data with the depositories showed.

Prior to that, they made a net investment of Rs 11,119 crore in December and Rs 36,238 crore in November.

Going ahead, FPIs flow are expected to remain volatile as Indian equities given the increase in rate by central banks, Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said.

India’s forex reserves falls after three weeks to $575.27 billion

India’s foreign exchange reserves saw a drop after nearly three weeks, falling $1.5 billion to $575.27 billion in the week ended February 3.

The fall was the result of the decline in the Foreign Currency Assets (FCA), a major component of the overall reserves, the Reserve Bank of India’s weekly statistical supplement said on February 10.

The FCA fell $1.32 billion to $507.69 billion for the week ending February 3.

Gold reserves were down $246 million to $43.78 billion.

Results on February 13

FSN E-Commerce Ventures (Nykaa), Zee Entertainment Enterprises, Power Finance Corporation, Sun Pharma Advanced Research Company, Shree Renuka Sugars, SAIL, Wockhardt, Ahluwalia Contracts, Allcargo Logistics, Bajaj Healthcare, Bajaj Hindusthan Sugar, BF Utilities, BGR Energy Systems, Campus Activewear, Castrol India, Godrej Industries, Greenply Industries, Grindwell Norton, GR Infraprojects, Gujarat State Petronet, Gujarat Gas, GVK Power & Infrastructure, HeidelbergCement India, Hinduja Global Solutions, Hindustan Oil Exploration, Hindware Home Innovation, HUDCO, ICRA, IFCI, Insecticides (India), IRB Infrastructure Developers, Indian Railway Finance Corporation, ISGEC Heavy Engineering, ITI, IVRCL, Krsnaa Diagnostics, Landmark Cars, Liberty Shoes, Linde India, Lumax Auto Technologies, Mcnally Bharat Engineering, MMTC, The New India Assurance Company, NLC India, Schneider Electric Infrastructure, Shalimar Paints, Texmo Pipes & Products, and Zuari Industries will be in focus ahead of quarterly earnings on February 13.

FII and DII data

Foreign institutional investors (FII) net bought shares worth Rs 1,458.02 crore, while domestic institutional investors (DII) offloaded shares worth Rs 291.34 crore on February 10, NSE’s provisional data showed.

FY24 inflation forecast conservative, can benefit from low oil prices: RBI Governer

Reserve Bank of India (RBI) Governor Shaktikanta Das has admitted that the central bank’s inflation forecast for the next financial year is conservative and low crude oil prices could work in India’s favour.

Speaking on February 11 in the Capital at the conclusion of a meeting of the RBI’s central board of directors, Das said the inflation forecast had taken all factors into consideration.

“The forward markets are giving a much more benign picture with regards to the oil prices but we have been very conservative in our assessment,” Das said.

So if the oil prices go down significantly and if there is an advantage of other commodity prices, it will work to our favour in terms of leading to lower inflation.”