MARKETS LIVE: Global cues, rupee, crude oil prices to steer indices

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SI Reporter | New Delhi Last Updated at May 30, 2018 08:49 IST

Markets, Stocks, BSE, NSE

Nifty outlook from Prabhudas Lilladher for today The daily trend in Nifty & Bank Nifty continues to be positive since 3 days. Market still does not have a clear trend. Crude & Rupee have been the market drivers, which brings in lot of uncertainty to the stocks. The support for the day is seen at 10570 while resistance is seen at 10680. A decisive break of 26000 would bring heavy weight banks like HDFC Bnk, Kotak Bank, etc. under pressure. READ MORE Markets on Tuesday S&P BSE Sensex 34,949.24 -0.61% Nifty 50 10,633.30 -0.52% S&P BSE 200 4,625.52 -0.51% Nifty 500 9,270.60 -0.40% S&P BSE Mid-Cap 16,047.36 -0.44% S&P BSE Small-Cap 17,380.46 -0.26% SGX NIfty The SGX Nifty was at 10,539.50, down 0.66 per cent from the previous close. Asian Markets Asian shares extended a global sell-off in early trading Wednesday as Italy’s political crisis provoked a heavy retreat on Wall Street, sent the euro to a 10-month low and pushed up borrowing costs for the government in Rome. MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.1 per cent, while Japan's Nikkei average shed 1.7 per cent to hit a six-week low. South Korea's KOSPI slipped 1.6 per cent. Wall Street The S&P 500 and the Dow Jones Industrial Average registered their biggest one-day percentage drops in a month on Tuesday as political turmoil in Italy sparked concerns about the stability of the euro zone and shares of US banks tumbled. The Dow Jones Industrial Average fell 391.64 points, or 1.58 per cent, to 24,361.45, the S&P 500 lost 31.47 points, or 1.16 per cent, to 2,689.86 and the Nasdaq Composite dropped 37.26 points, or 0.5 per cent, to 7,396.59. Good Morning! Welcome to Business Standard's live blog on markets.

The indices are likely to open in the red on Wednesday taking cues from their global peers.

At home, stock-specific action is likely to continue on Wednesday as more companies release their March quarter results. 3M India, Apollo Hospitals Enterprise, Bajaj Steel Industries and Canara Bank are among a few companies which are likely to announce their March 2018 quarter earnings later today.

That apart, investors will also keep a close watch on movements in oil prices and rupee.

RUPEE

On Tuesday, the rupee once again turned shaky and lost ground against the US currency, falling by a steep 43 paise to end at 67.86 due to heavy month-end dollar demand from importers.

GLOBAL MARKETS

Asian shares extended a global sell-off in early trading Wednesday as Italy’s political crisis provoked a heavy retreat on Wall Street, sent the euro to a 10-month low and pushed up borrowing costs for the government in Rome.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.1 per cent, while Japan's Nikkei average shed 1.7 per cent to hit a six-week low. South Korea's KOSPI slipped 1.6 per cent.

On Wall Street on Tuesday, the Dow Jones Industrial Average fell 1.58 per cent to 24,361.45, the S&P 500 lost 1.16 per cent to 2,689.86 and the Nasdaq Composite dropped 0.5 per cent to 7,396.59.

CRUDE OIL

Oil prices were mixed in early Asian trade on Wednesday, with worries that Saudi Arabia and Russia will pump more crude weighing on the market.

Brent crude was down 1 cent at $75.38 a barrel, after settling up 9 cents on Tuesday. US West Texas Intermediate crude was up 13 cents, or 0.2 per cent, at $66.86 a barrel, having earlier settled down $1.15.

(with Reuters inputs)

First Published: Wed, May 30 2018. 08:15 IST