The market is likely to open marginally lower on Thursday as the SGX Nifty indicates a negative start for the broader index with a loss of 71 points after opening the session at 18,155. SGX futures touched a high of 18,175 in early trade today.
The BSE Sensex lost 161 points to close at 61,193 in the previous session, while the Nifty 50 closed 57 points lower at 18,089. 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 18,055, followed by 18,037 and 18,009. If the index advances, 18,111 is the initial key resistance level to watch out for followed by 18,128 and 18,157.
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 57 points lower at 18,089 on Wednesday. SGX futures stood at 18,086.
Trade setup for today: Top 15 things to know before the opening bell
US Markets
S&P 500 futures fell after the Federal Reserve hiked rates by another 25 basis points and investors’ fears of contagion in the regional bank space returned. Futures linked to the broad-market index slipped 0.2 percent. Futures linked to the Dow Jones Industrial Average dropped 88 points, or 0.2 percent. Nasdaq 100 futures traded near the flat line, up 0.06 percent.
Stocks closed lower in Wednesday’s regular session, with the Dow shedding 270 points, or 0.8 percent, and the S&P 500 dropping 0.7 percent. The Nasdaq Composite lost roughly 0.5 percent.
European Markets
European markets closed higher on Wednesday as global investors brace themselves for the US Federal Reserve’s latest monetary policy decision. The pan-European Stoxx 600 index provisionally ended up 0.3 percent, slightly trimming earlier gains. The benchmark index fell 1.2 percent yesterday to its lowest level in nearly a month, according to Reuters data. FTSE gained 0.2 percent to close at 7788. DAX gained 0.56 percent to close at 15,815 points.
Asian markets
Asia-Pacific markets declined after the US Federal Reserve hiked rates by 25 basis points as widely expected, bringing the federal funds rate range to 5 percent-5.25 percent — its highest level since August 2007.
In Australia, the S&P/ASX 200 fell 0.63 percent, ahead of the country’s March trade data. South Korea’s Kospi opened 0.49 percent down, while the Kosdaq lost 0.24 percent. Futures for Hong Kong’s Hang Seng index were also lower standing at 19,656, compared to its last close of 19,699.16. Mainland Chinese markets are set to reopen after the Labor Day holiday, while Japanese markets are closed for a holiday Thursday.
HDFC Q4 Preview: Net interest income seen rising 5% to Rs 4,752 crore
HDFC’s net profit for the quarter is likely to see a 4.4 percent year-on-year growth to Rs 3,854 crore, according to a Moneycontrol average poll of three brokerage estimates. In the same period last year, the company posted a net profit of Rs 3,700 crore.
Cholamandalam Investment and Finance reports standalone Q4 profit at Rs 852.84 crore
Cholamandalam Investment and Finance Company Ltd has reported a standalone profit for the quarter ending March 31, 2023 at Rs 852.84 crore, the company said on Wednesday. The city-based Murugappa Group firm had registered Rs 689.58 crore during the corresponding quarter of the previous year.
Oil prices
Oil prices fell 4 percent on Wednesday, extending steep losses from the previous session after the US Federal Reserve raised interest rates and as investors fretted about the economy.
Brent futures settled $2.99 lower, or 4 percent, to $72.33 a barrel, the global benchmark’s lowest close since December 2021. Brent hit a session low of $71.70 a barrel, its lowest since March 20. West Texas Intermediate crude (WTI) fell $3.06, or 4.3 percent, to $68.60. WTI’s session low was $67.95 a barrel, lowest since March 24.
Dollar
The Dollar index traded 0.21 percent lower in futures at 101.13, whereas the value of one dollar hovered near Rs 81.70.
Gold
Gold firmed up on Wednesday as the US Federal Reserve delivered a widely expected rate hike and signalled a pause in further increases. Spot gold was last 1.13 percent higher at $2,039.0168 per ounce after touching its highest since April 14 at $2,036.15 earlier.
FII and DII
Foreign institutional investors (FII) bought shares worth Rs 1,338 crore, whereas domestic institutional investors (DII) sold shares worth Rs 583.99 crore on May 3, provisional data from the National Stock Exchange showed.
With inputs from Reuters and other agencies.