The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the index in India with a 43 points gain.
Indian markets fell 1 percent in a volatile trading session on Tuesday pushing Nifty50 below 14500 levels on a closing basis. The S&P BSE Sensex plunged by more than 400 points.
Sectorally, buying was seen in the public sector, oil & gas, and utilities, while selling pressure was visible in healthcare, energy, telecom, and consumer durables.
On the broader market front, the S&P BSE midcap index was down 0.5 percent and the S&P BSE smallcap index closed with losses of 0.57 percent, outperforming benchmark indices on a relative basis.
On the options front, the maximum Put OI is seen at 14000 followed by 13500 strikes while maximum Call OI is seen at 15000 followed by 15500 strikes.
Options data suggests a wider trading range in between 14000 to 15000 zones while an immediate trading range of 14200 to 14800 zones.
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 that could impact Indian as well as international markets:
The Nasdaq fell more than 2% on Tuesday as steep declines in megacap growth stocks pushed Wall Street below record trading levels, with investors seeking shelter in more defensive parts of the market.
The Dow Jones Industrial Average was down 235.73 points, or 0.69%, at 33,877.50, the S&P 500 was down 56.17 points, or 1.34%, at 4,136.49 and the Nasdaq Composite was down 379.74 points, or 2.73%, at 13,515.38.
Asian shares risked falling for a fourth straight session on Wednesday as sentiment took a knock from a selloff in large cap Wall Street tech darlings, combined with talk of rising U.S. interest rates.
Holidays in Japan, China and South Korea limited the early reaction, leaving MSCI’s broadest index of Asia-Pacific shares outside Japan dithering either side of flat. Japan’s Nikkei was shut, but futures traded down at 28,735 compared to the last cash close of 28,812.
Trends on SGX Nifty indicate a positive to positive opening for the index in India with a 43 points gain. The Nifty futures were trading at 14,575 on the Singaporean Exchange around 07:20 IST.
The Centre may call a meeting of the Goods and Service Tax (GST) Council within the next few weeks, with the agenda likely to be tax rates on items that are essential in the fight against COVID-19.
India and the United Kingdom have decided to wrap up key talks on trade issues by the end of 2021, expediting negotiations for a proposed free trade agreement (FTA) between both nations in the future.
The pandemic-led lockdown is impacting the demand for cement across the country. Industry insiders say demand has slowed down by 20-30 percent in May, as compared to March.
Cement is required primarily in housing construction, infrastructure projects, industrial construction and commercial real estate, sectors that are facing a slowdown due to COVID-19.
The Department of Telecommunications (DoT) on May 4 gave permission to Telecom Service Providers (TSPs) to conduct trials for use and applications of 5G technology for a period of six months. TSPs that have applied for permission include Bharti Airtel, MTNL, Reliance Jio Infocomm, and Vodafone Idea.
The rupee gained for the second straight day and closed 10 paise higher at 73.85 (provisional) against the US dollar on Tuesday. At the interbank forex market, the rupee opened at 73.83, and hit an intra-day high of 73.76 and a low of 73.97.
20 companies to report Q4 results today:
There are as many as 20 companies on the BSE that will report results for the quarter ended March which include names like Adani Enterprises, Adani Green, Angel Broking, CEAT, OFSS, and Tata Steel Ltd.
FII and DII data
Foreign institutional investors (FIIs) net sellers of shares worth Rs 1772 crore, while domestic institutional investors (DIIs) net buyers of shares worth Rs 987 crore in the Indian equity market on May 4, as per provisional data available on the NSE.
1 stock under F&O ban on NSE
Sun TV was the only stock under the F&O ban for May 5. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
With inputs from Reuters & other agencies.