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

On Tuesday, Sensex closed 383 points (0.5%) lower at 73,511.85, while the Nifty 50 fell 141 points (0.6%) to 22,301.50. Of the total stocks, 840 advanced, 2,441 declined, and 82 remained unchanged.

The benchmark Sensex and Nifty indices are likely to open on a flat-to-positive note on May 8 as trends in the GIFT Nifty indicate a muted start for the broader index with a gain of 10 points.

On Tuesday, India's benchmark indices Sensex and Nifty 50 closed lower as selling prevailed across the board amid disappointing Q4 earnings, thus causing a dent in market confidence near record highs. On Tuesday, Sensex closed 383 points (0.5 percent) lower at 73,511.85, while the Nifty 50 fell 141 points (0.6 percent) to 22,301.50. Of the total stocks, 840 advanced, 2,441 declined, and 82 remained unchanged.

This downturn was compounded by ongoing uninspiring Q4 earnings, with Kotak Securities noting limited positive surprises, leading to minimal earnings upgrades. Top gainers among sectors included Nifty FMCG Index, up 2 percent, and Nifty IT, up 0.77 percent. On the downside, Nifty realty and metals fell 3.5 percent and 2.4 percent respectively. Other losers were Nifty PSU Bank Index (down 2.3 percent), Nifty Healthcare (down 2 percent), and Nifty Auto (down 1.8 percent).

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.

Gift Nifty

Trends in the GIFT Nifty indicate a flat start for the broader index in India, with a gain of 10 points or 0.04 percent. The Nifty futures were trading around the 22,400 level.

Crude oil

Oil steadied near its mid-March lows amid Middle East tensions and a slightly bearish US stockpiles report. Brent hovered around $83 a barrel, just above the 100-day moving average. West Texas Intermediate stood above $78. Israel's military moved into Rafah amid elusive truce talks with Hamas.

Asian markets

Asian stocks are uncertain after a slow US session. Some investors doubt if the recent rally can hold amid economic uncertainties. Japan's equities fell, while South Korea and Australia's rose. Hong Kong's futures indicate a flat opening. The yen slightly decreased, as US caution on intervention added to expectations of continued pressure. Japan's Finance Minister pledged readiness for necessary measures. Focus in Asia shifts to President Xi Jinping's European trip and evolving trade relations. The US revokes licenses for Huawei to buy from Qualcomm and Intel, signaling further tensions. Global stocks aim for recovery post-April's downturn, driven by Fed rate cut hopes and strong earnings prospects.

US markets

Wall Street trimmed gains Tuesday as investors weighed potential Federal Reserve rate cuts. The dollar's strength further weakened the yen. Global stocks, measured by MSCI, rose 0.30 percent, with European shares hitting record highs. Treasury yields eased while the dollar gained on expectations of robust US growth and possible rate hikes. The Dow Jones rose 0.08 percent, the S&P 500 gained 0.13, and the Nasdaq dropped 0.1 percent. Disappointing US jobs data and sluggish GDP growth sparked speculation about Fed rate cuts.

Gold dips

Gold slipped as the US dollar gained strength, influenced by hawkish remarks from a Federal Reserve official regarding potential monetary tightening. Bullion remained stable in early Asia trading, following a 0.4 percent dip previously. Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, hinted at maintaining current interest rates for an extended period and didn't rule out future increases. Both higher rates and a robust dollar typically dampen gold prices, which are denominated in US currency and offer no interest. Traders also kept an eye on rising tensions in the Middle East, particularly after Israeli forces assumed control of the Rafah border crossing in Gaza, which could drive investors towards gold as a safe-haven asset if tensions escalate further.

Paytm's UPI Decline

Paytm's UPI market share plunged nearly five percentage points in a year, hitting a low of 8.4 percent in April 2024 from 13.3 percent in April 2023, as per NPCI data. One97 Communications Limited, Paytm's parent company, relies heavily on UPI for around 75 percent of its GMV. Competitor PhonePe's market share surged to 49 percent in April amidst Paytm's decline.

Fundraising

JSW Energy board greenlights raising up to Rs 10,000 crore to expand clean energy portfolio. Methods include private offerings, preferential allotments, or qualified institutions placement, and seeking board approval at AGM for additional fundraising when needed.

Results Today

Larsen & Toubro, Hero MotoCorp, Canara Bank, Tata Power, TVS Motor, Bajaj Consumer Care, Balaji Amines, Bharat Forge, ESAF Small Finance Bank, GSPL

FII & DII Flow

FIIs sold shares worth Rs 3,668.84 crore. DIIs pumped in Rs 2,304.50 crore worth of stocks on May 7

Stocks under NSE F&O ban

Punjab National Bank, Zee Entertainment Enterprises, Aditya Birla Fashion & Retail, Balrampur Chini Mills, Biocon, GMR Airports Infrastructure, Vodafone Idea, SAIL

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