The Indian equity benchmarks are expected to open flat or marginally lower today, as trends in the SGX Nifty indicate a mildly negative start for the broader index with a loss of 35 points after Nifty closed 90 points higher at 17,812 on Wednesday. SGX futures stood at 17,883.
The BSE Sensex in the previous session added 235 points to close at 60,392, while the Nifty50 closed 90 points higher at 17,812, trading comfortably higher than its 200-day moving average of 17,511 and trying to consolidate on the ongoing momentum.
The pivot charts indicate that the Nifty may get support at 17,744, followed by 17,718 and 17,677. If the index advances, 17,827 is the initial key resistance level to watch out for, followed by 17,852 and 17,894.
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
Trends on the SGX Nifty indicate a mildly negative start for the broader index in India, as the index lost 35 points to trade at 17,844 level on the Singaporean Exchange from its April 12 closing of 17,812.
Also read: Trade setup for Thursday: Top 15 things to know before the opening bell
US Markets.
Wall Street futures were little changed on Wednesday evening, as investors weighed recession risk following the latest meeting minutes from the Federal Reserve. Futures linked to the Dow Jones Industrial Average were 60 points lower, or 0.2 percent, while Nasdaq 100 futures inched down 0.1 percent. Futures tied to the S&P 500 fell about 0.2 percent.
U.S. stocks ended lower on Wednesday after minutes from the Federal Reserve's March policy meeting revealed concern among several members of the Federal Open Markets Committee (FOMC) regarding the regional bank liquidity crisis. The minutes followed a cooler-than-expected inflation report which belied stickier underlying data and cemented the likelihood of another policy rate hike when the Fed convenes next month.
All three major U.S. stock indexes seesawed throughout the session to close in negative territory. The Dow Jones Industrial Average fell 38.29 points, or 0.11 percent, to 33,646.5; the S&P 500 lost 16.99 points, or 0.41 percent, at 4,091.95; and the Nasdaq Composite dropped 102.54 points, or 0.85 percent, to 11,929.34.
European Markets
European markets closed slightly higher on Wednesday as investors digested key inflation data from the U.S. The pan-European Stoxx 600 index provisionally closed up 0.11 percent, trimming earlier gains. France’s CAC 40 climbed 0.1 percent while the FTSE 100 rose 0.50 percent and Germany’s DAX closed 0.31 percent higher.
Asian markets
Stocks on Hong Kong’s Hang Seng index led losses in the region after opening 2 percent lower, while the Hang Seng Tech index slid 2.51 percent. In mainland China, the Shanghai Composite shed 0.2 percent and Shenzhen Component fell 0.7 percent. South Korea’s Kospi slid 0.15 percent and the Kosdaq was down 0.2 percent. In Australia, the S&P/ASX 200 dipped 0.25 percent while Japan’s Nikkei 225 fell fractionally, with the Topix also shedding 0.1 percent.
IIP growth edges up to 5.6% in February
India's industrial output grew by 5.6 percent in February, data released on April 12 by the Ministry of Statistics and Programme Implementation showed. Industrial growth, as per the Index of Industrial Production (IIP), in January has been revised up to 5.5 percent from 5.2 percent.
RBI may maintain status quo on rates in June as CPI inflation falls below 6%, say economists
The Reserve Bank of India (RBI) is likely to maintain the status quo on rates in the upcoming monetary policy in June as March Consumer Price Index (CPI) inflation fell below the upper tolerance band of 6 percent, economists said.
Oil jumps after slight increase to U.S. consumer prices
Oil prices rose sharply on Wednesday after U.S. economic data showed that inflation in the world’s biggest oil consumer rose moderately in March. Brent crude gained $1.11, or 1.3 percent, to $86.72 a barrel by 1354 GMT while U.S. West Texas Intermediate rose $1.03, or 1.3 percent, to $82.56.
Dollar
The dollar index, which measures the currency against six rivals, was 0.78 percent lower in futures at 101.127. The value of one US Dollar hovers near the 81.96 mark in comparison with the Indian Rupee.
Gold
Gold charges higher as bets for Fed pause gain ground. Spot gold
jumped 0.9 percent to $2,021.39 per ounce by 9:04 a.m. EDT (1304 GMT), rising by as much as 1.3 percent earlier, while U.S. gold futures
rose 0.9 percent to $2,036.90 per ounce.
FII and DII
Foreign institutional investors (FII) bought shares worth Rs 1,907.95 crore, whereas domestic institutional investors (DII) sold shares worth Rs 225.22 crore on April 12, National Stock Exchange's provisional data showed.
With inputs from Reuters and other agencies.
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