The market is likely to open marginally lower on Monday as the SGX Nifty indicates a negative start for the broader index with a loss of 71 points after opening the session at 18,250. SGX futures touched a high of 18,256 in early trade on May 15.
The BSE Sensex gained 123 points to close at 62,027 in the previous session, while the Nifty 50 closed 18 points higher at 18,314. The Nifty50 traded comfortably higher than its 200-day moving average of 17,886 and is expected to build on the recent momentum.
The pivot charts indicate that the Nifty may get support at 18,227, followed by 18,192 and 18,136. If the index advances, 18,341 would be the initial key resistance level to watch out for, followed by 18,376 and 18,432.
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
The SGX Nifty indicates a negative start for the broader index with a loss of 71 points on Monday. SGX futures stood at 18,256.
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US Markets
The S&P 500 fell on Friday as concerns around the US economy dampened investor sentiment. The Dow Jones Industrial Average dropped 8.89 points lower, or 0.03 percent, to close at 33,300.62. The Nasdaq Composite fell 0.35 percent, ending the day at 12,284.74. The S&P 500 slipped 0.16 percent, closing at 4,124.08.
European Markets
European stock markets closed higher Friday despite a downbeat week, as investors assessed the state of play across first-quarter earnings and economic data. The pan-European Stoxx 600 closed 0.4 percent higher, with banks higher by 0.8 percent and oil and gas stocks gaining 1.5 percent. Auto stocks dropped 0.7 percent. FTSE closed 0.31 percent higher at 7754. DAX closed 0.5 percent higher at 15913. CAC 40 Index closed 0.45 percent lower at 7414.
Asian markets
Asia-Pacific markets are trading mixed after two out of three major U.S. indexes recorded a second straight week of losses, fueled by concern over the US debt ceiling and disappointing economic data. US President Joe Biden and congressional leaders postponed a meeting set for Friday to the following week.
Australia’s S&P/ASX 200 opened marginally lower, along with South Korea’s Kospi and Kosdaq, which lost 0.24 percent and 1.02 percent respectively. Japan’s Nikkei 225 was up 0.51 percent, with the Topix also 0.5 percent higher on Monday. Hong Kong’s Hang Seng index looks set for a lower open, with contracts tied to the index at 19,421 compared to the HSI’s last close of 19,627.
Sebi moots regulatory framework for fractional ownership platforms offering real estate
Capital markets watchdog Sebi has floated a consultation paper for regulating all web-based platforms offering fractional ownership of real estate assets to protect small investors. Such fractional ownership of real estate assets is proposed to be brought as Micro, Small and Medium REITs under Sebi's Real Estate Investment Trusts rules.
Cipla's Q4 net profit surges 45% on year to Rs 525.65 crore, lags estimate
Pharmaceutical company Cipla recorded a consolidated net profit of Rs 525.65 crore for the January-March period, 45.3 percent higher than Rs 362.07 crore in the year-ago period. With this, the drugmaker's net profit for the period lagged estimate of Rs 723.4 crore.
Oil prices
Oil prices settled more than 1 percent lower on Friday, falling for the third consecutive week, as the market balanced supply fears against renewed economic concerns in the United States and China. Brent crude futures settled down 81 cents, or 1.1 percent, to $74.17 while West Texas Intermediate (WTI) U.S. crude futures fell 83 cents, or 1.2 percent, to $70.04. Both benchmarks settled about 1.5 percent lower week on week.
Dollar
The Dollar index traded 0.63 percent higher in futures at 102.71, whereas the value of one dollar hovered near Rs 82.20
Gold
Gold prices fell to a one-week low on Friday, and was lower for the week, weighed down by a stronger dollar and an uptick in U.S. bond yields. Spot gold was last 0.24 percent lower at $2,010.84 per ounce, after falling as much as 0.7 percent earlier in the session. U.S. gold futures fell 0.2 percent to $2,016.40.
FII and DII
Foreign institutional investors (FII) bought shares worth Rs 1,014.06 crore, whereas domestic institutional investors (DII) sold shares worth Rs 922.19 crore on May 12, provisional data from the National Stock Exchange showed.
With inputs from Reuters and other agencies.
