The market is likely to open marginally higher on Tuesday as the SGX Nifty indicates a positive start for the broader index, with a gain of 28 points after opening the session at 18,361. SGX futures touched a high of 18,369 in early trade on May 23.
The BSE Sensex gained 234 points to close at 61,963 on Monday, while the Nifty 50 closed 111 points higher at 18,314. The Nifty50 traded comfortably higher than its 200-day moving average of 18,033 and is expected to build on the recent momentum.
Pivot charts indicate that the Nifty may get support at 18,216, followed by 18,179 and 18,120. If the index advances, 18,336 would be the key resistance level to watch out for, followed by 18,373 and 18,433.
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.
The SGX Nifty indicates a positive start for the broader index with a gain of 29 points on Tuesday. SGX futures stood at 18,365.
Trade setup for Tuesday: Top 15 things to know before the opening bell
Stock futures were modestly higher on Monday after a key debt ceiling meeting between President Joe Biden and House Speaker Kevin McCarthy, even though the two did not strike a deal. Futures tied to the Dow Jones Industrial Average added 88 points, or 0.2 percent. S&P 500 and Nasdaq-100 futures each also gained about 0.3 percent. During the previous close, Dow Jones ended 140 points lower at 33,286, whereas S&P 500 closed 0.65 points higher at 4,192 and NASDAQ closed at 12,720.
European stock markets closed mixed on Monday, with investors keeping an eye on the US debt ceiling talks and Greek election results. The pan-European Stoxx 600 closed 0.01 percent higher, having shed marginal gains made through the morning. Sectors were mixed, with travel and leisure up 0.6 percent as oil and gas and mining stocks dropped 0.4 percent. Germany’s DAX index slipped from Friday’s record close at down 0.3 percent. FTSE closed 0.18 percent higher at 7,770 points. CAC 40 Index closed 0.18 percent lower at 7,478 points.
In Japan, the Nikkei 225 opened 0.6 percent up, while the Topix edged up 0.39 percent. South Korea’s Kospi climbed 0.31 percent and the Kosdaq was also 0.47 percent higher. In Australia, the S&P/ASX 200 gained 0.22 percent in early trade even as the country’s composite purchasing managers index saw a softer expansion in May, according to Juno Bank. Hong Kong’s Hang Seng index looks set for a rebound. Futures for the HSI stood at 19,744 compared to the HSI’s close of 19,678.17.
BPCL Q4 Results: Net profit zooms 159% YoY to Rs 6,478 crore
Bharat Petroleum Corporation Limited (BPCL) on May 22 reported a 159 percent surge in standalone net profit at Rs 6,478 crore for the quarter ended March 31, 2023, beating Street estimates. The company's board also recommended a dividend of Rs 4 per equity share of face value of Rs 10 each, for the financial year ended March 31, 2023, subject to the approval of the shareholders.
Indiabulls Housing finance Q4 net profit declines 14% to Rs 263 crore
Indiabulls Housing Finance Limited on Monday posted a 14 percent decline in consolidated net profit to Rs 263 crore for the March quarter. This company had earned a net profit of Rs 307 crore in the year-ago period.
Its revenue from operation fell to Rs 2,077 crore for the March quarter as compared to Rs 2,191 crore in the year-ago period, Indiabulls Housing Finance said in a regulatory filing. With regard to asset quality, the company's gross non-performing assets (NPAs) came down to 2.85 per cent at the end of March 2023 against 3.30 percent a year ago.
Oil prices traded either side of unchanged on Monday as the market waited for news on the US debt ceiling talks and as a stronger dollar offset support from lower supplies from Canada and OPEC+ producers. Brent crude futures for July delivery rose 63 cents, or 0.8 percent, to $76.19 a barrel.
West Texas Intermediate (WTI) crude for June delivery rose 54 cents, or 0.7 percent, to $72.09, while the July contract, which will become the front-month after Monday’s close, rose 32 cents to $72.00.
The Dollar index traded 0.19 percent higher in futures at 103.20, whereas the value of one dollar hovered near Rs 82.86
Gold prices inched lower as hawkish comments from a couple of US Federal Reserve officials on Monday weighed on non-yielding bullion and markets looked for more clarity around the US debt ceiling negotiations. Spot gold was down 0.1 percent to $1,974.10 per ounce by 1:05 pm ET. US gold futures fell 0.3 percent to $1,976.40.
FII and DII
Foreign institutional investors (FIIs) bought shares worth Rs 922.89 crore, while domestic institutional investors (DIIs) purchased shares worth Rs 604.57 crore on May 22, provisional data from the National Stock Exchange showed.
With inputs from Reuters and other agencies.