The market is likely to open marginally lower on Friday as the SGX Nifty indicates a negative start for the broader index, with a loss of 43 points after opening the session at 18,431. SGX futures touched a high of 18,470 in early trade on May 26.
The BSE Sensex gained 98 points to close at 61,872 on Thursday, while the Nifty 50 closed 35 points higher at 18,321. 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 18,235, followed by 18,203.4 and 18,152. If the index advances, 18,339 would be the key resistance level to watch out for followed by 18,371 and 18,423.
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 43 points on Friday. SGX futures stood at 18,427.
Trade setup for Friday: Top 15 things to know before the opening bell
US Markets
S&P 500 futures ticked lower Thursday night as investors awaited signs of progress on debt ceiling negotiations and a batch of economic data that can provide insight into the path of inflation. Futures connected to the broad index slipped 0.1 percent, while Nasdaq-100 futures were slightly below flat. Futures tied to the Dow Jones Industrial Average lost 48 points, or 0.1 percent.
The Nasdaq Composite surged 1.7 percent in Thursday’s session after stronger-than-expected revenue guidance and an earnings beat from Nvidia fueled a rally in semiconductor and artificial intelligence stocks as well as other technology names. Nvidia shares jumped 24.4 percent in the session to finish at an all-time high.
The S&P 500 ended 0.9 percent higher, while the Dow slipped 0.1 percent due in part to an approximately 5.5 percent drop in Intel. Elsewhere, Best Buy shares rose more than 3 percent as investors cheered earnings that came in stronger than Wall Street expected, despite warnings from management that shoppers are showing recessionary behaviors.
European Markets
European markets ended lower Thursday as negative sentiment on the back of ongoing U.S. debt ceiling negotiations continued to weigh. After a choppy day, the benchmark Stoxx 600 finished around 0.24 percent lower. Tech stocks bucked the trend to end 1.8 percent higher following Nvidia’s blockbuster results, which gave related stocks a boost. Dutch chip machine maker ASML ended the day almost 5 percent higher. Other sectors slipped, however, while oil and gas stocks fell around 2 percent.
FTSE closed 0.74 percent lower at 7570 points. DAX closed 0.31 percent lower at 15,793 points. CAC 40 Index closed 0.33 percent lower at 7229 points.
Asian Markets
Asia-Pacific markets are mostly higher after Wall Street saw a tech rally led by Nvidia, and U.S. negotiators moved closer to a debt ceiling deal with just a week to go before the government faces a potential default. In Japan, the Nikkei 225 rose 0.43 percent, surpassing the 31,000-mark, while the Topix also saw a gain of 0.24 percent.
Tokyo’s headline inflation, which is seen as a gauge for the nationwide reading, rose at a slower pace of 3.2 percent in May from April’s figure of 3.5 percent. Inflation after stripping out fresh food and fuel costs rose by 3.9 percent, its fastest pace since August 1982.
South Korea’s Kospi rose 0.19 percent, while the Kosdaq was up 0.24 percent. In Australia, the S&P/ASX 200 bucked the trend and fell marginally ahead of its May retail sales figures. Hong Kong’s Hang Seng index is closed for a holiday, after hitting its lowest level this year on Thursday.
Emami consolidated net profit down 60% in Q4 FY23
FMCG major Emami Limited on Thursday posted a 60 per cent drop in consolidated net profit to Rs 142 crore for the quarter that ended March 2023, on muted demand. The company posted a consolidated net profit of Rs 354 crore in the corresponding period of FY22.
Revenue from operations during the quarter was up nine per cent to Rs 836 crore, from Rs 768 crore registered in Q4 of FY22. The company attributed the decline in net profit to muted demand for personal care products and excessive rainfall in many parts of the country in March, which impacted the demand for summer products.
Vodafone Idea Q4 net loss narrows to Rs 6,419 crore in FY23
Debt-ridden Vodafone Idea on Thursday said its consolidated net loss narrowed to Rs 6,418.9 crore in the fourth quarter ended March 2023. The company recorded a loss of Rs 6,563.1 crore in the year-ago period.
The service revenue increased by about 3 per cent to Rs 10,506.5 crore during the reported quarter from Rs 10,228.9 crore in the March 2022 quarter, the company said in a regulatory filing. However, Vodafone Idea (VIL) reported a widening of loss to Rs 29,297.6 crore for the fiscal ended March 31, 2023.
Oil prices
Oil prices fell on Thursday after Russian Deputy Prime Minister Alexander Novak played down the prospect of further OPEC+ production cuts at its meeting next week. Brent crude futures was down 3.6 percent, to $75.55 a barrel. U.S. West Texas Intermediate crude (WTI) fell 3.95 percent, to $71.41.
Dollar
The Dollar index traded 0.31 percent higher in futures at 104.21, whereas the value of one dollar hovered near Rs 82.73
Gold
Gold slid to its lowest in two months on Thursday as optimism around the U.S. debt ceiling talks lowered safe-haven demand for bullion and robust economic data fueled bets of another rate hike by the Federal Reserve. Spot gold was 0.6 percent down at $1,944.45 per ounce, having hit its lowest since March 22. U.S. gold futures eased nearly 1 percent to $1,946.10.
FII and DII
Foreign institutional investors (FIIs) bought shares worth Rs 589.10 crore, while domestic institutional investors (DIIs) purchased shares worth Rs 338.44 crore on May 25, provisional data from the National Stock Exchange showed.
With inputs from Reuters and other agencies.
