The Indian stock market is expected to open in the red as trends on SGX Nifty indicate a negative opening for the broader index in India with a loss of 75 points.
Nifty closed below opening levels and hence formed bearish candle on the daily charts, underperforming frontline indices. The Nifty Midcap 100 index gained 0.04 percent and Smallcap 100 index rose 0.28 percent.
As per pivot charts, the key support level for the Nifty is placed at 16,425 followed by 16,327. If the index moves up, the key resistance levels to watch out for are 16,635 and 16,747.
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:
US Markets
Wall Street's three major indexes closed lower on Wednesday as investors bet that the latest economic data would do nothing to push the Federal Reserve off track from its aggressive interest rate hiking cycle aimed at taming run-away inflation.
The Dow Jones Industrial Average fell 176.89 points, or 0.54%, to 32,813.23, the S&P 500 lost 30.92 points, or 0.75%, to 4,101.23 and the Nasdaq Composite dropped 86.93 points, or 0.72%, to 11,994.46.
Asian Markets
Shares in Asia-Pacific declined in Thursday trade, with Australia’s April trade surplus coming in higher than expected. The Nikkei 225 in Japan shed 0.21% while the Topix index fell 0.58%. South Korea’s Kospi dipped 0.97%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.98% lower.
SGX Nifty
Trends on SGX Nifty indicate a negative opening for the broader index in India with a loss of 75 points. The Nifty futures were trading around 16,432 levels on the Singaporean exchange.
Oil prices skid $3 a barrel as investors take profits ahead of OPEC+ meeting
Oil prices fell by around $3 a barrel in early Asian trade on Thursday as investors cashed in on a recent rally with a key producers meeting later in the day set to pave the way for expected output increases.
Brent crude was down $2.76, or 2.4%, at $113.53 a barrel at 0024 GMT, having risen 0.6% the previous day. US West Texas Intermediate (WTI) crude dropped $2.89, or 2.9%, to $112.37 a barrel, after a 0.5% rise on Wednesday.
GST collections fall 16% to Rs 1.41 lakh crore in May from record highs a month back
Goods and Services Tax (GST) collections fell to Rs 1.41 lakh crore in May, down 16 percent from April's all-time high of Rs 1.68 lakh crore, data released on June 1 by the finance ministry showed. On a year-on-year basis, GST collections in May were up 44 percent.
"The collection in the month of May, which pertains to the returns for April, the first month of the financial year, has always been lesser than that in April, which pertains to the returns for March, the closing of the financial year," the finance ministry said in a statement.
"However, it is encouraging to see that even in the month of May 2022, the gross GST revenues have crossed the Rs 1.40 lakh crore mark," it added
Former SBI MD Ashwani Bhatia takes charge as director on SEBI’s board
Former managing director of State Bank of India Ashwani Bhatia on June 1 took charge as whole-time director on the Securities and Exchange Board of India’s (SEBI) board, the capital market regulator said in a statement.
Bhatia will handle the Department of Debt and Hybrid Securities, Alternative Investment Fund and Foreign Portfolio Investors Department, Market Intermediaries Regulation and Supervision Department, Corporation Finance Investigation Department, and Office of Investor Assistance and Education, SEBI said.
South Korea May factory growth slows as output, export orders shrink - PMI
South Korea's factory activity growth slowed in May, as output and export orders contracted amid supply chain disruptions due to China's COVID-19 lockdown measures, a private-sector survey showed on Thursday.
The S&P Global purchasing managers' index (PMI) fell to 51.8 in May from 52.1 in April but remained above the 50 mark that indicates expansion in activity for the 20th consecutive month. Output shrank by the most in five months and new export orders decreased for a third month in row, though total incoming orders remained firm thanks to domestic demand.
US 10-year Treasury yield spikes to two-week high
A selloff in the US Treasury market resumed on Wednesday, pushing the 10-year bond yield to a two-week high back above the key 3 percent level. Analysts said expectations for higher interest rates continued to drive US bond yields higher, overshadowing any fallout from the US exit from the Iran nuclear deal for now.
The US 10-year Treasury yield rose to as high as 3.01 percent in early European trade and was last up 4 basis points on the day. Two-year Treasury yields climbed to 2.53 percent, their highest in almost a decade.
US job openings fall in April, but still high
US job openings fell in April, but still remained at considerably high levels, suggesting that wages would continue to rise as companies try to attract workers, and contribute to inflation staying uncomfortably high for a while.
Job openings, a measure of labour demand, declined by 455,000 to 11.4 million on the last day of April, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS report, on Wednesday. The decrease pulled job openings down from a record high of 11.855 million in March.
FII and DII data
Foreign institutional investors (FIIs) have net sold Rs 1,930.16 crore worth of shares, whereas domestic institutional investors (DIIs) remained net buyers to the tune of Rs 984.11 crore worth of shares on June 1, as per provisional data available on the NSE.
With inputs from Reuters & other agencies
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