The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 29 points.
On March 30, the BSE Sensex rallied 740 points to 58,684, while the Nifty50 climbed 173 points to 17,498 and broke its consolidation range seen last week, forming a small-bodied bullish candle on the daily charts.
As per the pivot charts, the key support level for the Nifty is placed at 17,416, followed by 17,334. If the index moves up, the key resistance levels to watch out for are 17,551 and 17,605.
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:
U.S. stocks fell on Wednesday, with the Dow and S&P 500 snapping four-session winning streaks, on waning signs of progress for peace talks between Ukraine and Russia against a backdrop of a hawkish Federal Reserve curbing economic growth.
The Dow Jones Industrial Average fell 65.38 points, or 0.19%, to 35,228.81, the S&P 500 lost 29.15 points, or 0.63%, to 4,602.45 and the Nasdaq Composite dropped 177.36 points, or 1.21%, to 14,442.28.
Shares in Asia-Pacific were mixed in Thursday morning trade as oil prices fell sharply. In the broader Asia-Pacific markets, mainland Chinese stocks declined in morning trade as the Shanghai composite shed 0.26% while the Shenzhen component slipped 0.652%. The Nikkei 225 in Japan was near flat while the Topix index sat little changed. South Korea’s Kospi climbed 0.48%.
Trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 29 points. The Nifty futures were trading around 17,526 levels on the Singaporean exchange.
Oil prices tumble more than $5 a barrel as Biden weighs massive reserves release
Oil futures dived more than $5 a barrel on Thursday morning on news that the Biden administration is weighing releasing some 1 million barrels of oil per day from strategic reserves for several months in a bid to calm soaring crude prices.
Brent futures were down $4.71, or 4.2%, to $108.58 a barrel and U.S. West Texas Intermediate futures were down $5.45, or 5%, to $102.74 a barrel at 0035 GMT.
The Biden administration will give remarks later on Thursday where he is expected to announce the plan, aimed at lowering gasoline prices that have hit record levels following Russia's invasion of Ukraine. Prices had settled up around 3% on Wednesday, driven by supply concerns as peace talks between Russia - which calls its actions a "special operation" - and Ukraine appeared to have stalled.
FII and DII data
Foreign institutional investors (FIIs) have net purchased shares worth Rs 1,357.47 crore, while domestic institutional investors (DIIs) have net bought shares worth Rs 1,216 crore on March 30, as per provisional data available on the NSE.
Japan's Feb factory output rises for the first time in three months
Japanese factories posted their first rise in output in three months in February as resilience in global demand led to a rebound in car production, a welcome sign for policymakers hoping to keep the country's fragile economic recovery on track.
Factory output rose 0.1% in February from the previous month, official data showed on Thursday, as growing production of cars and transport equipment offset a decline in chemicals.
China's March factory activity likely shrank amid virus outbreaks - Reuters poll
China's factory activity likely shrank in March, a Reuters poll showed, as the country imposed more mass testing and activity controls amid its worst resurgence of COVID-19 cases since early 2020.
The official manufacturing Purchasing Managers' Index (PMI) is expected to have eased to 49.9 in March, the lowest reading in five months, from 50.2 in February, according to the median forecast of 36 economists polled by Reuters on Wednesday.
U.S. private payrolls rise strongly; higher costs eat into corporate profits
U.S. private employers maintained a brisk pace of hiring in March, in a boost to the labor market recovery, but growth in corporate profits slowed significantly in the fourth quarter amid increasing costs.
Private payrolls rose by 455,000 jobs last month after advancing 486,000 in February, the ADP National Employment Report showed on Wednesday. Economists polled by Reuters had forecast private payrolls would increase by 450,000 jobs.
Ind-Ra slashes India's FY23 GDP forecast to 7-7.2% citing Ukraine war
India Ratings has lowered its GDP growth forecast for FY23 to 7-7.2 percent, from 7.6 percent earlier citing the rising uncertainty over Russia-Ukraine war and the resultant dampening of consumer sentiment. Since the duration of the war continues to be uncertain, in the first scenario crude oil prices could remain elevated for three months, and in the second case for six months, Ind-Ra said.
Consumer sentiment is likely to witness a further dent due to the Ukraine war leading to rising commodity prices/consumer inflation. Ind-Ra expects private consumption spends to grow at 8.1 per cent and 8 percent in scenario 1 and 2, respectively, in FY23, as against its earlier projection of 9.4 percent.
Stocks under F&O ban on NSE
One stock - Vodafone Idea - is under the F&O ban for March 31. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
With inputs from Reuters & other agencies