The Indian stock market is expected to open on a cautious note as trends on SGX Nifty indicate a cautious opening for the broader index in India with a gain of 19 points.
The BSE Sensex fell 537 points to 56,819, while the Nifty50 plunged 162 points to 17,038 ahead of the expiry of April derivative contracts, and formed a small-bodied bearish candle which resembles a hammer pattern on the daily charts as there was some recovery from the day's low.
As per the pivot charts, the key support level for the Nifty is placed at 16,961, followed by 16,884. If the index moves up, the key resistance levels to watch out for are 17,113 and 17,188.
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 S&P 500 ended higher on Wednesday following a steep drop the day before, with strong revenue forecasts from Microsoft and Visa helping to alleviate worries about slowing global economic growth and rising interest rates.
Microsoft Corp rallied after the software heavyweight late on Tuesday gave a strong revenue forecast, while payments network Visa Inc jumped after it predicted revenue above pre-pandemic levels.
The Dow Jones Industrial Average rose 0.19% to end at 33,301.93 points, while the S&P 500 gained 0.21% to 4,183.92. The Nasdaq Composite dropped 0.01% to 12,488.93.
Asia-Pacific stocks were higher in Thursday morning trade, as investors in the region look ahead to the Bank of Japan’s latest monetary policy decision.
The Nikkei 225 in Japan rose fractionally while the Topix index climbed 0.31%. South Korea’s Kospi advanced 0.32% while the S&P/ASX 200 in Australia gained 0.94%. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.21% higher.
Trends on SGX Nifty indicate a cautious opening for the broader index in India with a gain of 19 points. The Nifty futures were trading around 17,069 levels on the Singaporean exchange.
Oil prices dip as dollar soars, US crude stocks rise modestly
Oil prices dipped on Wednesday as a soaring dollar made barrels more expensive and as coronavirus outbreaks cloud the economic outlook in China, the world's biggest importer of crude oil.
Brent crude futures fell by 4 cents to $104.95 a barrel. US West Texas Intermediate crude futures dropped 25 cents to $101.45.
Govt approves Rs 60,939 crore subsidy for P&K fertilisers for April-September
The government on Wednesday approved a subsidy of Rs 60,939.23 crore for phosphatic and potassic (P&K) fertilisers, including DAP, for the first six months of this fiscal, as part of its efforts to provide soil nutrients to farmers at an affordable price.
The Union Cabinet has approved nutrient-based subsidy (NBS) rates for Phosphatic and Potassic fertilisers for the Kharif season from April 1, 2022, to September 30, 2022.
Briefing media about the Cabinet decision, Information and Broadcasting Minister Anurag Thakur said the Cabinet has approved a subsidy of Rs 60,939 crore on P&K fertilisers for the Kharif season against the subsidy of around Rs 57,150 crore on these nutrients for the entire last fiscal.
HUL Q4 profit rises 8.6% YoY to Rs 2,327 cr, revenue grows to Rs 13,462 cr
FMCG major Hindustan Unilever Limited (HUL) on April 27 declared an 8.6 percent rise in standalone post-tax profit at Rs 2,327 crore for the fourth quarter ended March 2022 as against Rs 2,143 crore recorded a year ago.
On a sequential basis, the net profit has risen by 3.7 percent compared to the profit of Rs 2,243 achieved in the December 2021 quarter.
The standalone Q4 revenue from operations for HUL came in at Rs 13,462 crore, an increase of 11 percent on Rs 12,132 crore reported in the previous corresponding quarter. On a sequential basis, the revenues increased 2.8 percent over Rs 13,092 crore registered in the October–December period.
US goods trade deficit hits record high; Q1 GDP growth estimates slashed
The US trade deficit in goods widened to a record high in March likely as businesses who are worried about shortages front-loaded imports after Russia's invasion of Ukraine, raising the risk that economic growth stalled in the first quarter.
The report from the Commerce Department on Wednesday also showed solid increases in retail and wholesale inventories. That could offset some of the hit to gross domestic product growth from the sky-high trade gap.
The goods trade deficit jumped 17.8% to an all-time high of $125.3 billion. The increase likely reflected both higher volumes and prices. Imports of goods accelerated 11.5% to $294.6 billion. They were boosted by a 15.% surge in imports of industrial supplies, which include petroleum products.
Results on April 28
Axis Bank, Bajaj Finserv, Ambuja Cements, SBI Life Insurance Company, Vedanta, Agro Tech Foods, Biocon, Coromandel International, Embassy Office Parks REIT, Fineotex Chemical, IIFL Finance, IndiaMART InterMESH, Laurus Labs, Motilal Oswal Financial Services, Mphasis, Procter & Gamble Hygiene & Health Care, PNB Housing Finance, Shoppers Stop, Shriram Transport Finance, Sterlite Technologies, and Varun Beverages will release quarterly earnings on April 28.
Investors fret over potential Musk U-turn in $44 billion Twitter buyout
Investors speculating over whether Elon Musk will complete his $44 billion acquisition of Twitter Inc sent the social media company's shares on Wednesday to their lowest level since the deal was announced two days ago.
Traders fretted that Musk may not have enough money sitting around to fund his $21 billion cash contribution and could decide against selling some of his Tesla Inc shares to come up with it.
Twitter shares ended trading in New York down 2.1% at $48.68, a big discount to the $54.20 deal price, implying a 62% chance of the deal being completed, according to Reuters calculations.
FII and DII data
Foreign institutional investors (FIIs) have net sold shares worth Rs 4,064.54 crore, while domestic institutional investors (DIIs) have net bought shares worth Rs 1,917.51 crore on April 27, as per provisional data available on the NSE.With inputs from Reuters & other agencies