A look at top cues from domestic and international markets that could have a bearing on D-Street on Wednesday.
The Nifty is likely to open flat, tracking muted handover from Wall Street. The Nifty closed at a fresh closing record high of 9,624 on Tuesday and if the momentum continues index is on track to hit its next immediate target of 9,700-9,800.
The Nifty formed a small bullish candle for the fourth consecutive day in a row but trading action remains muted as the index hovered in a narrow range of 50 points.
The index briefly moved in a range for the most part of the trading day but failed to surpass its previous record high of 9,637.75.
It witnessed some selling pressure at higher levels, but traders are advised to stay long on the index with a trailing stop loss below 9,490, suggest experts.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today.
We have collated a list of important headlines from across news agencies:
Wall Street ends lower
The US stocks inched lower on Tuesday on concerns about the political outlook in Europe and US economic growth. Fall in oil prices also weighed on sentiments.
On the macro front, US consumer spending recorded its biggest increase in four months in April and monthly inflation rebounded, pointing to firming domestic demand that could allow the Federal Reserve to raise interest rates next month, said a report.
The Dow Jones Industrial Average fell 50.81 points, or 0.24 percent, to 21,029.47, the S&P 500 lost 2.91 points, or 0.12 percent, to 2,412.91 and the Nasdaq Composite dropped 7.01 points, or 0.11 percent, to 6,203.19.
The Nifty futures on the Singapore Stock Exchange were trading 2 points higher at 9,622 indicating a flat opening for the domestic market.
GDP data for Q4
The government will unveil GDP figures for the quarter ended on May 31, Wednesday post market hours. Gross domestic product (GDP) had grown marginally lower, at 7 percent, in the third quarter of FY17, down from 7.4 percent in the second quarter.
India’s economy is expected to grow at 7.1 percent in the fourth quarter of FY17, as remonetisation has gained steam, ICRA said in a note earlier this week.
Macro data support US Fed rate hike
US consumer spending recorded its biggest increase in the past four months in April and monthly inflation rebounded, pointing to firming domestic demand, said a Reuters report. The upbeat data could allow US Federal Reserve to raise rates next months.
Two of the Federal Reserve's 12 regional banks supported raising the discount rate ahead of the central bank's May meeting, according to minutes of the discount rate discussions released on Tuesday, it said.
Minutes of the Fed's May 2-3 policy meeting, which were published last week, showed that policymakers agreed they should hold off hiking rates until there was evidence the growth slowdown was transitory.
Oil prices slide below $50 on worries of Libya output
Oil prices fell about 1 percent on Tuesday, on signs of resurgent crude output in Libya and concerns that extended production cuts by leading exporting countries may not be enough to drain a global glut that has depressed prices for almost three years, said a report.
Brent crude ended the session 45 cents, or 0.9 percent, lower at $51.84 a barrel, while US light crude fell 14 cents, or 0.3 percent, to $49.66.
Rupee dips further by 16 paise to 64.66
The rupee on Friday weakened further by a steep 16 paise to close at 64.66 a dollar due to sustained demand for the US currency from banks and importers.
The local unit opened substantially lower at 64.64 as compared to Monday's close of 64.50 at the Interbank Foreign Exchange (Forex) Market.
Dollar stumbles as global sentiment weakens
The dollar fell to two-week lows against the safe-haven yen and Swiss franc on Tuesday, as investors turned cautious amid political worries in Europe as well as weaker stock and commodity markets after a long US holiday weekend, said a Reuters report.
The dollar index was down 0.1 percent at 97.30, with the euro up 0.2 percent at $1.1184. Against the yen, the dollar dropped 0.5 percent to 110.77 yen, after earlier falling to a two-week trough of 110.67.
The dollar also slid to a two-week low versus the Swiss franc and was last down 0.4 percent at 0.9745 franc.
RBI calls for account number portability
Customers may soon get to seamlessly switch to another bank with the same account number without losing any transaction details such as credit/debit history — all thanks to a push from Reserve Bank of India.
With the increase in Aadhaar enrollment and technology advancements, banks and stakeholders must start thinking and prepare for bank account number portability to be made into reality, said the central bank on Tuesday.
Amazon shares rise above USD 1,000 for the first time
Shares of Amazon surged above USD 1,000 for the first time on Tuesday, marking another milestone in the rise of the American online retail giant, said an AFP report.
Amazon's market capitalization stood at about USD 478 billion, more than twice that of Wal-Mart Stores. After going in public in May 1997 at USD 18 a share, Amazon has benefited from tectonic shifts in US technology and consumer shopping habits that are expected to continue to remake the retail industry.
Amazon currently is the fourth biggest company by market capitalisation after Apple, Google parent Alphabet and Microsoft.
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