Active Stocks
Thu Nov 30 2023 10:01:36
  1. Reliance Industries share price
  2. 2,382.95 -0.73%
  1. Tata Motors share price
  2. 709.3 -0.4%
  1. HDFC Bank share price
  2. 1,546.25 -0.83%
  1. Tata Steel share price
  2. 126.7 -0.78%
  1. Axis Bank share price
  2. 1,078.55 1.71%
Business News/ Markets / Stock Markets/  Global market: Key triggers to dictate Indian stock market today — 16th May
Back Back

Global market: Key triggers to dictate Indian stock market today — 16th May

Global markets today: Asian markets traded broadly in green due to stellar performance in Japanese shares. While Wall Street saw a modest gains. Focus is currently on US debt ceilings negotiations, coupled with US Federal Reserves officials views on further rate actions.

On Monday, Sensex closed at 62,345.71 up by 317.81 points or 0.51%. Nifty 50 finished at 18,398.85 higher by 84.05 points or 0.46%. Premium
On Monday, Sensex closed at 62,345.71 up by 317.81 points or 0.51%. Nifty 50 finished at 18,398.85 higher by 84.05 points or 0.46%.

Global markets today: Global trends will dictate the sentiment of Indian markets on Tuesday alongside reaction towards key inflation data like WPI and major Q4 earnings. HDFC twins, Bharti Airtel, Bank of Baroda, and PVR are some of the stocks that will be in focus today. SGX Nifty signals an upside in the opening bell of Sensex and Nifty.

Asian cues are broadly up driven by strong performance in Japanese stocks, while Wall Street ended on a positive note with the debt ceiling debate in focus. The US dollar stays firm, and crude oil prices halted their losing streak. Gold prices however have dipped, and bond yields are on a mixed note.

For Tuesday's trading session in domestic equities, Ajit Mishra, VP - Technical Research, Religare Broking said, "The rotational buying in heavyweights from the key sectors viz. Banking, financial, auto, and FMCG are helping the index to maintain a positive tone despite mixed global cues. And, indications are in favor of the prevailing trend to continue. Traders should align their positions accordingly and avoid contrarian trades."

Also, Stoxbox Technical view is that intraday traders can look for long opportunities only above 18,500 now if the closing comes above 18,500 in 15 min chart. Traders can look for fresh shorts only if nifty breaks the 18,300 level & remains below for 15 min to ensure short.

Read here: Stocks to Watch: HDFC, Pfizer, Adani Group, PVR Inox, P&G Health, Vedanta

SGX Nifty:

SGX Nifty traded higher on Tuesday, hinting at a gap-up start in Indian equities.

At the time of writing, SGX Nifty traded at 18,443.0 up by 39.5 points or 0.21%. The benchmark opened at 18,454.5 and ranged between the day's high and low of 18,481.5 and 18,382.0 respectively.

Rohan Shah, head technical analyst at Stoxbox said, "The markets are likely to open in green; SGX Nifty trading higher by 49 points compared to previous closing."

Asian stocks:

Asian markets broadly picked up momentum on Tuesday with support from Japanese and tech shares.

Japan's Nikkei 225 soared more than 210 points, while the country's Topix index gained by 0.5% in the opening bell. Similarly, South Korea's KOSPI index surged by 0.5%. However, Australia's ASX 200 index was in red but the downside was at a slower pace.

The rise in Japanese shares comes after Goldman Sachs' bullish stance on the nation. The Topix benchmark touched a fresh 52-week high of 2,126.14 earlier today and is headed for its biggest close since August 1990.

US futures:

US futures traded lower with Dow Jones lower by 0.12%, while S&P 500 futures also recorded a similar drop. Also, Nasdaq 100 futures were down as well. On the contrary, Hong Kong futures edged higher.

Investors are observing progress in the debt ceiling from a meeting between President Joe Biden and House Speaker Kevin McCarthy which is scheduled later on Tuesday. Traders are awaiting news on how to tackle the debt ceiling which if not resolved, is expected to push the US government to default on its debt.

Read here: Day trading guide for today: Six buy or sell stocks for Tuesday — 16th May

US dollar:

The greenback traded broadly flat and held above the 101 critical mark. Currently, the DXY benchmark traded at 102.39 and ranged between 102.37 - 102.44. The dollar opened at 102.43 on Tuesday.

In the previous trading session, the dollar tumbled from its five-week high as investors booked profits of earlier performances.

Bond yields:

The US treasury yield for the 10-year benchmark performed on a muted note to 3.50%. On the other hand, Australia’s 10-year notes edged up by 4 bps to 3.46%.

Gold rates:

Gold prices retreated in the early deals of Tuesday's trade as the focus shifts to US central banks' comments on interest rates trajectory and progress in the debt ceiling.

Spot gold traded at $2,014.62 per ounce, down by 0.3%, while US gold futures slipped by 0.2% to $2,018.90 per ounce. Furthermore, spot silver, platinum, and palladium also edged lower.

Crude oil prices:

On Tuesday, crude oil prices witnessed an early rise for the second consecutive day. Benchmark Brent crude futures advanced by 0.4% to $75.54 per barrel, while the US West Texas Intermediate crude also jumped 0.4% to $71.38 per barrel, at the time of writing.

The benchmarks had advanced over 1% on Monday, halting 3 trading session losing spree.

Notably, oil prices bagged support from the US plan to buy oil for the Strategic Petroleum Reserve (SPR), but the upside was limited due to supply concerns after raging wildfires in Canada.

Read here: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 16

Wall Street:

US stocks recorded modest gains on Monday with the tech-heavy Nasdaq Composite index outperforming its counterparts aided by a strong rally in Meta shares. Nasdaq ended at 12,365.21 up by nearly a percent, while S&P 500 and Dow Jones were marginally up to end at 4,136.28 and 33,348.60 respectively.

The overall upside also comes after New York manufacturing data hinted at a slowing US economy which is likely to bring down inflation. Also, debt ceiling negotiations and the outlook on future rate actions are key factors currently dictating the mood.

Q4 earnings:

Among major earnings to watch out on Tuesday for the Q4 of FY23 are --- Bharti Airtel, Bank of Baroda, Indian Oil, JSPL, JK Paper, Max Health, LIC Housing Finance, Morepen Lab, Oberoi Realty, TV Today, and Vmart.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 16 May 2023, 08:28 AM IST
Next Story footLogo
Recommended For You

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App