From global cues, Q4 results to macro data, 10 things to know before market opens today

The Indian benchmark indices – BSE Sensex and NSE Nifty50 – are expected to start Wednesday’s session on a positive note. The markets on Tuesday traded volatile in a range and ended almost unchanged, taking a breather after the recent volatile swings. 

The Nifty and Sensex settled flat at 18,265.95 and 61,761.33 levels, respectively on Tuesday. Meanwhile, a mixed trend on the sectoral front kept the participants busy wherein IT, auto and pharma ended higher while realty and FMCG closed in the red.

“Markets have been showing resilience amid mixed cues and Nifty has formed a higher base at 18,050 levels as well,” Ajit Mishra, VP - Technical Research, Religare Broking said.

He added, “A decisive breakout above 43,500 in the banking index would provide the needed trigger for fresh momentum else the up move would be gradual. We thus reiterate our bullish view and suggest focusing on stock selection and trade management.”

Stay tuned to Zeebiz.com to find out what could impact your trade today. We have collated a list of the top 10 news points which could impact markets, companies, or the economy:

Wall Street:

US stock market closed lower on Tuesday as investors grew more cautious ahead of a U.S. consumer price index report and a meeting between U.S. political leaders to discuss the debt ceiling.

The Dow Jones Industrial Average (.DJI) fell 56.88 points, or 0.17%, to 33,561.81, the S&P 500 (.SPX) lost 18.95 points, or 0.46%, to 4,119.17 and the Nasdaq Composite (.IXIC) dropped 77.36 points, or 0.63%, to 12,179.55.

Asian Markets:

Most Asian stocks were in the red during the early morning session on Wednesday. Japan’s Nikkei fell around 0.5 per cent, Hong Kong’s Hang Seng was down 0.6 per cent, South Korea’s Kospi was flat with negative bias and China’s Shanghai was also down 0.5per cent today.

SGX Nifty:

Singapore Exchange (SGX) Nifty — an early indicator of the Nifty 50 index — was up 23.5 points or 0.13 per cent at 18,334 at this hour on Wednesday, suggesting a positive start ahead in the Indian share market today. It opened at 18,326 and touched the day’s high at 18,384 levels.

Rupee falls 28 paise vs $

The rupee fell 28 paise to nearly three-week low of 82.06 against the US currency on Tuesday, weighed down by a strong greenback against major rivals overseas and a muted trend in domestic equities.

At the interbank foreign exchange, the domestic unit opened at 81.84 against the dollar and slipped below the 82 level to close at 82.06, down 28 paise from its previous close -- the largest single-day fall in a month.

Dollar index gains

The dollar edged up against most major peers on Tuesday as traders, seeing no immediate breakthroughs on the U.S. debt-ceiling talks, look to new inflation data for a clearer picture of the economic outlook and the Federal Reserve's likely rate-hiking path.

The dollar index, which measures the currency against six rivals, pared gains that took it to a nearly one-week high earlier in the session, and was last seen at 101.63 or up 0.2% in afternoon trading.

Crude oil rises

Oil prices ticked up on Tuesday, reversing a more than 2% drop earlier in the session, as markets weighed U.S. government's plans to refill the nation's emergency oil reserve and anticipated higher seasonal demand.

Brent crude settled 43 cents, or 0.6% higher, at $77.44 a barrel, while U.S. West Texas Intermediate (WTI) crude closed up 55 cents, or 0.8%, at $73.71.

Mankind Pharma soars 32% after stellar listing

Shares of India's Mankind Pharma Ltd (MNKI.NS) ended with gains of 31.7% in their trading debut on Tuesday, valuing the maker of Manforce condoms at 569.76 billion rupees ($6.97 billion) in a rare instance of a successful domestic public listing this year.

Mankind's 43.26 billion rupees initial public offering (IPO) ranks as India's biggest so far in 2023, and is also the largest among Indian pharma companies to go public since Gland Pharma Ltd (GLAD.NS) in 2020.

Q4 results update

Prominent companies such as Lupin, Castrol India, Nazara Tech, Raymond among others announced their Q4 earnings along with some broader market firms on Tuesday.

The earnings momentum is expected to continue on Tuesday as companies such as Dr Reddy's, Larsen and Toubro, Bosch, Escorts, and Godrej Consumer along with others are scheduled to release their fourth-quarter earnings of the previous fiscal today.

India's forex reserve at comfortable level: RBI

India's foreign exchange reserves are at a comfortable level currently, benefiting from the Reserve Bank of India's persistent intervention and the likelihood of less volatile revaluation changes, economists said.

India's forex reserves reached a 10-month-high of $588.8 billion in the week through April 28, recovering from a drop to $524.5 billion last October, when the rupee hit a record low against the U.S. dollar.

FII & DII Data:

Foreign portfolio investors (FPIs) remained net buyers for Rs 1,942.19 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 404.70 crore on Wednesday, provisional data showed on the NSE.

(With inputs from PTI, Reuters and other agencies)