From global cues, Q4 results to Karnataka polls, 10 things to know before market opens today

The Indian benchmark indices – BSE Sensex and NSE Nifty50 – are expected to start Thursday’s session on a positive note. The markets consolidated for yet another session and ended marginally higher on Wednesday.

The Nifty and Sensex hovered in a narrow range and settled flat at 18,315.10and 61,940.20 levels, respectively on Wednesday. It was a muted session on the sectoral front too however selective buying in realty, energy and auto kept the traders busy.

“We are seeing a healthy consolidation and expect the resumption of the uptrend soon. Traders should continue with the “buy on dips” approach till 18,050 is intact in Nifty,” Ajit Mishra, VP - Technical Research, Religare Broking said in his comment.

However, one should maintain caution in stock selection now as we’re seeing a mixed trend within sectors, the market analyst added.

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 ended mixed on Wednesday, wherein the Nasdaq closed at its highest intraday level in more than eight months, boosted by a slightly lower-than-expected increase in April inflation and Alphabet Inc's (GOOGL.O) latest artificial intelligence rollout.

The Dow Jones Industrial Average (.DJI) fell 30.48 points, or 0.09 per cent, to 33,531.33; the S&P 500 (.SPX) gained 18.47 points, or 0.45 per cent, at 4,137.64; and the Nasdaq Composite (.IXIC) added 126.89 points, or 1.04 per cent, at 12,306.44.

Asian Markets:

Most Asian stocks were in the green during the early morning session on Thursday. Japan’s Nikkei was up around 0.1 per cent, Hong Kong’s Hang Seng was up 0.2 per cent, South Korea’s Kospi jumped around 1 per cent today.

SGX Nifty:

Singapore Exchange (SGX) Nifty — an early indicator of the Nifty 50 index — was up 49 points or 0.27 per cent at 18,407.5 at this hour on Thursday, suggesting a positive start ahead in the Indian share market today. It opened at 18,350.5 and touched the day’s high at 18,423.5 levels.

Rupee rises 12 paise vs $

The rupee appreciated by 12 paise to close at 81.94 against the US dollar in a restricted trade. Forex traders said significant foreign fund inflows, a firm trend in domestic equities and easing crude oil prices also supported the local unit.

Dollar index stable

The dollar remained stable against a basket of currencies on Wednesday as data showed inflation slowed slightly more than expected last month but gave traders little clarity on the U.S. monetary policy outlook.

The dollar index in afternoon trading was at 101.48, up 0.1% after hitting a low of 101.21 earlier.

Crude oil falls

Oil prices fell by more than a dollar a barrel on Wednesday, ending a three-day rally, as economic data suggested that the U.S. Federal Reserve might hike interest rates further.

Brent crude dropped $1.03, or 1.3 per cent, to settle at $76.41 a barrel while U.S. West Texas Intermediate crude (WTI) fell $1.15, or 1.6 per cent, to $72.56 a barrel.

Q4 results update

Index heavyweights such as Dr Reddy’s, Larsen and Toubro along with other broader market companies announced their Q4 earnings on Tuesday.

The earnings momentum is expected to continue on Tuesday as companies such as Eicher Motors, Asian Paints, Deepak Nitrate, Dr Lal Path Labs, and Siemens along with others are scheduled to release their fourth-quarter earnings of the previous fiscal today.

Karnataka Assembly Elections 2023 – Exit Polls

India’s ruling Bharatiya Janata Party (BJP) is trailing the main opposition Congress party in elections held on Wednesday in the southern state of Karnataka, but neither seemed set for a clear win, TV exit polls showed.

The election in Karnataka, where BJP led the outgoing government, is the first of five state elections this year which are seen as setting the tone for parliamentary elections due in April-May 2024.

Biden warns of recession amid debt ceiling row

US President Joe Biden piled pressure on Republican lawmakers on Wednesday to move quickly to raise the country's $31.4 trillion debt ceiling or risk throwing the U.S. economy into a recession that would kill thousands of jobs.

"We've got to fight. We're going to win this fight," Biden said at a flag-bedecked event at Westchester Community College in Valhalla, New York.

FII & DII Data:

Foreign portfolio investors (FPIs) remained net buyers for Rs 1,833.13 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net sellers to the tune of Rs 789.67 crore on Wednesday, provisional data showed on the NSE.

(With inputs from PTI, Reuters and other agencies)