The market is expected to open in the red as trends in the SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 328 points.
The BSE Sensex surged nearly 800 points to 57,357, while the Nifty50 jumped nearly 250 points to 17,201 and formed a bullish candle on the daily charts.
As per the pivot charts, the key support level for the Nifty is placed at 17,102, followed by 17,004. If the index moves up, the key resistance levels to watch out for are 17,262 and 17,322.
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 that could impact Indian as well as international markets.
More sharp declines in big tech stocks sent the Nasdaq composite down 4 percent Tuesday, the worst drop for the tech-heavy index since September 2020. The S&P 500 fell 2 percent. The Dow Jones Industrial Average fell 627 points, or 1.8 percent, to 33,427, and the Nasdaq fell 3 percent.
Shares in Asia-Pacific fell on Wednesday morning after overnight losses saw the tech-heavy Nasdaq Composite slide to a fresh low for 2022. The Nikkei 225 in Japan declined 2.15 percent, while the Topix index dropped 1.61 percent. South Korea's Kospi shed 1.75 percent.
Trends on SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 328 points. The Nifty futures were trading at 16,867 levels on the Singaporean exchange.
Monetary tightening is needed in India, where high oil prices are behind inflation. IMF:
The surge in oil prices due to the Ukrainian war has pushed up inflation in India, which needs monetary tightening and measures to address structural weaknesses to improve growth potential, said a senior IMF official.
According to estimates, the country's economy is likely to grow at 8.2 per cent in 2022-23, down 0.8 per percentage points, said Anne-Marie Gulde-Wolf, Acting Director of the IMF's Asia and Pacific Department.
LIC sets IPO price band at Rs 902-949, offers discount of Rs 60 for policyholders: Sources
The price band for the initial public offering of Life Insurance Corporation of India (LIC) has been set at Rs 902 to Rs 949, with a discount of Rs 60 for policyholders, CNBC TV18 learnt from government sources on April 26.
For retail and employees, the discount will be of Rs 40, the persons privy to the development told the news channel. The much-awaited IPO of the state-run insurance behemoth is set to open on May 4, the sources said a day earlier, adding that the issue is likely to close on May 9.
RBI rate-setter signals June hike possible after prepping market
India’s most hawkish rate setter signaled an increase in borrowing costs may happen as early as June after policy makers prepared the markets for a shift this month.
"All the groundwork has been laid," Jayanth Rama Varma, a member of the central bank’s six-member Monetary Policy Committee, said in an interview on Monday. "The liquidity normalization has happened, the forward guidance has been dropped, we are now completely free to act."
The Reserve Bank of India earlier this month said it would begin focusing on withdrawing accommodation while still holding rates steady at a record low 4 percent.
April GST collection likely to range from Rs 1.45-1.50 lakh crore: Finance Ministry sources
The monthly collection under the Goods and Services Tax (GST) is likely to peak to another all-time high of Rs 1.45-1.50 lakh crore, CNBC-TV18 reported on April 26, citing sources in the Finance Ministry.
The projected numbers mark a consecutive month-on-month (MoM) surge in GST collections. In March, a record-high amount of Rs 1.42 lakh crore was collected, which was 6.8 percent higher as compared to the previous month.
Oil settles up, rebounds on China's plans to support economy
Oil prices settled higher on Tuesday, rebounding in volatile trading as the market weighed China's plans to support its economy against a possible coronavirus lockdown in its capital Beijing.
Brent crude futures settled up $2.67, or 2.6 percent, at $104.99 a barrel, while US West Texas Intermediate contracts were up $3.16, or 3.2 percent, at $101.70.
Results on April 27
Hindustan Unilever, Bajaj Auto, HDFC Asset Management Company, Hatsun Agro Product, Indian Energy Exchange, 5paisa Capital, Indian Hotels Company, Persistent Systems, Syngene International, Trent, Mahindra Lifespace Developers, Chennai Petroleum Corporation, KPR Mill, MPL Plastics, Shree Digvijay Cement, Supreme Petrochem, and Swaraj Engines will release quarterly earnings on April 27.
FII and DII data
Foreign institutional investors (FIIs) have net sold shares worth Rs 1,174.05 crore, while domestic institutional investors (DIIs) have net bought shares worth Rs 1,643.84 crore on April 26, as per provisional data available on the NSE.