The market is expected to open in the green as trends in SGX Nifty indicate a positive opening for the broader index in India with a gain of 71 points.
The BSE Sensex fell 236 points to 54,053, while the Nifty50 declined 90 points to 16,125 and formed a bearish candle on the daily charts.
As per the pivot charts, the key support level for the Nifty is placed at 16,048, followed by 15,971. If the index moves up, the key resistance levels to watch out for are 16,232 and 16,340.
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 which could impact Indian as well as international markets:
The S&P 500 and the Nasdaq finished in the red on Tuesday as worries that aggressive moves to curb decades-high inflation might tip the US economy into recession dampened investors' risk appetite.
The Dow Jones Industrial Average rose 48.38 points, or 0.15 percent, to 31,928.62; the S&P 500 lost 32.27 points, or 0.81 percent, to 3,941.48; and the Nasdaq Composite dropped 270.83 points, or 2.35 percent, to 11,264.45.
Asia stocks opened mostly in positive territory on Wednesday even as global growth concerns and weak U.S. economic data weighed on Wall Street overnight.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.35 percent, Australian shares were up 0.33 percent, and Seoul and Taiwan both ticked upwards 0.61 percent and 0.2 percent. Japan's Nikkei share average was down 0.18 percent.
Trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 71 points. The Nifty futures were trading around 16,185 levels on the Singaporean exchange.
Government may restrict sugar exports at 10 MT this year
India is set to restrict sugar exports as a precautionary measure to safeguard its own food supplies, another act of protectionism after banning wheat sales just over a week ago. Sugar prices jumped.
The government is planning to cap sugar exports at 10 million tonnes for the marketing year that runs through September, according to a person familiar with the matter. The aim is to ensure there are adequate stockpiles before the next sugar season starts in October, the person said, asking not to be identified as the information is private.
The move may be announced in the coming days, the person said. India was the world’s biggest sugar exporter after Brazil last year, and counts Bangladesh, Indonesia, Malaysia and Dubai among its top customers.
India's crude oil production falls 1% in April
India’s crude oil production fell 1 percent in April after lower output from fields operated by the private sector wiped away gains by state-owned firms such as ONGC, official data showed Tuesday. India produced 2.47 million tonnes of crude oil in April, down from 2.5 million tonnes in the same month last year, according to data released by the Ministry of Petroleum and Natural Gas.
Oil and Natural Gas Corporation (ONGC) produced 1.65 million tonnes of crude oil in April, which was nearly 5 percent more than the target set for it and 0.86 percent high than the 1.63 million tonnes produced last year.
Oil India Ltd (OIL) produced 3.6 percent more crude at 2,51,460 tonnes but fields operated by the private sector produced 7.5 percent less crude oil at 5,67,570 tonnes.
Oil prices climb on prospects for tighter supply as demand rises
Oil prices rose in early trade on Wednesday, boosted by tight supplies and the prospect of rising demand from the upcoming start of the US summer driving season.
Brent crude futures for July rose 46 cents, or 0.4 percent, to $114.02 a barrel by 0020 GMT. The US West Texas Intermediate (WTI) crude futures for July delivery was up 58 cents, or 0.5 percent, to $110.35 a barrel.
Results on May 25
BPCL, Coal India, Deepak Fertilisers, Apollo Hospitals Enterprises, HEG, NHPC, Easy Trip Planners, Fortis Healthcare, NALCO, GMM Pfaudler, InterGlobe Aviation, Jai Corp, Kolte-Patil Developers, Bata India, PFC, Suzlon Energy, Torrent Pharma, Whirlpool, MSTC, MOIL and Peninsula Land will be in focus ahead of their March quarter earnings on May 25.
FII and DII data
Foreign institutional investors (FIIs) have net sold shares worth Rs 2,393.45 crore, whereas domestic institutional investors (DIIs) remained net buyers, to the tune of Rs 1,948.49 crore worth of shares on May 24, as per provisional data available on the NSE.
Bank of Korea to raise rates again on May 26, to hit 2.25% by year end: Reuters poll
South Korea's central bank is likely to hike its benchmark rate at a second consecutive meeting on Thursday to combat inflation running at more than double its target, taking rates higher by year end than previously thought, a Reuters poll showed.
Inflation in Asia's fourth-largest economy rose to more than a 13-year high of 4.8 percent in April, as repercussions from the Russia-Ukraine war and a weakening won , down 7 percent this year, ramped up prices. Inflation has stayed above the central bank's target of 2 percent for more than a year.
Stocks under F&O ban on NSE
One stock - Indiabulls Housing Finance - is under the F&O ban for May 25. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.