The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 98 points.
The BSE Sensex declined 85 points to 56,976, while the Nifty50 fell 33 points to 17,069 and formed a bullish candle on the daily charts. The index strongly defended the 16,900 level, which is expected to act as a support for the market going forward, experts said.
As per the pivot charts, the key support level for the Nifty is placed at 16,960, followed by 16,851. If the index moves up, the key resistance levels to watch out for are 17,135 and 17,201.
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.
The LIC IPO opens today and aims to mop up about Rs 21,000 crore.
Life Insurance Corporation of India (LIC) will launch the biggest initial public offer (IPO) in the history of Indian stock markets on Wednesday, May 4, 2022. Through this IPO, the government of India will be liquidating its 3.5 percent stake in the corporation and aims to mop up about Rs 21,000 crore at the upper end of the price band of Rs 902–949 per share. This will result in an implied market capitalisation of Rs 6 lakh crore for the company.
LIC is the largest life insurer in India by GWP (gross written premium), NBP (new business premium), number of individual policies issued, and number of group policies issued. It has a market share of 61.4 percent in NBP (individual and group), compared to the nearest competitor, which has a market share of 9.16 percent on an NBP basis (individual and group).
Wall Street stocks ended higher on Tuesday after a choppy session in which each of the major indexes fluctuated between gains and losses as a key meeting of the Federal Reserve got under way.
The Dow Jones Industrial Average rose 67.29 points, or 0.2%, to 33,128.79, the S&P 500 gained 20.1 points, or 0.48%, to 4,175.48, and the Nasdaq Composite added 27.74 points, or 0.22%, to 12,563.76.
Shares in Asia-Pacific were mixed in Wednesday morning trade, with investors looking ahead to the US Federal Reserve’s interest rate decision, expected later stateside. Hong Kong’s Hang Seng index shed 0.68% as shares of Tencent and Alibaba both declined by around 2% each.
Elsewhere, the Kospi in South Korea rose 0.1% while the S&P/ASX 200 in Australia gained 0.19%. MSCI’s broadest index of Asia-Pacific shares outside Japan traded little changed.
Trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 98 points. The Nifty futures were trading at 17,083 levels on the Singaporean exchange.
Oil gained 1% after US crude stocks signaled tighter supply.
Oil prices rose at the start of Asian trade on Wednesday after industry data showed drawdowns in US crude and fuel stockpiles, raising supply concerns.
The gains come on the back of news from Tuesday that the European Union is working on new sanctions against Russia for waging a war on Ukraine that will target Moscow's oil industry. Read more
Brent crude futures rose 90 cents, or 0.9%, to $105.87 a barrel by 0051 GMT. WTI crude futures rose $1.00, or 1%, to $103.41 a barrel.
IMF data suggests India's GDP hit $5 trillion in FY29 with the rupee at 94 cents a dollar, suggests IMF data.
According to the International Monetary Fund (IMF), India may only become a $5 trillion economy in FY29. According to data from the IMF's World Economic Outlook Database, updated last month, India's nominal GDP is seen rising to $4.92 trillion in FY28. As such, it will only be in the following year, or FY29, that the GDP will cross the $5-trillion mark. That's four years beyond the target the Narendra Modi government had set.
The IMF's estimates for India don't go beyond FY28. Finance ministry officials had earlier indicated that the government's target of raising India's GDP to $5 trillion by FY25 might get delayed by a year or two, with Chief Economic Adviser V Anantha Nageswaran saying as much following the presentation of the 2022 Budget.
US employers posted a record 11.5 million job openings in March.
Employers posted a record 11.5 million job openings in March, meaning the United States now has an unprecedented two job openings for every person who is unemployed. The latest data released Tuesday by the Bureau of Labor Statistics further reveals an extraordinarily tight labor market that has emboldened millions of Americans to seek better-paying jobs while also contributing to the biggest inflation surge in four decades.
A record 4.5 million Americans quit their jobs in March — a sign that they are confident they can find better pay or improved working conditions elsewhere. Layoffs, which had been running at around 1.8 million a month before the pandemic hit the economy in early 2020, ticked up to 1.4 million in March from 1.35 million in February.
Results on May 4
Kotak Mahindra Bank, Tata Consumer Products, ABB India, Adani Green Energy, CarTrade Tech, Adani Total Gas, Equitas Small Finance Bank, Havells India, Bombay Dyeing & Manufacturing Company, Deepak Nitrite, Laxmi Organic Industries, Mahindra EPC Irrigation, Satin Creditcare Network, SIS, Oracle Financial Services Software, Rain Industries, EIH, IIFL Wealth Management, Aptech, Cigniti Technologies, and MAS Financial Services will announce quarterly earnings on May 4.
FII and DII data
As per provisional data available on the NSE, foreign institutional investors (FIIs) have net offloaded shares worth Rs 1,853.46 crore, while domestic institutional investors (DIIs) have managed to offset those FII outflows by buying shares worth Rs 1,951.10 crore on May 2, as per provisional data.
UK factory activity edges up from March's one-year low.
A survey showed on Tuesday that British factory activity edged up in April after slowing to its weakest in just over a year in March following Russia's invasion of Ukraine, but manufacturers were wary about the outlook as costs leapt and demand faltered.
The S&P Global/CIPS manufacturing Purchasing Managers' Index (PMI) rose to 55.8 in April from March's 13-month low of 55.2, a slightly bigger rise than the increase to 55.3 in an earlier "flash" estimate.