As the SGX Nifty forecasts a favourable start for the wider index with a gain of 28 points after beginning the session at 18,361, the market is anticipated to open slightly higher on Tuesday. This is because the SGX Nifty opened the day at 18,361. During the early trading session on May 23, SGX futures reached a high of 18,369.
On Monday, the BSE Sensex finished the day at 61,963, an increase of 234 points, while the Nifty 50 finished the day at 18,314, an increase of 111 points. It is anticipated that the Nifty50 would continue to build on the current momentum as it traded comfortably higher above its 200-day moving average price of 18,033.
The pivot charts indicate that the levels of 18,216, 18,179, and 18,120 might offer support for the Nifty. If the index were to make more progress, the main resistance level to keep an eye on would be 18,336. There would be 18,373 and 18,433 after this.
Stay tuned to Moneycontrol to get the latest information on what is going on in the equities and currency markets today. We have compiled a collection of significant stories from a variety of news channels that have the potential to affect markets not just in India but also internationally.
SGX Nifty
With a rise of 29 points on Tuesday, the SGX Nifty provides an indication of a solid start for the more comprehensive index. The current value of SGX futures is 18,365.
US Markets
Even though President Joe Biden and House Speaker Kevin McCarthy could not reach an agreement at their crucial meeting to discuss the debt limit on Monday, stock market futures moved in a direction that was slightly bullish. The value of Dow Jones Industrial Average futures rose by 88 points, which is equivalent to a 0.2 percent increase. Futures contracts for the S&P 500 index and the Nasdaq 100 also rose by around 0.3 percent. At the last market close, the Dow Jones finished with a loss of 140 points, coming in at 33,286, while the S&P 500 concluded with a gain of 0.65 points, coming in at 4,192. The NASDAQ reached a final value of 12,720.
European markets
On Monday, European stock markets finished with a mixed bag as investors kept a tight watch on developments in the United States debt limit discussions as well as the election results in Greece. The pan-European Stoxx 600 finished the day with a gain of 0.01% after giving up the minor gains it had achieved during the morning. While equities in the oil and gas industry and the mining sector both fell by 0.4 percent, the tourism and leisure sector had a gain of 0.6 percent. The DAX index in Germany saw a loss of 0.3 percent after closing at a new high on Friday. The FTSE ended the day with a gain of 0.18 percent, reaching 7,770 points. The CAC 40 Index finished the day down 0.18 percent, at 7,478 points.
Asian Markets
The Nikkei 225 began the trading day in Japan with a gain of 0.6 percent, while the Topix inched up 0.39 percent. The benchmark Kospi index in South Korea increased by 0.31 percent, while the Kosdaq also gained 0.47 percent. According to Juno Bank, the S&P/ASX 200 index in Australia saw an early morning increase of 0.22 percent despite the fact that the country’s composite purchasing managers index indicated a slower development in the month of May. The Hang Seng index in Hong Kong seems to be on the verge of staging a recovery. In contrast to the previous day’s closing price of 19,678.17, the HSI futures were trading at 19,744.
BPCL Q4 Results: Net profit zooms 159% YoY to Rs 6,478 crore
On May 22, Bharat Petroleum Corporation Limited (BPCL) announced that its standalone net profit for the quarter that ended on March 31, 2023, had increased by 159 percent to a total of Rs 6,478 crore, exceeding the expectations of Wall Street. A dividend of Rs. 4 per equity share with a face value of Rs. 10 each was also proposed by the company’s board of directors for the fiscal year that concluded on March 31, 2023. This recommendation is contingent on the approval of the shareholders, however.
Indiabulls Housing finance Q4 net profit declines 14% to Rs 263 crore
Monday saw the announcement of Indiabulls Housing Finance Limited’s consolidated net profit for the March quarter, which came in at Rs. 263 crore, a decrease of 14 percent from the previous year. When compared to the previous year’s results, this business had a net profit of 307 crore rupees.
According to a regulatory statement made by Indiabulls Housing Finance, the company’s income from operations dropped to Rs. 2,077 crore during the March quarter, down from Rs. 2,191 crore during the same time period in the previous year. In terms of the quality of the company’s assets, the percentage of gross non-performing assets (NPAs) that it held at the end of March 2023 was 2.85 percent, down from 3.30 percent a year earlier.
Oil prices
On Monday, oil prices fluctuated slightly either side of being unchanged as the market waited for news about the talks around the US debt limit. Additionally, a stronger dollar negated the help that reduced supply from Canada and OPEC+ producers provided. Brent oil futures for delivery in July increased by 63 cents, which is equivalent to a 0.8 percent price increase, to $76.19 a barrel.
The price of West Texas Intermediate (WTI) crude for delivery in June increased by 54 cents, which is equivalent to 0.7 percent, to $72.09. At the same time, the price of the July contract, which will become the front-month after the conclusion of trading on Monday, increased by 32 cents to $72.00.
Dollar
Futures contracts on the dollar index traded 0.19 percent higher at 103.20, while the value of one dollar was hovering at Rs 82.86.
Gold
On Monday, a few US Federal Reserve officials made statements that were hawkish, which impacted non-yielding bullion. In addition, markets searched for more clarity around the discussions surrounding the US debt limit, which led to gold prices inching down. By 1:05 p.m. Eastern Time, the price of spot gold had decreased by 0.1 percent, reaching $1,974.10 per ounce. The price of gold futures in the US dropped by 0.3 percent to $1,976.40.
The FII and the DII
The preliminary statistics from the National Stock Exchange indicated that foreign institutional investors (FIIs) acquired shares worth 922.89 crore, while domestic institutional investors (DIIs) purchased shares worth 604.57 crore on May 22.
