Stock Market Today: Top 10 things to know before the market opens

The benchmark Sensex and Nifty indices are expected to open positively on May 15, following GIFT Nifty trends indicating a gain of 75 points for the broader index.

On 14 May, India’s Sensex and Nifty surged for the third consecutive session, with Sensex up over 300 points and Nifty remaining above the 22,200 level. Broader markets BSE MidCap and SmallCap also showed strength climbing over 1 percent after a recent correction.

At closing, Sensex ended above the 73,000 mark, up 0.45 percent or 330 points while Nifty closed at 2,2218, up 0.51 percent or 113.8 points. Among sectoral indices, Nifty Metal was the top gainer, up 2.77 percent, followed by Nifty Auto and oil & gas, which rose 1.8 percent each. Nifty PSU Bank, Consumer durables, and realty were up 1 percent each. Among losers, Nifty FMCG and Pharma were down 0.5 percent each.

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.

Gift Nifty

The GIFT Nifty trends suggest a positive opening for the broader index in India, with a 0.34 percent gain or 75 points. Nifty futures are trading around the 22,390 level.

Asian markets

Asia-Pacific markets opened higher Wednesday, following Wall Street’s lead despite stronger-than-expected inflation data. The Nasdaq reached a new record high. Producer price index for April exceeded expectations at 0.5 percent, initially causing a negative market reaction, but sentiment improved after March wholesale prices were revised down. South Korea and Hong Kong markets closed for a holiday. Investors also analyzed Australia’s annual budget, with the S&P/ASX 200 opening 0.44 percent higher. Japan’s Nikkei 225 rose 0.75 percent, and the broader Topix gained 0.53 percent.

Asian currencies

Asian currencies were trading higher. South Korean won was up 0.36 percent, the Philippines peso gained 0.24 percent, the Taiwan dollar and Malaysian ringgit were up 0.18 percent each, and Thai Baht was up 0.13 percent. Among the losers, the Indonesian rupiah fell 0.12 percent and the Japanese yen declined 0.06 percent.

US markets

Stocks climbed on fresh US economic data, with investors awaiting key inflation figures. Nasdaq hit a new high, while Dow Jones and S&P 500 also rose. The producer price index for April surpassed expectations, tempering rate-cut speculations. Initial market reaction was cautious, given the downward revision in March wholesale prices. Eyes now turn to Wednesday’s consumer price index release.

Federal Reserve Chair Jerome Powell reaffirmed that inflation’s slowdown is slower than anticipated, prompting the Fed to maintain its current stance for an extended period. Speaking at the Foreign Bankers’ Association meeting in Amsterdam, he acknowledged the unexpected inflation readings, signaling patience and persistence with current policy measures. Powell anticipates inflation to ease gradually but doesn’t foresee rate hikes in the near term.

Gold

Gold stabilized after a nearly 1 percent increase on Tuesday, ahead of US inflation data potentially impacting the Fed’s rate decisions. Bullion hovered around $2,356 per ounce, awaiting core consumer price index figures. Forecasted data suggests US inflation may have eased in April, potentially supporting gold due to its non-interest-bearing nature. Despite a recent narrow trading range following record highs in March and April, gold remains up approximately 14 percent this year, supported by central bank purchases, geopolitical tensions, and Chinese consumer demand, despite delays in the Fed’s expected policy shift.

Crude

Oil prices climbed as US stockpiles shrank, with focus shifting to an upcoming International Energy Agency report on market balances. Brent approached $83 following a 1.2 percent decline, while West Texas Intermediate surpassed $78. The American Petroleum Institute noted a 3.1 million barrel drop in nationwide crude inventories last week, including a drawdown in Cushing, Oklahoma.

Dollar

The dollar index, which measures the US currency’s strength against major currencies, was trading at 105.021, up 0.01 percent from its previous close of 105.013.

LME commodity

LME prices traded weaker. LME Iron Ore fell 1.5 percent, SHF Steel Rebar declined 1 percent, LME Nickel lost 0.8 percent, LME Copper fell 0.7 percent, LME Gold and Silver were down 0.2 percent each. Meanwhile, LME Aluminum gained 0.35 percent.

FII & DII Flow

FIIs sold shares worth Rs 4,065.52 crore. DIIs pumped in Rs 3,527.86 crore worth of stocks on May 14

Results Today

Power Finance Corporation, LIC Housing Finance, Dixon Technologies, Indian Energy Exchange, Jindal Stainless, Jyothy Labs, Mankind Pharma, Medi Assist.

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