Benchmark indices failed to hold 11,750 level and ended marginally lower in lacklustre trade on May 2. The Sensex ended 35.78 points down at 39,031.55,
while Nifty closed 6.50 points lower at 11,748.20.
The Nifty after opening marginally lower at 11,725.55 remained rangebound throughout the session. The index touched an intraday high of 11,789.30 and low of 11,699.55, before closing 23.40 points lower at 11,724.80.
India VIX moved up 5.19 percent at 22.96. Higher VIX suggests that volatile swings could continue in the market ahead of election polls and outcome.
According to the Pivot charts, the key support level is placed at 11,686.43, followed by 11,648.07. If the index starts moving upward, key resistance levels to watch out are 11,776.23 and 11,827.67.
The Nifty Bank closed at 29,708.6, down 56.2 points, on May 2. The important Pivot level, which will act as crucial support for the index, is placed at 29,591.84, followed by 29,475.07. On the upside, key resistance levels are placed at 29,872.34, followed by 30,036.07.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a gist of important stories from across news agencies.
Wall Street slips as energy drops, investors digest Fed comments
US stocks eased further from recent record highs on Thursday as energy shares dropped along with oil prices and investors continued to digest comments by Federal Reserve Chairman Jerome Powell.
Dow Jones Industrial Average fell 122.35 points, or 0.46%, to 26,307.79, the S&P 500 lost 6.21 points, or 0.21%, to 2,917.52, and the Nasdaq Composite
dropped 12.87 points, or 0.16%, to 8,036.77.
Asian markets calm as investors await US jobs report
Asian share markets were subdued on Friday amid thin holiday trade although the dollar found support as investors pared expectations for a US rate cut this year while oil prices loitered near one-month lows on oversupply fears.
Australia’s benchmark index was last up 0.2 percent, New Zealand shares were off 0.5 percent while South Korea’s KOSPI slipped 0.3 percent. Trading
volumes were light across Asia with markets in China and Japan still closed for holidays.
A negative opening is likely as Nifty Futures on Singaporean Exchange were trading 15 points lower. The futures traded around 11,740-odd levels.
Oil drops nearly 3% on oversupply worries
Oil plunged Thursday, with US crude dropping almost 3 percent as the market grappled with oversupply fears as increased US sanctions on Iran had more gradual impact than expected and US crude oil inventories rose sharply.
US crude settled down USD 1.79 or 2.8 percent at USD 61.81 a barrel, heading for its biggest weekly fall since February. Brent crude futures fell USD 1.43 a
barrel, or 2 percent to USD 70.75.
Rupee up 19 paise to 69.37 vs USD
The rupee appreciated by 19 paise to 69.37 against the US dollar Thursday, registering its third consecutive session of gain amid easing crude oil prices and weakening of the greenback against other major currencies overseas.
Forex dealers said selling of the American currency by exporters and sustained foreign fund inflows also propped up the rupee. At the interbank foreign exchange market, the domestic unit opened at 69.60 per dollar and advanced to a high of 69.62 during the day.
India’s April jobless rate rises to 7.6%: CMIE
India’s unemployment rate in April rose to 7.6 percent, the highest since October 2016, and up from 6.71 percent in March, according to data compiled by the Centre for Monitoring Indian Economy (CMIE) released late on May 1.
“The lower unemployment rate in March was a blip, and it has again climbed following the trend of earlier months,” Mahesh Vyas, head of the Mumbai-based CMIE think-tank, told Reuters.
Gold falls to one-week low after Fed dashes rate cut hopes
Gold fell to its lowest in a week on May 2, as the US Federal Open Market Committee (FOMC) doused expectations of a near-term rate cut and on lack of physical demand in Asia.
Spot gold was down 0.5 percent to $1,270.49 per ounce as of 1202 GMT. It fell to $1,269.69, its lowest since April 24, earlier in the session. US gold futures fell 0.9 percent to $1,272.70 an ounce.
NCLAT allows banks to declare defaulting ILFS accounts as NPAs
The National Company Law Appellate Tribunal (NCLAT) on May 2 allowed the banks to declare as non-performing assets the accounts of IL&FS and its group companies that have defaulted on payments.
A bench headed by Chairman Justice S J Mukhopadhaya lifted the embargo on the banks to declare the accounts of the debt-ridden IL&FS and its 300 group entities, which are unable to pay their debt. However, the appellate tribunal has also clarified that although the banks would declare the IL&FS accounts as NPAs but can not initiate recovery process and debit money.
24 companies to report March quarter numbers today
As many as 24 companies on BSE will declare their numbers for quarter ended March later today which include names like Birla Corp, Century Textiles, Hindustan Unilever, Tata Chemicals and VST Industries among others.
One stock under ban period on NSE
For May 3, Jet Airways is in the list for stocks under a ban. Securities in ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.