What changed for the market while you were sleeping? Top 12 things to know

Image result for What changed for the market while you were sleeping? Top 12 things to knowBenchmark indices failed to hold its gains and ended flat, but the Nifty managed to hold 11,700, while Sensex failed to hold above 39,000. The Sensex was down 18.17 points at 38,963.26, while Nifty was down 12.50 points at 11,712.30.

Indiabulls Housing, NTPC, Yes Bank, Bharti Airtel and ICICI Bank were top gainers on the Nifty, while losers include TCS, Britannia Industries, Tech Mahindra, Adani Ports and HUL.

 

Among sectors, FMCG, IT, pharma and metal ended were in the red, while some buying was seen in the auto, bank, energy and infra sectors. BSE Midcap index and BSE smallcap index also ended lower.

According to the Pivot charts, the key support level is placed at 11,684.03, followed by 11,655.87. If the index starts moving upward, key resistance levels to watch out are 11,755.63 and 11,799.07.

The Nifty Bank closed at 29,954.2, up 245.55 points on May 3. The important Pivot level, which will act as crucial support for the index, is placed at 29,792.26, followed by 29,630.33. On the upside, key resistance levels are placed at 30,118.96, followed by 30,283.73.

Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.

Wall Street climbs as jobs data supports upbeat economic outlook

US stocks rose in a broad-based rally on Friday as stronger-than-expected job growth in April coupled with muted wage gains left investors upbeat about the outlook for the economy and interest rates. The Nasdaq registered a record high close, while the S&P 500 ended just shy of a record high finish.

The Dow Jones Industrial Average rose 197.16 points, or 0.75%, to 26,504.95, the S&P 500 gained 28.12 points, or 0.96%, to 2,945.64, and the Nasdaq Composite added 127.22 points, or 1.58%, to 8,164.

Asian shares turn south after Trump vows tariff hike

Asian equities tumbled, oil prices plunged and the safe-haven yen strengthened early on Monday as trade negotiations between China and the United States deteriorated suddenly, reversing apparent progress made in recent months.

In early Asian trade, MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.2 percent. Australian shares were 0.6 percent lower in early trade. Japanese financial markets remain closed until Tuesday for a national holiday, but Nikkei 225 futures dropped 1.8 percent to 22,085.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 56 points or 0.48 percent. Nifty futures were trading around 11,704-level on the Singaporean Exchange.

Trump vows new tariff hike on Chinese goods, escalating tension in trade talks

President Donald Trump dramatically increased pressure on China to reach a trade deal by announcing on Sunday he would hike US tariffs on $200 billion worth of Chinese goods this week and target hundreds of billions more soon.

A less than rosy update from United States Trade Representative Robert Lighthizer, including details that China was pulling back from some commitments it made previously, prompted Trump’s decision and jab on Twitter at Beijing, officials said. “The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!” Trump said in a tweet.

Oil prices tumble by more than 2%

Oil prices tumbled by more than 2 percent on Monday after US President Donald Trump on Sunday said he would sharply hike tariffs on Chinese goods this week, risking derailing months of trade talks between the world’s two biggest economies.

US West Texas Intermediate (WTI) crude futures were at $60.44 per barrel at 0032 GMT on Monday, down $1.50 per barrel, or 2.4 percent, from their last settlement. Brent crude oil futures were at $69.34 per barrel, down $1.51 per barrel, or 2.1 percent, from their last close.

Rupee spurts 15 paise to 69.22 vs dollar

Rising for the fourth straight session, the rupee strengthened by 15 paise to close at 69.22 against the US dollar May 3, bolstered by easing crude oil prices. However, fresh foreign fund outflows and subdued sentiment at the domestic equity markets capped the gains, forex traders said.

At the interbank foreign exchange market, the domestic unit opened flat at 69.38 and advanced to a high of 69.20 during the day. It finally settled at 69.22, showing a rise of 15 paise over its previous close.

US job growth surges; unemployment rate drops to 3.6%

US job growth surged in April and the unemployment rate dropped to a more than 49-year low of 3.6 percent, pointing to sustained strength in economic activity even as last year’s massive fiscal stimulus fades. The Labor Department’s closely watched monthly employment report on May 3, however, showed steady wage gains last month, consistent with moderate inflation.

The decline in the unemployment rate to the lowest level since December 1969 was because people left the labor force, suggesting some slack in the jobs market remains.

India’s oil import dependence jumps to 84%

Prime Minister Narendra Modi may have set a target to cut India’s oil import dependence by 10 percent but the country’s reliance on foreign oil for meeting its energy needs has jumped to a multi-year high of nearly 84 percent, latest government data showed.

Prime Minister Narendra Modi had said that India needs to bring down its oil import dependence from 77 percent in 2013-14 to 67 percent by 2022 when India will celebrate its 75th year of independence.

In contrast, domestic output continues to fall. India’s crude oil output fell from 36.9 million tonne in 2015-16 to 36 million tonnes in 2016-17. The trend of negative growth continues in the following years as well as output fell to 35.7 million tonnes in 2017-18 and to 34.2 million tonnes in the fiscal year that ended on March 31, 2019, PPAC data showed.

FPIs pull out Rs 1,255 crore in two sessions

Foreign investors pulled out a net Rs 1,255 crore from the domestic capital markets in just two trading sessions in May after remaining net buyers for the previous three months.

As per the latest depositories data, foreign portfolio investors (FPIs) pulled out a net sum of Rs 367.30 crore from equities and Rs 888.19 crore from the debt market during May 2-3, taking the total net outflow to Rs 1,255.49 crore.

Iran’s oil exports to slide in May, but not to zero: Sources

Iranian oil exports will slide in May as the United States tightens the screws on Tehran’s main source of income, industry sources said, deepening global supply losses caused by US sanctions on Venezuela and OPEC-led cuts.

The United States reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and six world powers. Those sanctions have already more than halved Iranian oil exports to 1 million barrels per day (bpd) or less.

One Iranian official familiar with oil policy said exports could drop to 700,000 bpd and as low as 500,000 bpd from May onwards. An OPEC source said Iranian exports would likely continue at about 400,000 to 600,000 bpd.

Bitcoin jumps as much as 6% to new six-month high

Bitcoin jumped to a new six-month high on May 3 in a move that traders said was the result of technical forces, with no immediate news catalysts sending the cryptocurrency higher.

Bitcoin climbed more than 6 percent to briefly break $5,700, its highest since November 14. It was last at $5,680 on the Bitstamp exchange, taking gains this year for the original and biggest virtual currency to nearly 55 percent.

29 companies to report March quarter numbers today

As many as 29 companies on the BSE are scheduled to report their results for March quarter later today which include names like Bharti Airtel, Godrej Agrovet, Gujarat Gas, ICICI Bank, Marico and Wockhardt among others.

One stock under ban period on NSE

For May 6, 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.

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