From global cues to HCL Tech Q4 results impact, 10 things to know before Street opens today

The Indian markets traded lackluster for yet another session on Thursday and ended almost unchanged on the weekly expiry day. Most sectors traded in sync, however a decline in pharma, FMCG and metal were weighing on sentiment.

The BSE Sensex climbed 64.55 points or 0.11 per cent to settle at 59,632.35 and The NSE Nifty50 went up by 5.70 points or 0.03 per cent to finish at 17,624.45.

“We reiterate our positive view on markets and suggest continuing with “buy on dips” till Nifty manages to hold the 17,400 level,” Ajit Mishra, VP - Technical Research, Religare Broking said.

“A decisive close above 17,800 would again fuel the momentum. Meanwhile, the focus should be on accumulating quality stocks from the sectors, which are showing relatively higher strength during the corrective move,” the market analyst said in his comment.

Stay tuned to Zeebiz.com to find out what could impact your trade today. We have collated a list of the top 10 news points which could impact markets, companies, or the economy:

Global Markets:

US stock markets ended lower on Thursday after disappointing quarterly reports from companies including Tesla and AT&T, while investors sought clarity on the path of interest rates.

The Dow Jones Industrial Average (.DJI) fell 110.39 points, or 0.33%, to 33,786.62, the S&P 500 (.SPX) lost 24.73 points, or 0.60%, to 4,129.79 and the Nasdaq Composite (.IXIC) dropped 97.67 points, or 0.8%, to 12,059.56.

Asian Markets:

Asian markets tracking US markets were largely in the green during Friday’s early morning session. Japan’s Nikkei was marginally down by 0.1 per cent, while China’s Shanghai was down nearly 0.5 per cent and Hong Kong’s Hang Seng and South Korea’s Kospi each slipped almost 1 per cent today.

SGX Nifty:

Singapore Exchange (SGX) Nifty — an early indicator of the Nifty 50 index — was up 22 points or 0.13 per cent at 17,673.5 at this hour on Friday, suggesting a positive start ahead in the Indian share market today. It opened at 17,688 and touched the day’s high at 17,705 levels.

Rupee appreciates by 7 paise

The rupee appreciated 7 paise to close at 82.17 against the US dollar on Thursday, as crude oil prices retreated from elevated levels.

Forex traders said a positive trend in domestic equities also supported the local unit. At the interbank foreign exchange market, the local unit opened at 82.21 against the US currency and finally closed at 82.17 against the greenback, registering a gain of 7 paise over its previous close.

US dollar index dips

The US dollar index fell on Thursday as weak data reinforced expectations the world's largest economy is likely headed toward recession, further supporting the view that the Federal Reserve could pause in June after another expected rate hike next month.

The greenback hit session lows against the yen and euro after data showed higher weekly jobless claims, a precipitous drop in mid-Atlantic business activity, and lower existing home sales.

Crude oil falls by 2%

Crude oil prices slid by about $2 a barrel to their lowest level since late March on Thursday, dragged lower by fears a possible recession could dent fuel demand and after a rise in U.S. gasoline inventories.

Brent crude futures settled at $81.10 a barrel, shedding $2.02, or 2.4%. West Texas Intermediate crude (WTI) futures settled at $77.29 a barrel, losing $1.87, or 2.4%.

RBI April policy minutes

India's current rate tightening cycle may not be over as more hikes could be warranted to align inflation towards the central bank's medium term target of 4%, minutes of this month's Monetary Policy Committee (MPC) meeting showed on Thursday.

The MPC, comprising three members from the central bank and three external members, surprised markets by holding the key lending rate steady at 6.50% on April 6 in a unanimous decision, going against expectations for a 25 bps increase.

HCL Tech Q4 results impact

HCL Technologies on April 20 reported a net profit of Rs 3,983 crore for the quarter ended March 2023. On a sequential basis, the profit slipped by 2.75 per cent while on a year-on-year (YoY) basis, it grew 10.85 per cent.

The profit beat analysts' expectations as according to Zee Business Research, the company was expected to report a net profit of Rs 3,850 crore in the quarter under review, translating to a sequential decline of six per cent.

Birla returns to Vodafone Idea board

Indian billionaire Kumar Mangalam Birla has returned to the board of Vodafone Idea Ltd (VODA.NS) as an additional director less than two years after leaving the mobile service provider.

Birla, formerly a chairman at the debt-ridden telecom giant, will join the board effective April 20, Vodafone's (VOD.L) Indian JV said in an exchange disclosure.

He also serves as the chairman of conglomerate Aditya Birla Group, which held an 18.07% stake in Vodafone Idea as of Dec. 31, according to data on Vodafone Idea's website.

FII & DII Data:

Foreign portfolio investors (FPIs) remained net sellers for Rs 1,169.32 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 832.72 crore on Tuesday, provisional data showed on the NSE.

(With inputs from PTI, Reuters and other agencies)