The Indian stock market is expected to open in the red as trends on SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 256 points.
The BSE Sensex rose 33 points to 55,702, while the Nifty50 fell from 16,950 levels to close with 5 points gains at 16,683 and formed bearish candle on the daily charts. As per the pivot charts, the key support level for the Nifty is placed at 16,574, followed by 16,466. If the index moves up, the key resistance levels to watch out for are 16,868 and 17,054.
1. US Markets : US stocks ended on May 5 sharply lower amid a broad sell-off, as investor sentiment cratered in the face of concerns that the Federal Reserve’s interest rate hike the previous day would not be enough to tame surging inflation.
2. Asian Markets :Shares in Asia-Pacific largely declined in the May 6 morning trade after an overnight drop on Wall Street sent the Dow Jones Industrial Average to its worst day since 2020. Hong Kong’s Hang Seng index led losses regionally as it fell 2.45 percent. In mainland China, the Shanghai Composite slipped 1.41% while the Shenzhen Component shed 1.728 percent.
3. SGX Nifty :Trends on SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 256 points. The Nifty futures were trading around 16,435 levels on the Singaporean exchange.;
3. Oil falls as demand concerns weigh against tight supply : Oil prices dipped at the start of Asian trade on May 6 as worries about an economic downturn that could dampen demand for crude vied with concerns over new sanctions from the European Union against Russia, including an embargo on crude oil.
4. LIC IPO updates
5. On the second day of bidding, issue was subscribed 1.03 times, Policyholders 3.11 times, Staff 2.21 times, Retail 93 percent, QIB 40 percent & NII 47 percent.
6. RBI MPC | Another 25 basis-point repo-rate hike likely in June: Experts :
7. BoE flags risk of recession and 10 percent inflation as it raises rates again :
8. Results on May 6 :
9. FII and DII data :
10. US weekly jobless claims rise; productivity plunges at fastest pace in 74 years :
