Top 10 things to know before the market opens today

Trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 40 points.

The market is probably going to open in the red as trends in the SGX Nifty demonstrate a negative opening for the broader index in India with a loss of 40 points.

The BSE Sensex jumped 934 points or 1.8 percent to 52,532, while the Nifty50 rose 289 points or 1.88 percent to 15,639 and formed a bullish candle on the everyday graphs after Doji candles in the past two sessions.

As per the pivot charts, the key support level for the Nifty is placed at 15,470, followed by 15,301. If the index moves up, the key resistance levels to watch out for are 15,757 and 15,876.

Stay tuned to Money control to figure 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.

US Markets: The Dow Jones Industrial Average rose 641.47 points, or 2.15 percent, to 30,530.25, and the S&P 500 gained 89.95 points, or 2.45 percent, at 3,764.79. The Nasdaq Composite added 270.95 points, or 2.51 percent, at 11,069.30.

Asian Markets: Shares in the Asia-Pacific region traded mixed on Wednesday, as Wall Street bounced back after a turbulent week. Japan’s Nikkei 225 gave up early gains to sit below the flatline, while the Topix was 0.14 percent higher. The Kospi fell 1.1 percent, while the Kosdaq was declined 1.41 percent.

SGX Nifty: Trends on SGX Nifty show a negative opening for the broader index in India with a loss of 40 points. The Nifty futures were trading around 15,582 levels on the Singaporean exchange.

Oversupply of India bonds to drive yields to 8%, StanChart says:

A supply gut is set to hit India’s government bond market, and drive benchmark yields toward 8% by year-end, as per Standard Chartered Plc. The lender estimates that excess supply of sovereign and state debt may total as much as Rs 6.3 trillion ($81 billion) this financial year. That’s likely to further upset a market that’s struggling to cope with rising interest rates and dwindling surplus liquidity, said Parul Mittal Sinha, head of India financial markets at the bank.

“It may keep becoming incrementally more difficult for supply to be absorbed by the market,” said Sinha, who has spent more than 10 years trading currencies and rates in London, Singapore and Mumbai. “Supply worries will increment from July and with interest rates normalizing to a higher trajectory and liquidity surplus decreasing – all these three factors can come together.”

Oil prices slide as Joe Biden pushes for US fuel cost cuts:

Oil costs slipped in early trade on Wednesday in the midst a push by US President Joe Biden to cut down soaring fuel costs, including pressure on major US firms to help ease the pain for drivers during the country’s peak summer demand.

The US West Texas Intermediate (WTI) crude futures fell $1.34, or 1,2 percent, to $108.18 a barrel at 0031 GMT, while Brent crude futures dropped $1.33, or 1.2 percent, to $113.32 a barrel.

Fed to lift rates by 75 basis points in July, 50 bps in September: The Federal Reserve will convey another 75-basis point interest rate hike in July, followed by a half-rate point ascend in September, and won’t scale back to quarter-rate point moves until November at the earliest, as per to economists polled by Reuters.

Elon Musk’s $44 billion Twitter deal gets board endorsement:

Twitter’s board has suggested consistently that investors support the proposed $44 billion offer of the organization to very rich person and Tesla CEO Elon Musk, according to a regulatory filing Tuesday.

Shares rose around 3% to $38.98 before the initial bell Tuesday, far short of the $54.20 per-share that Musk has offered for each share. The company’s stock last reached that level on April 5 when it offered Musk a seat on the board before he had proposed to purchase all of Twitter.

FII and DII data:

Foreign institutional investors (FIIs) have net sold Rs 2,701.21 crore worth of shares, whereas domestic institutional investors (DIIs) remained net buyers, to the tune of Rs 3,066.41 crore worth of shares on June 21, as per provisional data available on the NSE.

German industry body slashes forecast, warns of recession if Russian gas halted:

Germany’s BDI industry association slashed its financial gauge for 2022 on Tuesday and said a halt in Russian gas deliveries would make recession inevitable in Europe’s largest economy.

German GDP is currently expected to grow by 1.5 percent, rather than 3.5 percent forecast given before war broke out in Ukraine, the BDI said, adding that a return to pre-crisis levels is not expected before the end of the year at the soonest.

Stocks under F&O ban on NSE: Two stocks – Indiabulls Housing Finance, and RBL Bank – stayed under the NSE F&O boycott for June 22. Securities in the boycott period under the F&O section include companies in which the security has crossed 95 percent of the market-wide position limit.