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Today’s Stock Market: Top 10 Things to Know Before the Market Opens

SGX Nifty trends anticipate a flat opening for India’s broad index with a 26-point increase.

The Indian stock market is anticipated to open on a cautious note, as SGX Nifty trends show a flat opening with a 26-point increase for the broader index in India.

Yesterday, the BSE Sensex fell almost 700 points, or 1.35%, to 51,823, while the Nifty50 fell 225.50 points, or 1.44%, to 15,413 and formed a bearish candle on daily charts.

According to pivot chart analysis, the critical support level for the Nifty is 15,344, followed by 15,275. 15,524 and 15,634 are the main resistance levels to monitor if the index advances.

Wednesday’s major US stock indexes closed slightly down, erasing early gains connected to Federal Reserve Chair Jerome Powell’s comments that the US central bank is “firmly committed” to reducing inflation, while substantially lower oil prices weighed on energy equities.

The Dow Jones Industrial Average dropped 47.12 points, or 0.15%, to 30,483.13, the S&P 500 dropped 4.9 points, or 0.13%, to 3,759.89, and the Nasdaq Composite slid 16.22 points, or 0.15%, to 11,055.08.

Asian Markets

Thursday was a positive day for Asia-Pacific stocks as investors continued to monitor recession concerns. The Nikkei 225 and the Topix both increased by 0.58% in Japan. The South Korean Kospi rose 0.64%, while the Kosdaq gained 0.42%.

In Australia, the S&P/ASX 200 increased by 0.48%. The MSCI Asia-Pacific ex-Japan broadest index increased 0.41%.

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SGX Nifty

SGX Nifty trends anticipate a flat opening for India’s broad index with a 26-point increase. On the Singaporean exchange, Nifty futures were being traded about 15,423 levels.

Oil falls more as fears of a recession intensify

Oil prices dropped 2% in early trading on Thursday, extending losses from the previous day, as investors fretted that aggressive U.S. interest rate hikes could precipitate a recession and reduce fuel consumption. At 00:00 GMT, US West Texas Intermediate (WTI) crude futures dropped $2.39, or 2.3%, to $103.80 a barrel. Futures for Brent crude fell $2.24, or 2.0%, to $109.50 a barrel.

India’s January-March current account deficit decreases to $13.4 billion; FY22 CAD is the highest in three years.

In January-March 2022, India’s current account deficit (CAD) decreased to $13.4 billion from $22.2 billion in October-December 2021, according to data provided by the Reserve Bank of India (RBI) on June 22. In January-March of 2021, the deficit was $8,1 billion. In percentage terms, the CAD was 1.5% of GDP in January-March 2022, down from 2.6% in the previous quarter.

“The sequential fall in CAD in Q4:2021-22 (January-March) was primarily due to a stabilisation in the trade deficit and a reduction in the net outflow of primary income,” stated the central bank. In the first quarter of 2022, India’s merchandise trade deficit decreased to $54.5 billion from $59.8 billion in the previous quarter, contributing to a decline in the CAD.

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Jerome Powell, chairman of the Federal Reserve, is dedicated to fighting inflation and has no intention of inducing a recession

Jerome Powell, the U.S. central bank chairman, stated on Wednesday that the Federal Reserve is not attempting to construct a recession to combat inflation, but is completely committed to getting prices under control, even if doing so risks a recession.

Powell stated at a hearing before the U.S. Senate Banking Committee, “We are not trying to provoke a recession, and I do not believe we will need to provoke one.” However, he acknowledged that a recession was “certainly a possibility” and that recent global events had made it more difficult to reduce inflation without causing one.

Powell stated, “It is crucial that we reduce inflation if we are to have a sustained period of favourable labour market conditions for all.” In the next months, the Fed will seek “compelling evidence” of easing price pressures before easing the interest rate hikes it initiated three months ago.

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In May, domestic aviation traffic rose 11% sequentially to 1.2 million: DGCA

According to information released by the Directorate General of Civil Aviation (DGCA) on June 22, 2022, domestic air passenger traffic increased by 11% over the previous month to reach 1.2 crore in May 2022. In May 2019, domestic airlines collectively transported a total of 1.22 crore people, indicating that air traffic had inched closer to pre-pandemic levels.

In the last month, IndiGo’s passenger load factor climbed from 78.7% in April 2022 to 81%. In May 2022, the passenger load factor for SpiceJet increased from 85.9% to 89.1%.

S&P Global warns that rising rates put pressure on the credit ratings of nations.

S&P Global, one of the world’s largest rating agencies, has warned that an increasing number of nations are likely to experience a decline in their credit ratings due to the impact of rising global interest rates on already-stretched economies.

According to a research released by the business on Wednesday, massively indebted Italy would face its highest debt-to-GDP ratio since 2012 without assistance from the European Central Bank, while Ukraine, Brazil, Egypt, Ghana, and Hungary were the most vulnerable emerging market nations.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 2,920.61 crore on June 22, while domestic institutional investors (DIIs) remained net purchasers, purchasing shares worth Rs 1,8507.07 crore, according to provisional data available on the NSE.

Stocks Under F&O ban on NSE

Indiabulls Housing Finance, RBL Bank, and Sun TV Network are the three stocks subject to an NSE F&O restriction on June 23. Included in the F&O segment prohibition period are corporations whose securities have exceeded 95% of the market-wide position limit.

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