Sensex, Nifty set to open in red; RBI Guv Shaktikanta Das presser among key things to watch out today

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May 05, 2021 8:35 AM

Nifty futures were trading over half a per cent lower at 14,450 on Singaporean Exchange, indicating a negative opening for BSE Sensex and Nifty 50 on Wednesday

sensex, nifty, stock markets, RBI, Shaktikanta dasAll eyes will be on RBI's press conference today 10 AM that may set the market tone. Image: Reuters

Nifty futures were trading over half a per cent lower at 14,450 on Singaporean Exchange, indicating a negative opening for BSE Sensex and Nifty 50 on Wednesday. S&P BSE Sensex closed at 48,253 while the Nifty 50 index just below 14,500 in the previous session. Stock markets in Japan and China were shut for a holiday. All eyes will be on RBI’s press conference today 10 am that may set the market tone. Besides, quarter earnings, COVID cases, rupee movement, oil prices and other global cues will sway investor sentiment.

Global markets: Australian stock markets were trading flat in early trade on Wednesday. While stock markets of in Japan, China and South Korea were closed for the day. In overnight trade on Wall Street, tech-heavy Nasdaq Composite fell over 2 per cent. The Dow Jones Industrial Average was down 0.69 per cent, the S&P 500 was down 1.34 per cent, and the Nasdaq Composite was down 2.73 per cent.

Technical chart reading: According to a technical analyst, the lack of strength to sustain the highs continued in the market and the fine upside bounce of previous session has been negated. “The market could slide down further and the next set of supports are seen around 14400 and the next 14200-14150 levels, where one may expect another round of upside bounce from the lows. On the way up 14600-14650 could act as a hurdle,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Q4 results today: As many as 20 BSE-listed companies including Adani Green Energy, Tata Steel, SRF, Adani Enterprises, Deepak Nitrite, Craftsman Automation, and Angel Broking among others will announce their January-March quarter earnings on May 5.

FIIs turn sellers of Indian stocks: On Wednesday, foreign institutional investors (FIIs) were once again seen selling Indian stocks worth Rs 1,772 crore, while domestic institutional investors (DIIs), on the other hand, bought shares worth Rs 987 crore. It may noted that FIIs turned net sellers and sold over 10,000 crore share in April, after remaining net buyers for the six consecutive months.

RBI Governor Shaktikanta Das’ speech: Reserve Bank of India’s (RBI) Governor will make an unscheduled speech on Wednesday amid second wave of COVID-19 in the country. The central bank, on Twitter, informed that address will take place at 10 AM.

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