10 things you need to know before the opening bell on May 4

SUMMARY

The Indian market is likely to open lower on Tuesday following a weak trend on SGX Nifty. The Nifty futures were trading 49 points or 0.33 percent lower at the 14,651 level on the Singaporean Exchange at 7:40 am.

By CNBCTV18.comMay 4, 2021 8:19:58 AM IST (Published)

1. Wall Street: The street closed solidly higher Monday as investors cheered a strong dose of positive earnings reports as well as economic data that showed the US economy is growing. The S&P 500 rose 0.3 percent and DJIA gained 0.7 percent. The Nasdaq, on the other hand, fell 0.5 percent.

2. Asian markets: Stocks in Asia-Pacific rose in Tuesday morning trade with major markets in Japan and China still closed for holidays. South Korea’s Kospi gained 0.14 percent in early trade. In Australia, the S&P/ASX 200 edged 0.18 percent higher. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.12 percent higher.

3. D-Street: Domestic stock markets recovered to settle on a flat note with financials relatively underperforming on Monday. The S&P BSE Sensex index ended 63.84 points or 0.13 percent lower at 48,718.52, while the broader NSE Nifty benchmark closed 3.05 points or 0.02 percent up at 14,634.15.

4. Oil: Oil prices added to overnight gains on Tuesday, buoyed as more US states eased lockdowns and the European Union sought to attract more travellers, which would help offset weakened fuel demand in India as COVID-19 cases soar. Brent crude futures rose 0.2 percent to $67.70 a barrel at 0150 GMT. US West Texas Intermediate (WTI) crude futures also rose 0.2 percent to $64.63 a barrel.

5. Rupee: The rupee rose by 14 paise to close at nearly one-month high of 73.95 against the US dollar on Monday following losses in the American currency in the global markets. The rupee had opened lower at 74.25 and hit the day's low of 74.33 later in line with early losses in the domestic equities.

6. Gold: Gold jumped Rs 310 to Rs 46,580 per 10 gram in the national capital on Monday reflecting recovery in global precious metal prices and rupee depreciation. Silver also jumped Rs 580 to Rs 67,429 per kg from Rs 66,849 per kg in the previous trade.

7. Ether: Cryptocurrency ether extended gains to another record peak on Tuesday, after breaking above $3,000 for the first time a day earlier as investors bet on its growing utility. Early in Asia trade it traded as high as $3,457.64 on the bitstamp exchange, for a session rise of about 17 percent.

8. RBI: The Reserve Bank has decided to review and strengthen the Risk-Based Supervision (RBS) of the banking sector with a view to enabling financial sector players to address the emerging challenges. Read more

9. COVID-19: Uday Kotak, the president of Confederation of Indian Industry (CII), has suggested ‘strongest national steps including curtailing economic activity to reduce suffering in light of the massive surge in COVID-19 cases across the country. Read more

10. GDP forecast: Barclays Securities has cut India’s GDP growth forecast for the financial year 2021-22 to 10 percent year-on-year from 11 percent earlier due to the fast-spreading second wave of COVID-19 pandemic, reported Business Today. Read more