Global Market Outlook: Key Indicators to Watch in Today's Trading Session

Indian Equity Markets Expected to Open on a Weak Note

The Indian equity benchmarks, BSE Sensex and Nifty 50, are likely to open on a weak note on April 30, as indicated by GIFT Nifty, which is trading in the red at around 24,163.50.

The Indian market rebounded sharply on April 29, following a decline in the previous session, with the Nifty 50 starting the May series on a strong note and touching an intraday high of 24,334.70. The broad-based buying across sectors and the broader market was driven by strong earnings momentum. However, profit booking at higher levels trimmed some of the gains, with the Nifty eventually closing at 24,177.65, up 181.95 points or 0.76%. Meanwhile, the BSE Sensex ended at 77,496.36, gaining 609.45 points or 0.79%.

In the broader market, the Nifty Midcap 100 index ended marginally lower, while the Nifty Smallcap 100 index gained 0.65%. This trend is expected to continue, with the Indian equity markets opening on a weak note on April 30.

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Global Markets Trend

Asian indices were trading lower in the early trade on Thursday, tracking overnight losses in key Wall Street benchmarks. The Dow Jones Industrial Average fell 280.12 points, or 0.57%, to 48,861.81, while the S&P 500 lost 2.82 points, or 0.04%, to 7,135.98. However, the Nasdaq Composite gained 9.44 points, or 0.04%, to 24,673.24.

Currency Markets

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The dollar index was trading lower against the basket of other currencies in the early Thursday trade. Asian currencies showed a mixed performance against the US dollar in the early trade. The Indonesian Rupiah recorded the sharpest decline, falling by 0.479%, while the South Korean Won emerged as the top gainer, rising by 0.188%.

Economic Indicators

Oil prices extended gains on Thursday on concerns supply from the key Middle East producing region will remain bottled up for longer. Gold prices rebounded on Thursday from a one-month low hit the day before, helped by a softer US dollar.

Market Participants

Foreign Institutional Investors (FIIs) extended their selling streak for the eighth consecutive session on April 29, offloading equities worth Rs 2,468 crore. In contrast, Domestic Institutional Investors (DIIs) continued to lend support to the market by purchasing equities worth Rs 2,262 crore, helping to offset the impact of sustained FII outflows.