Top 10 things to know about the stock market today before it opens

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The benchmark Sensex and Nifty indices are poised for a negative start on April 15, as per indications from the GIFT Nifty, suggesting a potential decline of 134.50 points. This follows a significant 1 percent drop on April 12, driven by a widespread selloff amid concerns over US CPI inflation data. The disappointing data dashed hopes of a June rate cut, leading to a surge in treasury bond yields and dampening investor sentiment.

On April 12, the Sensex plummeted by 793.25 points, or 1.06 percent, closing at 74,244.90, while the Nifty 50 witnessed a decline of 234.40 points, or 1.03 percent, ending at 22,519.40. The pivot point calculator suggests that immediate support for the Nifty 50 may be found at the 22,498 level, with further support levels at 22,446 and 22,360. Resistance levels are projected at 22,540, 22,721, and 22,806.

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Amidst these market dynamics, attention remains focused on global developments. In the US, stocks experienced a sharp decline on Friday, triggered by concerns about escalating tensions in the Middle East. The S&P 500 recorded its worst week since October, dropping by 1.5 percent, while the Dow Jones Industrial Average and the Nasdaq composite also registered declines of 1.2 percent and 1.6 percent, respectively.

Asian markets mirrored this trend, trading lower on Monday as traders assessed the implications of Iran's drone attack on Israel over the weekend. The outlook is further influenced by upcoming economic data releases from China and Japan later in the week.

In corporate news, Tata Consultancy Services (TCS) reported a 9 percent increase in consolidated net profit for the fourth quarter of FY24, reaching Rs 12,434 crore. The company also announced a final dividend of Rs 28 per share. Additionally, India's headline retail inflation rate eased to a ten-month low of 4.85 percent in March, while industrial output growth accelerated to 5.7 percent in February.

Meanwhile, the Reserve Bank of India (RBI) is expected to maintain a cautious approach despite easing CPI inflation, given prevailing global uncertainties. In the banking sector, Japan's Mitsubishi UFJ Financial Group (MUFJ) and Sumitomo Mitsui Banking Corp. (SMBC) are reportedly considering a bid to acquire a majority stake in Yes Bank.

In the cryptocurrency market, Bitcoin experienced a 7.9 percent decline to $61,842, while gold prices surged to an all-time high above $2,400 per ounce amidst escalating tensions in the Middle East. However, oil prices fell at Asia's open, following Iran's attack on Israel, with Brent futures for June delivery down 24 cents to $90.21 a barrel and West Texas Intermediate (WTI) futures for May delivery decreasing by 38 cents to $85.28 a barrel.

These developments underscore the volatility and uncertainty prevailing in the global financial markets, necessitating careful monitoring and strategic decision-making by investors and market participants.

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