Market Ahead, May 8: Top factors that are likely to guide markets today

Weak global cues amid escalated trade tension between the US and China is likely to keep the Indian indices edgy on Wednesday. Additionally, March quarter earnings for the fiscal year 2018-19 and crude oil prices could affect the market sentiment today.

On Tuesday, the S&P BSE Sensex ended 324 points, or 0.84 per cent, lower at 38,277 levels while the broader Nifty50 lost over 200 points, or 0.87 per cent, to settle the day at 11,498 levels.

The rupee depreciated 3 paise to close at Rs 69.43 per US dollar amid foreign fund outflows.

Earnings today

About 43 companies are scheduled to declare their Q4 results today including Titan, Tata Communications, Dhanlaxmi Bank and Gillette.

Global cues

Oil prices stabilised on early Wednesday as markets remained relatively tight amid US sanctions on crude export from Iran and Venezuela.

US West Texas Intermediate (WTI) crude futures were at $61.56 per barrel at 6:27 am, 0.3 per cent above their last settlement. Brent crude oil futures were also 0.1 per cent up at $69.94 per barrel against their last close.

Asian stocks dropped during early morning trade with Japan’s benchmark index Nikkei slipping 1.52 per cent and Korea’s KOSPI dipping 0.65 per cent.

US stocks, too, witnessed sharp sell-off during the overnight trade on Tuesday. Dow Jones Industrial Average fell 1.8 per cent to 25,965 levels, Nasdaq slipped 1.96 per cent to 7,964 and S&P 500 shed 1.65 per cent to close at 2,884 levels.