Stock market today: Key things to know before the opening bell on May 8

Indian markets are expected to open on a flat note as indicated by GIFT NIFTY. The global market cues remain mixed on Thursday morning after US markets closed marginally higher on Wednesday. Asian markets traded in green across the board with Japanese and Chinese indices gaining 0.5% on Thursday morning.

US markets

The US markets closed in green despite hawkish commentary by Jerome Powell on the occasion of the monetary policy announcement. The Chairman and the governor said they are closely monitoring the situation, and risks of inflation and unemployment have increased, and they are not in a hurry to cut the interest rates without clear economic data. The Federal Reserve kept the interest rate unchanged at 4.25%-4.5%. Following the developments, the Dow Jones closed 290 points higher, followed by NASDAQ and S&P 500 gaining 0.34% & 0.43% respectively.

Asian markets

The Asian markets continued to cheer the policy stance by China on injecting more liquidity into the system as it grapples with the aftermath of the trade war. The Shanghai Composite and Hong Kong’s Hang Seng index gained up to 0.6% on Thursday morning in optimism over US-China trade talks and fresh stimulus measures announced by China.

Oil price

Crude oil prices pared overnight losses to trade higher after US oil inventory data came in larger than expected, as crude oil stockpiles fell by 2 million barrels last week, as compared to 1.7 million barrels in the previous week. The crude oil prices fell nearly 2% on Wednesday after the Fed raised uncertainty over economic activity.

Telecom Regulatory Authority of India (TRAI) reported that India's total wireless subscriber base, including mobile and 5G fixed wireless access (FWA), rose to 1,163.76 million in March current year from 1,160.33 million in February, marking a monthly growth of 0.28 per cent.

Crisil Ratings reported that Indian primary aluminium manufacturers are projected to remain in a healthy, profitable state for this fiscal year, countering global trade headwinds, including the recent hike in US tariffs on aluminium imports.