The Indian stock market is expected to open in the red as trends on SGX Nifty indicate a negative opening for the index in India with a 37 points loss.
On August 6, the BSE Sensex declined 215.12 points to close at 54,277.72, while the Nifty50 slipped 56.40 points to 16,238.20 and formed bearish candle on the daily charts. During the week, the index gained 3 percent and formed bullish candle pattern on the weekly scale.
According to pivot charts, the key support levels for the Nifty are placed at 16,195.4, followed by 16,152.6. If the index moves up, the key resistance levels to watch out for are 16,308.9 and 16,379.6.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
US Markets
The Dow and the S&P 500 indexes closed at record highs on Friday following a stronger-than-expected jobs report, while investors shrugged off concerns over the Delta variant impacting a nascent economic recovery.
The Dow Jones Industrial Average rose 144.78 points, or 0.41%, to 35,209.03, the S&P 500 gained 7.49 points, or 0.17%, to 4,436.59 and the Nasdaq Composite dropped 59.36 points, or 0.4%, to 14,835.76.
Asian Markets
Asian shares wobbled on Monday amid sharp losses in gold and oil prices, while the dollar held near four-month highs after an upbeat U.S. jobs report lifted bond yields.
Japan’s Nikkei was shut but futures were trading just below Friday’s close. Nasdaq futures slipped 0.5% and S&P 500 futures 0.3%.
SGX Nifty
Trends on SGX Nifty indicate a negative opening for the index in India with a 37 points loss. The Nifty futures were trading at 16,231 on the Singaporean Exchange around 07:30 hours IST.
Oil slumps on China travel curbs, strong U.S. dollar
Oil prices dropped 2% on Monday, extending last week’s steep losses on the back of a rising U.S. dollar and concerns that new pandemic curbs in Asia, especially China, may set back the global recovery in fuel demand.
Brent crude futures slid $1.41, or 2%, to $69.29 a barrel by 0125 GMT, after having slumped 6% last week, their biggest weekly loss in four months.
Sebi mulls measures to improve liquidity in ETFs
Markets regulator Sebi is examining steps to improve liquidity in the exchange-traded funds segment on stock exchange platforms.
Globally, passive funds such as index funds and exchange traded funds (ETFs) have emerged as one of the largest asset classes. ‘Passive funds in India have tremendous scope to grow as the AUM under passive funds in India is still low as compared to its global peers,’ the Securities and Exchange Board of India (Sebi) said in its annual report for 2020-21.
India’s forex reserves surge by $9.42 billion to all-time high of $620.57 billion
The country’s foreign exchange reserves surged by USD 9.427 billion to record high of USD 620.576 billion in the week ended July 30, according to the latest RBI data. In the previous week ended July 23, the reserves had declined by USD 1.581 billion to USD 611.149 billion.
In the reporting week ended July 30, the rise in the reserves was on the back of an increase in foreign currency assets (FCAs), a major component of the overall reserves, the Reserve Bank of India’s (RBI) weekly data released on Friday showed.
US added 943,000 jobs in July; unemployment rate at 5.4%
Hiring surged in July as American employers added 943,000 jobs. The unemployment rate dropped to 5.4% another sign that the U.S. economy continues to bounce back with surprising vigor from last year’s coronavirus shutdown.
The July numbers exceeded economists’ forecast for more than 860,000 new jobs. Hotels and restaurants, reopening and doing brisk business, added 327,000 jobs last month. Local public schools added 221,000.
The Securities and Exchange Board of India (SEBI) on August 6 eased the lock-in period for promoters’ investments after stock market listing of the company from three years to 18 months subject to certain conditions. The market watchdog has also decided to streamline the disclosure requirement of group companies.
SEBI approved relaxation of lock-in requirement for promoters shareholding in IPO/FPO if the object of the issue involves only offer for sale, fundraising other than for capital expenditure, for a project.
Results on August 9
Shree Cement, Astrazeneca Pharma India, Balrampur Chini Mills, Birla Tyres, Bombay Dyeing, Chemcon Speciality Chemicals, Clean Science and Technology, Gati, Gujarat State Petronet, Indian Hotels, Laxmi Organic Industries, MRF, Nilkamal, Reliance Power, Satin Creditcare Network, Shalby, Shankara Building Products, Subex, Suven Life Sciences, Timken India, and Venky’s (India) will release quarterly earnings on August 9.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 69.37 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 631 crore in the Indian equity market on August 6, as per provisional data available on the NSE.
With inputs from Reuters & other agencies
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