Trends on SGX Nifty indicate a flat opening for the index in India with a 6 points loss.
The Indian stock market is expected to open on a flat note after global markets remained cautious as investors eyed US fiscal stimulus and US-China tensions. Trends on SGX Nifty indicate a flat opening for the index in India with a 6 points loss.
Nifty closed 14 points, or 0.12 percent, higher at 11,214.05 on August 6. According to pivot charts, the key support level for the Nifty is placed at 11,160.03, followed by 11,106.07. If the index moves up, the key resistance levels to watch out for are 11,249.93 and 11,285.87.
Stay tuned to Moneycontrol to find out what happens in 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:
The S&P 500 retreated from a near six-month high in choppy trading on Friday with data showing a sharp slowdown in US employment growth, while US-China tensions escalated with President Donald Trump’s move to ban WeChat and TikTok.
The Dow Jones Industrial Average rose 0.17%, the S&P 500 gained 0.06% and the Nasdaq Composite dropped 0.87%. The declines snapped the Nasdaq's seven-session streak of gains.
Asian shares started cautiously on Monday as investors kept one eye on flaring tensions between the United States and China and another eye on U.S. fiscal stimulus after talks between the White House and Democrat lawmakers broke down.
MSCI’s broadest index of Asia-Pacific shares outside Japan stayed below a 6-1/2 month peak touched last week to be last at 560.17. Australian shares recouped Friday’s losses to be up 0.7% while South Korea’s main index added 0.4%.
Trends on SGX Nifty indicate a flat opening for the index in India with a 6 points loss. The Nifty futures were trading at 11,220 on the Singaporean Exchange around 07:30 hours IST.
Oil prices rise
Oil prices climbed in early trade on Monday, clawing back over half of Friday’s losses, on hopes for a stimulus deal to shore up the U.S. economic recovery and a pledge from Iraq to deepen its crude oil supply cuts.
U.S. West Texas Intermediate (WTI) crude futures rose 49 cents, or 1.2%, to $41.71 a barrel at 0010 GMT, while Brent crude futures were up 40 cents, or 0.9%, at $44.80 a barrel.
US adds 1.8 million jobs in July, unemployment rate falls to 10.2%: Govt
The US economy added just 1.8 million jobs in July, far fewer than in May and June but not as bad as some economists feared, according to government data released Friday.
The unemployment rate fell to 10.2 percent from 11.1 percent in June, still slightly worse than the depth of the global financial crisis in October 2009. However, the Labor Department said some workers continue to be misclassified, and the jobless rate would have been a full point higher than reported.
Equity fundraising on track to touch record high in 2020: Report
Amid the COVID-19 outbreak, India's equity capital market is seeing plenty of fundraising, setting 2020 on track to become the best year on record for share sales, Mint reported. Many companies are conducting share sales to boost their cash reserves during the COVID-19 pandemic and consequent economic fallout.
In the span of a week, four companies initiated share sales worth over Rs 26,000 crore, including HDFC and Axis Bank.
India's forex reserves rise by $11.9 billion to over $534 billion in July 31 week
With a rise of over $11.9 billion, India's foreign exchange reserves have swelled to over $534.5 billion in the week ending July 31, latest data released by the Reserve bank of India (RBI) indicated. The country's kitty had over $522 billion worth of forex in the week-ended July 24. The reserves had crossed the half-a-trillion dollar mark for the first time in the week-ended June 5, after it had risen by $8.22 billion to $501.70 billion.
Foreign currency assets (FCA), a major component of the overall reserves, have increased by $10.34 billion to $490.8 billion. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Rajnish Kumar likely to get extension as SBI Chief, called for interview: Report
The Centre may re-appoint current State Bank of India (SBI) Chairman Rajnish Kumar to the post for one more year after his tenure ends on October 7, 2020. In an unprecedented move, the government has asked Kumar to appear for an interview for the same position – which signals preference for “tried and tested hands” in key posts as India faces one of its worst economic crisis, The Economic Times reported.
The SBI interview will be conducted online on August 18 or 19, people aware of the development told the newspaper. Among those under consideration include the bank’s three managing directors Arijit Basu, CS Shetty and Dinesh Kumar Khara, they added.
India attracts $22 billion FDI during COVID-19: Amitabh Kant
India's FDI regime is the most liberal in the world, and even during the COVID-19 pandemic, the country has attracted over $22 billion worth of direct investments, Niti Aayog CEO Amitabh Kant said on August 8. Kant further said that almost 90 percent plus of the $22 billion foreign direct investment in India during the pandemic came through the automatic route.
"Our FDI regime is the most liberal in the world. We have continued to attract huge amount of investments. During the pandemic itself, India attracted over 22 billion worth of direct investments into India," he said at CII's 'India@75' virtual event.
Results on August 10
Bank of Baroda, Power Grid Corporation, Titan Company, Astrazeneca Pharma, Ujjivan Financial Services, CARE Ratings, Equitas Holdings, Force Motors, etc.
FII and DII data
Foreign institutional investors (FIIs) bought shares worth Rs 397.32 crore while domestic institutional investors (DIIs) sold shares worth Rs 438.62 crore in the Indian equity market on August 7, as per provisional data available on the NSE.
4 stocks under F&O ban on NSE
Canara Bank, Century Textiles, Vodafone Idea and Vedanta are under the F&O ban for August 10. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.With inputs from Reuters & other agencies