The market is expected to open in the red as trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 29 points.
The BSE Sensex corrected 87 points to close at 54,395 but the benchmark index showed smart recovery of more than 300 points from the day's low, thanks to buying in banking and financial services, auto, metal, pharma, and select FMCG stocks.
The Nifty50 fell 4.6 points to 16,216 and formed a bullish candle on the daily charts as the closing was higher than opening levels.
As per the pivot charts, the key support level for the Nifty is placed at 16,138, followed by 16,060. If the index moves up, the key resistance levels to watch out for are 16,271 and 16,326.
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
US stocks lost ground on Monday as a lack of catalysts left market participants warily embarking on a week back-end loaded with crucial inflation data and the unofficial beginning to second-quarter earnings season.
Market leading growth stocks pulled all three major US stock indexes into negative territory, with risk-off sentiment exacerbated by Macau's first casino shutdown in over two years to curb the spread of COVID-19.
The Dow Jones Industrial Average fell 164.31 points, or 0.52 percent, to 31,173.84, the S&P 500 lost 44.95 points, or 1.15 percent, to 3,854.43 and the Nasdaq Composite dropped 262.71 points, or 2.26 percent, to 11,372.60.
Asian Markets
Shares in the Asia-Pacific were mixed on Tuesday after Wall Street slipped overnight. The Nikkei 225 in Japan declined 0.83 percent in early trade, while the Topix index fell 0.71 percent.
South Korea’s Kospi shed 0.48 percent and Australia’s S&P/ASX 200 rose 0.29 percent MSCI’s broadest index of Asia-Pacific shares outside Japan was just below the flatline.
SGX Nifty
Trends on SGX Nifty indicate a negative opening for the broader index in India with a loss of 29 points. The Nifty futures were trading around 16,169 levels on the Singaporean exchange.
Twitter shares slide about 6% after Musk's $44 billion deal falls apart
Shares of Twitter Inc fell about 6% in premarket trading on Monday as a legal tussle between Elon Musk and the social media company is expected to take center stage after the world's richest person walked away from the $44 billion deal.
Musk, the chief executive officer of Tesla Inc , said on Friday he was terminating his deal to buy Twitter because the company had breached multiple provisions of the merger agreement.
Twitter is planning to sue Musk as early as this week and force him to complete the acquisition, people familiar with the matter told Reuters.
BlackRock cuts developed market stocks to underweight as economic outlook worsens
BlackRock, the world's largest asset manager, said on Monday that it expects financial markets to continue to be volatile as central banks attempt to temper inflation and has reduced its exposure to developed market equities and upgraded its holdings of investment-grade credit.
"The Great Moderation, a period of steady growth and inflation, is over," BlackRock Vice Chairman Philipp Hildebrand and his team said in a midyear outlook.
RBI sets up mechanism to settle trade transactions in rupees
The Reserve Bank of India (RBI) on July 11 said that it was putting in place a mechanism to settle international trade in rupees. The central bank’s move, which it said was to promote growth of global trade and to support increasing global interest in the rupee, comes amid increasing pressure on the Indian currency in the wake of Russia’s invasion of Ukraine.
Results on July 12
HCL Technologies, Delta Corp, Anand Rathi Wealth, Artson Engineering, Sterling and Wilson Renewable Energy, Trident Texofab, Virinchi, Goa Carbon, Plastiblends India, Roselabs Finance, Shree Ganesh Remedies, and Swiss Military Consumer Goods will be in focus ahead quarterly earnings.
FII and DII data
Foreign institutional investors (FIIs) have offloaded shares worth Rs 170.51 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 296.99 crore on July 11, as per provisional data available on the NSE.
Oil steadies as China COVID fears face tight supply concerns
Oil prices were little changed on Monday as markets balanced an expected drop in demand due to mass testing for COVID-19 in China against ongoing concerns over tight supply.
Brent futures for September delivery gained 8 cents, or 0.1 percent, to settle at $107.10 a barrel, while US West Texas Intermediate (WTI) crude fell 70 cents, or 0.7 percent, to settle at $104.09.
India's coal imports hit record high in June
India's coal imports hit a record high in June despite high global prices, data from three trade sources and Refinitiv ship tracking showed, as economic activity picked up and amid a domestic shortage of the fuel.
India imported over 25 million tonnes of thermal coal and coking coal in June, rising by over a third compared with the same period last year, data from consultancies Coalmint and Kpler, and trader I-Energy Natural Resources showed.
With inputs from Reuters and other agencies
