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 on Wednesday with a loss of 62 points.
The BSE Sensex declined 372 points to 53,514, while the Nifty50 dropped 92 points to 15,967 and formed a bearish candle on the daily charts with lower high lower low formation for the third consecutive session.
As per the pivot charts, the key support level for the Nifty is placed at 15,898, followed by 15,829. If the index moves up, the key resistance levels to watch out for are 16,088 and 16,209.
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
World equities wavered on Wednesday as investors digested a report showing US annual consumer prices jumped 9.1 percent in June - the largest increase in more than four decades - leaving Americans to dig deeper to pay for gasoline, food, healthcare and rent. The Dow Jones Industrial Average fell 0.67 percent, the S&P 500 lost 0.45 percent, and the Nasdaq Composite dropped 0.15 percent.
Asian Markets
Shares in Asia-Pacific fell on Thursday after a hotter-than-expected inflation report in the US. The Nikkei 225 in Japan slipped 0.11 percent, while the Topix index declined 0.32 percent. In South Korea, the Kospi was 0.66 percent lower. Australia’s S&P/ASX 200 was 0.15% higher.
SGX Nifty
Trends in SGX Nifty indicate a negative opening for the broader index in India on Wednesday with a loss of 62 points. The Nifty futures were trading around 15,910 levels on the Singaporean exchange.
US inflation accelerates to 9.1%, highest in 41 years
US inflation accelerated in June by more than forecast, underscoring relentless price pressures that will keep the Federal Reserve on track for another big interest-rate hike later this month.
The consumer price index rose 9.1 percent from a year earlier in a broad-based advance, the largest gain since the end of 1981, Labor Department data showed Wednesday. The widely followed inflation gauge increased 1.3 percent from a month earlier, the most since 2005, reflecting higher gasoline, shelter and food costs.
Economists projected a 1.1 percent rise from May and an 8.8 percent year-over-year increase, based on the Bloomberg survey medians.
MFIs' gross loan portfolio rises to Rs 2.9 lakh crore at March-end: Report
The Gross Loan Portfolio (GLP) of microfinance industry grew by 10.2 percent to nearly Rs 2.9 lakh crore at the end of March, says a report. The same stood at Rs 2.6 lakh crore in the year-ago period.
On a sequential basis, the GLP rose by 8.6 percent during the period ended March 2022. Banks continue to dominate the microfinance market with portfolio share of 37.7 percent. This is followed by NBFC-MFIs with a share of 33.3 percent and Small Finance Banks (SFBs) at 17.1 percent, as of March 2022, according to a quarterly report released by CRIF High Mark, a credit information bureau, on Wednesday. Banks continue to dominate the microfinance market with portfolio share of 37.7 percent.
Oil prices tick down as inflation woes take centre stage
Oil prices ticked down on Thursday as investors doubled down on the possibility of a rate hike by the U.S. Federal Reserve that would stem inflation and curb oil demand.
Brent crude futures for September fell 20 cents, or 0.2 percent, to $99.37 a barrel by 00:10 GMT after gaining 8 cents on Wednesday. US West Texas Intermediate crude for August delivery was at $95.93 a barrel, down 37 cents, or 0.4 percent, after rising 46 cents in the previous session.
Hot inflation fuels bets on supersized Fed rate hike
The US Federal Reserve is seen ramping up its battle with 40-year high inflation with a supersized 100 basis points rate hike this month after a grim inflation report showed price pressures accelerating. Traders of futures tied to the Fed's policy rate are betting they already have. They are now pricing in a nearly 80% probability of a full percentage-point rise at the coming meeting, according to an analysis of the contracts by CME Group.
Results on July 14
ACC, Larsen & Toubro Infotech, Angel One, Bombay Burmah Trading Corporation, Butterfly Gandhimathi Appliances, Earum Pharmaceuticals, GTPL Hathway, Shakti Pumps (India), Tata Elxsi, Tata Steel Long Products, and Tiger Logistics (India) will be in focus ahead of quarterly earnings on July 14.
FII and DII data
Foreign institutional investors (FIIs) have offloaded shares worth Rs 2,839.52 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,799.22 crore on July 13, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
The National Stock Exchange has put Delta Corp under its F&O ban list for July 14. 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 and other agencies
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