Top 10 things to know before the market opens

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 30-points loss.

On November 10, the BSE Sensex fell 80.63 points to 60,352.82, while the Nifty50 declined 27.10 points to 18,017.20, but formed bullish candle on the daily charts as the closing was higher than opening levels.

According to pivot charts, the key support levels for the Nifty are placed at 17,934.4, followed by 17,851.6. If the index moves up, the key resistance levels to watch out for are 18,080.6 and 18,144.

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

Wall Street closed sharply lower on Wednesday as surging consumer prices curbed investor risk appetite and stoked worries of a protracted wave of red hot inflation.

The Dow Jones Industrial Average fell 240.04 points, or 0.66%, to 36,079.94, the S&P 500 lost 38.54 points, or 0.82%, to 4,646.71 and the Nasdaq Composite dropped 263.84 points, or 1.66%, to 15,622.71.

Asian Markets

Inflation fears pressured Asian stocks and buoyed the dollar on Thursday after data overnight showed U.S. consumer prices surged at the fastest pace since 1990 last month, boosting the case for faster Federal Reserve policy tightening.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.85%, led by a 1.19% slide in Australia's benchmark. Japan's Nikkei bucked the trend by rising 0.24%, supported by the yen's weakness against a resurgent dollar and as U.S. stock futures ticked up slightly.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the index in India with a 30-points loss. The Nifty futures were trading at 17,985 on the Singaporean Exchange around 07:30 hours IST.

Oil prices steady after falling on signs U.S. may release more reserves

Oil prices were steady on Thursday after falling in the previous session on concerns rising inflation in the United States, spurred by climbing energy costs, may prompt the government to release more strategic crude stockpiles to drive down prices.

Brent crude futures gained 18 cents, or 0.2%, to $82.82 a barrel at 0156 GMT, while WTI futures rose 17 cents, or 0.2%, to $81.51.

US jobless claims drop to pandemic low of 267,000

The number of Americans applying for unemployment benefits fell to a new pandemic low 267,000 last week as the job market recovers from last year's sharp coronavirus downturn. Jobless claims fell by 4,000 last week, the Labor Department reported Wednesday. The four-week average of claims, which smooths out weekly ups and downs, dropped by nearly 7,300 to 278,000, also a pandemic low.

Applications for unemployment aid have been falling mostly steadily since topping 900,000 in early January and are gradually nearing prepandemic levels of around 220,000 a week. Claims, a proxy for layoffs, have now dropped for six straight weeks.

US consumer prices soared 6.2% in past year, most since 1990

Prices for US consumers jumped 6.2% in October compared with a year earlier as surging costs for food, gas and housing left Americans grappling with the highest inflation rate since 1990. The year-over-year increase in the consumer price index exceeded the 5.4% rise in September, the Labor Department reported Wednesday. From September to October, prices jumped 0.9%, the highest month-over-month increase since June.

Results today

Tata Steel, Balkrishna Industries, Bharat Dynamics, Engineers India, Godrej Consumer Products, HUDCO, Natco Pharma, NHPC, NMDC, Power Finance Corporation, Prestige Estates Projects, RailTel Corporation, Suryoday Small Finance Bank, and Zee Entertainment Enterprises among 376 companies that will release September quarter earnings on November 11.

Evergrande faces default deadline on $148 million payment, some bondholders paid: Report

Cash-strapped China Evergrande Group, facing a deadline for coupon payments on Wednesday, may have made those payments, according to a report by Bloomberg, which said that customers of international clearing firm Clearstream have received overdue payments on three U.S. dollar bonds.

A failure to pay would result in a formal default by the company and trigger cross-default provisions for other Evergrande dollar bonds, exacerbating a debt crisis looming over the world’s second-largest economy.

Bloomberg reported here that customers of Clearstream received overdue payments on three U.S. dollar bonds, quoting a spokesperson for Clearstream and citing bondholders of two of the bonds saying they received payments. Clearstream did not immediately respond to a request for comment.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 469.50 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 766.95 crore in the Indian equity market on November 10, as per provisional data available on the NSE.

Stocks under F&O ban on NSE

Seven stocks - Bank of Baroda, BHEL, Escorts, Indiabulls Housing Finance, Punjab National Bank, SAIL and Sun TV Network - are under the F&O ban for November 11. 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