The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a gap-up opening for the index in India with a 143 points gain.
On December 11, the BSE Sensex was down 20.46 points at 58,786.67, while the Nifty50 fell 5.50 points to 17,511.30 and formed bullish candle on the daily charts as the closing was higher than opening levels. The index gained 1.83 percent during the week and saw bullish candle formation on the weekly scale.
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 advanced on Friday and the S&P 500 notched an all-time closing high as market participants digested an inflation reading that was in line with consensus, but also marked the largest annual increase in consumer prices in nearly four decades.
The Dow Jones Industrial Average rose 216.3 points, or 0.6%, to 35,970.99, the S&P 500 gained 44.57 points, or 0.95%, to 4,712.02 and the Nasdaq Composite added 113.23 points, or 0.73%, to 15,630.60.
Asian Markets
Asia-Pacific markets jumped in morning trade on Monday as investors turn their focus to a number of monetary policy meetings happening this week.
In Japan, the Nikkei 225 rose 0.86% while the Topix index added 0.51%. South Korea’s Kospi added 0.53% and Australia’s benchmark ASX 200 rose 0.39%.
SGX Nifty
Trends on SGX Nifty indicate a gap-up opening for the index in India with a 143 points gain. The Nifty futures were trading at 17,688 on the Singaporean Exchange around 07:30 hours IST.
IIP grows by 3.2% in October 2021
The Index of Industrial Production (IIP) grew by 3.2 percent in October 2021 compared to the corresponding period in the previous year, as per the data released by the government on December 10.
The IIP growth rate has marginally slowed down as compared to September 2021 when a 3.3 percent surge was recorded as per the revised estimates.
India's forex reserves decline $1.783 billion to $635.905 billion
India’s foreign exchange reserves declined for the second consecutive week, ending $1.783 billion down at $635.905 billion for the week ended December 3, RBI data showed on Friday.
In the previous week, the reserves had slid by $2.713 million to $637.687 billion. In the reporting week ended December 3, the dip in the forex kitty was mainly on account of a decline in foreign currency assets (FCA), a major component of the overall reserves.
Oil rises on optimism Omicron impact will be limited on fuel demand
Oil prices rose on Monday, extending gains from last Friday, helped by growing optimism that the Omicron coronavirus variant's impact will be limited on global economic growth and fuel demand.
Brent futures climbed 53 cents, or 0.7%, to $75.68 a barrel by 0100 GMT, after rising 1% on Friday. US West Texas Intermediate (WTI) gained 69 cents, or 1.0%, to $72.36 a barrel, following a 1% increase in the previous session.
US consumer prices rose 6.8% in November, biggest jump since 1982
US consumer prices continued to surge in November, climbing 6.8 percent compared to the same month in 2020, the biggest jump since June 1982, the government said Friday.
The leap in the consumer price index (CPI) was caused by increases in a wide range of items, including a 6.1 percent jump in gasoline prices, while rents, used car and food costs also increased, according to the Labor Department.
India to recover faster than other BRICS nations, says economic bulletin
India’s recovery from the slowdown inflicted by the coronavirus pandemic is projected to be higher than other member nations, according to the BRICS Economic Bulletin 2021 released by the Reserve Bank of India (RBI) on December 10.
"Charting the expected growth recovery for 2021, India’s recovery is projected to be higher than other BRICS nations," the bulletin said.
Among the BRICS nations, Brazil’s response has been the largest of the most emerging market economies (EMEs), including the other BRICS countries, the bulletin said citing the IMF’s data on countries fiscal measures in response to the COVID-19 pandemic.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,092.40 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 386.63 crore in the Indian equity market on December 10, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Three stocks - Escorts, Indiabulls Housing Finance and Vodafone Idea - are under the F&O ban for December 13. 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
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