The Indian stock market is expected to open flat on December 31 as trends on SGX Nifty indicate a positive opening for the index in India with an 13-point gain.
On December 30, the BSE Sensex was down 12.17 points at 57,794.32, while the Nifty50 declined 9.60 points to 17,204 and formed Doji kind of pattern on the daily charts.
According to pivot charts, the key support levels for the Nifty are placed at 17,145.43, followed by 17,086.97. If the index moves up, the key resistance levels to watch out for are 17,263.23 and 17,322.56.
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:
Wall Street closed lower on Thursday, retreating late in thin holiday volume from record highs set early in the session on strong U.S. data including a drop in weekly claims for U.S. unemployment benefits.
The Dow Jones Industrial Average fell 90.55 points, or 0.25%, to 36,398.08, the S&P 500 lost 14.33 points, or 0.30%, to 4,778.73 and the Nasdaq Composite dropped 24.65 points, or 0.16%, to 15,741.56.
Hong Kong stocks led gains among major Asia-Pacific markets on Friday with Chinese tech stocks in the city soaring.
Mainland Chinese stocks were also higher, with the Shanghai composite up 0.2% while the Shenzhen component climbed 0.18%. Elsewhere, the S&P/ASX 200 in Australia slipped 0.47%. Singapore’s Straits Times index gained 0.32%.
Trends on SGX Nifty indicate a positive opening for the index in India with a 13-point gain. The Nifty futures were trading at 17,308 on the Singaporean Exchange at around 07:20 hours IST.
US jobless claims drop, showing no Omicron hit yet
New claims for US unemployment benefits fell in the week leading up to Christmas and benefits rolls slid to their lowest level of the coronavirus pandemic era the week earlier, the Labor Department said on Thursday, data that showed no impact yet on employment from the rapidly spreading Omicron variant.
Initial claims for state unemployment benefits dropped to a seasonally adjusted 198,000 for the week ended Dec. 25 from a revised 206,000 a week earlier. Early this month, claims dropped to a level last seen in 1969.
Inflation to remain a worry but demand will be strong in 2022: FMCG players
Fast moving consumer goods (FMCG) makers are bracing for inflation in key inputs in 2022, but expect it to be offset by strong demand for their products in the coming year.
Two major trends in 2022 will be an uptick in discretionary spending and consumer movement towards branded products, several companies in the FMCG sector told Moneycontrol.
“While we expect the overall inflationary trends to continue, the discretionary spends have picked up in the last few quarters. In the last six-eight months, we have seen a good uptick in categories like snacks, juices, premium biscuits, deodorants, and premium soaps. We see this trend continuing in the upcoming year as well,” said an ITC spokesperson.
China's December factory activity edges up despite virus outbreaks
China's factory activity unexpectedly accelerated in December, but only by a small margin, according to an official survey released on Friday, amid disruptions from COVID outbreaks and as the broader economy loses momentum in the fourth quarter.
The official manufacturing Purchasing Manager's Index (PMI) rose to 50.3 from 50.1 in November, data from the National Bureau of Statistics (NBS) showed.
CMS Info Systems, one of the largest cash management companies in India and the last one to list on the stock exchanges in 2021, is unlikely to create the enthusiasm seen when HP Adhesives and Supriya Lifescience debuted earlier this week.
Experts said the company’s shares could list at about the issue price of Rs 216, given the muted initial public offering subscription figures, lukewarm interest in the grey market and concerns over a third Covid-19 wave even though it has strong fundamentals and operational excellence.
Oil prices rise slightly ahead of OPEC+ meeting next week
Oil prices rose slightly on Thursday on expectations that fuel demand held up despite soaring Omicron coronavirus infections and that OPEC and its allies would continue to increase imports only incrementally.
Brent crude futures settled at $79.32 a barrel, up 9 cents, or 0.11%. U.S. crude futures rose 43 cents, or 0.56%, to settle at $76.9 a barrel, the seventh straight session of gains.
South Korea Nov factory output jumps, beats expectations
South Korea's factory output in November far outperformed expectations on strong exports orders for cars and chips, government data showed on Thursday.
Industrial production last month increased by a seasonally adjusted 5.1% from October, beating a median 2.5% gain tipped in a Reuters survey as car output soared 11.3%.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 986.32 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 577.74 crore in the Indian equity market on December 30, as per provisional data available on the NSE.With inputs from Reuters & other agencies