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 63 points loss.
The BSE Sensex was down 18.82 points at 52,861.18, while the Nifty50 fell 16.10 points to 15,818.30 and formed Gravestone Doji kind of pattern on the daily charts.
According to pivot charts, the key support levels for the Nifty are placed at 15,774.73, followed by 15,731.27. If the index moves up, the key resistance levels to watch out for are 15,887.93 and 15,957.67.
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:
The Dow and S&P 500 fell on Tuesday, with financials and other groups closely tied to economic growth leading declines, while the Nasdaq edged higher to another closing record.
The S&P 500 banks index fell 2.5% as U.S. Treasuries rallied, with the 10-year yield hitting its lowest since Feb. 24.Data showed U.S. services industry activity grew at a moderate pace in June, likely restrained by labor and raw material shortages.
The Dow Jones Industrial Average fell 208.98 points, or 0.6%, to 34,577.37, the S&P 500 lost 8.8 points, or 0.20%, to 4,343.54 and the Nasdaq Composite added 24.32 points, or 0.17%, to 14,663.64.
Shares in Asia-Pacific were mixed in Wednesday morning trade following losses on Wall Street with the S&P 500 ending its seven-day winning streak.
In Japan, the Nikkei 225 dropped 0.75% while the Topix index declined 0.52%. South Korea’s Kospi shed 0.68%.
Trends on SGX Nifty indicate a negative opening for the index in India with a 63 points loss. The Nifty futures were trading at 15,778 on the Singaporean Exchange around 07:30 hours IST.
Oil slips after reaching multi-year highs on OPEC+ dispute
Oil prices slipped on Tuesday, driven by profit-taking in response to multi-year highs reached after OPEC+ producers clashed over plans to raise supply to meet rising global demand. Brent crude was down $1.30 a barrel, or 1.7%, at $75.86 by 1354 GMT, having hit a session peak of $77.84 for its highest since October 2018. U.S. West Texas Intermediate (WTI) crude futures traded down 47 cents, or 0.6%, at $74.69 after touching $76.98 for its highest since November 2014.
Ministers from OPEC+, which groups producers from the Organization of the Petroleum Exporting Countries (OPEC) with Russia and others, abandoned talks on Monday as negotiations failed to close divisions within the group.
India's hiring rate recovered moderately from 10% in April to 35% in May 2021: LinkedIn data
India's hiring rate has recovered moderately from 10 percent in April to 35 percent in May 2021, but the aftermath of the second COVID-19 wave has left professionals in India increasingly vulnerable to the economic uncertainty, as per LinkedIn data. India's hiring rate on LinkedIn dropped from 50 percent in March 2021 to 10 percent in April 2021.
The hiring rate witnessed a modest revival to 35 percent in May 2021, as localised curfews gradually lifted and economic activity partially resumed.
Bond yields shoot up amid hardening crude prices, transition to new benchmark
The yield on the benchmark government bond continued to rise on July 6 amid worries around higher crude prices feeding into inflation. The current phase of transition from the old benchmark to the new one also caused the former to turn illiquid and investors to exit it, market participants said.
The benchmark bond yield closed at 6.175 percent, up from the previous close of 6.088 percent. Every year, the Reserve Bank of India (RBI) notifies a new 10-year government security as the benchmark bond. According to market players, the new benchmark bond auction is expected on 9 July.
Zomato may have to disclose NRAI complaint in RHP
The National Restaurant Association of India (NRAI) has moved the Competition Commission of India (CCI), highlighting the anti-competitive issues with the IPO (initial public offering)-bound Zomato. At a time when the company is expected to launch its much-anticipated IPO, here's how this episode is expected to unfold.
The CCI may call the two parties and start an investigation or may consider ignoring it altogether if it thinks the complaint lacks merit. However, now that the complaint has been filed, Zomato will be expected to make a disclosure about it in the final Red Herring Prospectus (RHP).
Gold slips from 3-week peak as dollar firms ahead of Fed minutes
Gold prices edged lower on Wednesday after hitting a three-week peak in the previous session, as a rebound in the dollar weighed on the safe-haven metal ahead of the release of minutes from the U.S. Federal Reserve’s June policy meeting.
All eyes are on minutes from the Fed’s latest meeting that is expected to shed more light on interest rate trajectory after a hawkish tilt from the U.S. central bank last month.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 543.30 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 521.30 crore in the Indian equity market on July 6, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Four stocks - Indiabulls Housing Finance, NALCO, NMDC and Punjab National Bank - are under the F&O ban for July 7. 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