The Indian stock market is expected to open on a cautious note as trends on SGX Nifty indicate a flat opening for the index in India with a 10 points gain.
The BSE Sensex climbed 134.32 points to 52,904.05, while the Nifty50 rose 41.60 points to 15,854 and formed a small bullish candle on the daily charts.
According to pivot charts, the key support levels for the Nifty are placed at 15,786.37, followed by 15,718.73. If the index moves up, the key resistance levels to watch out for are 15,899.47 and 15,944.93.
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
Global stocks prices closed flat and bond yields edged lower on Wednesday after U.S. Federal Reserve Chair Jerome Powell soothed investor angst by saying a recent inflation spike will fade, helping lift the S&P 500 to a fresh intraday record.
The Dow Jones Industrial Average rose 0.13%, the S&P 500 added 0.12% and the Nasdaq Composite slipped 0.22%.
Asian Markets
Asian shares held firm on Thursday after Federal Reserve Chair Jerome Powell said the U.S. economy was “still a ways off” from levels the central bank wanted to see before tapering its monetary support.
MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed in early trade while Japan’s Nikkei dropped 0.4%.
SGX Nifty
Trends on SGX Nifty indicate a cautious opening for the index in India with a 10 points gain. The Nifty futures were trading at 15,874 on the Singaporean Exchange around 07:30 hours IST.
Oil prices drop after Saudi-UAE reach output compromise
Oil prices dropped on Wednesday after sources told Reuters Saudi Arabia and the United Arab Emirates had reached a compromise that should unlock an OPEC+ deal to boost global oil supplies as the world recovers from the coronavirus pandemic. read more
The two Gulf producers agreed for the UAE to increase its baseline production in an output deal that members of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, reached last year, the sources said.
Fed's Powell stays focused on jobs recovery, says inflation to ease
US monetary policy will offer “powerful support” to the economy “until the recovery is complete,” Federal Reserve Chair Jerome Powell said on Wednesday in remarks that portrayed a recent jump in inflation as temporary and focused on the need for continued job gains.
Addressing concerns that inflation posed new risks of its own, Powell said the pace of price increases “will likely remain elevated in coming months before moderating,” language that indicated he saw no need to rush the shift towards post-pandemic policy. Long-term inflation expectations, he said, remained consistent with the Fed’s 2% inflation target.
China Central Bank injects 100 bln yuan worth of medium term loans, rate unchanged
China's central bank partially rolled over maturing medium-term loans on Thursday, the same day when a cut in the banks' reserve requirements takes effect.
The People's Bank of China (PBOC) said in a statement it was keeping the rate on 100 billion yuan ($15.46 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions steady at 2.95% from previous operations.
REITs, InvITs garner Rs 55,000-crore in FY21; net assets grow to Rs 1.64 lakh crore
Emerging investment instruments REITs and InvITs are catching investors' fancy as they collectively raised close to Rs 55,000 crore in 2020-21, taking their net assets to Rs 1.64 lakh crore.
Of the total, Rs 40,432 crore was raised by infrastructure investments trusts (InvITs) and Rs 14,300 crore by real estate investment trusts (REITs) in 2020-21, data released by the Securities and Exchange Board of India (Sebi) showed on Wednesday.
Market capitalisation of BSE-listed firms touches record high; crosses Rs 233 lakh crore
The market capitalisation of BSE-listed companies reached an all-time high of Rs 2,33,06,440.17 crore on Wednesday, mainly driven by optimistic sentiments in the broader market. At close of trade, the BSE Sensex jumped 134.32 points or 0.25 percent to 52,904.05, registering its second straight session of gains.
The market capitalisation of BSE-listed companies reached the new record high of Rs 2,33,06,440.17 crore at the end of the day’s trade. Investors’ wealth has jumped Rs 1,42,806.24 crore in the two days of market rally.
Results on July 15
Wipro, Angel Broking, Avantel, Aditya Birla Money, Cyient, Ganesh Housing Corporation, Larsen & Toubro Infotech, Onward Technologies, Rama Paper Mills, Rollatainers, Tata Elxsi, and Tata Steel Long Products will release quarterly earnings on July 15.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,303.95 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 1,335.91 crore in the Indian equity market on July 14, as per provisional data available on the NSE.
With inputs from Reuters & other agenciesTop 10 things to know before the market opens - Moneycontrol.com
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