The Indian stock market is expected to open in the red following weak global cues as trends on SGX Nifty indicate a negative opening for the index in India with a 56 points loss.
The BSE Sensex fell 485.82 points to close at 52,568.94, while the Nifty50 declined 151.80 points to 15,727.90 and formed bearish candle on the daily charts.
According to pivot charts, the key support levels for the Nifty are placed at 15,645.27, followed by 15,562.63. If the index moves up, the key resistance levels to watch out for are 15,848.17 and 15,968.43.
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 lost ground on Thursday, with the S&P 500 and the Nasdaq pulling back from record closing highs in a broad sell-off driven by uncertainties surrounding the pace of the U.S. economic recovery.
The Dow Jones Industrial Average fell 259.86 points, or 0.75%, to 34,421.93, the S&P 500 lost 37.31 points, or 0.86%, to 4,320.82 and the Nasdaq Composite dropped 105.28 points, or 0.72%, to 14,559.79.
Asian Markets
Shares in Asia-Pacific fell in Friday morning trade as investors reacted to the release of Chinese inflation data.
In Japan, the Nikkei 225 led losses among the region’s major markets as it fell 2.01% in morning trade while the Topix index shed 1.85%.
SGX Nifty
Trends on SGX Nifty indicate a negative opening for the index in India with a 56 points loss. The Nifty futures were trading at 15,653 on the Singaporean Exchange around 07:30 hours IST.
The country's largest IT services provider Tata Consultancy Services on July 8 reported a consolidated profit of Rs 9,008 crore for the quarter ended June 2021, registering a 2.6 percent sequential decline due to lower other income, and missing analysts' expectations.
The year-on-year growth in consolidated profit was 28.5 percent during the quarter. Other income declined sharply by 22.6 percent QoQ to Rs 721 crore in Q1FY22. TCS said the revenue from operations grew by 3.9 percent sequentially to Rs 45,411 crore in the quarter ended June 2021, and the year-on-year growth was a massive 18.5 percent.
RBI issues advisory to banks to prepare for transition from LIBOR
The Reserve Bank of India (RBI) on July 8 issued an advisory to banks and other RBI-regulated entities emphasising the need for preparedness for the transition away from London Interbank Offered Rate (LIBOR).
The RBI advisory is part of a worldwide transition of financial institutions from old benchmark to new alternative reference rates. LIBOR is the interest rate average submitted by leading UK banks.
Private equity inflows jump 118% in H1 2021 to $11.82 billion
Private equity investment inflows to domestic firms soared two-fold in the first half of 2021 to $11.82 billion over the year-ago period when the whole world was under lockdowns due to the first wave of the killer virus, show industry data.
Fund inflows jumped over 77 percent in the second quarter of 2021 to $7.55 billion compared to $4.26 billion in the first quarter, according to the data collated by Refinitiv, the London Stock Exchange Group's financial markets data and insights arm.
US jobless claims rose unexpectedly
The number of Americans filing new claims for unemployment benefits rose slightly last week but continuing claims dropped, another indication that the labor market recovery from the COVID-19 pandemic continues to be choppy.
Initial claims for state unemployment benefits rose 2,000 to a seasonally adjusted 373,000 for the week ended July 3, the Labor Department said on Thursday. Economists polled by Reuters had forecast 350,000 applications for the latest week.
Results on July 10
Avenue Supermarts, PTC Industries, Castex Technologies, Gujarat Hotels, Indo-City Infotech, and Oriental Trimex will release quarterly earnings on July 10.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 554.92 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 949.18 crore in the Indian equity market on July 8, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Five stocks – Indiabulls Housing Finance, NALCO, NMDC, Punjab National Bank, and SAIL – are under the F&O ban for July 9. 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 agenciesTop 10 things to know before the market opens - Moneycontrol.com
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