MARKETS LIVE: State polls\, oil prices\, macro economic data to guide markets

MARKETS LIVE: State polls, oil prices, macro economic data to guide markets

Catch all the live action here

SI Reporter  |  New Delhi 

SMEs, banks, foreign exchange, markets, forex, small and medium price industries,
SMEs at large do not understand forex and the concept of hedging, which banks often exploit. (Photo: iStock)

A number of factors such as outcome of state elections, crude oil price movement post Organization of the Petroleum Exporting Countries (OPEC) decision on output cuts, macroeconomic data (IIP,  CPI, WPI  and the Balance of Trade data), rupee movement and geopolitical developments are likely to set the tone for equities this week. The final results of five state assembly elections - Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram -- will start pouring in on Tuesday morning.

The Indian rupee on Friday staged a mild recovery to close at 70.82, rising 8 paise against the US dollar in line with the rally in domestic stocks and positive global cues.

Macro Data

On the macroeconomic front, current account balance data to be announced in the later day today. The Central Statistics Office (CSO) is likely to release IIP and CPI (consumer price index) numbers on Wednesday. Among other key data wholesale price indexed-inflation (WPI) and the Balance of Trade data is slated to release on December 14.

Global Markets

Stocks extended their slump in early Asian trade on Monday, with US equity futures off to a softer start for the week as worries over U.S.-China trade tensions battered investor sentiment.

Japan's Nikkei 225 fell more than 2 per cent in early trade while the Topix index dropped 1.88 per cent. South Korea's Kospi also slipped 1.45 per cent. In Australia, the ASX 200 fell 1.71 per cent earlier in morning trade. 

Shares on Wall Street on Friday fell more than 1 per cent, with a drop in technology stocks sparking a turnaround from earlier in the day amid the trade standoff.

The Dow Jones Industrial Average fell 360.85 points, or 1.45 per cent, to 24,586.82, the S&P 500 lost 38.23 points, or 1.42 per cent, to 2,657.72 and the Nasdaq Composite dropped 137.53 points, or 1.91 per cent, to 7,050.73.

Oil Prices

International oil prices rose on Monday, extending gains from Friday when producer club OPEC and some non-affiliated producers agreed to a supply cut of 1.2 million barrels per day (bpd) from January. International Brent crude oil futures were at $61.81 per barrel, up 14 cents, or 0.2 per cent, from their last close.

Prices surged on Friday after the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including heavyweight Russia announced they would cut oil supply by 1.2 million bpd, with an 800,000 bpd reduction planned by OPEC-members and 400,000 bpd by countries not affiliated with the group.

US West Texas Intermediate (WTI) crude futures were at $52.35 per barrel, 26 cents, or 0.5 per cent, below their last close.

(With Reuters input)
MARKETS LIVE: State polls, oil prices, macro economic data to guide markets

SGX Nifty   SGX Nifty was trading 1.47 per cent, or 157 points lower at 10,581.50 levels in early trade.

MARKETS LIVE: State polls, oil prices, macro economic data to guide markets

Asian stocks extend decline as trade woes batter sentiment   Stocks extended their slump in early Asian trade on Monday, with U.S. equity futures off to a softer start for the week as worries over U.S.-China trade tensions battered investor sentiment.   Japan's Nikkei 225 fell more than 2 per cent in early trade while the Topix index dropped 1.88 per cent. South Korea's Kospi also slipped 1.45 per cent. In Australia, the ASX 200 fell 1.71 per cent earlier in morning trade. 

MARKETS LIVE: State polls, oil prices, macro economic data to guide markets

Wall Street check   Wall Street’s main indexes fell more than 2 per cent on Friday in a broad sell-off led by declines in big Internet and technology shares, and posted their largest weekly percentage drops since March as concerns over US-China trade tensions and interest rates convulsed Wall Street. The S&P 500 erased virtually all of its gains from a week earlier, when the benchmark index notched its biggest weekly rise in seven years.   The Dow Jones Industrial Average fell 558.72 points, or 2.24 per cent, to 24,388.95, the S&P 500 lost 62.87 points, or 2.33 per cent, to 2,633.08 and the Nasdaq Composite dropped 219.01 points, or 3.05 per cent, to 6,969.25.

MARKETS LIVE: State polls, oil prices, macro economic data to guide markets

Good morning Welcome to Business Standard's live blog. Catch all the live market action here.
First Published: Mon, December 10 2018. 08:05 IST