Trends on SGX Nifty indicate a flat opening for the index in India with a 24 points loss.
The Indian stock market is expected to open on a flat to positive note on optimism over a coronavirus vaccine despite US-China tensions.
The S&P BSE Sensex plunged more than 700 points from the day’s high on July 15 while the Nifty fell more than 200 points to close just above 10,600 levels. The Sensex closed 18 points higher at 36,051 while the Nifty gained 10 points at 10,618.
Stay tuned to Moneycontrol to find out what happens in 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
U.S. stocks ended sharply higher on Wednesday, with the S&P 500 at its highest since early June, following promising early data for a potential COVID-19 vaccine and a strong quarterly report from Goldman Sachs.
The Dow Jones Industrial Average rose 0.85% to end at 26,870.03 points, while the S&P 500 gained 0.91% to 3,226.55. The Nasdaq Composite climbed 0.59% to 10,550.49.
Asian Markets
Asian shares look set to continue a march upwards as optimism over a coronavirus vaccine carry weight over the ongoing spread of the disease and simmering U.S.-China tensions.
Australian S&P/ASX 200 futures rose 0.37% in early trading. Japan’s Nikkei 225 futures added 0.07%, and Hong Kong’s Hang Seng index futures rose 0.25%.
SGX Nifty
Trends on SGX Nifty indicate a flat opening for the index in India with a 24 points loss. The Nifty futures were trading at 10,625 on the Singaporean Exchange around 07:30 hours IST.
Oil prices slip after OPEC, allies agree to loosen oil supply curbs
Oil prices slid on Thursday after OPEC and allies such as Russia agreed to ease record supply curbs from August, though the drop was cushioned by hopes for a swift U.S. demand pick-up after a bigger-than-expected drawdown from the country’s crude stocks.
Brent crude fell 13 cents, or 0.3%, at $43.66 a barrel by 0015 GMT, and U.S. West Texas Intermediate (WTI) crude dropped 18 cents, or 0.4%, to $41.02 a barrel. They rose 2% the previous day, helped by the U.S. crude inventories drop.
India's exports fall 12.41%, imports by 47.5% in June
Contracting for the fourth straight month, India's exports declined by 12.41 percent to $21.91 billion in June mainly due to drop in shipments of petroleum, textiles, engineering goods, and gems and jewellery items. Imports too plunged 47.59 percent to $21.11 billion in June, leaving a trade surplus of $0.79 billion, compared to a deficit of $15.28 billion in the same month of the last year, according to the data released by the Commerce and Industry Ministry on Wednesday.
During April-June 2020, exports fell by 36.71 percent to $51.32 billion, while imports shrank by 52.43 percent to $60.44 billion. The trade deficit stood at $9.12 billion during the two months of the current fiscal.
No transaction fee on commodity derivatives till September: NSE
Leading stock exchange NSE has extended the zero transaction charge for trades done in commodity derivatives segment till September 30. The bourse had launched its commodity derivatives segment on October 12, 2018. The bourse had launched its commodity derivatives segment on October 12, 2018.
NSE had earlier decided that no transaction charges will be levied on the transactions done in commodity derivatives segment of the exchange up to June 30,2020. "Based on the positive market feedback it has been decided to extend the same from July 1, 2020, to September 30, 2020,” the National Stock Exchange (NSE) said in a circular on Monday.
S&P Global says fresh capital to provide stability to banks in rocky times
Global rating firm S&P Global on July 14 applauded the decision of India banks to raise fresh capital stating that the move will provide solidity to the organisations during these rocky times and assist them to withstand the economic slump amid the coronavirus pandemic.
The rating agency said in a release that "the large capital-raising is credit positive," appending that "large capital increases across India's financial institutions support the system's stability during these rocky times."
Infosys Q1 profit at Rs 4,233 crore
IT services company Infosys on July 15 reported a 2 percent decline in June quarter profit at Rs 4,233 crore, ahead of a CNBC-TV18 analysts' poll that had pegged the number at Rs 3,950 crore, on strong operating performance, as the company surprised the street by giving full-year constant currency revenue growth guidance.
Revenue from operations increased 1.7 percent sequentially to Rs 23,665 crore in the June quarter and dollar revenue fell 2.4 percent quarter-on-quarter to $3,121 million for the quarter (against CNBC-TV18 analysts' estimates of Rs 23,000 crore and $3,038 million, respectively). Constant currency revenue for the quarter fell 2 percent on a sequential basis, which was much better than street estimates of 5 percent decline QoQ.
Results on July 16
L&T Finance Holdings, L&T Technology Services, Bajaj Consumer Care, Bharat Wire Ropes, Aditya Birla Money, Cyient, etc.
FII and DII data
Foreign institutional investors (FIIs) and domestic institutional investors (DIIs) sold shares worth Rs 221.7 crore and Rs 899.37 crore, respectively, in the Indian equity market on July 15, provisional data available on the NSE showed.
10 stocks under F&O ban on NSE
Canara Bank, Century Textiles & Industries, Equitas Holdings, Escorts, Vodafone Idea, L&T Finance Holdings, Mindtree, Punjab National Bank, Steel Authority of India and Sun TV are under the F&O ban for July 16. 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