Trends on SGX Nifty indicate a flat opening for the index in India with a 4 points loss.
The Indian stock market is expected to open flat with SGX Nifty indicating a 4 points loss. The Nifty futures were trading at 11,209 on the Singaporean Exchange.
The Sensex closed 362 points, or 0.96 percent, higher at 38,025.45 on August 6 and the Nifty ended the day at 11,200.15, up 99 points, or 0.89 percent. Experts are of the view that the market might continue its positive movement in the near-term, with more stock-specific action as the earnings season progresses.
According to pivot charts, the key support level for the Nifty is placed at 11,132.73, followed by 11,065.27. If the index moves up, the key resistance levels to watch out for are 11,262.23 and 11,324.27.
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
Shares on Wall Street shrugged off a sluggish start and closed higher on Thursday, with the Nasdaq ending the session above 11,000 for the first time as investors hoped for a new fiscal stimulus package.
The Dow Jones Industrial Average rose 185.46 points, or 0.68 percent, to 27,386.98, the S&P 500 gained 21.39 points, or 0.64 percent, to 3,349.16 and the Nasdaq Composite added 109.67 points, or 1 percent, to 11,108.07.
Asian Markets
Asia shares were poised to open higher on Friday, tracking global equity markets' overnight gains as investors awaited a U.S. nonfarm payrolls report. Hong Kong futures were up 0.23% and Nikkei futures were trading above the Nikkei 225 index's previous close, pointing to an opening advance of 0.14%.
SGX Nifty
Trends on SGX Nifty indicate a flat opening for the index in India with a 4 points loss. The Nifty futures were trading at 11,209 on the Singaporean Exchange around 07:30 hours IST.
Oil settles below 5-month highs amid fuel demand worries
Oil prices hovered below five-month highs on Thursday, falling after a session in which bearish sentiment on fuel demand counteracted optimism about Iraq’s supply cuts, pushing the benchmarks in and out of the positive territory.
Brent crude settled down 8 cents at $45.09 a barrel, while US crude fell 24 cents to $41.95 after a four-day streak of gains.
SEBI amends disclosure norms about intimation of record date to stock exchanges
Markets regulator Sebi has amended disclosure norms pertaining to intimation of the record date to stock exchanges. Under the norms, listed companies will intimate the record date for corporate events, including dividend declaration, bonus share and rights issue, to stock exchanges.
The record date is for the purpose of declaration of dividend, issue of right or bonus shares, issue of shares for conversion of debentures or any other convertible security, shares arising out of rights attached to debentures or any other convertible security and corporate actions like mergers, de-mergers, splits and bonus shares.
State-wise GST mop-up for July shows no economic recovery from COVID-19 slowdown
State-wise Goods & Services Tax (GST) collections in July showed an 11.1 percent month-on-month dip in most states, except a few small ones, government data revealed. State-wise GST data shows that the dip in collections is true for both consumer and manufacturing states.
Consuming states like Punjab and Kerala have seen a significant month-on-month decline in GST collections. Punjab and Kerala saw a 11.5 percent and 13.8 percent fall in collections month-on-month, respectively.
Easy liquidity led to faster monetary transmission; banks pass on 1.62 percent rate cuts in 17 months: RBI
The Reserve Bank on Thursday said monetary transmission has improved considerably due to comfortable liquidity conditions and banks have passed on the benefit to borrowers by reducing lending rates by about 1.62 percent in the last nearly one-and-a-half years. Defending the easy liquidity stance, RBI Governor Shaktikanta Das said the private sector entities have benefitted out of the policy.
Das said the measures, which got adopted with deep rate cuts, have also ensured faster transmission of the policy rates into the actual lending by banks, in turn helping the economy. At present, the overall excess liquidity is at over Rs 5 lakh crore.
Trump says coronavirus vaccine possible before November 3
US President Donald Trump said on Thursday it was possible the United States would have a coronavirus vaccine before the November election, a far more optimistic forecast than timing put forth by White House health experts. Asked on the Geraldo Rivera radio program when a vaccine might be ready, Trump said, "Sooner than the end of the year, could be much sooner."
"Sooner than November 3?" he was asked. "I think in some cases, yes possible before, but right around that time," Trump said.
US weekly jobless claims hover at higher levels
The number of Americans seeking unemployment benefits fell last week, but remained significantly high, suggesting the labor market was stalling as the country battles a resurgence in new COVID-19 cases that is threatening a budding economic recovery.
Initial claims for state unemployment benefits totalled a seasonally adjusted 1.186 million for the week ended August 1, compared to 1.435 million in the prior week, the Labor Department said on Thursday. Economists polled by Reuters had forecast 1.415 million applications in the latest week.
Results on August 7
Mahindra & Mahindra, Cipla, Siemens, Abbott India, Aditya Birla Capital, Adani Transmission, Alkem Laboratories, Bata India, Alphageo (India), Amara Raja Batteries, Amber Enterprises India, Andhra Paper, Automotive Axles, Balrampur Chini Mills, BEML, Birla Corporation, Container Corporation of India, Emami, Entertainment Network India (ENIL), FDC, Finolex Industries, Indo Rama Synthetics, Kajaria Ceramics, Mahanagar Gas, Nucleus Software Exports, Punjab & Sind Bank, REC, Shipping Corporation of India, Sobha, Sudarshan Chemical Industries, etc.
FII and DII data
Foreign institutional investors (FIIs) bought shares worth Rs 637.43 crore while domestic institutional investors (DIIs) sold shares worth Rs 468 crore in the Indian equity market on August 6, as per provisional data available on the NSE.
1 stock under F&O ban on NSE
Canara Bank is under the F&O ban for August 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