The Indian stock market is expected to open flat to positive as trends on SGX Nifty indicate a muted start for the index in India.
On Wednesday, the BSE Sensex fell 28.73 points to 54,525.93, while the Nifty50 rose 2.20 points to 16,282.30 and formed a bearish candle which resembles Hanging Man kind of pattern on the daily charts.
According to pivot charts, the key support levels for the Nifty are placed at 16,183.53, followed by 16,084.87. If the index moves up, the key resistance levels to watch out for are 16,359.83 and 16,437.47.
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
The Dow Jones Industrial Average and S&P 500 closed at record levels on Wednesday, as data indicated U.S. inflation growth may have peaked, while sectors tied to economic growth advanced on the heels of the passage of a large infrastructure bill.
The Dow Jones Industrial Average rose 221.22 points, or 0.63%, to 35,485.89, the S&P 500 gained 11.11 points, or 0.25%, to 4,447.86 and the Nasdaq Composite dropped 23.91 points, or 0.16%, to 14,764.18.
Asian Markets
Asian indices were trading mixed with Nikkei and Straits Times up marginally, while Shanghai Composite and Taiwan Weighted trading marginally lower.
SGX Nifty
Trends on SGX Nifty indicate a flat opening for the index in India with a 27 points gains. The Nifty futures were trading at 16,321 on the Singaporean Exchange around 07:25 hours IST.
U.S. consumer price increases slow in July, signs inflation peaked
U.S. consumer prices increases slowed in July even as they remained at a 13-year high on a yearly basis and there were tentative signs inflation has peaked as supply-chain disruptions caused by the pandemic work their way through the economy.
The consumer price index increased 0.5% last month after climbing 0.9% in June, the Labor Department said on Wednesday. In the 12 months through July, the CPI advanced 5.4%. The drop in the month-to-month inflation rate was the largest in 15 months.
Japan wholesale inflation hits 13-year high as import costs rise
Japanese wholesale prices rose in July at their fastest annual pace in 13 years, data showed on Thursday, a sign the global commodity inflation and a weak yen were pushing up raw material import costs for a broad range of goods.
The corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, rose 5.6% in July from a year earlier, Bank of Japan data showed, beating a median market forecast for a 5.0% gain.
Dollar off 4-month high
The dollar held near a four-month peak against major peers on Thursday after retreating overnight as a cooling in consumer inflation tempered bets for an earlier tightening of U.S. monetary policy.
Sapphire Foods files draft papers with SEBI to raise funds
Sapphire Foods’ IPO process has kickstarted with the largest franchise operator of YUM! Brands in the Indian subcontinent in terms of revenue in FY20, filing the Draft Red Herring Prospectus with capital market regulator SEBI.
Sapphire Foods IPO comprises 1,75,69,941 equity shares and is a complete offer for sale by shareholders.
The offer for sale includes 8.5 lakh equity shares held by QSR Management Trust (QMT), 55,69,533 equity shares by Sapphire Foods Mauritius, 48,46,706 equity shares by WWD RUBY, 39,61,737 equity shares by Amethyst, 80,169 equity shares by AAJV Investment Trust, 16,15,569 EQUITY shares by Edelweiss Crossover Opportunities Fund, and 6,46,227 equity shares by Edelweiss Crossover Opportunities Fund – Series II.
Results on August 12
Tata Steel, Eicher Motors, Hero MotoCorp, Aurobindo Pharma, BPCL, Oil India, Ashok Leyland, Bharat Forge, Ansal Properties & Infrastructure, Apollo Micro Systems, Ashapura Minechem, Avanti Feeds, Clariant Chemicals (India), Dishman Carbogen Amcis, Dish TV India, Engineers India, Finolex Cables, Gujarat Pipavav Port, GR Infraprojects, HCC, HealthCare Global Enterprises, HUDCO, Ind-Swift Laboratories, IRCON International, IRCTC, JB Chemicals, KNR Constructions, Matrimony.com, Max India, Mazagon Dock Shipbuilders, Mishra Dhatu Nigam, Minda Corporation, Natco Pharma, NMDC, Page Industries, Power Finance Corporation, RailTel Corporation of India, RCF, Redington (India), RITES, Sadbhav Infrastructure Project, Schneider Electric Infrastructure, Skipper, Sundram Fasteners, Suryoday Small Finance Bank, Thyrocare Technologies, Trident, Ujjivan Financial Services, and Venus Remedies will release their quarterly earnings on August 12.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 238.14 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 206.28 crore in the Indian equity market on August 11, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Six stocks – Canara Bank, Indiabulls Housing Finance, NALCO, Punjab National Bank, RBL Bank, and Sun TV Network – are under the F&O ban for August 12. 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