The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 76 points.
On December 8, the BSE Sensex surged 1,016 points, or 1.76 percent, to 58,649.68, while the Nifty50 climbed 293.10 points, or 1.71 percent, to 17,469.80 and formed bullish candle on the daily charts.
According to pivot charts, the key support levels for the Nifty are placed at 17,357.6, followed by 17,245.4. If the index moves up, the key resistance levels to watch out for are 17,533.3 and 17,596.8.
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 closed slightly higher on Wednesday with the three major indexes managing their third straight day of gains after test data showed the COVID-19 vaccine from Pfizer and BioNTech offered some protection against the new Omicron variant.
The Dow Jones Industrial Average rose 35.32 points, or 0.1%, to 35,754.75, the S&P 500 gained 14.46 points, or 0.31%, to 4,701.21 and the Nasdaq Composite added 100.07 points, or 0.64%, to 15,786.99.
Asian Markets
Asia-Pacific markets traded mixed Thursday as investors assessed risks surrounding the omicron Covid variant. The Nikkei 225 in Japan declined 0.15% while the Topix index fell 0.29%. In Australia, the ASX 200 declined 0.09%
SGX Nifty
Trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 76 points. The Nifty futures were trading around 17,561 levels on the Singaporean exchange.
JP Morgan says 2022 to see full global economic recovery
US investment bank JP Morgan predicted on Wednesday that 2022 will mark the end of the coronavirus pandemic and see a full global economic recovery. The bank's outlook report for next year said new vaccines and therapeutics would result in a "strong cyclical recovery, a return of global mobility, and a release of pent-up demand from consumers.
Marko Kolanovic, its Chief Global Markets Strategist & Co-Head of Global Research, said the bank expected the US S&P 500 to rise nearly 8 percent to 5050 points, emerging market stocks to surge 18 percent and 10-year US Treasury yields - a key driver of global borrowing costs - to rise to 2.25 percent by the end of 2022.
Japan downgrades Q3 GDP
Japan's economy shrank slightly faster than initially reported in the third quarter, as a sharp rise in local COVID-19 cases hit private consumption and a global chip supply shortage hurt corporate sentiment.
Japan's economy declined an annualised 3.6% in July-September, revised Cabinet Office data showed Wednesday, worse than the preliminary reading of a 3.0% contraction.
Oil edges higher on waning fears of Omicron's effects
Oil prices ended higher in a back-and-forth session on Wednesday, maintaining a positive tone as investors no longer expect the Omicron coronavirus variant to derail global economic growth.
Brent crude futures settled at $75.82, up 38 cents, or 0.5%. US West Texas Intermediate crude ended at $72.36 a barrel, up 31 cents or 0.4%.
Yields climb as vaccine update weighed against Omicron spread
The benchmark US 10-year Treasury yield rose modestly on Wednesday, as investors weighed encouraging vaccine news on the new Omicron variant against the rapid spread of cases. The yield on 10-year Treasury notes was up 2.8 basis points to 1.508%. The three-day climb in yields marks the longest streak of gains since mid-October.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 579.27 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,735.50 crore in the Indian equity market on December 8, as per provisional data available on the NSE.
US job openings jump to 11 million; fewer workers voluntarily quitting
US job openings surged in October while hiring decreased, suggesting a worsening worker shortage, which could hamper employment growth and the overall economy. Job openings, a measure of labor demand, increased by 431,000 to 11.0 million on the last day of October. This was the second-highest on record. Economists polled by Reuters had forecast 10.4 million vacancies.
Stocks under F&O ban on NSE
One stock - Indiabulls Housing Finance - is under the F&O ban for December 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 agencies