The market is expected to open in the red as trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 28 points.
The BSE Sensex gained 37 points at 58,803, while the Nifty50 declined 3 points to 17,540 and formed a bearish candle on the daily charts. The index lost 0.1 percent for the week, but formed a bullish candlestick pattern on the weekly scale as the closing was higher than the opening levels.
As per the pivot charts, the key support level for the Nifty is placed at 17,462, followed by 17,386. If the index moves up, the key resistance levels to watch out for are 17,630 and 17,721.
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
US stocks closed out the trading week on a down note on Friday, as early gains from a jobs report that showed a labor market that may be starting to loosen gave way to worries about the European gas crisis.
The Dow Jones Industrial Average fell 337.98 points, or 1.07 percent, to 31,318.44; the S&P 500 lost 42.59 points, or 1.07 percent, to 3,924.26; and the Nasdaq Composite dropped 154.26 points, or 1.31 percent, to 11,630.86.
Asian Markets
Asian shares slipped on Monday while the euro took a fresh spill after Russia shut a major gas pipeline to Europe, leading some governments there to announce emergency measures to ease the pain of soaring energy prices.
MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1%, and Japan's Nikkei was off 0.3 percent.
SGX Nifty
Trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 28 points. The Nifty futures were trading around 17,511 levels on the Singaporean exchange.
India likely to become world's third-largest economy by 2029: SBI report
India is likely to become the third-largest economy in the world by 2029 due to a major structural shift since 2014, according to a State Bank of India (SBI) research report. The path taken by India since 2014 reveals the nation is likely to get the tag of the third-largest economy in 2029, a movement of seven places upwards since 2014 when India was ranked 10th, the report said.
The report highlighted that owing to looming uncertainties, a growth rate of 6-6.5 percent is the new normal in the global economy. "India should surpass Germany in 2027 and most likely Japan by 2029 at the current rate of growth," the report said.
US hiring slowed in August as employers add 315,000 jobs
American employers slowed down their hiring in August in the face of rising interest rates, high inflation and sluggish consumer spending, all of which have weakened the outlook for the economy.
The US government reported on Friday that the economy added 315,000 jobs last month, down from 526,000 in July and below the average gain of the previous three months. The unemployment rate rose to 3.7 percent, from a half-century low of 3.5 percent in July, as more Americans came off the sidelines to look for jobs and didn't find work immediately.
OPEC+ to weigh rollover or small cut at Monday meeting: Sources
OPEC+ is likely to keep oil output quotas unchanged for October at a meeting on Monday, five OPEC+ sources said, although some sources would not rule out a small production cut to bolster prices that have slid due to fears of an economic slowdown.
The Organization of the Petroleum Exporting Countries and allies, including Russia, known as OPEC+, meets as demand faces headwinds and supply could be boosted by returning Iranian crude if Tehran secures a deal with world powers on its nuclear work.
Inflation will soon be on a downward trajectory in India: RBI Governor Shaktikanta Das
Reserve Bank of India (RBI) Governor Shaktikanta Das said inflation is likely to go down in the coming months in India and the impact of high inflation is past its peak. “Inflation has become a global phenomenon. The globalisation of inflation has happened now,” Das said in an interview with Zee Business on September 2. "Considering the global situation, we can say that inflation reached its peak in India in April, but will now gradually come down.”
According to the RBI governor, there will be slight ups and downs in the coming months, but the trajectory will be mostly downward in future. “There are various reasons why inflation will be on a downward trajectory. Firstly, crude oil prices are coming down. Commodity and food prices have also softened,” he added.
India's trade worries grow as exports lose steam, imports surge
A marginal contraction in exports, coupled with a continuing surge in the country's import bill through August, has renewed concerns over India's widening trade deficit and its impact on the broader economy.
For the first five months of this fiscal year (April-August), exports totalled $192.6 billion, while imports stood at $317.8 billion, leaving India with a record trade deficit of $125.2 billion, or nearly two-and-a-half times the level in the same period a year ago. In April-August last year, the trade deficit stood at $53.8 billion. If the current trends continued through the remaining part of the fiscal, India's trade deficit may touch $250 billion by March 2023, analysts said. This would compare to a trade deficit of $192.4 billion in the previous 2021-22 fiscal year.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 8.79 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 668.74 crore on September 2, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
The National Stock Exchange has added Delta Corp in F&O ban list for September 5. 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 and other agencies