Indian equity benchmarks are expected to open on a flat note, as indicated by Nifty Futures trading on the Singapore Stock Exchange. Nifty Futures on Singapore Exchange, also known as SGX Nifty Futures, rose 10 points to 17,699 amid mixed indices from global markets.
Here are the key things to know before markets open on Friday
Asian markets were trading mixed, with Japan’s Nikkei up 2.35%, Hong Kong’s Hang Seng trading flat with a minor gain of 0.04%, Taiwan Weighted up 0.43 % and the South Korean KOSPI gained 0.04%.
An afternoon pullback left stock indexes on Wall Street with a mixed finish on Thursday, wiping out most of their gains from an early morning rally amid further signs of slowing inflation.
The S&P 500 closed down 0.1% after rising 1.1% at the start. The Nasdaq fell 0.6%, while the Dow Jones Industrial Average posted a 0.1% gain.
The indices got a big boost early on following a report showing that wholesale inflation slowed more than economists had expected last month. The report, which came a day after a colder-than-expected reading on consumer-level inflation, boosted investors’ hopes that inflation could be close to a peak and the Federal Reserve will be less aggressive. about rising interest rates than feared.
Checking the price of gold and crude oil
Benchmark U.S. crude for September delivery rose $2.41 to $94.34 a barrel on Thursday.
Brent crude for October delivery rose $2.20 to $99.60 a barrel. Wholesale gasoline for September delivery was unchanged at $3.07 a gallon.
Furnace oil in September rose 7 cents to $3.48 a gallon. September natural gas rose 67 cents to $8.87 per 1,000 cubic feet.
Gold for December delivery fell $6.50 to $1,807.20 an ounce. Silver for September delivery fell 39 cents to $20.35 an ounce and September copper was up 6 cents to $3.71 a pound.
Foreign institutional investors (FII) bought shares worth Rs 2,298 crore on Thursday while domestic institutional investors sold shares worth Rs 730 crore.
The rupiah depreciated 37 paise to close at 79.62 against the US dollar on Thursday despite sustained foreign capital inflows and a positive trend in equities.
In the interbank FX market, the local currency opened at 79.22 and saw an intraday high of 79.22 and a low of 79.94 against the US currency.
It eventually closed at 79.62, down 37 paise from its previous close of 79.25.
Actions in brief
Adani Companies: The Adani Group will invest Rs 57,575 crore in setting up an alumina refinery in Odisha as the wealthiest Indian-led conglomerate Gautam Adani adds an additional venture.
In a press release, the group announced that it will set up an alumina refinery of 4 million tons per year near the bauxite mines as well as an iron ore project.
“The High-Level Clearance Authority (HLCA) of the Government of Odisha, headed by Chief Minister Naveen Patnaik, has approved Adani Group’s proposal to set up two projects – a 4 million ton integrated alumina refinery per year
Thirty : Tata Group’s retail company Trent Ltd on Thursday announced a consolidated net profit of Rs 114.93 crore in the first quarter of the current financial year.
The company had posted a net loss of Rs 138.29 crore in the April to June quarter a year ago, Trent said in an ESB filing.
Its operating revenue in the quarter under review was Rs 1,803.15 crore, more than triple the corresponding pandemic-hit quarter a year ago.