Indian equity benchmarks are expected to open lower, as indicated by Nifty Futures trading on the Singapore Stock Exchange. Nifty Futures on Singapore Exchange, also known as SGX Nifty Futures, fell 26 points or 0.15% to 17,514 amid weak signals from global markets.
Here are the key things to know before markets open on Wednesday
Most Asian markets were trading lower following the weak close in US markets. Japan’s Nikkei fell 0.65%, Hong Kong’s Hang Seng fell 1.04%, Taiwan Weighted fell 0.57% and South Korea’s KOSPI fell 0.81% .
Wall Street stocks extended their recent losing streak on Tuesday as investors scrutinized disappointing earnings reports and eagerly awaited the release of a closely watched inflation snapshot from the Federal Reserve.
The S&P 500 fell 0.4%, marking its fourth consecutive decline. The Dow Jones Industrial Average fell 0.2% and the Nasdaq 1.2%.
Stocks of smaller companies also fell, sending the Russell 2000 Index down 1.5%.
Tech companies and retailers were the biggest drags on the market, outweighing gains in energy, financial services and elsewhere. Bond yields rose overall.
The selloff likely reflects investors taking profits ahead of Wednesday’s consumer price index report, said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute.
Checking the price of gold and crude oil
Benchmark U.S. crude for September delivery fell 26 cents to $90.50 a barrel on Tuesday. Brent crude for October delivery fell 34 cents to $96.31 a barrel.
Gold for December delivery rose $7.10 to $1,812.30 an ounce. Silver for September delivery fell 13 cents to $20.48 an ounce and September copper was unchanged at $3.59 a pound.
The dollar fell from 134.88 yen to 135.18 Japanese yen. The euro fell from $1.0186 to $1.0205.
Foreign institutional investors (FII) bought shares worth Rs 1,450 crore on Monday while domestic institutional investors sold shares worth Rs 141 crore.
The rupiah depreciated 39 paise to close at 79.63 against the US currency on Monday, under pressure from demand for dollars and lower risk appetite among investors.
Lower crude oil prices and a rally in domestic equities limited losses to some extent, traders said.
On the interbank foreign exchange market, the national currency opened weakly at 79.50 per dollar. It oscillated between a high of 79.45 and a low of 79.65 during the session.
Actions in brief
Infosys: India’s second-largest IT services company, Infosys, is “comfortable” with the higher revenue growth forecast of 14-16% it gave for the full year, as global IT spending is down. good shape,” CEO Salil Parekh said on Tuesday.
The Infosys boss told PTI in an interview that the company sees continued strength in the US and European markets, although it is watching the macroeconomic environment closely as “these are things that need to be watched constantly. “.
The upbeat comment from Infosys management comes even amid talk that the global economy could face a heightened risk of recession.
Tata Communications: Tata Communications under-reported its gross revenue between 2006-2007 and 2017-2018, leading to a drop of Rs 645 million in license fee levies over the period, the Comptroller and Auditor General of the State has said. India (CAG) in a report.
The CAG, in the report, also said the amount was to be recovered from Tata Communications Ltd (TCL).
Tata Teleservices (Maharashtra): Loss-making telecom operator Tata Teleservices (Maharashtra) on Tuesday reported a narrowing loss to Rs 295.1 crore in the first quarter of the current financial year.
The company had recorded a loss of Rs 318.45 crore during the same period a year ago.
Bharti Airtel: Telecom operator Bharti Airtel will begin rolling out 5G services this month and cover all cities and major rural areas in the country by March 2024, a senior company official said on Tuesday.
Managing Director and CEO of Bharti Airtel, Gopal Vittal also said that the price of mobile services in India is very low and needs to increase.
Tata Chemicals: Tata Chemicals on Tuesday announced an 86.25% increase in its consolidated net profit to Rs 637 crore in the quarter ending June.
The company’s net profit stood at Rs 342 crore in the corresponding quarter last fiscal year, Tata Chemicals said in a regulatory filing.
The company’s operating revenue increased by 34.15% in the quarter under review to Rs 3,995 crore from Rs 2,978 crore in the same period last fiscal year.
GAIL India: GAIL (India) Ltd wants to double its share capital and add specialty chemicals and clean energy to its business segment as it seeks to diversify its business beyond natural gas transmission and distribution.
GAIL has sought shareholder approval to increase the authorized share capital of the company to Rs 10,000 crore from the current Rs 5,000 crore to help raise funds for its expansion plans over the next 3-4 years .
ABB India: ABB India said on Tuesday its net profit more than doubled to Rs 147 crore in the June quarter, mainly on higher revenue.
The company had reported a profit of Rs 68 crore in the quarter ended June 30, 2021, according to a statement from the company.
Its total revenue rose to Rs 2,053 crore in the quarter from Rs 1,425 crore a year ago.
FRM: Tire maker MRF Ltd on Tuesday reported a 25.35% decline in consolidated profit from continuing operations to Rs 123.6 crore in the first quarter ended June, impacted by rising raw material costs.
The company, which had posted a consolidated profit for the period from continuing operations of Rs 165.58 crore in the period a year ago, said its board had approved an increase of Rs 100 crore by l issue of non-convertible debentures on the basis of a private placement.
Consolidated revenue from operations in the June quarter amounted to Rs 5,695.93 crore compared to Rs 4,183.96 crore in the last financial year, MRF Ltd said in a regulatory filing.
(With contributions from the Agency)