Benchmarks for Indian stocks are expected to open higher on Friday, as indicated by Nifty Futures traded on the Singapore Stock Exchange. The Nifty Futures on Singapore Exchange, also known as SGX Nifty Futures, rose 43 points or 0.27% to 15,976.
Benchmarks Sensex and Nifty gave up early gains to close lower for a fourth consecutive session on Thursday as IT and banking stocks sold off amid weakness in global equities.
BSE’s 30-stock benchmark was 98 points or 0.18% lower at 53,416.15. During the day, it reached a high of 53,861.28 and a low of 53,163.77.
The broader NSE Nifty also pared initial gains and ended 28 points or 0.18% lower to settle at 15,938.65.
Here are the key things to know before the market opens on Friday:
Most Asian markets were trading higher. Japan’s Nikkei rose 0.51%, Hong Kong’s Hang Seng fell 0.69%, South Korea’s KOSPI rose 0.03% and Taiwan Weighted rose 0.04%.
Stocks closed broadly lower on Wall Street on Thursday as JPMorgan Chase opened the latest round of big bank earnings with weak results and a warning about the economy.
Wall Street is also pricing in the latest government reports showing inflation remains high and shows no signs of slowing, even as central banks attempt to loosen their grip on businesses and consumers by raising interest rates.
The S&P 500 fell 11.40 points, or 0.3%, to 3,790.38. Nearly three out of four stocks in the benchmark ended in the red. The Dow Jones Industrial Average fell 142.62 points, or 0.5%, to 30,630.17. The Nasdaq rose 3.60 points, or less than 0.1%, to 11,251.19.
Banks suffered some of the largest losses and weighed heavily on the market. JPMorgan Chase fell 3.5% after reporting a sharp decline in earnings for its latest quarter, below forecasts. CEO Jamie Dimon stuck to his warning earlier this summer that a “hurricane” could be heading for the economy.
Crude oil and gold price check
Benchmark U.S. crude for August delivery fell 52 cents to $95.78. a rollover on Thursday. Brent crude for September delivery fell 47 cents to $99.10 a barrel.
Gold for August delivery fell $29.70 to $1,705.80 an ounce. Silver for September delivery fell 96 cents to $18.23 an ounce and September copper fell 11 cents to $3.21 a pound.
The dollar fell from 137.32 yen to 138.87 Japanese yen. The euro fell to $1.0032 from $1.0062.
Foreign institutional investors bought shares worth Rs 309 crore on Thursday while domestic institutional investors sold shares worth Rs 556 crore.
The rupee edged closer to an all-time low of 80 against the US currency on Thursday as it fell just over 18 paise to settle at 79.9975 amid a strengthening greenback in overseas markets .
While headline inflation remained in double digits for 15 straight months through June, the expected deterioration in the country’s current account deficit and currency outflows dragged the local unit near the psychological low of 80 vs. the greenback.
A sharp correction in crude oil prices over the past few days, however, was a respite for the local currency, analysts said.
Actions in brief
Adani Ports: Adani Group chairman Gautam Adani said on Thursday that the group had won the tender for the privatization of a port in Israel in partnership with Gadot.
“Delighted to win the tender for the privatization of Haifa Port in Israel with our partner Gadot. Immense strategic and historical significance for both nations,” Adani said in a tweet.
Dabour: Major FMCG Dabur India Ltd has four brands in its kitty having a turnover of Rs 1,000 crore and above, according to the company’s annual report.
Its two brands – Dabur Honey and Dabur Chyawanprash – have over Rs 500 crore in sales.
“At the end of the 2021-22 financial year, we had 12 brands that are over Rs 100 crore in size, two brands that are over Rs 500 crore in size and four other brands that have a turnover of over Rs 100 crore. Rs 1,000 crore,” Dabur India said in its annual report. .
Tata Steel long products: Tata Steel Long Products Limited (TSLP) reported a net loss of Rs 331.09 crore in the June quarter on Thursday, mainly due to higher expenses.
The company made a profit of Rs 331.60 in the prior year period.
Its total income, however, rose to Rs 2,154.78 crore from Rs 1,726.82 crore in the quarter ended June 2021.
The company saw its expenses increase to Rs 2,489.58 crore from Rs 1,282.59 crore in the same period a year ago.
LIC: The Life Insurance Corporation of India (LIC) on Thursday announced the Indian Intrinsic Value (IEV) at Rs 5,41,492 crore as of March 31, 2022, from Rs 95,605 crore as of March 31, 2021.
Embedded Value (EV) is a measure of the consolidated value of shareholder participation in the life insurance industry.
It represents the present value of the shareholders’ interests in the distributable profits of the assets allocated to the company after sufficient consideration of the cumulative risks of the company.
VAC: Cement maker ACC Ltd on Thursday reported a 60.07% drop in its consolidated net profit to Rs 227.35 crore in the June 2022 quarter, due to rising fuel costs and related inflationary impacts.
The company, which tracks the financial year from January to December, recorded a profit of Rs 569.45 crore in April-June 2021, the ACC said in a BSE filing.
Its total operating income in the quarter under review was Rs 4,468.42 crore, up 15.01% from Rs 3,884.94 crore in the corresponding period a year ago.