Benchmarks for Indian stocks are expected to open lower on Monday, as indicated by Nifty Futures traded on the Singapore Stock Exchange. The Nifty Futures on Singapore Exchange, also known as SGX Nifty Futures, fell 0.77% or 133 points to 17,080 amid weak global indices.
Here are the key things to know before the market opens on Monday:
Most Asian markets were trading lower with Japan’s Nikkei down 1.5%, Singapore’s STRAITS TIMES down 1%, Hong Kong’s Hang Seng down 1% and Taiwan Weighted down 1%. 2.23%.
More inflation concerns helped spur a broad decline in stocks on Friday that left most major Wall Street indexes in the red for the week and wiped out much of the market’s gains after a strong one-day rally earlier.
A report showing that US consumers have raised their expectations for future inflation hurt markets around the world, offering another signal that the Federal Reserve may need to continue to aggressively raise interest rates to temper stubbornly high inflation. The strategy increases the risk of a recession.
The S&P 500 fell 2.4% after rising 1.2% at the start. The Dow Jones Industrial Average fell 1.3% and the Nasdaq composite ended down 3.1%. Both indexes also fell after rising early in the session.
Trading has been choppy all week and was particularly volatile on Thursday after a government report showed inflation remained very high. Major U.S. indices staged their biggest comeback in years on Thursday in a reversal from steep morning losses.
Checking the price of gold and crude oil
Benchmark U.S. crude for November delivery fell $3.50 to $85.61 a barrel on Friday. Brent crude for December delivery fell $2.94 to $91.63 a barrel.
Gold for December delivery fell $28.10 to $1,648.90 an ounce. Silver for December delivery fell 85 cents to $18.07 an ounce and December copper fell 2 cents to $3.42 a pound.
The dollar fell from 147.17 yen to 148.68 Japanese yen. The euro fell to 97.25 cents from 97.85 cents.
Foreign institutional investors sold shares worth Rs 1,011 crore on Friday while domestic institutional investors bought shares worth Rs 1,624 crore.
Actions in brief
HDFC Bank: HDFC Bank on Saturday announced a 22.30% increase in its consolidated net profit for the September quarter to Rs 11,125.21 crore, helped by a reduction in money set aside for bad debts.
On a stand-alone basis, the largest private sector lender’s net profit increased by more than 20.1% to Rs 10,605.78 crore from Rs 8,834.31 crore a year ago and Rs 9,196 crore rupees in the previous June quarter.
Core net interest income climbed 18.9% to Rs 21,021 crore on the back of more than 23% increase in advances, while net interest margin remained stable at 4.1% .
Bajaj Auto: Bajaj Auto’s net profit rose 20 percent to Rs 1,530 crore in the quarter ended September 30, despite the setback it is facing in major export markets, the company announced on Friday .
Electronics Mart India: The stock will debut in the market today. The stock was in high demand during the IPO, with the issue being subscribed 71.93 times.
ICICI Prudential Life Insurance Company: ICICI Prudential Life Insurance Company (ICICI Pru) on Saturday announced a drop of more than 55% in its net profit to Rs 199 crore in the quarter ended September 2022 due to lower revenues.
The company’s net profit in the quarter ended September 2021 was Rs 445 crore.
The net premium earned by the private sector insurer in July-September 2022-23 increased to Rs 95.82 crore from Rs 92.86 crore in the same period of 2021-22, ICICI Pru said in a regulatory file.
L&T Infotech: IT company Larsen and Toubro Infotech on Saturday recorded an increase of around 23% in its consolidated net profit to Rs 679.8 crore for the quarter ended September 2022.
The company had recorded a net profit of Rs 551.7 crore in the same period a year ago.
Consolidated revenue from Larsen and Toubro Infotech (LTI) operations increased by 28.39% to Rs 4,836.7 crore in the quarter from Rs 3,767 crore a year ago.