Benchmarks for Indian stocks are expected to open lower on Thursday, as indicated by Nifty Futures traded on the Singapore Stock Exchange. The Nifty Futures on Singapore Exchange, also known as SGX Nifty Futures, fell 0.87% or 152 points to 17,352 amid weak global signals.
Here are the key things to know before the market opens on Thursday:
Most Asian markets were trading lower with Japan’s Nikkei down 1.23%, South Korea’s KOSPI down 1.42%, Singapore’s Straits Times down 0.1% and Taiwan Weighted down 2%.
Stocks closed lower on Wall Street, reversing course after two days of gains.
Major indexes are still higher for the week despite the declines, which dragged down all sectors except energy. Treasury yields continue to climb to multi-year highs, tempting investors with higher returns on relatively low-risk investments.
The two-year Treasury yield rose above 4.5% and is at its highest level since August 2007.
Several companies fell after reporting disappointing results, including standby generator maker Generac and M&T Bank. Small company stocks fell more than the rest of the market.
The S&P 500 fell 24.82 points, or 0.7%, to 3,695.16.
The Dow Jones Industrial Average fell 99.99 points, or 0.3%, to 30,423.81.
The Nasdaq fell 91.89 points, or 0.9%, to 10,680.51.
Checking the price of gold and crude oil
Benchmark U.S. crude for November delivery rose $2.73 to $85.55 a barrel on Wednesday. Brent crude for December delivery rose $2.38 to $92.41 a barrel.
Gold for December delivery fell $21.60 to $1,634.20 an ounce. Silver for December delivery fell 24 cents to $18.36 an ounce and December copper fell 4 cents to $3.32 an pound.
The dollar fell from 149.21 Japanese yen to 149.90 yen. The euro fell to 97.68 cents from 98.50 cents.
Foreign institutional investors on Wednesday sold shares worth Rs 454 crore while domestic institutional investors bought shares worth Rs 908 crore.
Actions in brief
Bharat Electronics: Electric vehicle manufacturer Triton Electric Vehicle India has issued a letter of intent to defense public sector unit Bharat Electronics to procure batteries for its semi-trailer project in India worth an estimated Rs 8,060 crore, according to a regulatory filing.
The 300-kilowatt lithium-ion batteries are to be delivered by Bharat Electronics (BEL) to Triton in 24 months from January 2023, the filing said.
“Triton Electric Vehicle India Pvt Ltd, part of Triton Electric Vehicle LLC, USA, today issued a Letter of Intent to Navaratna Defense PSU Bharat Electronics for the purchase of 300 KW Li-Ion batteries for its semi-trailer project in India at an estimated value of Rs 8,060 crore,” the filing said.
IndusInd Bank: IndusInd Bank on Wednesday reported a 57% rise in its September quarter net profit to Rs 1,805 crore, helped by a reduction in cash set aside as provisions for potentially sour loans.
The private sector lender reported 18% growth in core net interest income to Rs 4,302 crore on the back of 18% loan growth and net interest margin widening to 4, 24% against 4.07% a year ago. period.
Amid the “war on deposits” in the system, the bank was able to increase its deposit book by 15% in the second quarter of the current fiscal year.
Wealth of the IIFL: The IIFL Wealth & Asset Management on Wednesday announced a 23% growth in profit after tax (PAT) to Rs 173 crore for the three months ended September 2022.
The company had posted a PAT of Rs 140 crore in the same quarter last financial year, IIFL Wealth & Asset Management said in a statement.
IRB Infra developers: IRB Infrastructure Developers said on Wednesday that its Ganga Expressway project has raised equity of Rs 533.20 crore.
The company, in a statement, said Singapore-based GIC affiliates contributed Rs 261.29 crore and IRB Infra contributed Rs 271.90 crore.
Tata engines: ata Motors announced on Wednesday that it has placed an order for 2,000 XPRES T electric vehicles with the Evera platform.
“Evera has been associated with us for a long time, and we are delighted to further strengthen this bond, by signing an agreement to deliver 2,000 electric vehicles,” Shailesh Chandra, managing director of Tata Motors Passenger Vehicles, said in a statement.
Rallies India: The company on Wednesday reported a 25.88% growth in profit after tax to Rs 71.05 crore in the September quarter compared to the year-ago period.
Its after-tax profit stood at Rs 56.44 crore in the corresponding period of the previous financial year, it said in a regulatory filing.
These figures are after taking into account exceptional items.
The company’s operating revenue increased by 30.69% to Rs 951.18 crore in the second quarter of the current financial year. A year ago, it stood at Rs 727.80 crore.
Havells India: Havells India Ltd on Wednesday reported a 38.15% decline in its consolidated net profit to Rs 187.01 crore for the second quarter ended September 30, 2022 as commodity inflation hit its margins.
The consumer electrical products manufacturing company had recorded a consolidated net profit of Rs 302.39 crore in the July-September quarter a year ago, Havells said in a regulatory filing.