Indian stock 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 0.37% or 66 points to 17,678 amid weak global indices.
Here are the key things to know before the market opens on Monday:
Asian stocks slid on Monday and the dollar continued to rise amid global growth angst, with most major banks continuing to hike rates, while a slight easing from China did not has only highlighted the problems in its real estate market.
Japan’s Nikkei fell 0.45%, Hong Kong’s Hang Seng fell 0.51%, Taiwan Weighted fell 0.87% and South Korea’s KOSPI fell 0.8%.
Wall Street capped off a choppy week of trading on Friday with a broad decline in stocks that left major indexes in the red for the week.
The S&P 500 closed down 1.3%, snapping a four-week winning streak. Shares of more than 80% of companies in the benchmark fell, with tech stocks driving much of the pullback.
The tech-heavy Nasdaq composite fell 2% and also ended four weeks of gains. The Dow Jones Industrial Average fell 0.9%, ending slightly in the red for the week. Small company stocks also lost ground, driving the Russell 2000 Index down 2.2%.
Friday marked the market’s biggest sell-off, including the S&P 500’s biggest drop in more than seven weeks, after a strong run of weekly gains. The strong market rally in July and early August followed better-than-expected corporate earnings and signs of a slowing economy, perhaps paving the way for less aggressive rate hikes, the main policy tool. the Federal Reserve to control soaring inflation.
Checking the price of gold and crude oil
Benchmark U.S. crude for September delivery rose 27 cents to $90.77 a barrel on Friday. Brent crude for October delivery rose 13 cents to $96.72 a barrel.
Gold for December delivery fell $8.30 to $1,762.90 an ounce. Silver for September delivery fell 39 cents to $19.07 an ounce and September copper rose 3 cents to $3.66 a pound.
The dollar fell from 135.91 yen to 136.91 Japanese yen. The euro fell to $1.0034 from $1.0091.
Foreign institutional investors sold shares worth Rs 1,111 crore on Friday while domestic institutional investors sold shares worth Rs 1,633 crore.
Actions in brief
Zomato: In the middle of a row, online food delivery company Zomato pulled the ad featuring actor Hrithik Roshan and apologized while clarifying that the “Mahakal” reference was for a restaurant and it wasn’t. did not mean the temple based in Ujjain.
Two priests from the famous Mahakaleshwar temple in Madhya Pradesh had objected to the advert saying it offended Hindu feelings and demanded its removal.
Madhya Pradesh Home Minister Narottam Mishra had instructed police to look into the controversy.
In the ad, Roshan says he was craving to have a “thali” (food platter) in Ujjain so he ordered it from “Mahakal”.
InterGlobe Aviation: An IndiGo flight from Delhi to Kolkata suffered a ‘false cargo smoke warning’ before landing on Sunday and aviation regulator DGCA is investigating the incident.
After arriving at Kolkata airport, inspections were carried out on the Airbus plane and “the warning was confirmed as false”, IndiGo said on Sunday.
According to its press release published on Sunday evening, necessary corrections to the detection system are in progress.
LIC: LIC Mutual Fund, which has missed the growth bus over the past three decades of operation, is on a catch-up bid and has set itself the target of breaking the Rs 1-lakh-crore-AUM mark over the course of of the next five years.
Over the past few years, the mutual fund industry, made up of 43 players, has grown exponentially, both in terms of assets under management (AUM) and number of folios.
AUM jumped 14% year on year in June 2022 to Rs 37.74 lakh crore, while the number of folios hit an all-time high of 13.55 crore, according to the latest data from Amfi.
Larsen & Toubro: Engineering firm Larsen & Toubro is committed to working across the entire green energy value chain and plans to invest up to $2.5 billion over the next 3-4 years , said a company official.
Investment of such magnitude in the green energy sector depends on market developments.
This statement follows Larsen & Toubro’s (L&T) plan to achieve water and carbon neutrality by 2035 and 2040, respectively.