Indian shares looked set for a negative start on Tuesday, tracking weak Asian equities, as investors remained cautious over mounting geopolitical concerns and corporate earnings back home.
At 07:15 AM, SGX Nifty, an early indicator of the Nifty 50's trend in India, was down 0.54 percent to 10,197, indicating a weak opening for the Indian market today.
US stock futures dropped 0.5 percent in early Asian trade. US President Donald Trump said on Monday he was still not satisfied with what
he has heard from Saudi Arabia about the killing of journalist Jamal Khashoggi at its consulate in Turkey.
Here is what you need to know before the stock market opens:
Asia: Asian shares edged lower on Tuesday as earnings season nerves in the US dented Wall Street, while a cocktail of negative factors from Saudi Arabia’s diplomatic isolation to concerns over Italy’s budget and Brexit talks depressed sentiment. US: The S&P 500 and the Dow fell in choppy trading on Monday as energy and financial stocks lost ground and caution grew ahead of a slew of earnings reports this week.
Rupee: The rupee closed at 73.51 against the US dollar on Monday.
Oil: Oil prices were steady on Tuesday as Saudi Arabia pledged to play a "responsible role" in energy markets, although sentiment remained nervous in the run-up to US sanctions against Iran's crude exports that start next month.
Dollar: The dollar gained against its major peers on Tuesday, reining as the preferred safe haven currency as uncertainty over Brexit negotiations and Italy’s free spending budget spooked investors away from the euro and sterling.
Gold: Gold prices inched up early Tuesday as Asian stocks faltered, weighed down by political tensions between Saudi Arabia and Western powers, uncertainties around Brexit and Italy's budgetary woes.
Sebi on mutual funds: To bring transparency in expenses and reduce portfolio churning and misselling in mutual funds, Sebi on Monday asked asset management companies to adopt full trail model of commission in all schemes without payment of any upfront commission. However, upfronting of trail commission will be allowed only in case of inflows through Systematic Investment Plans (SIPs), the Securities and Exchange Board of India (Sebi) said in a circular.
Direct tax collection: The net direct tax collection in the country grew by 15.7 per cent on year-on-year basis to reach Rs 4.89 lakh crore in the current fiscal till third week of October, a senior official on Monday quoting from the latest data. This marks over 42 per cent of the full-year direct tax collection target of Rs 11.5 lakh crore for the fiscal ending March 31, 2019.
Indian banking sector: With unprecedented frauds and surging bad debt, Indian banks have fared badly in credit profile, asset quality, capitalisation and profitability, according to a report published on Monday by Moody's Investors Service.
Market at close: Indian shares ended more than half a percent lower on Monday, under-performing its Asian peers. The NSE Nifty50 fell 163 points from the day’s high to end the session 58 points in the red at 10,245. The BSE Sensex slipped 614 points from highs to close 181 points lower at 34,134.
(With inputs from agencies)