The Indian market is set for a positive start on Friday as its global peers extended massive gains from the previous session.
However, Indian investors remained cautious after government data suggested that the fiscal deficit touched 114.8 percent of the full-year target of Rs 6.24 lakh crore at the end of November on account of lower revenue collections.
At 07:23 AM, SGX Nifty, an early indicator of the Nifty 50's trend in India, was up 0.57 percent at 10,871, indicating a positive opening for the Indian market.
Here's what you need to know before the market opens: Asia: Asia stocks inched higher on Friday after Wall Street ended volatile trade in the green, adding to the massive gains of the previous session although lingering investor jitters helped support safe-haven currencies such as the yen. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.15 percent. It has fallen almost 4 percent so far in December. Wall Street: US stocks roared back to end in positive territory on Thursday, with the Dow adding 1.14 percent, after suffering steep losses for much of the session. The gains come a day after Wall Street indexes posted their biggest daily percentage increases in nearly a decade following a sharp plunge at the week's start. However, all three US major indexes remain down more than 9 percent for December following losses earlier in the month. Oil: US oil prices rose on Friday to claw back some of the ground they lost in the previous session, but growth in US crude stockpiles and ongoing concerns about the global economy kept markets under pressure. US West Texas Intermediate (WTI) crude futures, were up $1.37, or 3.07 percent, at $45.98 per barrel at 0042 GMT, having earlier rising as high as $46.05 per barrel. They ended Thursday down 3.48 percent, or $1.61, at $44.61 a barrel. Rupee: The rupee closed at 70.35 against the US dollar on Thursday. Market close: Indian market was volatile ahead of expiry, but closed Thursday’s session largely higher with market breadth mildly in favour of advances. The BSE Sensex slipped 234 points from highs to end the session with a gain of 157 points at 35,807 while the NSE Nifty50 fell 54 points from highs, but held on to 50-day moving average of 10,770 ending at 10,780. Gold: Gold prices were steady near six-month highs on Friday, supported by worries over economic growth but pressured by gains in global equity markets. Spot gold had risen 0.1 percent to $1,276.15 per ounce as at 0126 GMT. The metal on Wednesday hit its highest level since June 19 at $1,279.06. PSU Banks: The contribution of state-owned firms to the central exchequer by way of excise duty, customs duty, GST, corporate tax, dividend and others fell 2.98 per cent to Rs 3,50,052 crore in 2017-18, according to a survey tabled in Parliament Thursday. In 2016-17, CPSEs' contribution to the exchequer stood at Rs 3,60,815 crore. Fiscal Deficit: The country's fiscal deficit touched 114.8 percent of the full-year target of Rs 6.24 lakh crore at the end of November on account of lower revenue collections, showed government data on Thursday. The fiscal deficit, or gap between expenditure and revenue, stood at Rs 7.16 lakh crore during April-November of the current financial year, reflecting deterioration in public finances. RBI OMO: The central bank on Thursday went ahead with the open market operations (OMO) bond purchase of Rs 15,000 crore. The total amount offered (Face value) by participants was more than Rs 36,400 crore. Fund raising: Indian companies have raised Rs 63,744 crore through various equity market routes in 2018, a slump of 60 per cent from the all-time high of Rs 1.6 lakh crore garnered in the preceding year, according to data analytics major Prime Database. Apart from equity, firms have also mopped up Rs 29,944 crore through public issuance of bonds during the year. (With inputs from agencies)