Indian shares are likely to open lower on Monday, tracking negative cues from Asian after China's central bank cut banks’ reserve requirements in a bid to support growth.
Investors' sentiment are likely to remain muted amid continued weakness in rupee coupled with hawkish comments from US Federal Reserve officials that bolstered the case of further US rate hikes.
At 06.53 AM, SGX Nifty, an early indicator of the Nifty 50's trend in India, fell 0.16 percent to 10,284, indicating a weak opening for the Indian market today.
Here is what you need to know before the market opens:
Asia: MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.3 percent, after major stock markets around the world fell for a second straight day on Friday. Australian shares were down 1 percent. Markets in Japan are closed for a holiday.
US: The Dow Jones Industrial Average fell 0.68 percent and the S&P 500 lost 0.55 percent, while the Nasdaq Composite dropped 1.16 percent - its first weekly percentage decline since March.
Crude oil prices: International benchmark Brent crude oil futures were at $83.25 per barrel at 0115 GMT, down 91 cents, or 1.1 percent, from their last close. US West Texas Intermediate (WTI) crude futures were down 57 cents, or 0.8 percent, at $73.77 a barrel.
Market at close on Friday: The BSE Sensex tanked 792 points, or 2.25 percent, to end at 34,377 on Friday after the Reserve Bank of India (RBI) decided to hold key interest rates, while the NSE Nifty50 dipped 283 points, or 2.67 percent, to settle at 10,316. Benchmark indexes saw their biggest ever weekly fall in absolute terms weighed down by macro-economic concerns.
Rupee: The Indian rupee closed at 73.77 against the US dollar on Friday, after hitting a historic low of 74.08 earlier in the day after the Reserve Bank of India surprised the markets by keeping repo rate unchanged at 6.50 percent.
Dollar: The dollar was 0.07 percent stronger against the yen at 113.78, while the euro was 0.05 stronger against the dollar at $1.1528. The dollar index, which tracks the greenback against a basket of six major rivals, was flat at 95.617.
FII & DII data: Foreign institutional investors (FIIs) sold shares worth Rs 3,370 crore while domestic institutional investors bought shares worth Rs 1,902 crore in the Indian equity market on Friday.
RBI Policy: In a surprise move, the Reserve Bank of India kept the repo rate unchanged at 6.50 percent- the rate at which it lends money to commercial banks. The reverse repo rate was also retained at 6.25 percent.
S-400 Air Defence System Deal: India and Russia finally signed a contract for the S-400 air defence system worth $5.5 billion. Delivery of this state of the art military equipment would begin in two years from now.
General Election 2019: The Election Commission (EC) on Saturday announced the dates for the Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram Assembly polls. While Chhattisgarh will go to the polls in two phases on November 12 and 20, the Madhya Pradesh and Mizoram Assembly elections will be held on November 28. Polling in Rajasthan and Telangana will be held on December 7, announced Chief Election Commissioner (CEO) OP Rawat. Counting of votes will be held across all the five states on December 11, he said.
(With inputs from agencies)
First Published: IST