Indian shares are set for a positive start on Monday on the back of easing worries over current account deficit as Brent crude stayed below $60 per barrel amid amid weak fundamentals and struggling financial markets.
At 07:08 AM, SGX Nifty, an early indicator of the Nifty 50's trend in India, was up 0.23 percent at 10,637, indicating a positive opening for the Indian market.
Here is what you need to know before the market opens: Asia: MSCI's broadest index of Asia-Pacific shares outside Japan was down slightly while Japan's Nikkei posted gains of 0.2 percent after initial losses. Wall Street: On Friday, the Dow Jones Industrial Average fell 150.43 points, or 0.61 percent, to 24,314.26, the S&P 500 lost 5.45 points, or 0.21 percent, to 2,644.48 and the Nasdaq Composite added 0.38 points, or 0.01 percent, to 6,972.63. Crude Oil Prices: Oil prices traded near their lowest levels since October last year, having dived 8 percent on Friday for the biggest weekly losses in nearly three years, with rising US production intensifying fears of a supply glut. In early Monday trade, US crude futures fetched $50.53 per barrel, slightly higher though not far from Friday’s low of $50.15. Brent crude futures last stood at $58.99 per barrel, near Friday’s low of $58.41. Market At Close On Thursday: Indian equity market extended losses at close on Thursday with both benchmark indexes declining 1.5 percent this week. The broader 50-share Nifty gave up 10,550 in trade with only 11 stocks ending in the green, while the Sensex also declined by 380 points from the day's high. The Sensex settled at 34,981, down by 219 points, or 0.62 percent, while the Nifty closed at 10,527, shedding 73 points, or 0.69 percent. Rupee: The rupee closed at 70.67, up 78 paise against the dollar on Thursday. Dollar: The dollar’s index against at basket of six major currencies stood at 96.908, not far from this year’s top of 97.704 marked two weeks ago. The yen changed hands at 112.91 to the dollar. FII & DII data: Foreign institutional investors (FIIs) bought shares worth Rs 446 crore, while domestic institutional investors (DIIs) bought shares worth Rs 50 crore in the Indian equity market on November 22. CAIT To PM Modi: In a communication sent to the Prime Minister, the Confederation of All India Traders (CAIT) has demanded complete overhauling of the country's retail trade. Arun Jaitley on RBI: India does not need money from the Reserve Bank of India (RBI) in the next six months, the finance minister said in a TV interview telecast on Friday, rejecting opposition charges the government was seeking access to the bank's reserves to fund schemes ahead of the 2019 general election. Ayodhya Dispute: Amid heavy security, tens of thousands of monks and activists from Hindu nationalist groups began converging on the town of Ayodhya on Sunday to demand the construction of a temple on a disputed religious site.
(With inputs from agencies)
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