The Indian market is set for a weak start on Tuesday, taking cues from its Asian peers, after US President Donald Trump dampened the hopes of a trade truce with China. However, Brent crude oil made a comeback by hovering at $60 per barrel after suffering continuous losses which indicated a slowdown of global economy.
At 07:10 AM, SGX Nifty, an early indicator of the Nifty 50's trend in India, was down 0.46 percent at 10,597.50, indicating a weak opening for the Indian market.
Here is what you need to know before the market opens: Asia: Japan's Nikkei managed to edge up 0.4 percent, but MSCI's broadest index of Asia-Pacific shares outside Japan was all but flat. E-Mini futures for the S&P 500 eased back 0.35 percent, after rising sharply overnight. Wall Street:The Dow Jones Industrial Average rose 354.29 points, or 1.46 percent, to 24,640.24, the S&P 500 gained 40.89 points, or 1.55 percent, to 2,673.45 and the Nasdaq Composite added 142.87 points, or 2.06 percent, to 7,081.85. All three indexes posted their biggest percentage gains in nearly three weeks. Crude Oil Prices: US West Texas Intermediate (WTI) crude futures were at $51.52 per barrel at 0011 GMT, down 11 cents, or 0.2 percent from their last settlement. International Brent crude oil futures had yet to trade, but had barely hung on to $60 per barrel at the end of the previous day after Friday's price plunge. Since their most recent peaks in early October, oil prices have lost almost a third of their value, weighed down by an emerging supply overhang and by widespread weakness in financial markets. Market At Close On Monday: Indian market staged a major recovery in the second half of Monday’s trading session to settle higher at close. The Nifty ended at 10,629 with a gain of 102 points, while the Sensex moved 373 points higher to settle at 35,354. Barring pharma, all the sectoral indices ended with gains, largely led by private banks, IT and FMCG heavyweights of ITC and Hindustan Unilever. Rupee: The rupee closed at 70.87, down 20 paise against the dollar on Monday. Dollar: The dollar dipped to 97.038 against a basket of currencies. It lost some ground on the safe haven yen to 113.47. The euro edged up a shade to $1.1333. FII & DII data: Foreign institutional investors (FIIs) bought shares worth Rs 63 crore, while domestic institutional investors (DIIs) bought shares worth Rs 352 crore in the Indian equity market on November 26. Fiscal Deficit Target: India is set to miss its fiscal deficit target for the year ending March 2019 due to a shortfall in revenues and lower-than-targeted disinvestment proceeds, India Ratings and Research said on Monday. The country's 2019 fiscal deficit target has been pegged at 3.3 percent of its gross domestic product (GDP) or Rs 624,000 crore ($88.45 billion). But the credit rating agency estimated fiscal deficit at Rs 667,000 crore - or 3.5 percent of GDP. Small Trucks, Heavy Losses: Small fleet of truck operators are likely to take a big hit in their operating margins to the tune of 250-300 basis points (bps), compared to the 50 bps that their larger peers may book this fiscal, largely due to their inability to pass on the fuel price hikes to consumers, says a report. One basis point is a hundredth of a percentage point. Assembly Elections: Prime Minister Narendra Modi is scheduled to address two public meetings in Telangana on Tuesday as part of the Bharatiya Janata Party's (BJP's) campaign for the Assembly election. According to the party's state unit, Modi would address a meeting in Nizamabad at noon, followed by a rally in Mahabubnagar at 2.30 pm.
(With inputs from agencies)
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