The Indian market is set for a positive start on Friday as SGX Nifty, an early indicator of the Nifty 50's trend in India, was up 0.09 percent at 10,926.
On one hand, global investors remain cautious as they await the outcome of a closely watched meeting between the China and US presidents in Argentina this weekend, on the other, Indian investors await the quarterly GDP numbers which will be released later in the day. Here is what you need to know before the market opens: Asia: MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 percent. In Japan, the Nikkei was up 0.2 percent. The mostly muted market moves followed a mixed day on Wall Street, where stocks swung between losses and gains to ultimately end lower, amid conflicting signals on the outlook for trade talks. Wall Street: The Dow Jones Industrial Average fell 27.59 points, or 0.11 percent, to 25,338.84, the S&P 500 lost 5.99 points, or 0.22 percent, to 2,737.8 and the Nasdaq Composite dropped 18.51 points, or 0.25 percent, to 7,273.08. Crude Oil Prices: US West Texas Intermediate (WTI) crude futures were at $51.30 per barrel at 0023 GMT, down 15 cents, or 0.3 percent from their last settlement. I nternational Brent crude oil futures had yet to trade. The supply overhang has triggered a price slump of more than 30 percent in crude since early October. Market At Close On Thursday: The Indian equity market on Thursday ended with sharp gains, tracking strong performance on Wall Street overnight. The broader 50-share Nifty surged 130 points to close the session at two-month high of 10,859, lifted by financial stocks of HDFC Bank, HDFC and Kotak Mahindra Bank. The BSE Sensex jumped 453 points to close above the 36,000 level for the first time since October 1. Rupee: The rupee closed at 69.84, up 78 paise against the dollar on Thursday. Dollar: The dollar dropped 0.08 percent against the yen to 113.38, while the euro was flat at $1.1391. FII & DII data: Foreign institutional investors (FIIs) bought shares worth Rs 823 crore, while domestic institutional investors (DIIs) bought shares worth Rs 973 crore in the Indian equity market on November 29. Air India Debt: The government has taken away Rs 29,000 crore of Air India's massive debt burden of Rs 55,000 crore to a special purpose vehicle (SPV) in an attempt to clean its balance sheet, said Rajiv Nayan Choubey, secretary, civil aviation ministry. "We are providing a partial but significant relief to Air India," Chaubey told reporters on Thursday. RBI on NBFCs: The Reserve Bank of India (RBI) on Thursday relaxed rules for non-banking financial companies (NBFCs) to sell or securitise their loan books, in a bid to ease persistent stress in the sector. NBFCs can now securitise loans of more than five-year maturity after holding those for six months on their books, the Reserve Bank of India said. Earlier, they had to hold these assets for at least one year, a banker said. Arvind Subramanian on RBI, IL&FS: Terming the IL&FS crisis as a regulatory failure, former chief economic advisor to finance minister Arvind Subramanian has said the Reserve Bank should be held responsible for the crisis at one of the largest entities it has been regulating. In a soon to be published book, 'Of Counsel: The Challenges of the Modi-Jaitley Economy,' Subramanian says though RBI has a good reputation, it does not mean it's always right, as for years, the RBI was unable to grasp the seriousness of the loan repayment problems or identify the prolonged frauds of Nirav Modi and the likes.
(With inputs from agencies)
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