The Indian market is likely to recover on Friday as its Asian peers tried to find their footing after the speculation that the Federal Reserve might be "one-and-done" with US rate hikes.
Global investors, however, remained concerned over Sino-US relations after the arrest of smartphone maker Huawei Technologies chief financial officer Meng Wanzhou, which threatened to chill talks on some form of trade truce.
At 07:13 AM, SGX Nifty, an early indicator of the Nifty 50's trend in India, was up 0.61 percent at 10,689.00, indicating a recovery 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 nudged up 0.l3 percent, though that followed a 1.8 percent drubbing on Thursday. Japan's Nikkei added 0.9 percent and E-Mini futures for the S&P 500 edged up 0.1 percent. Wall Street: The Dow Jones Industrial Average fell 79.4 points, or 0.32 percent, to 24,947.67, the S&P 500 lost 4.11 points, or 0.15 percent, to 2,695.95 and the Nasdaq Composite added 29.83 points, or 0.42 percent, to 7,188.26. Crude Oil Prices: US West Texas Intermediate (WTI) crude futures were at $51.61 per barrel at 0037 GMT, 12 cents above their last close. WTI was supported by drop in US commercial crude inventories, which fell by 7.3 million barrels in the week to November 30, to 443.16 million barrels International Brent crude oil futures had yet to trade. Market At Close On Thursday: The Indian equity market ended Thursday’s trading session with deep cuts, slipping for the third consecutive session on weak global cues. The benchmark 30-share BSE Sensex plunged by 572 points to 35,312, while the broader 50-share NSE Nifty50 nosedived 182 points to 10,601. Rupee: The rupee closed at 70.90, down 44 paise against the dollar on Thursday. Dollar: The greenback eased against a basket of currencies to 96.779, and fell to 112.69 yen from a 113.85 high at the start of the week. The euro was up around 0.5 percent on the week so far at $1.1376. FII & DII data: Foreign institutional investors (FIIs) bought shares worth Rs 72.5 crore, while domestic institutional investors (DIIs) sold shares worth Rs 390 crore in the Indian equity market on December 6. OPEC Meeting: OPEC tentatively agreed an oil-output cut on Thursday but was waiting to hear from non-OPEC heavyweight Russia before deciding the exact volumes for a production reduction aimed at propping up crude prices, two sources from the group said. Cabinet Meet: The government on Thursday approved a policy to boost exports of farm commodities such as tea, coffee, fruits and vegetables, commerce minister Suresh Prabhu said. The policy is aimed at helping India step up exports of an array of farm goods but also seeks to avoid ad hoc, knee-jerk policy decisions often aimed at keeping a lid on food inflation. RBI on Lending Curbs: A crucial RBI sub-committee did not discuss easing lending curbs facing 11 state-run banks on Thursday despite intense pressure from the nation's government to take a softer stance towards them, a source close to the discussions said. The source said that the central bank's board for financial supervision (BFS) only discussed the banks' September quarter results and did not address the so-called prompt corrective action (PCA) plan that they currently have to operate under. (With inputs from agencies)
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