Weak global cues fueled by a slump in the Turkish lira adversely impacted Asian markets on Monday, which, in turn, could also affect Indian markets. The Singapore-traded SGX Nifty was trading at levels around 11,385 vs Nifty August Future's Friday close of 11,439, indicating a gap-down opening on Dalal Street.
That said, key macro-economic inflation data along with more first quarter earning results and the direction of foreign fund flows, will also likely weigh on the Indian equity indices.
Here is what you need to know before the market opens: Asia: Markets declined amid investor worries over Turkish currency crisis. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.3 percent as bourses across the region turned red. Nikkei was down by 1.21 percent in early trade, while South Korea's Kospi was also down by nearly a percent. US markets: Stocks slid on Friday as a deepening economic crisis in Turkey dragged on bank shares and triggered a move out of riskier assets. The Dow Jones Industrial Average fell 196.09 points to 25,313.14, the S&P 500 lost 20.3 points to 2,833.28 and the Nasdaq Composite dropped 52.67 points to 7,839.11. Oil prices: Oil prices edged higher with Brent up 5 cents at $72.86 a barrel, while US crude added 15 cents to $67.78. Dollar index: The dollar eased against the safe haven yen to 110.65, but was a shade firmer against a basket of currencies at 96.388. Against the US dollar, the euro touched its lowest since July 2017 at $1.13715. Market at close: The BSE Sensex, after opening a shade higher at 38,050.07, quickly slipped below the 38,000-mark on Friday. It hit a low of 37,815.75 during the day, before finally finishing at 37,869.23, down 155.14 points. The NSE Nifty too lost 41.20 points to finish at 11,429.50. Rupee: The Indian rupee fell sharply by 15 paise to end at 68.83 on Friday. The rupee had opened with a steep fall at 68.82 against Thursday’s close of 68.68 on Friday. DIIs & FIIs: Foreign institutional investors (FIIs) sold shares worth Rs 510.66 crore while domestic institutional investors bought shares worth Rs 457.83 crore in the Indian equity market on Friday. June quarter results: Tata Steel, Tata Chemicals, Cadila Healthcare, CARE Ratings, Godrej Industries, DHFL, Oil India, Ashoka Buildcon and Hotel Leela Venture will announce their results on Monday. Macro economy data: Consumer price index (CPI) inflation will be released on Monday while Wholesale price index (WPI) Inflation and trade data for July will be announced on Tuesday. IIP: Industrial output measured by the Index of Industrial Production (IIP) accelerated to 7 percent month-on-month (MoM) for June from 3.9 percent in May. This is the highest level achieved by the index in the last five months. As per data released Friday, growth was driven by a pick up in capital goods manufacturing, which contributes 78 percent of the index, ahead of festive season. Manufacturing grew 6.9 percent in June compared with a 2.8 percent increase in May. Also Read: The top stocks that are likely to move the market today
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