Indian shares are likely to open lower on Friday, in line with the trend in the Asian equities, amidst caution ahead of a US deadline to impose tariffs on Chinese imports later in the day.
On Thursday, the Sensex snapped its two-day winning streak to end 71 points lower at 35,574.55 while the 50-share Nifty fell 20.15 points to end at 10,749.75.
Here are the top 10 things you need to know before the opening bell:
US tariff deadline: Friday is the deadline for the United States' plans to implement tariffs on $50 billion worth of imports from China as both nations remained locked in a bitter trade dispute that has convulsed global financial markets in recent weeks. On July 6, tariffs on $34 billion worth of imports will take effect, and Beijing has promised to retaliate in kind. Fed minutes: US central bankers discussed whether recession lurked around the corner and expressed concerns global trade tensions could hit an economy that by most measures looked strong, minutes of the Federal Reserve's last policy meeting on June 12-13 released on Thursday showed. SGX cues: The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index's performance in India, was down 0.26 percent at 10,730 as of 0735 IST. Rupee: The Indian rupee tumbled for the second straight session to hit a fresh closing low of 68.95 on Thursday, sliding by 21 paise following a panic demand for the US dollar coupled with savage capital flight worries. Overseas investors: Selling by overseas investors have worsened the prospects for rupee. Foreign institutional investors sold shares worth Rs 284.58 crore, while DIIs bought shares to the tune of Rs 611.01 crore on the previous session. US stocks: Wall Street ended higher on Thursday, boosted by reassuring economic data from Germany, and as automakers' shares jumped, with German Chancellor Angela Merkel saying she would back lowering European Union tariffs on US car imports. Dollar index: The dollar index against at basket of six major currencies was a shade lower at 94.362 after slipping to 94.177, its lowest since June 26, the previous day. Farm loan waiver: Karnataka Chief Minister H D Kumaraswamy on Thursday announced a Rs 34,000 crore farm loan waiver, but in a contentious move proposed hike in taxes on fuel and power in the maiden budget of the JD(S)-Congress coalition government. Asian shares: Asian equities are set for bumpy ride amid trade war concerns. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.05 percent, with some support from early gains in Korean and Australian shares. Crude oil: Oil markets opened cautiously lower on Friday ahead of a raft of import tariffs set to be imposed later in the day by the world's two biggest economies, the United States and China. International Brent crude oil futures were at $77.18 per barrel at 0043 GMT, down 21 cents, or 0.3 percent, from their last close.