July 12: Here are the top factors to watch before the opening bell
Indian shares are set for a positive start on Thursday tracking positive sentiments in Asian markets in early trade today. Indian markets ended largely unchanged yesterday despite poor global cues as technology stocks, particularly TCS gained after posting a record quarterly net profit, beating street estimates on all metrics.
Here are the top factors to watch before the opening bell:
US-China trade war: China has accused the US of bullying and warned it would hit back after Washington on Tuesday threatened 10 percent tariffs on $200 billion of Chinese goods in a move that spooked global markets.
Trump Vs Merkel: President Donald Trump has clashed with German chancellor Angela Merkel saying that the European nation was "totally controlled by Russia" because of the high level of natural gas it has imported, and this was a "bad thing for Nato," BBC reported. Merkel hit back, comparing German independence now with the time when she grew up in former East Germany, while also defending her country's contribution to the Western alliance, the report adds.
US markets: The Dow Jones Industrial Average fell 219.21 points, or 0.88 percent, to 24,700.45, the S&P 500 lost 19.82 points, or 0.71 percent, to 2,774.02 and the Nasdaq Composite dropped 42.59 points, or 0.55 percent, to 7,716.61.
Brent crude: Brent crude fell $5.46, or 6.9 percent, to settle at $73.40 a barrel. The decline was the largest one-day move on a percentage basis since February 9, 2016. The decline came amid escalating US-China trade tensions, and over reports that Libya would reopen its ports raised expectations of growing supply.
Asian markets: Indexes in Asia remain under pressure, but trade higher after a weak start on Thursday. Nikkei has gained over a percent in trade today, while Hang Seng has added over 100 points so far. Indexes in Taiwan, South Korea and Shanghai are also trading positively.
SGX Nifty Futures: The Singapore-traded SGX Nifty Futures, an early indicator of the NSE Nifty 50’s performance in India, trades higher by 0.29 percent at 0840 IST.
Markets at close: The broader NSE Nifty closed up 0.01 percent at 10,948.30, while the benchmark BSE Sensex ended 0.07 percent higher at 36,265.93.
Rupee: The rupee ended at 68.77 a dollar, up 0.04% from its previous close of 68.82.
Investors: Domestic institutional investors (DIIs) net bought equities to the tune of Rs 293.96 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 20.73 crore on Wednesday, according to PTI.
Q1 results: Karnataka Bank, Cyient, Talwalkars Lifestyle will declare their June quarter results on Thursday.
Macroeconomic data: Consumer Price Index (CPI) and Index of Industrial Production (IIP) data are due later in the day.
First Published: IST