Mixed global cues are likely to weigh on Indian markets on Tuesday, a day after the two benchmark indexes, the Sensex and the Nifty, posted sharp decline due to sell off in MidCaps, particularly pharma and auto stocks.
Here are the top factors to watch out before the opening bell today:
IMF: The IMF on Monday forecast a growth rate of 7.3 percent in 2018 and 7.5 percent in 2019 for India, which was down by 0.1 percent and 0.3 per cent respectively than its April projections.
WPI inflation: It accelerated to over 4-year high of 5.77 percent in June on increasing prices of vegetables and fuel items, raising chances of rate hike by the RBI in its monetary policy review next month. The WPI based inflation stood at 4.43 percent in May and 0.90 percent in June last year, as per the government data released on Monday.
SGX Nifty: The Singapore-traded futures contract traded lower by 0.15 percent at 0822 IST, indicating a flat opening in Indian markets today.
Asian markets: Stocks in Asia traded mixed. While Japan’s Nikkei was trading higher by 0.56 percent, Hong Kong’s Hang Seng sank 1.10 percent lower. South Korea’s Kospi was marginally down by 0.14 percent.
US markets: Indexes in the US closed mostly lower on Monday. The Standard & Poor’s 500 index slipped 2.88 points to 2,798.43. The Dow Jones industrial average rose 44.95 points. The Nasdaq composite fell 20.26 points to 7,805.72.
Oil: Crude prices slumped more than 4 percent on Monday, with Brent futures reaching a three-month low of $71.52 a barrel, as Libyan ports reopened and traders eyed potential supply increases by Russia and other producers.
Rupee: The rupee retreated from a near two-week high and ended lower by 4 paise at 68.57 against the US currency on Monday, snapping a three-session recovery trend due to renewed dollar demand.
Markets at close: The BSE Sensex ended the day at 36,323.77, falling by 217.86 points, or 0.60 percent lower on the first trading day of the week. The NSE Nifty 50 settled at 10,936.85, or 82.05 points lower, or by 0.74 percent.
Jet Airways: The aviation company has ordered seventy five more 737 MAX 8 planes from Boeing, valued at $8.8 billion at current list prices, as it looks to expand its network to meet surging demand, the two companies said in a joint statement.
Trai: The telecom regulator on Monday said the existing framework for the protection of user data was not sufficient and added all entities in the digital ecosystem, including devices and applications, must be brought under a data protection framework.
LIC-IDBI: The public sector insurance behemoth on Monday approved the acquisition of a 51% stake in the debt-laden IDBI Bank, through preferential shares. The deal requires approvals from the Sebi, RBI and the government. The deal will help inject capital between Rs 10,000-13,000 crore in IDBI Bank.
First Published: IST