Indian equity benchmarks Sensex and Nifty50 are likely to make a negative start on Wednesday tracking weakness across other Asian markets despite overnight gains on Wall Street. At 7:39 am, Nifty futures trading on Singapore Exchange -- an early indicator of the Nifty index -- were down 57.5 points or 0.3 percent at 17,947.5, suggesting a weak opening ahead on Dalal Street.
Wall Street: Consumer stocks drove Wall Street higher on Tuesday as Walmart forecast a strong holiday quarter and monthly retail sales beat expectations, helping investors look past uncertainty over hawkish measures by the Federal Reserve. Data showed retail sales rose in October as Americans appeared to have started holiday shopping early to avoid empty shelves amid supply chain concerns, giving the economy a lift at the start of the fourth quarter.
Asian equities: Most Asian stocks dipped on Wednesday after robust US economic data lifted Wall Street shares, Treasury yields and the dollar and spurred more calls for tighter monetary policy.
D-Street: Benchmark stock indices Sensex and Nifty tumbled on Tuesday due to heavy selling in Reliance Industries, ICICI Bank and SBI amid a mixed trend in global markets. The 30-share index declined by 396.34 points or 0.65 per cent to close at 60,322.37 after a volatile trade. The index hit a high of 60,802.79 points and a low of 60,199.56 in day trade. The 50-issue Nifty tumbled 110.25 points or 0.61 per cent to end below the 18,000 level at 17,999.20.
Crude oil: Oil prices dropped on Wednesday after US gasoline stocks fell more than expected last week, which could heighten pressure on the Biden administration to release oil from emergency reserves to cap soaring gasoline prices. US West Texas Intermediate (WTI) crude futures fell 76 cents, or 0.9 percent, to $80.00 a barrel at 0211 GMT, extending a 12 cent loss from Tuesday. Brent crude futures fell 72 cents, or 0.9 percent, to $82.71, erasing a 38 cent gain from Tuesday.
Fuel prices: The oil marketing companies (OMCs) kept fuel prices unchanged for the 13th consecutive day on Wednesday. Earlier on November 4, the government had slashed excise duty on petrol and diesel to bring rates slightly down from the record-high levels. Currently, the cost of one litre of petrol in Delhi stands at Rs 103.97 per litre and of diesel at Rs 86.67 per litre. In Mumbai, the petrol and diesel prices stand at Rs 109.98 per litre and Rs 94.14 per litre, respectively.
Dollar: The dollar rose to a 16-month high on Tuesday after data showed US consumers looked past rising prices and drove retail sales higher than expected last month, while the euro slumped amid growth concerns and a surge in COVID-19 cases in Europe. US retail sales rose 1.7 percent in October, topping consensus expectations of a 1.4 percent rise, likely as Americans started their holiday shopping early to avoid empty shelves amid shortages of some goods as the ongoing pandemic squeezes supply chains.
Rupee: The rupee pared initial losses to settle 9 paise higher at 74.37 against the US currency on Tuesday despite a lacklustre trend in the domestic equity market. Gains in Asian currencies after the Joe-Xi meeting supported the domestic unit, analysts said. At the interbank forex market, the local unit opened lower 74.49 against the greenback and fell to a low of 74.53 due to a stronger dollar in overseas markets. The rupee managed to cut short its losses later and settle at 74.37, higher by 9 paise over its previous close of 74.46.
Gold: Gold prices rose by Rs 94 to Rs 48,388 per 10 gram in spot markets here on Tuesday on the back of positive global cues, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 48,294 per 10 gram. Silver, however, declined by Rs 88 to Rs 65,489 per kg from Rs 65,577 per kg in the previous trade. In the international market, gold traded higher at $1,866 per ounce and silver was flat at $25.09 per ounce.
Bitcoin: Bitcoin prices dropped to their lowest since October and then is fighting to recoup their losses. The world’s most prominent digital currency fell to $58,673.84 today, according to CoinDesk data.
Sebi's new guidelines for processing of draft schemes: Markets regulator on Tuesday revised guidelines for processing of draft schemes filed with the stock exchanges. "These amendments are aimed at ensuring that the recognised stock exchanges refer draft schemes to Sebi only upon being fully convinced that the listed entity is in compliance with Sebi Act, Rules, Regulations and circulars," Sebi said in a circular. The listed entity is required to submit certain documents to the exchange, which includes a valuation report.