The Indian market is likely to open higher on Monday as the trend on SGX Nifty indicates a positive start for the broader index in India. The Nifty futures were trading 116.50 points or 0.74 percent higher at the 15,890.50 level on the Singaporean Exchange at 8:15 am.
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1. Wall Street | US stocks ended lower on Friday as Amazon.com shares dropped after the e-commerce major forecast lower sales growth, but the S&P 500 still notched a sixth straight month of gains. The Dow Jones Industrial Average index ended 0.42 percent lower at 34,935.47, the S&P 500 index declined 0.54 percent lower, and the technology stocks-heavy Nasdaq Composite index dropped 0.71 percent to 14,672.68
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2. Asian markets | Shares in Asia-Pacific were mixed as data showed manufacturing activity growth in China slowed in July. In Japan, the Nikkei 225 rose 1.58 percent while the Topix index rallied 1.74 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.09 percent lower.
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3. Indian market on Friday | Friday's volatile session ended flat dragged by selling in metal and financial stocks amid weak global cues. The Sensex fell 66.23 points, or 0.13 percent, to close at 52,586.84, while the Nifty ended 15.40 points, or 0.10 percent lower at 15,763.05. Broader markets outperformed the headline indices, with the midcap and smallcap indices gaining over 1 percent and 0.4 percent respectively. Among sectors, Nifty Pharma rallied the most over 3 percent followed by Nifty Auto, Nifty IT and Nifty Realty indices, while metals and banks closed in the red.
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4. Crude oil | Oil prices fell by more than $1 on Monday on worries over China's economy after a survey showed growth in factory activity slipped sharply in the world's second-largest oil consumer, with concerns compounded by a rise in oil output from OPEC producers. Brent crude oil futures skidded $1.12, or 1.5 percent, to $74.29 a barrel while US West Texas Intermediate (WTI) crude futures dropped 97 cents, or 1.3 percent, to $72.98 a barrel after slipping to a session low of $72.87.
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5. Rupee | The Indian rupee slipped 13 paise to close at 74.42 against the US currency on Friday, tracking muted domestic equities and unabated foreign fund outflows. At the interbank foreign exchange market, the local unit witnessed high volatility. It opened at 74.30 against the dollar and witnessed an intra-day high of 74.27 and a low of 74.44 during the session.
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6. China’s factory activity expands at a slower pace in July | China’s factory activity expanded at a slower pace in July as higher raw material costs, equipment maintenance and extreme weather weighed on business activity, adding to concerns about a slowdown in the world’s second-biggest economy. The official manufacturing Purchasing Manager’s Index (PMI) eased to 50.4 in July from 50.9 in June, data from the National Bureau of Statistics (NBS) showed on Saturday, but remained above the 50-point mark that separates growth from contraction.
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7. GST collection at over Rs 1.16 lakh cr in July | GST revenue for the month of July stood at Rs 1,16,393 crore, 33 percent higher than the collection in the same month of 2020, indicating that the economy is recovering at a fast pace, the finance ministry said on Sunday. Goods and Services Tax (GST) collection in July 2020 was Rs 87,422 crore. Sequentially, it was Rs 92,849 crore in June this year.
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8. Eight core sectors' output up 8.9% in June | The output of eight core sectors grew 8.9 percent in June, mainly due to a low base effect and uptick in production of natural gas, steel, coal and electricity, official data showed on Friday. The eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had contracted by 12.4 percent in June 2020 due to the lockdown restrictions imposed to control the spread of coronavirus infections. In May this year, these key sectors had recorded a growth of 16.3 percent, while it was 60.9 percent in April.
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9. NSE sets quantity freeze limits for Nifty, Bank Nifty, Nifty Financial Services derivatives | The National Stock Exchange of India (NSE) announced the quantity freeze limits for derivatives contracts on Nifty, Bank Nifty and Nifty Financial Services. As per an NSE circular, the quantity freeze limit for Nifty derivatives contracts is at 2,800, while it is at 1,200 for Bank Nifty and at 2,800 for Nifty Financial Services.
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10. Sebi allows AMCs to offer instant access facility in overnight mutual fund schemes | Sebi allowed asset management companies to offer instant access facility in overnight mutual fund schemes. Also, the regulator has tweaked the framework with respect to the treatment of unclaimed redemption and dividend amounts. Sebi said the unclaimed redemption and dividend amounts that are currently allowed to be deployed only in call money market or money market instruments, can also be invested in a separate plan of only overnight, liquid and money market mutual fund schemes floated by mutual funds specifically for the deployment of the unclaimed amounts.