The Indian market is likely to open higher on Friday following a rally in global markets. At 7:40 am, the SGX Nifty was trading 79.00 points or 0.70 percent higher at 11,378.00, indicating a positive start for the Sensex and Nifty50.
1. Asian Stocks | Asia Pacific stocks edged higher in Friday morning trade following the release of mixed US economic data overnight. Overall, the MSCI Asia ex-Japan index traded 0.35 percent higher. (Image: Reuters)
2. Wall Street | Nasdaq ended at a record high on Thursday, with the S&P 500 and Dow also rising, as gains in heavyweight tech stocks outweighed downbeat data that affirmed the Federal Reserve's view of a difficult road to economic recovery. The Dow Jones Industrial Average ended up 46.85 points, or 0.17 percent, to 27,739.73, the S&P 500 gained 10.66 points, or 0.32 percent, to 3,385.51 and the Nasdaq Composite added 118.49 points, or 1.06 percent, to 11,264.95. (Image: Reuters)
3. Market at Close | Indian shares tracked global equity markets lower to end lower on Thursday, snapping 3 sessions of gains. The sentiment was cautious amid rising concerns about the economic recovery from the coronavirus outbreak. The domestic indices were dragged by banking stocks and index heavyweight Reliance Industries. The Sensex ended 394 points lower at 38,220 while the Nifty fell 96 points to end at 11,312.
4. Crude Oil | Oil fell 1 percent on Thursday after Reuters reported OPEC+ needed to address daily oversupply of more than 2 million barrels, and the number of U.S. unemployment benefit claims rose unexpectedly, signaling a slow economic recovery. Brent crude fell 47 cents, or 1 percent, to settle at $44.90 a barrel while West Texas Intermediate (WTI) for September delivery ended the session 35 cents, or 0.8 percent lower, at $42.58 a barrel on the last day of trading. The more active October WTI contract ended down 29 cents, or 0.7 percent, at $42.82 a barrel. (Image: Reuters)
5. Rupee | The Indian rupee slid 20 paise to settle at 75.02 to the US dollar on Thursday, tracking weaker Asian currencies amid concerns over global economic recovery due to rising coronavirus cases. At the interbank forex market, the domestic unit hit an intra-day high of 74.93 and low of 75.05 against the US dollar. It finally ended at 75.02, down 20 paise over its previous close of 74.82.
6. Nifty Changes | SBI Life Insurance and Divi's Laboratories will enter benchmark index Nifty 50 from September 25, NSE Indices, a subsidiary of the National Stock Exchange, said on Thursday. Bharti Infratel and Zee Entertainment Enterprises will be dropped from the Nifty 50. Besides SBI Life Insurance Company and Divi's Laboratories, NHPC, Page Industries and Shriram Transport Finance Company will be excluded from Nifty Next 50. In their places, Adani Green Energy, Alkem Laboratories, Bharti Infratel, Larsen & Toubro Infotech and Tata Consumer Products will be added in the index (Image: Reuters)
7. RBI MPC Minutes | Members of the Reserve Bank of India’s Monetary Policy Committee (MPC) deliberated at length about the effects of the COVID-19 pandemic on growth, inflation and human behavior in general at the meeting held on August 4-6 even as the committee decided to hold the benchmark interest rate. Minutes of the meeting showed that MPC unanimously agreed that to stand pat on interest rates but also said the RBI should be ready to act to further help the economy when needed.
8. US Jobless Claims | Data showed that the US jobless claims rose unexpectedly back above the 1 million mark last week after slipping below that level for the first time since the start of the pandemic. (Image: Reuters)
9. US-China Trade Deal | The Trump administration on Thursday declined to acknowledge any plans to meet with China over the Phase 1 trade deal after the commerce ministry in Beijing said bilateral talks would be held "in the coming days" to evaluate the agreement's progress. Commerce Ministry spokesman Gao Feng made the comments about the forthcoming discussions at a weekly briefing held online, but did not elaborate. (Image: Reuters)
10. COVID-19 Vaccine | Russia is looking for a partnership with India for producing the Covid-19 vaccine Sputnik V. Russian Direct Investment Fund (RDIF) is likely to do phase 3 clinical trials in Russia, UAE, Saudi Arabia, Brazil and Philippines. Russia is capable of producing 500 million doses in the next 12 months and the mass production of the vaccine is expected to start in September 2020.