Top 10 things to know before the market opens
The Indian stock market is expected to open on a cautious note on 10 December, as trends on SGX Nifty indicate a negative opening for the broader indices with a loss of 17 points.
In the previous session, the BSE Sensex jumped 157.45 points to 58,807.13, while the Nifty50 rose 47 points to 17,516.80 and formed a bearish candle on the daily charts.
According to pivot charts, the key support levels for the Nifty are placed at 17,416.53, followed by 17,316.27. If the index moves up, the key resistance levels to watch out for are 17,580.13 and 17,643.46.
Wall Street closed lower on Thursday as investors banked some profits after three straight days of gains and turned their focus toward upcoming inflation data and how it might influence the Federal Reserve’s meeting next week.
The Dow Jones Industrial Average fell 0.06 points to 35,754.69, the S&P 500 lost 33.76 points, or 0.72%, to 4,667.45 and the Nasdaq Composite dropped 269.62 points, or 1.71%, to 15,517.37.
Asian Markets
Asia-Pacific markets declined on Friday as investors assess risks associated with the new omicron Covid variant and look ahead to key inflation data in the U.S.
Japan’s Nikkei 225 extended losses from the previous session and was down 0.16% in early trade. The Topix index traded fractionally higher.
SGX Nifty
Trends on SGX Nifty indicate a cautious opening for the broader index in India with a loss of 17 points. The Nifty futures were trading around 17,528 levels on the Singaporean exchange.
Swiss brokerage Credit Suisse expects the economy to continue to show positive surprises and record up to 9 percent growth in the next fiscal. For the current financial year too, the brokerage anticipates growth to be higher than the consensus forecast of 8.4-9.5 percent, and printing in at around 10.5 percent.
As a policy, Credit Suisse does not provide absolute growth numbers in its forecast. However, an extrapolation of data available and projections indicate that economic growth could clip 9 percent in 2022-23 period, which according to the brokerage is up to 400 basis points (bps) over the consensus numbers.
Capital markets regulator SEBI on Thursday proposed regulatory framework for algorithmic trading (algo trading) by retail investors to make such trading safe and prevent market manipulations. In its consultation paper, the regulator has proposed framework for algo trading done by retail investors including use of Application Programming Interface (API) access and automation of trades.
“This kind of unregulated/unapproved algos pose a risk to the market and can be mis-used for systematic market manipulation as well as to lure the retail investors by guaranteeing them higher returns. The potential loss in case of failed algo strategy is huge for retail investor,” SEBI said.
Oil settles lower as China developer downgrades add to fears of demand outlook
Oil prices settled lower on Thursday on fears about the economic outlook in the world’s biggest oil importer following ratings downgrades to two Chinese property developers, and after some governments took measures to fight the Omicron variant of the coronavirus.
Brent crude futures settled down $1.40, or 1.9%, to $74.42 a barrel, backing off a session high of $76.70. U.S. West Texas Intermediate (WTI) crude futures were down $1.42, or 2%, at $70.94 after hitting a peak of $73.34.
New US jobless claims again drop to 1969 levels
New filings for US unemployment aid dropped sharply last week, bringing them to levels not seen since 1969 for the second time this year, the government said Thursday. The Labor Department said 184,000 new seasonally adjusted claims for jobless aid were made last week, much less than expected and 43,000 less than the previous week’s level.
Jobless claims have now dropped below their level before the Covid-19 pandemic, after spiking into the millions as businesses closed and laid off staff in March 2020, then recovering throughout much of this year as vaccines allowed normal business to resume.
Japan’s wholesale inflation hits record high as price pressure broadens
Japan’s wholesale inflation hit a record 9.0% in November, pushing gains for a ninth straight month, a sign upward pressure on prices from supply bottlenecks and rising raw material costs were broadening.
The year-on-year rise in the corporate goods price index (CGPI), which measures the prices companies charge each other for their goods and services, was the fastest pace since comparable data became available in 1981. It exceeded a median market forecast for an 8.5% gain and a revised 8.3% rise in October, Bank of Japan data showed on Friday.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,585.55 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 782.84 crore in the Indian equity market on December 9, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Two stocks – Escorts and Indiabulls Housing Finance – are under the F&O ban for December 10. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.With inputs from Reuters & other agencies
With Thanks Refrence to: https://www.moneycontrol.com/news/business/markets/top-10-things-to-know-before-the-market-opens-163-7809721.html
