The Indian equity benchmarks are likely to open lower on Monday as indicated by the Nifty Futures traded on Singapore Exchange. The Nifty Futures on Singapore Exchange also known as SGX Nifty Futures fell 0.77 per cent or 133 points to 17,080 amid weak global cues.
Here are key things to know before market opens on Monday:
Asian Markets
Most of the Asian markets were trading lower with Japan's Nikkei down 1.5 per cent, Singapore's STRAITS TIMES fell 1 per cent, Hong Kong's Hang Seng declined 1 per cent and Taiwan Weighted dropped 2.23 per cent.
US Markets
More worries about inflation helped spur a broad slide for stocks Friday that left most of the major indexes on Wall Street in the red for the week and wiped out much of the market’s gains from a strong rally a day earlier.
A report showing U.S. consumers raised their expectations for future inflation hurt markets worldwide, offering another signal the Federal Reserve may have to continue aggressively hiking interest rates to temper stubbornly hot inflation. The strategy raises the risk of a recession.
The S&P 500 fell 2.4 per cent after having been up as much as 1.2 per cent in the early going. The Dow Jones Industrial Average fell 1.3 per cent and the Nasdaq composite ended 3.1 per cent lower. Both indexes also turned lower after marching higher in early trading.
Trading has been unsettled all week and was especially volatile on Thursday after a government report showed that inflation remains very hot. Major U.S. indexes staged their biggest comeback in years on Thursday in a reversal from steep morning losses.
Gold and Crude Oil Price Check
Benchmark U.S. crude oil for November delivery fell $3.50 to $85.61 a barrel Friday. Brent crude for December delivery fell $2.94 to $91.63 a barrel.
Gold for December delivery fell $28.10 to $1,648.90 an ounce. Silver for December delivery fell 85 cents to $18.07 an ounce and December copper fell 2 cents to $3.42 a pound.
The dollar rose to 148.68 Japanese yen from 147.17 yen. The euro fell to 97.25 cents from 97.85 cents.
Foreign Flows
Foreign institutional investors sold shares worth Rs 1,011 crore on Friday while domestic institutional investors bought shares worth Rs 1,624 crore.
Stocks In Focus
HDFC Bank: HDFC Bank on Saturday reported a 22.30 per cent jump in its consolidated net profit for the September quarter at Rs 11,125.21 crore, helped by a reduction in money set aside for bad loans.
On a standalone basis, the largest private sector lender's net profit rose by over 20.1 per cent to Rs 10,605.78 crore as against Rs 8,834.31 crore in the year-ago period and Rs 9,196 crore in the preceding June quarter.
The core net interest income climbed 18.9 per cent to Rs 21,021 crore on the back of an over 23 per cent jump in advances, while the net interest margin was stable at 4.1 per cent.
Bajaj Auto: Bajaj Auto’s net profit rose 20 per to Rs 1,530 crore in the quarter ended 30 September, despite the setback it faces in major export markets, the company announced on Friday.
Electronics Mart India: The stock will make its market debut today. The stock was ion very high demand during the IPO as the issue was subscribed 71.93 times.
ICICI Prudential Life Insurance Company: ICICI Prudential Life Insurance Company (ICICI Pru) on Saturday reported over 55 per cent dip in its net profit to Rs 199 crore in the quarter ended in September 2022 due to lower income.
The company's net profit in the quarter ended in September 2021 was at Rs 445 crore.
The net premium earned by the private sector insurer during July-September 2022-23 was up at Rs 95.82 crore as against Rs 92.86 crore in the same period of 2021-22, ICICI Pru said in a regulatory filing.
L&T Infotech: IT company Larsen and Toubro Infotech on Saturday posted an about 23 per cent increase in its consolidated net profit at Rs 679.8 crore for the quarter ended September 2022.
The company had registered a net profit of Rs 551.7 crore in the same period a year ago.
The consolidated revenue from operations of Larsen and Toubro Infotech (LTI) grew by 28.39 per cent to Rs 4,836.7 crore during the reported quarter from Rs 3,767 crore in the year-ago period.
