Friday, Aug 19, 2022

Key Things To Know Before Market Opens On Tuesday

Indian equity benchmarks managed to break their six-day losing streak with Sensex rising 237 points and Nifty 50 index ending at 15,350

BSE building in Mumbai File photo

The Indian equity benchmarks are likely to open on a flat note on Tuesday, as indicated by the Nifty Futures traded on the Singapore Exchange. The SGX Nifty Futures rose 16 points or 0.11 per cent to 15,378.

On Monday, the Indian equity benchmarks managed to break their six-day losing streak with Sensex rising 237 points and Nifty 50 index ending at 15,350.

Here are key things to know before market opens on Tuesday:

Asia Markets

Most of the Asian markets were trading higher taking cues from positive closing on the Wall Street. Japan's Nikkei surged 1.8 per cent, Shanghai Composite rose 0.3 per cent, Hondg Kong's Hang Seng advanced 1.2 per cent, Taiwan Weighted climbed 1 per cent and South Korea's KOSPI added 0.54 per cent.

US Markets

Stocks ended another bumpy day mostly higher on Wall Street but still wound up with their biggest weekly losses since March 2020, when markets went into freefall at the onset of coronavirus lockdowns.

The S&P 500, the benchmark for many index funds in 401(k) accounts, edged up 0.2 per cent Friday. It still lost 5.8 per cent for the week, its tenth weekly loss in the last 11. The Dow slipped 0.1 per cent and the Nasdaq added 1.4 per cent.

Markets around the world have shuddered as investors adjust to the bitter medicine of higher interest rates that central banks are increasingly doling out to battle inflation.

Crude Oil and Gold Price Check

Benchmark U.S. crude oil for July delivery fell $8.03 to $109.56 a barrel Friday. Brent crude for August delivery fell $6.69 to $113.12 a barrel.

Gold for August delivery fell $9.30 to $1,840.60 an ounce. Silver for July delivery fell 30 cents to $21.59 an ounce and July copper fell 10 cents to $4.01 a pound.

Foreign Flows

Foreign institutional investors sold shares worth Rs 1,217 crore and domestic institutional investors bought shares worth Rs 2,093 crore on Monday. FIIs have so far this year sold shares worth Rs 2,07,537 crore, data from NSDL showed.

Rupee Check

Rising for the third straight session, the rupee appreciated by 7 paise to settle at 77.98 against the US dollar on Monday as crude oil prices retreated from elevated levels. At the interbank forex market, the local unit opened strong at 77.98 against the greenback and witnessed an intra-day high of 77.87 and a low of 78.03.

It finally settled at 77.98, a rise of 7 paise over its previous close of 78.05.

Stocks In Focus

Bharat Forge: The company has decided to consolidate its electric vehicle (EV)business initiatives under Kalyani Powertrain Limited (KPL), a wholly-owned subsidiary of the company, for a better strategic alignment.

Reliance Industries: Capital markets regulator Sebi on Monday imposed a penalty totalling Rs 30 lakh on Reliance Industries and two individuals for not making prompt clarification to the stock exchange pertaining to the Jio-Facebook deal, which was disclosed through the newspaper.

Happiest Minds: Morgan Stanley Investment Funds on Monday offloaded shares of IT company Happiest Mind Technologies Ltd for Rs 105 crore through an open market transaction. 

According to the bulk deal data available with BSE, Morgan Stanley Investment Funds Emerging Leaders Equity Fund sold 13,14,055 shares, amounting to 0.9 per cent stake in the company.

Adani Power: Adani Power on Monday completed the acquisition of 100 per cent equities in SPPL and EREPL for about Rs 609 crore. 

On June 7, 2022, Adani Power had signed a share-purchase agreements to acquire 100 per cent equity shares of two companies, viz. Support Properties Private Ltd (SPPL) and Eternus Real Estate Private Ltd (EREPL) from their respective shareholders.

Vedanta: Mining mogul Anil Agarwal's Vedanta Ltd on Monday put on sale its copper smelter plant in Tuticorin in Tamil Nadu, which was shut four years ago after 13 people were killed in a police firing on protestors agitating against alleged pollution by the unit.

In newspaper advertisements, the company sought initial bids, called an Expression of Interest (EoI), for the plant having capacity to produce 400,000 tonnes a year by July 4. Axis Capital is helping the firm with the transaction.

Vodafone Idea: Debt-ridden Vodafone Idea's board is scheduled to meet on June 22 to consider a proposal for raising funds to the tune of Rs 500 crore from Vodafone Group.

The fundraising will be through the issuance of equity shares or convertible warrants on a preferential basis to one or more entities belonging to Vodafone Group (one of the promoters of the company).