Important Information for July 13 Stock Trading Strategy
Benchmarks for Indian stocks are expected to open higher on Wednesday, as indicated by Nifty Futures traded on the Singapore Stock Exchange. The Nifty Futures on Singapore Exchange, also known as SGX Nifty Futures, rose 54 points or 0.34% to 16,114.
Benchmarks were down for the second straight session on Tuesday, with the Sensex and Nifty falling nearly 1% each amid a selloff in global markets.
Investors were also cautious ahead of the release of retail inflation and industrial production data.
The 30-stock BSE Sensex opened on a low note and fell 508.62 points or 0.94% to end at 53,886.61. During the day, it fell 570.26 points or 1.04% to 53,824.97.
Here are the key things to know before the market opens on Wednesday:
Most Asian markets were trading higher. Japan’s Nikkei rose 0.38%, Hong Kong’s Hang Seng rose 0.54%, South Korea’s KOSPI gained 0.72% and Taiwan Weighted rose 2.61%.
Stocks shed early gains and ended broadly lower on Wall Street on Tuesday as investors brace for a big week of inflation news and corporate earnings reports.
The S&P 500 fell 0.9%, extending its losing streak to a third straight day. All 11 business sectors in the benchmark index closed in the red.
The Dow Jones Industrial Average slipped 0.6%, while the Nasdaq lost 0.9%.
Technology, healthcare and energy stocks accounted for a large portion of the S&P 500 losses. Bond yields mostly fell, as did energy futures.
Crude oil and gold price check
Benchmark U.S. crude for August delivery fell $8.25 to $95.84 a barrel on Tuesday. Brent crude for September delivery fell $7.61 to $99.49 a barrel.
Gold for August delivery fell $6.90 to $1,724.80 an ounce. Silver for September delivery fell 17 cents to $18.96 an ounce and September copper fell 14 cents to $3.29 a pound.
The dollar fell to 136.77 Japanese yen from 137.32 yen. The euro fell to $1.0045 from $1.0063.
Foreign institutional investors on Monday sold shares worth Rs 1,565 crore while domestic institutional investors sold shares worth Rs 141 crore.
The rupee fell 15 paise to close at a new all-time low of 79.60 (tentative) against the US dollar on Tuesday, as a strong greenback overseas and weak domestic equities continued to weigh on investor sentiment.
In the interbank FX market, the local unit opened weakly at 79.55 against the greenback and saw an intraday high at 79.53 and a low at 79.66.
It eventually stabilized at 79.60 (tentative), down 15 paise from its previous close of 79.45.
Actions in brief
HCL Technologies: IT services company HCL Technologies on Tuesday reported a 2.4% year-on-year increase in its net profit for the three months ended June 2022 to Rs 3,283 crore.
Revenue stood at Rs 23,464 crore, nearly 17% higher than a year ago.
In its guidance for FY23, the company said revenue is expected to grow 12-14% in constant currency.