The Indian market is likely to open flat with a positive bias on Monday ahead of the release of crucial wholesale price index (WPI) inflation data. Asian markets remained under pressure after data from China showed the world’s second-largest economy declined in the second quarter, even as concerns over US China trade war linger over investor sentiment.
Here are the top things you should know before the market opens:
SGX Nifty Futures: The Singapore-traded SGX Nifty Futures, a key indicator of the NSE Nifty 50’s performance in India, traded flat, down by 0.06 percent.
Asian markets: Hong Kong's Hang Seng index was down by 0.66 percent after the release of key Chinese economic data. In early Asian trade, MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1 percent.
Australian shares were flat and Seoul’s Kospi was down 0.1 percent. On Friday, Nikkei ended more than 400 points higher, or by nearly 2 percent.
China macroeconomic data: Official data released on Monday showed China’s economy grew 6.7 percent in the second quarter of 2018, in line with market expectations, cooling a bit from the 6.8 percent growth registered in each of the previous three quarters, Reuters reported. The data also showed slower-than-expected growth in China’s industrial output, the report added.
June WPI data: WPI along with manufacturing, fuel and food inflation data for June month will be released on Monday. WPI rose by 4.43 percent in May, after a 3.18 percent rise in the prior month on increasing prices of petrol and diesel as well as vegetables.
Last week, the consumer price index (CPI) inflation rose to a five-month high of five per cent in June, while the index of industrial production (IIP) slowed to a seven-month low of 3.2 percent in May.
Foreign exchange reserves: The country's foreign exchange reserves declined by $248.20 million to $405.81 billion in the week to July 6, despite a rise in the foreign currency assets, RBI data showed.
In the previous week, the forex reserves had declined by $1.76 billion to $406.06 billion. Forex reserves had touched a record high of $426.028 billion in the week to April 13, 2018. (PTI)
Economy at "take off": The Indian economy is at a "take off" stage and is expected to be the world's third largest by 2030 with GDP worth $10 trillion, economic affairs secretary Subhash Chandra Garg said on Saturday, PTI reported.
June quarter results: More than 100 companies will declare their earnings for the June quarter this week, including Hindustan Unilever, Zee Entertainment, ICICI Lombard, Ashok Leyland, UltraTech Cement, Mindtree, Bandhan Bank, Reliance Communications, Bajaj Finance, Bajaj Finserv, RBL Bank, Kotak Mahindra Bank, ABB India, Wipro, L&T Finance, Bajaj Auto and HDFC Bank.
Homebuyers: The Supreme Court on Friday listed for final hearing on July 16 the pleas of hassled home buyers registered with Jaiprakash Associates Limited (JAL) saying that it would exclusively deal with their grievances and the "capability" of realty firm to refund money to them.
Infosys: The IT company, reported a 3.7% rise in its first quarter net profit on Friday, at Rs 3,612 crore, while the revenue rose to Rs 19,128 crore, up 12% on a year-on-year basis.
Rupee: The rupee on Friday surged to a three-week high of 68.31 before closing marginally up by 4 paise at 68.53 against the US currency mirroring late losses in stock markets and capital outflows.
Market at close: The Sensex closed 6.78 points lower at 36,541.63 on Friday, while the Nifty ended 4.30 points down at 11,018.90. It was the second week of gains in a row for the markets. The Sensex recorded a significant rise of 883.77 points, while the Nifty gained 246.25 points.
US markets: The Dow Jones Industrial Average rose 94.52 points to 25,019.41 on Friday, the S&P 500 gained 3.02 points and the Nasdaq Composite added 2.06 points. The S&P 500 posted its highest closing level since February 1. The index is now just 2.5 percent from its January 26 record closing high and up 4.8 percent for the year so far.
First Published: Jul 16, 2018 8:43 AM IST
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