SGX Nifty down 10 points; here's what changed for market while you were sleeping

Domestic stocks may be in for pain on Friday, as they digest Fed minutes that showed policymakers in the US were preparing for taper this year. Asian markets extended their slide after Thursday's selloff, even as US stocks settled nearly flat overnight. All eyes will be on the market debut of CarTrade Tech. Here's breaking down the pre-market actions:

STATE OF THE MARKETS

SGX Nifty signals a negative start
Nifty futures on Singapore Exchange stood at 16,353.50 in Friday's trade against Nifty50's Wednesday closing of 16,568.85, suggesting a weak start for the 50-pack index. Stock exchanges in India were shut on Thursday on account of Muharram.

• Tech View: Nifty50 on Wednesday formed a 'Dark Cloud Cover' candle on the daily chart, signaling initial signs of reversal.
• India VIX: The fear gauge fell 3.78 per cent to 12.91 level on Wednesday over its close of 13.41.

Asian stocks fall in early trade
Asian markets opened mostly lower on Friday in cautious trade after Wall Street shares closed flat with investors eyeing increasing virus cases. MSCI's broadest index of Asia-Pacific shares outside Japan was down by 0.47 per cent.

• Japan's Nikkei dropped 0.70%
• Korea’s Kospi declined 0.78%
• Australia's ASX 200 rose 0.20%
• China’s Shanghai shed 0.65%
• Hong Kong’s Hang Seng fell 0.59%

US stocks settled flat
Wall Street closed out another choppy day of trading on Thursday, leaving the major stock indices on pace for a weekly loss. Much of the market's choppiness was due to investors trying to position themselves as they gauge the pace of the recovery and how it will benefit different sectors of the economy.

• Dow Jones fell 0.19% to 34,894.12
• S&P 500 rose 0.13% to 4,405.80
• Nasdaq added 0.11% to 14,541.79

Dollar index little changed in early trade
The safe-haven dollar hovered near a 9-1/2-month high against major peers on Friday, buoyed by fears that the Delta coronavirus variant could delay the global economic recovery.

• Dollar index stood at 93.54
• Euro edged up to $1.1681
• Pound gained to $1.3638
• Yen fell to 109.87 per dollar
• Yuan at 6.502 against the greenback

Oil steadies but set to slump for the week
Oil prices came off three-month lows on Friday but were on track for a weekly decline of around 6 per cent as new lockdowns in countries with low vaccination rates facing surging cases of the Delta variant dimmed the outlook for fuel demand. US WTI crude futures for September, due to expire on Friday, rose 35 cents or 0.5 per cent to $64.04 a barrel after sliding 2.7 per cent on Thursday. The more active October contract rose 33 cents or 0.5 per cent to $63.83.

CarTrade Tech to make market debut today
The stock will make its market debut on Friday. If we go by grey market trends, the stock was commanding a premium of Rs 135 as of Thursday, hinting at a modest listing gain of 8 per cent. Analysts advised only aggressive investors to stay with the stock post listing.

DIIs sell shares worth Rs 729 crore
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 595.32 crore, data available with NSE suggested. DIIs also sold shares to the tune of Rs 729.49 crore, data suggests.

AGMs today
ICICI Bank, Graphita India, Sundram Fasteners, Sheela Foam and TTK Healthcare will be among a few companies which will hold their annual general meetings (AGMs) today.

MONEY MARKETS
Rupee: The rupee appreciated by 11 paise to close at 74.24 against the dollar on Wednesday, tracking gains in Asian peers against the greenback.

10-year bond: India 10-year bond yield inched 0.10 per cent lower to 6.24 after trading in 6.22 -6.24 range.

Call rates: The overnight call money rate weighted average stood at 3.23 per cent on Wednesday, according to RBI data. It moved in a range of 1.90-3.40 per cent.

DATA/EVENTS TO WATCH

• US Fed Kaplan Speech (8:30 pm)
• US Baker Hughes Total Rig Count (10:30 pm)
• GB Gfk Consumer Confidence AUG (4:31 am)
• GB Retail Sales JUL (11:30 am)
• AU RBA Kent Speech (4:35 am)
• JP Inflation Rate YoY JUL (5 am)
• IN Foreign Exchange Reserves (5 pm)

MACROS

RBI against dropping card storage clause
The Reserve Bank of India (RBI) is said to be against acceding to a demand by India’s payment gateways for exemptions on select new regulatory norms that are set to prohibit merchants from storing card details and payment operators from offering one-click checkout service to consumers from January 2022, ET reported.

Eicher’s Lal loses MD post over pay hike
Siddhartha Lal’s reappointment as managing director of Eicher Motors Ltd has been voted down by shareholders. Sources told ET that they were basically against a proposal to increase his salary by 10% as it outpaced the company’s revenue and profit growth last year amid the Covid-19 pandemic.

Ujjivan Small Finance Bank hit by high attrition
Ujjivan Financial Services, the holding company of Ujjivan Small Finance Bank, has expressed concerns over the high attrition and leadership vacuum at the bank as well as the sharp deterioration of its asset quality over the past one year. On Thursday, the bank's MD and CEO Nitin Chugh resigned.

Cos hit by packaging shortage
Manufacturers of food, beverages, paints, room fresheners and pharmaceuticals that use tin cans and peel-off packaging are facing shortages, forcing them to delay or pare production.

Demand for Ayurveda brands soars
Sales of naturals products across personal care categories have grown at nearly twice the rate of regular consumables during the year ended June, as the spread of Covid-19 led to an increased consumer interest, awareness and demand for ayurvedic brands.