Stock Market Today: Top 10 things to know before the market opens today - TopAsiaFX

015, Aug 2022

The market is expected to open in the green as trends in the SGX Nifty indicate a gap-up opening for the broader index in India around 17,830 level as against August 12 close of 17,713 mark.

The BSE Sensex rose 130 points to 59,463, while the Nifty50 climbed 39 points to 17,698 and formed a small-bodied bullish candle on the daily charts. The index gained 1.7 percent for the week and saw a bullish candlestick pattern with higher high higher low formation for the fourth straight week.

According to the pivot charts, the key support level for the Nifty is placed at 17,622, followed by 17,547. If the index moves up, the key resistance levels to watch out for are 17,749 and 17,800.

Asian Markets

Shares in the Asia-Pacific were mostly higher on Monday as investors monitored market reaction to Chinese economic data. Mainland China markets were mixed. The Shanghai Composite fell slightly to end the day at 3,276.09 and the Shenzhen Component was up 0.33 percent at 12,460.22.

The S&P/ASX 200 in Australia rose 0.45 percent to close at 7,064.3. MSCI’s broadest index of Asia-Pacific shares outside Japan were 0.21% lower. Japan’s Nikkei 225 increased 1.14 percent to 28,871.78 while the Topix index added 0.6 percent to 1,984.96.

SGX Nifty

Trends in the SGX Nifty indicate a gap-up opening for the broader index in India around the 17,830 level against the August 12 close of 17,713 mark. The Indian stock market was shut on August 15.

Retail inflation falls to 6.71% in July India's headline retail inflation rate, as measured by the Consumer Price Index (CPI), fell to a five-month low of 6.71 percent in July, according to data released on August 12 by the Ministry of Statistics and Programme Implementation.

In June, CPI inflation had come in at 7.01 percent. At 6.71 percent, the July CPI inflation figure is in line with the consensus estimate. As per a Moneycontrol poll, CPI inflation was seen falling to 6.7 percent in July.

India's industrial growth shrinks to 12.3% in June as the favorable base effect fades

India's industrial growth, as per the Index of Industrial Production (IIP), fell to 12.3 percent in June against 19.6 percent in May, the Ministry of Statistics and Programme Implementation showed.

The June industrial growth figure is above the consensus estimate. A Moneycontrol poll of 15 economists had predicted IIP growth would fall to 10.6 percent in June. IIP growth in June 2021 was 13.8 percent.

LIC Q1 Result | Net profit comes in at Rs 683 crore, and the firm sees a rise in market share

India's largest life insurance company, Life Insurance Corporation (LIC) reported a net profit of Rs 682.9 crore for the quarter ended June (Q1FY23), a sharp rise from a mere Rs 2.6 crore in the corresponding period last year. But on a sequential basis, the net profit was down from Rs 2,371.5 crore logged in the March quarter. In a call with the press post the release of its earnings, the insurer said that going forward, the volatility in its profit would be low.

LIC's profitability metrics too showed a hit for the June quarter on a sequential basis. Its value of new business dropped by more than 80 percent sequentially to Rs 1,861 crore from Rs 9920 crore in the March quarter. The VNB margin slipped to 13.6 percent for the June quarter from 15.1 percent in the March quarter.

Foreign exchange reserves fall from USD 897 million to USD 572.978 billion

The country's foreign exchange reserves declined $897 million to $572.978 billion in the week ended August 5, according to the Reserve Bank of India (RBI). In the previous week ended July 29, the reserves had risen $2.315 billion to $573.875 billion.

In the week ended August 5, the fall in the foreign exchange reserves was due to a dip in the Foreign Currency Assets (FCA), a major component of the overall reserves, as per the Weekly Statistical Supplement released by RBI on Friday. FCA declined USD 1.611 billion to USD 509.646 billion, the data showed.

RBI may go slow on next round of rate hike as retail inflation cools off to 6.71%

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Retail inflation cooling along expected lines in July may allow the rate-setting Monetary Policy Committee to go for less aggressive rate hikes in the upcoming meetings, economists said on August 12.

Data released on August 12 showed India's headline retail inflation rate, as measured by the Consumer Price Index (CPI), fell to a five-month low of 6.71 percent in July. A Moneycontrol poll had shown inflation was expected to fall to 6.7 percent from 7.01 percent in June.

FII and DII data

Foreign institutional investors (FIIs) have net bought shares worth Rs 3,040.46 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 839.45 crore on August 12, as per provisional data available on the NSE.

Stocks under F&O ban on NSE

The National Stock Exchange has added Tata Chemicals to its F&O ban list and made the list of total stocks to 3 including Balrampur Chini Mills, and Delta Corp for August 16. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit. Source: MoneyControl...