Indian equity benchmarks Nifty 50 and Sensex are likely to start Thursday’s session in the green, tracking largely positive moves across other major markets around the globe as investors grew optimistic about a breakthrough in the US debt ceiling talks. The Biden administration underscored its determination to reach a deal soon to raise the debt ceiling at $31.4 trillion and avoid an economically catastrophic default.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Stay tuned on Zeebiz.com to find out what could impact your trade today. We have collated a list of the top 10 things to know that could impact the market, companies or the economy:

  • SGX Nifty futures: Singapore Exchange (SGX) Nifty futures — an early indicator of the Nifty 50 index — were up 55.5 points or 0.3 per cent at 18,287.5 at the last count ahead of the opening bell on Dalal Street, suggesting a positive start in the Indian share market on Thursday.
  • Wall Street: Overnight in the US, the three main equity indices closed higher amid optimism over a potential US debt ceiling deal and as a rebound in regional bank shares eased concerns about an escalation in the sector's troubles.The Dow Jones Industrial Average rose 408.6 points, or 1.2 per cent, to 33,420.8; the S&P 500 gained 48.9 points, or 1.2 per cent, to 4,158.8; and the Nasdaq Composite added 157.5 points, or 1.3 per cent, to 12,500.6.
  • Asian markets: Equities in most other Asian markets were in the green in early hours, tracking positive cues from Wall Street. MSCI's broadest index of Asia Pacific shares outside Japan was up 0.9 per cent at the last count. Japan’s Nikkei 225 was up one per cent, South Korea’s KOSPI and Hong Kong’s Hang Seng up around 0.5 per cent each, and China’s Shanghai Composite around 0.4 per cent.
  • Rupee vs dollar: The rupee fell by 12 paise to close at 82.37 against the US currency on Wednesday.
  • Dollar index: The dollar scaled a seven-week high on Wednesday. The dollar index measures strength in the greenback against six major currencies other than the rupee. 
  • Crude oil: Crude oil prices settled up by about $2 on Wednesday as optimism over oil demand and US debt ceiling negotiations outweighed worries about oversupply. Brent crude futures rose by $2.1 or 2.7 per cent to $77 per barrel. West Texas Intermediate US crude futures gained by $2 or 2.8 per cent to $72.8 a barrel.
  • Adani-Hindenburg case: The Supreme Court on Wednesday granted the market regulator Sebi additional time, till August 14, to complete its investigation into possible violation of securities law and regulatory disclosures by the Adani group. The top court directed Sebi to file a status report on its investigations against the group, whose shares plunged after being criticised by US-based Hindenburg Research in January.
  • Q4 results: Index heavyweights such as State Bank of India (SBI) and ITC along with other broader market companies like Bata India, Concor, GAIL and IndiGo are scheduled to announce their January-March quarter earnings for the financial year 2022-23 on Thursday. Companies such as Jubilant FoodWorks, REC and Whirlpool of India announced their numbers on Wednesday.
  • US debt ceiling update: President Joe Biden and top US congressional Republican Kevin McCarthy on Wednesday underscored their determination to reach a deal soon to raise the federal government's debt ceiling and avoid an economically catastrophic default. After a monthslong standoff, the Democratic president and the speaker of the House of Representatives agreed to negotiate directly on a deal this week. An agreement needs to be reached and passed by both chambers of Congress before the federal government runs out of money to pay its bills as soon as June 1.
  • FII, DII flow: Foreign portfolio investors (FPIs) net purchased Indian shares worth Rs 149.3 crore on Wednesday whereas domestic institutional investors (DIIs) remained net sellers to the tune of Rs 203.9 crore, according to provisional exchange data.

(With inputs from agencies)