Nifty, Sensex likely to start day weaker: 10 things to know before opening bell

10 things to know before opening bell, 10 things to know before the market opens: Singapore Exchange (SGX) Nifty futures indicate a weaker start on Dalal Street on Friday amid mixed global cues. On Thursday, the 30-scrip index scaled a fresh peak of 63,601.7 during the session before settling at 63,238.9, down 284 points, or 0.5 per cent from its previous close. The NSE's Nifty ended at 18,771.3, down 86 points or 0.5 per cent on the day.

Equities gave up gains on concerns of high valuations and as IT stocks dropped after Federal Reserve Chairman Jerome Powell indicated further rate hikes this year, battering global market sentiment.

Here are 10 things to know before the opening bell in the Indian market on June 23: 

SGX Nifty: SGX Nifty futures — an early indicator of the Nifty 50 index — were down 16.5 points or 0.1 per cent at 18,814.5 at the last count ahead of the opening bell on Dalal Street.

Asian shares: Equities in other major Asian markets began the day deep in the red, mirroring overnight losses on Wall Street, with MSCI's broadest index of Asia Pacific shares outside Japan quoting 1.1 per cent lower. Japan's Nikkei 225 was down 1.7 per cent.   

Japan's weak factory activity spooks investors: A PMI survey pointed to contraction in Japan's manufacturing activity and a slowdown in the country's services sector growth slowed for the first time in seven months, amid weakening business confidence and demand.

Wall Street: The S&P 500 and the Nasdaq closed higher on Thursday as Powell continued to beat a hawkish drum and suggested the US central bank has not reached the end of its tightening cycle, but provided reassurance that the Fed would proceed with caution. The blue-chip gauges Dow Jones Industrial Average fell 4.8  points to end at 33,946.7, the S&P 500 gained 16.2 points or 0.4 per cent to 4,381.9 and the Nasdaq Composite added 128.4 points or one per cent to 13,630.6.

Crude oil: Oil futures fell about four per cent on Thursday, as a bigger-than-expected Bank of England rate hike prompted worries about the global economy and fuel demand that outweighed support from a surprise draw in US oil supplies. Brent futures settled down by $3 or 3.9 per cent at $74.1 a barrel. US West Texas Intermediate (WTI) crude futures also fell by $3, or 4.2 per cent, to $69.5 per barrel.

Gold price: Prices of the yellow metal were on track for their biggest weekly drop since February as prospects of additional interest rate hikes by the Fed this year weighed on bullion's appeal. Spot gold was last up 0.1 per cent at $1,915.4 per ounce.

Rupee vs dollar: The rupee ended stronger at 81.95 against the greenback on Thursday as the dollar index plumbed to multi-week lows.

Fitch lifts India GDP forecast: The credit ratings major on Thursday raised its forecast for India's economic growth to 6.3 per cent for the year ending March 2024 from 6 per cent, citing a stronger quarterly outturn and near-term momentum.

Bank of England hike: The BoE's Monetary Policy Committee (MPC) voted 7-2 to raise its main interest rate to 5 per cent from 4.5 per cent, its highest since 2008 and its largest rate increase since February, amid stickier inflation and wage growth since its policymakers met last in May.

On investors' radar: Investors, globally, will track news updates on scheduled speeches by Fed officials and British retail sales data on Friday for cues.    

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