Trends on SGX Nifty indicate a positive opening for the indices
REUTERS/Danish Siddiqui

Trends on SGX Nifty indicate a positive opening for the index with a 36 points gain. The Nifty futures were trading at 15,956 on the Singaporean Exchange. Indian markets could open flat to mildly higher, despite largely negative Asian markets today and mixed US markets on Thursday, said Deepak Jasani, Head-Retail Research, HDFC Securities.

US Stock indexes fell on Thursday as a rallying worth stock ran out of team, while economically-sensitive cycles gained as a fall in weekly jobless claims last week strengthened views about a recovery in the labour market.

According to Mohit Nigam, Head-PMS, Hem Securities, Stock specific actions may be witnessed in stocks such as Sona Comstar (Partnered with Israel's IRP Nexus Group), Reliance & Just Dial (Clarified that it won’t comment on Justdial acquisition reports), Indian Oil (Paradip Refinery hit by glitches). Earnings to watch today include Den Networks, HDFC AMC, GNA Axles, JustDial. 15,600 remains a crucial support on the downside and once Nifty closes above 16000, market may move towards 16,400 gradually.

The Dow Jones Industrial Average was up 7.35 points or 0.02 percent at 34,940.58 and the S&P 500 was down 14.09 points or 0.32 percent at 4,360.21. The Nasdaq Composite dropped 102.25 points or 0.70 percent at 14,542.70.

Initial jobless claims fell by 26,000 to 360,000 in the seven days ended July 10 –a 16 month low - matching the forecast of economists polled by The Wall Street Journal.

Powell, in an appearance before the Senate Banking Committee told lawmakers that inflation has risen significantly and would likely remain high for a few months before moderating.

US industrial production rose 0.4 percent in June, the Federal Reserve reported Thursday, but a shortage of semiconductors contributed to a 6.6 percent drop in production of motor vehicles and parts. Excluding autos, industrial output rose 0.8 percent in the month.

Official data showed that the United Kingdom reported the highest daily increase in COVID-19 cases since January15.

Asian shares decline

Asian shares fell in morning trade as investors await the Bank of Japan's monetary policy statement. The Nikkei 225 in Japan fell 0.84 percent in the morning trade while the Topix index slipped fractionally. South Korea's Kospi declined 0.52 percent.

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