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Updated on: Friday, December 10, 2021, 08:46 AM IST

Trends on SGX Nifty indicate flat opening for stock market indices

Indian markets could open mildly lower in line with lower Asian markets today and largely lower US markets on Thursday/AFP PHOTO / WANG ZHAO |

Indian markets could open mildly lower in line with lower Asian markets today and largely lower US markets on Thursday/AFP PHOTO / WANG ZHAO |

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Trends on SGX Nifty indicate a flat opening for the indices. At 8.20 AM, Nifty Futures were trading 17,523.50 level on the Singaporean Exchange.

Indian markets could open mildly lower in line with lower Asian markets today and largely lower US markets on Thursday, said Deepak Jasani, Head-Retail, HDFC Securities.

Nifty ended higher for the third consecutive session on Dec 09 helped by positive global cues. At close Nifty was up 0.27% or 47 points at 17517.

Nifty saw lower upward momentum on day three as expected. However, the advance decline ratio continues to remain high, comforting the sentiments. Nifty could face resistance from 17564-17600 band while 17351-17379 band could provide support.

Asian shares slip

Asian shares slipped on Friday as traders edged away from riskier assets amid renewed concerns about COVID-19 and ahead of key U.S. inflation data that could set direction on Federal Reserve rates.

US stocks closed lower

US stock indexes on Thursday all closed lower, as the Dow fell just into the red in the final minutes of trading, while investors waited for Friday’s November consumer price index report which could see annual inflation rise to 6.7 percent, its highest level in about 40 years.

While US stocks have recovered to near record levels in the past week as the fear that the omicron variant of coronavirus might slow economic growth has faded, concern has risen over the potential for tighter monetary policy at next week’s Federal Reserve policy meeting.

A Reuters poll of economists predicted the Fed would raise rates by 25 basis points to 0.25-0.50 percent in the third quarter of next year. However, most saw the risk that a hike comes even sooner.

US jobs data showed new applications for unemployment benefits sank to a 52-year low of 184,000 for the week ended December 4.

US consumer price index (CPI) for November is due later Friday and a Reuters poll of economists expect it to have risen 6.8 percent year-on-year, overtaking a 6.2 percent increase in October, which was the fastest gain in 31 years.

Japan inflation hits a record 9.0%

Japan's wholesale inflation hit a record 9.0 percent in November, pushing gains for a ninth straight month, a sign upward pressure on prices from supply bottlenecks and rising raw material costs were broadening.

Chinese markets in focus

Chinese markets are in focus after China Evergrande Group and Kaisa Group Holdings Ltd. officially defaulted on their dollar debt.

SIP contributions hit all-time high

Net inflows into equity and equity-linked schemes more than doubled month-on-month to Rs 11,614.73 crore in November. Monthly contributions into systematic investment plans rose for the seventh straight month. According to the mutual fund lobby, monthly SIP contributions hit a fresh all-time high of Rs 11,004.94 crore. Around 14 lakh SIP accounts opened during the reported month.

Metro Brands raises Rs 410 cr from anchor investors ahead of IPO

Footwear retailer Metro Brands Ltd, which is backed by ace investor Rakesh Jhunjhunwala, on Thursday said it has collected a little over Rs 410 crore from anchor investors ahead of its IPO rollout on Friday.

The company has allotted 82.05 lakh equity shares to anchor investors at Rs 500 apiece, taking the total transaction size to Rs 410.25 crore, according to a BSE circular.

The initial share-sale comprises fresh issuance of equity shares worth Rs 295 crore and an offer for sale of 2.14 crore equity shares by promoters and other shareholders. The issue, with a price band of Rs 485-500 per share, opens for public subscription on December 10 and will conclude on December 14. At the upper end of the price band, the public issue is expected to fetch Rs 1,367.5 crore.

Shriram Properties IPO gets subscribed 1.63 times on second day

The initial share sale of Shriram Properties got subscribed 1.63 times on the second day of the offer on Thursday. Fresh issuance of equity shares worth Rs 250 crore and an offer for sale of Rs 350 crore make up the Initial Public Offer (IPO).

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Published on: Friday, December 10, 2021, 08:46 AM IST
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