The Indian headline indices- Sensex and Nifty are likely to open flat in view of weak global cues on Friday morning. Crude oil prices, rupee movement and other key things to watch out for.
The Indian headline indices- Sensex and Nifty are likely to open flat in view of weak global cues on Friday morning. The SGX Nifty closed in green at 11,735.50 mark, 5 points higher than the previous close. Yesterday, the Sensex, Nifty settled in red after the crude oil prices crossed $ 75 per barrel. Yesterday, while the Sensex ended lower by 323.82 points at 38,730.86 mark, Nifty ended at 11,641.80 points, 84.35 points lower than the last close. We take a look at key things which will drive the market today:
Crude oil prices: Oil prices fell on Friday on account of expectations that OPEC will increase output to compensate for a reduction in supplies from Iran following the ending of sanction waivers on Iranian oil importers. Brent crude futures were at $74.09 per barrel at 6 AM, down 26 cents from their last close. US WTI crude futures were at $64.82 per barrel, down 39 cents from their previous close. The crude futures hit its 2019 highs this week after the United States decision on tightening sanctions, yesterday the oil prices exceeded $75 per barrel.
FII and DII: The net value of FIIs was Rs 3785.73 crore, whereas that of DII was in negative at Rs 4069.98 crore on Thursday.
Rupee movement: Yesterday, the rupee dipped 39 paise to end at more than the six-week low of 70.25 against the US dollar.
India on US ‘Priority Watch List’: The world’s largest economy US on Thursday put India on its ‘Priority Watch List’, on lack of “sufficient measurable improvements” to its Intellectual Property or IP framework on long-standing and new challenges that have negatively impacted American right holders over the past year. The US Trade Representatives (USTR) in its report identified 11 countries, including India, in its ‘Priority Watch List’. China, Indonesia, Russia, Saudi Arabia and Venezuela are also included in the list.
Japan on India import duty: Japan has shown interest to join consultations in a dispute case filed by the European Union in the World Trade Organisation against India’s import duties on some products relating to information and communications technology including mobile phones. It is the sixth country which wants to join the consultations under the aegis of the WTO’s dispute settlement mechanism, according to CNBC TV18.