The Indian headline indices- Sensex and Nifty opened flat with a positive bias on Friday morning as the investors wait for the outcome of US-China trade negotiations. The US may raise tariffs on Chinese goods of $200 billion from today as planned. US President Donald Trump said Thursday he had received a “beautiful letter” from Chinese President Xi Jinping, giving hopes that the world’s largest economy may suspend its plan to penalise China by raising tariffs. On Thursday, both the Sensex and Nifty ended lower. Today, while the Sensex is trading at 37.41 points higher at 37,596.32, Nifty is also trading marginally higher at 11,304.80. We take a close look at the key things which will drive the market today:
Crude Oil Prices: The international Brent crude futures were last seen at $70.85 a barrel, up 48 cents from their last close, while the U.S. West Texas Intermediate (WTI) crude futures were at $62.29 per barrel, up 59 cents, or 1 percent, from their earlier settlement.
Rupee movement: The Indian currency is likely to be under pressure due to global tensions and crude oil prices according to experts. Yesterday, the rupee ended at 69.94 a dollar, down 23 paise from its last close.
FIIs and DIIs: While the foreign institutional investors (FIIs) sold shares of Rs 655 crore on a net basis, the domestic institutional investors or DIIs bought shares worth Rs 678 crore on Thursday.
US-China Trade Talks: The world’s largest economies US and China concluded their first round of two-day meeting on Thursday. According to reports, Washington is planning to raise tariffs on Chinese goods of $200 billion from today.
15th Finance Commission meeting with banks: The 15th Finance Commission headed by Chairman NK Singh, will be holding a two day meeting with banks and financial institutions from today in Mumbai. They had met with the Reserve Bank of India (RBI) officials on Wednesday.