Important Information For August 11 Stock Trading Strategy

The Indian equity benchmarks are set to stage a gap up opening as indicated by the Nifty Futures traded on Singapore Exchange. Nifty Futures on Singapore Exchange also known as SGX Nifty Futures jumped 210 points or 1.2 per cent to 17,756 amid strong cues from global markets.

Here are key things to know before markets open on Thursday

Asian Markets

Most of the Asian markets were trading higher following strong closing of US markets. Japan's Nikkei declined 0.65 per cent, Hong Kong's Hang Seng rose 1.14 per cent, Taiwan Weighted advanced 1.37 per cent and South Korea's KOSPI gained 1.33 per cent.

US Markets

Stocks rallied to three-month highs on Wall Street Wednesday as investors welcomed a government report showing that inflation cooled more than expected last month.

The encouraging inflation update sparked speculation that the Federal Reserve may not have to remain as aggressive about hiking interest rates as feared. The central bank has been raising rates in an effort to slow the economy in the hopes of stamping out inflation, but that risks bringing on a recession if the Fed moves too aggressively.

The S&P 500 rose 87.77 points, or 2.1 per cent, to 4,210.24. The gains broke a four-day losing streak and pushed the benchmark index to its highest levels since early May. It is now nearly 15 per cent above its mid-June low.

Gold and Crude Oil Price Check

Benchmark U.S. crude oil for September delivery rose $1.43 to $91.93 a barrel Wednesday. Brent crude for October delivery rose $1.09 to $97.40 a barrel.

Gold for December delivery rose $1.40 to $1,813.70 an ounce. Silver for September delivery rose 26 cents to $20.74 an ounce and September copper rose 6 cents to $3.65 a pound.

The dollar fell to 132.89 Japanese yen from 135.18 yen. The euro rose to $1.0304 from $1.0205.

Foreign Flows

Foreign institutional investors (FIIs) bought shares worth Rs 1,062 crore on Wednesday while domestic institutional investors sold shares worth Rs 768 crore.

Rupee Check

The rupee on Wednesday rebounded by 38 paise to close at 79.25 against the US currency following foreign fund inflows and a weak greenback in the global markets.

The US dollar index traded lower ahead of the release of US inflation data which was widely expected to be marginally lower than June numbers.

US inflation slowed down from a 40-year high in June to 8.5 per cent in July on lower gasoline prices, the official data released after market hours showed.

At the interbank forex market, the local unit opened at 79.59 against the greenback and later strengthened to the day's high of 79.25 as crude oil retreated and the US dollar traded lower in global markets.

Stocks In Focus

Policy Bazaar: PB Fintech, the parent firm of online insurance broker Policybazaar, on Wednesday reported a widening of consolidated loss to Rs 204.33 crore in the first quarter ended June 30, 2022, according to a BSE filing.

The company had posted a loss of Rs 110.84 crore in the same period a year ago.

The consolidated revenue from operations of PB Fintech more than doubled to Rs 505.18 crore during the reported quarter from Rs 237.73 crore in the June 2021 quarter.

Zensar Technologies: Investment firm Plutus Wealth Management on Wednesday bought shares of IT company Zensar Technologies Ltd for Rs 167 crore through an open market transaction.

According to the bulk deal data available with BSE, Plutus Wealth Management LLP purchased 75 lakh shares of the company.

Jindal Stainless: Jindal Stainless Limited (JSL) has partnered with Hygenco India Private Limited to set up a green hydrogen plant.

This plant will enable JSL to reduce its carbon emissions by nearly 2,700 MT per annum, it said in a statement. 

Hygenco is a venture-backed by Vivaan Solar, a leading solar developer and renewables Engineering, Procurement and Construction (EPC) player.

SAIL: State-owned SAIL on Wednesday posted a 79 per cent fall in its consolidated net profit to Rs 804.50 crore during the June quarter dragged by higher expenses.

It had clocked Rs 3,897.36 crore in the April-June period of 2021-22 fiscal, Steel Authority of India Limited (SAIL) said in a regulatory filing. 

The company's total income rose to Rs 24,199.51 crore from Rs 20,754.75 crore in the year-ago quarter.