Important Information For July 13 Stock Trading Strategy

The Indian equity benchmarks are set to open higher on Wednesday as indicated by the Nifty Futures traded on the Singapore Exchange. The Nifty Futures on Singapore Exchange also known as SGX Nifty Futures rose 54 points or 0.34 per cent to 16,114.

Benchmark indices remained on the backfoot for the second straight session on Tuesday, with the Sensex and Nifty declining almost 1 per cent each amid a sell-off in global markets.

Investors were also cautious ahead of the release of retail inflation and factory output data.

The 30-share BSE Sensex opened on a weak note and fell 508.62 points or 0.94 per cent to end at 53,886.61. During the day, it dropped 570.26 points or 1.04 per cent to 53,824.97.

Here are key things to know before market opens on Wednesday:

Asia Markets

Most of the Asian markets were trading higher. Japan's Nikkei rose 0.38 per cent, Hong Kong's Hang Seng advanced 0.54 per cent, South Korea's KOSPI gained 0.72 per cent and Taiwan Weighted rose 2.61 per cent.

US Markets

Stocks shed early gains and ended broadly lower on Wall Street Tuesday as investors brace for a big week of news on inflation and company earnings reports.

The S&P 500 fell 0.9%, extending its losing streak to a third consecutive day. All of the benchmark index’s 11 company sectors closed in the red.

The Dow Jones Industrial Average slid 0.6%, while the Nasdaq lost 0.9%.

Technology, health care and energy stocks accounted for a big share of the S&P 500′s losses. Bond yields mostly fell, as did energy futures.

Crude Oil and Gold Price Check

Benchmark U.S. crude oil for August delivery fell $8.25 to $95.84 a barrel Tuesday. Brent crude for September delivery fell $7.61 to $99.49 a barrel.

Gold for August delivery fell $6.90 to $1,724.80 an ounce. Silver for September delivery fell 17 cents to $18.96 an ounce and September copper fell 14 cents to $3.29 a pound.

The dollar fell to 136.77 Japanese yen from 137.32 yen. The euro fell to $1.0045 from $1.0063.

Foreign Flows

Foreign institutional investors on Monday sold shares worth Rs 1,565 crore while domestic institutional investors sold shares worth Rs 141 crore. 

Rupee Check

The rupee declined 15 paise to close at a new lifetime low of 79.60 (provisional) against the US dollar on Tuesday as a strong greenback overseas and weakness in domestic equities continued to weigh on investor sentiments.

At the interbank forex market, the local unit opened weak at 79.55 against the greenback and witnessed an intra-day high of 79.53 and a low of 79.66.

It finally settled at 79.60 (provisional), down 15 paise over its previous close of 79.45.

Stocks In Focus

HCL Technologies: IT services company HCL Technologies on Tuesday reported a 2.4 per cent year-on-year increase in its net profit for the three months ended June 2022 at Rs 3,283 crore.

The revenue came in at Rs 23,464 crore, which was nearly 17 per cent higher than the year-ago period.

In its FY23 guidance, the company said revenue is expected to grow between 12-14 per cent in constant currency terms.

Axis Bank: Axis Bank on Tuesday said Reserve Bank of India (RBI) has approved the reappointment of Rakesh Makhija as the Non-Executive Chairman till October 2023.

RBI vide its letter dated July 12, has approved the re-appointment of Makhija as the Non-Executive (Part Time) Chairman of the bank, with effect from July 18 up to October 26, Axis Bank said in a regulatory filing.

Jaypee Infratech: Jaypee Infratech on Tuesday said the Securities Appellate Tribunal (SAT) has set aside a SEBI order which imposed a penalty of Rs 7 lakh on the company for disclosure lapses.

In a regulatory filing, Jaypee Infratech said the Securities and Exchange Board of India (SEBI) had passed an adjudication order on March 14, 2022 regarding disclosures required to be made to the stock exchanges.