Important Information For July 8 Stock Trading Strategy

The Indian equity benchmarks are set to open higher on Friday as indicated by the Nifty Futures traded on the Singapore Exchange. The Nifty Futures on Singapore Exchange also known as SGX Nifty Futures rose 119 points or 0.74 per cent to 16,252.

Equity benchmarks Sensex and Nifty advanced nearly 1 per cent each on Thursday following positive trends in global markets.

The 30-share BSE Sensex climbed 427.49 points or 0.80 per cent to settle at 54,178.46. During the day, it rallied 503.82 points or 0.93 per cent to 54,254.79.

The NSE Nifty advanced 143.10 points or 0.89 per cent to close at 16,132.90.

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

Asia Markets

Most of the Asian markets were trading higher taking cues from an overnight rally on Wall Street. Japan's Nikkei rose 1.42 per cent, Hong Kong's Hang Seng advanced 0.64 per cent, South Korea's KOSPI climbed 1.15 per cent and Taiwan Weighted rose 1.36 per cent.

US Markets

Stocks on Wall Street rallied again Thursday, extending the market’s winning streak to a fourth day and placing the major indexes on pace for weekly gains.

The S&P 500 rose 1.5 per cent. It’s latest gain marks the longest winning streak for the benchmark index since March. The Dow Jones Industrial Average rose 1.1 per cent, while the Nasdaq closed 2.3 per cent higher.

Most of the market climbed, and energy-producing companies led the way after oil prices recovered a chunk of their sharp losses from earlier in the week. The bond market is still showing signs of worry about a possible recession, though.

Crude Oil and Gold Price Check

Benchmark U.S. crude oil for August delivery rose $4.20 to $102.73 a barrel Thursday. Brent crude for September delivery rose $3.96 to $104.65 a barrel.

Gold for August delivery rose $3.20 to $1,739.70 an ounce. Silver for September delivery rose 3 cents to $19.19 an ounce and September copper rose 16 cents to $3.57 a pound.

The dollar rose to 136.11 Japanese yen from 135.98 yen. The euro fell to $1.0156 from $1.0182.

Foreign Flows

Foreign institutional investors on Tuesday sold shares worth Rs 925 crore while domestic institutional investors bought shares worth Rs 981 crore. 

Rupee Check

The rupee declined 19 paise to close at 79.13 (provisional) against the US dollar on Thursday, as the hawkish stance of the US Federal Reserve increased the possibility of another aggressive rate hike this month.

At the interbank foreign exchange market, the local currency opened at 79.05 and finally ended at 79.13, down 19 paise over its previous close.

Stocks In Focus

Tata Consultancy Services: The country's largest IT company will announce its first quarter earnings later in the day.

Mahindra & Mahindra: Mahindra & Mahindra (M&M) and the British International Investment (BII) have inked a pact to invest Rs 1,925 crore each in a wholly-owned subsidiary of the home-grown auto major to focus on four-wheel passenger electric vehicles.

The Mumbai-based automaker and BII have executed a binding agreement to invest in the new entity -- "EV Co".

Tech Mahindra: vekananda Polyclinic and Institute of Medical Science in Lucknow, which can support up to 100 beds by increasing oxygen port capacity for the treatment of critically ill patients.

This is part of the COVID-19 relief initiatives launched by Tech Mahindra.

Shriram City Union Finance: Shriram City Union Finance Ltd on Thursday said it has received approval from equity shareholders and creditors for its merger with Shriram Transport Finance Company (STFC).

Of the total final votes, 99.7 per cent of the equity shareholders, 100 per cent of the secured creditors and 99.9 per cent of unsecured creditors were in favour of the deal, according to a vote count at the company's National Company Law Tribunal (NCLT) convened meeting on July 6, a release said.

REC: State-owned REC Ltd on Thursday said it has signed an agreement with Council on Energy, Environment and Water (CEEW) to collaborate on activities to improve the operational and financial sustainability of discoms.

The Memorandum of Understanding (MoU) was signed in the presence of R Lakshmanan, Executive Director – REC Limited, and Arunabha Ghosh, CEO at CEEW, REC said in a statement.

Dr Reddy's Labs: Dr Reddy's Laboratories Ltd on Thursday said the US health regulator has issued Form 483 with two observations after inspecting its manufacturing facility located at Srikakulam in Andhra Pradesh.

As per USFDA, Form 483 is issued to a firm's management at the conclusion of an inspection when the investigator has observed any conditions that in its judgment may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.