Important Information For October 14 Stock Trading Strategy

The Indian equity benchmarks are likely to stage a gap up opening on Friday as indicated by the Nifty Futures traded on Singapore Exchange. The Nifty Futures on Singapore Exchange also known as SGX Nifty Futures surged 1.94 per cent or 330 points to 17,286 amid strong global cues.

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

Asian Markets

Asian shares tracked Wall Street higher on Friday, although gains could quickly unwind as investors grapple with the reality that surging U.S. inflation will likely lead to higher interest rates for longer, hastening a global recession.

Japan's Nikkei surged 3.45 per cent, Hong Kong's Hang Seng climbed 3 per cent, Singapore's Straits Times advanced 1.1 per cent and South Korea's KOSPI rose 2.5 per cent.

US Markets

Wall Street staged its biggest comeback in years Thursday, as stocks roared back from steep morning losses caused by a worse-than-expected report on inflation.

The S&P 500 jumped to a gain of 2.6 per cent, a stunning reversal after earlier being down as much as 2.4 per cent and touching its lowest level in nearly two years. The Dow Jones Industrial Average swung more than 1,500 points from its low to its high. The turnarounds were the biggest for each index since March 2020.

Other markets around the world likewise veered sharply from losses to gains, while analysts offered possible reasons for the reversal but little that was concrete.

Besides stocks, prices also initially tumbled for bonds and cryptocurrencies in the knee-jerk reaction to a disappointing report from the U.S. government, which showed inflation is spreading more widely across the economy. One component that’s closely followed by policy makers and investors accelerated to its hottest level in 40 years.

Gold and Crude Oil Price Check

Benchmark U.S. crude oil for November delivery rose $1.84 to $89.11 a barrel Thursday. Brent crude for December delivery rose $2.12 to $94.57 a barrel.

Gold for December delivery fell 50 cents to $1,677 an ounce. Silver for December delivery fell 2 cents to $18.92 an ounce and December copper rose 1 cent to $3.44 a pound.

The dollar rose to 147.17 Japanese yen from 146.88 yen. The euro rose to 97.85 cents from 96.96 cents.

Foreign Flows

Foreign institutional investors sold shares worth Rs 1,636 crore on Thursday while domestic institutional investors bought shares worth Rs 753 crore.

Stocks In Focus

Infosys: The company's board approved share buyback offer worth Rs 9,300 crore at Rs 1,850 per share. The country's second largest IT services company - Infosys - on Thursday informed stock exchanges that its net profit in September quarter rose 12 per cent sequentially to Rs 6,021 crore from Rs 5,360 crore in the previous quarter on the back of large deal wins. On an annual basis, Infosys' profit advanced 11 per cent. 

Mindtree: IT company Mindtree on Thursday reported a 27.5 per cent year-on-year rise in its consolidated net profit to Rs 508.7 crore for the September quarter.

Seen sequentially, the net profit was about 8 per cent higher than June quarter.

The Q2 revenue came in at about Rs 3,400.4 crore, growing 8.9 per cent over the previous sequential quarter and 31.5 per cent on year.

Debashis Chatterjee, Chief Executive Officer and Managing Director of Mindtree said that the robust performance in the second quarter of FY23 marked a solid first half of the year, for the company.