Important Information For September 30 Stock Trading Strategy

The Indian equity benchmarks are set to open on a flat note on Friday ahead of Reserve Bank of India's monetary policy decision as indicated by the Nifty Futures traded on Singapore Exchange. The Nifty Futures on Singapore Exchange also known as SGX Nifty Futures declined 0.2 per cent or 34 points to 16,778.

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

RBI Monetary Policy Decision Day Guide:

The Reserve Bank's rate-setting panel is widely expected for another rate hike of 50 basis points to check high inflation, in line with similar actions taken by other major central banks, including the US Fed.

Based on the recommendations of the Monetary Policy Committee (MPC), the RBI had effected 50 basis points increase in repo rate each in June and August after raising the short-term lending rate by 40 basis points in an off-cycle decision in May.

Asian Markets

Asian shares on Friday were headed for the worst month since the onset of the COVID-19 pandemic, while jitters in currency and bond markets persisted over hawkish talk from central banks, worries about global recession and rising geopolitical risk.

Japan's Nikkei fell 1.76 per cent, South Korea's KOSPI declined 0.52 per cent, Taiwan Weighted dropped 0.95 per cent and Hang Seng fell 0.45 per cent.

US Markets

Stocks fell broadly on Wall Street Thursday as worries about a possible recession and rising bond yields put the squeeze back on markets.

The S&P 500 fell 2.1 per cent, reaching its lowest level since late 2020. The washout erased the index’s gains in a big rally the day before. That’s when forceful moves by the Bank of England to get suddenly spiking U.K. yields under control led to a global burst of relief among investors.

The Dow Jones Industrial Average fell 1.5 per cent and the Nasdaq composite lost 2.8 per cent. The Russell 2000 index of smaller companies dropped 2.4 per cent.

The major indexes are on pace for a weekly loss to wind up what has been a dismal month for Wall Street. With one day left in September, the benchmark S&P 500 is down about 8 per cent for the month.

For markets to really turn higher, after U.S. stocks have lost more than 20 per cent of their value this year, analysts say investors will need to see a break from the high inflation that’s swept the world.

Gold and Crude Oil Price Check

Benchmark U.S. crude oil for November delivery fell 92 cents to $81.23 a barrel Thursday. Brent crude for November delivery fell 83 cents to $88.49 a barrel.

Gold for December delivery fell $1.40 to $1,668.60 an ounce. Silver for December delivery fell 17 cents to $18.71 an ounce and December copper rose 6 cents to $3.42 a pound.

The dollar rose to 144.43 Japanese yen from 143.96 yen. The euro rose to 97.90 cents from 97.43 cents.

Foreign Flows

Foreign institutional investors sold shares worth Rs 3,599 crore on Thursday while domestic institutional investors bought shares worth Rs 3,162 crore.

Stocks In Focus

Deepak Nitrite: Life Insurance Corporation on Thursday announced buying additional stake in speciality chemicals maker Deepak Nitrite to take its overall shareholding in the company to over 5 per cent.

The Corporation's shareholding in Deepak Nitrite has increased from 67,88,327 to 68,58,414 equity shares, increasing its stake from 4.977 per cent to 5.028 per cent of the paid up capital of the said company, LIC said in a regulatory filing on Wednesday.

Adani Ports: Adani Ports and Special Economic Zone (APSEZ) on Thursday said it has incorporated a wholly-owned subsidiary Adani Aviation Fuels Limited (AAFL) to carry on the business of sourcing, transporting, supplying and trading of aviation related fuels.

APSEZ in BSE filing said that AAFL will commenceits business operations in due course.

Adani Power: Fair trade regulator Competition Commission of India (CCI) on Thursday approved the acquisition of 100 per cent equity of Diligent Power and DB Power by Adani Power Ltd.

The proposed combination relates to the acquisition of the 100 per cent of the share capital and economic rights of Diliigent Power and DB Power by Adani Power Ltd, according to an official release.

In August, Adani Power said it will acquire DB Power Ltd, which owns and operates a 2x600 MW thermal power plant at Janjgir-Champa district in Chhattisgarh, at an enterprise value of Rs 7,017 crore for cash consideration.

Hero MotoCorp: Hero MotoCorp on Thursday said it will invest $60 million (about Rs 490 crore) in US-based Zero Motorcycles to jointly develop electric motorcycles.

The country's largest two-wheeler maker said it is finalising a collaboration agreement with the California (US)-based manufacturer of premium electric motorcycles and powertrains.

The company's board has approved an equity investment of up to $60 million in Zero Motorcycles, it added.