Important Information For October 7 Stock Trading Strategy

The Indian equity benchmarks are likely to open lower on Friday as indicated by the Nifty Futures traded on Singapore Exchange. The Nifty Futures on Singapore Exchange also known as SGX Nifty Futures declined 0.3 per cent or 48 points to 17,268.

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

Asian Markets

Asian stocks declined on Friday, extending a global equity slide to a third day, as investors fretted over recession risks amid signs of further aggressive central bank policy tightening.

The dollar and Treasury yields remained elevated after multiple Federal Reserve officials continued to talk up additional rate hikes ahead of a crucial U.S. jobs report later in the day, while rising crude oil prices compounded concerns about prolonged inflation.

Japan's Nikkei dropped 0.7 per cent, pulling back from a two-week high reached on Thursday.

US Markets

A choppy day of trading ended with stocks broadly lower on Wall Street Thursday, though indexes have managed to hold onto most of their sizeable gains from a big rally at the start of the week.

The S&P 500 fell 1 per cent after having been up 0.4 per cent in the early going. The benchmark index is up 4.4 per cent for the week following its best two-day rally since the spring of 2020.

The selling was widespread, with roughly 80 per cent of the stocks in the S&P 500 ending in the red. The Dow Jones Industrial Average fell 1.1 per cent, while the Nasdaq composite lost 0.7 per cent. The Russell 2000 index of smaller company stocks closed 0.6 per cent lower.

Gold and Crude Oil Price Check

Benchmark U.S. crude oil for November delivery rose 69 cents to $88.45 a barrel Thursday. Brent crude for December delivery rose $1.05 to $94.42 a barrel.

Wholesale gasoline for November delivery rose 1 cent to $2.68 a gallon. November heating oil rose 17 cents to $3.86 a gallon. November natural gas rose 4 cents to $6.97 per 1,000 cubic feet.

Gold for December delivery was unchanged at $1,720.80 an ounce. Silver for December delivery rose 12 cents to $20.66 an ounce and December copper fell 5 cents to $3.45 a pound.

The dollar rose to 145.07 Japanese yen from 144.49 yen. The euro fell to 97.94 cents from 98.94 cents.

Foreign Flows

Foreign institutional investors bought shares worth Rs 279 crore on Thursday while domestic institutional investors sold shares worth Rs 44 crore.

Stocks In Focus

Yes Bank: The Reserve Bank of India has approved the appointment of Prashant Kumar as MD and CEO of Yes Bank for three years with effect from October 6, 2022.

Earlier in July this year,  the alternate Board of the private sector lender had recommended to the Reserve Bank of India for its approval, the appointment of Kumar as Managing Director & Chief Executive Officer (MD &CEO) of the Bank for a period of three years.

HCL Technologies: IT company HCL Tech plans to train up to 18,000 technology and consulting professional on Google Cloud to scale up its ability to accelerate digital transformations globally with Google Cloud infrastructure, products and solutions, the company said on Thursday.

HCL Tech has been a strategic partner of Google Cloud and formed the dedicated Google Cloud Ecosystem Unit in 2019 to accelerate enterprise cloud adoption at enterprises.

The two companies are now expanding their partnership to significantly scale HCL Tech's capacity to support digital transformation and deliver critical migration, legacy system modernizations and professional services for enterprise customers.

FSN E-Commerce: Omni-channel beauty and lifestyle retailer Nykaa on Thursday said it has signed an agreement with the Middle East's Apparel Group to recreate omni-channel beauty retail platform in the GCC (Gulf Cooperation Council).

Under this Nykaa and Apparel Group alliance, which is in 55:45 ratio, the home-grown retailer will leverage the Apparel Group's robust infrastructure network and deep market relationships to build distinctive Gulf Cooperation Council (GCC) focused beauty offerings in the UAE, Kingdom of Saudi Arabia (KSA), Qatar, Oman, Kuwait and Bahrain.

HDFC Bank: HDFC Bank has completed over half of the digital transformation work it had undertaken over two years ago and is past the peak on tech spends as a percentage of the income, a senior executive said on Tuesday.

It can be noted that concerns on the digital front had led to an unprecedented penal action on the largest private sector lender from the RBI, including a complete ban on launching new digital initiatives and also an embargo on selling new credit cards around two years ago.