Important Information For August 23 Stock Trading Strategy

The Indian equity benchmarks are set to open lower as indicated by the Nifty Futures traded on Singapore Exchange. Nifty Futures on Singapore Exchange also known as SGX Nifty Futures fell 0.42 per cent or 74 points to 17,416 amid weak global cues.

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

Asian Markets

Asian shares were down for a sixth straight session on Tuesday after a renewed spike in European energy prices stoked fears of recession and pushed bond yields higher, while tipping the euro to 20-year lows.

Benchmark gas prices in the European Union surged 13 per cent overnight to a record peak, having doubled in just a month to be 14 times higher than the average of the past decade.

Japan's Nikkei fell 1.2 per cent, Hong Kong's Hang Seng dropped 0.57 per cent, Taiwan Weighted slipped 0.98 per cent and South Korea's KOSPI declined 0.86 per cent.

US Markets

Overnight, US stocks fell broadly on Wall Street, extending the market’s losses amid worries about inflation and the path ahead for the economy.

The S&P 500 shed 2.1 per cent Monday, its biggest drop since mid-June. Some 95 per cent of stocks in the benchmark index lost ground. It finished in the red last week, breaking a four-week winning streak. The Dow Jones Industrial Average and the Nasdaq also fell.

Technology companies and retailers had some of the heaviest losses. Investors are looking ahead to this week’s Federal Reserve conference.

On Monday:

The S&P 500 fell 90.49 points, or 2.1 per cent, to 4,137.99.

The Dow Jones Industrial Average fell 643.13 points, or 1.9 per cent, to 33,063.61.

The Nasdaq fell 323.64 points, or 2.5 per cent, to 12,381.57.

Gold and Crude Oil Price Check

Benchmark U.S. crude oil for September delivery fell 54 cents to $90.23 a barrel Monday. Brent crude for October delivery fell 24 cents to $96.48 a barrel.

Gold for December delivery fell $14.50 to $1,748.40 an ounce. Silver for September delivery fell 19 cents to $18.88 an ounce and September copper fell 1 cent to $3.65 a pound.

The dollar rose to 137.53 Japanese yen from 136.91 yen. The euro fell to $0.9933 from $1.0034.

Foreign Flows

Foreign institutional investors sold shares worth Rs 453 crore on Monday while domestic institutional investors sold shares worth Rs 85 crore.

Stocks In Focus

RBL Bank: RBL Bank on Monday said its board has approved raising up to Rs 3,000 crore to fund the lender's business growth.

The fund raising will be subject to the approval of the shareholders, the bank said in a regulatory filing.

Besides, the board has approved issuance of 1.75 crore additional equity stock options exercisable into equivalent number of equity shares fully paid up of Rs 10 each, in addition to residual/remaining options which remain ungranted under ESOP 2018.

Sobha Ltd: Markets regulator Sebi has disposed of the adjudication proceedings against realty firm Sobha Ltd and four individuals following settlement in a case pertaining to alleged fraudulent trading and disclosure lapses.

A settlement amount of Rs 2,92,50,000 has been paid by the four individuals.

Among others, it was alleged that Sobha Ltd had misrepresented the receivables for the construction of residence of one D K Shivakumar (DKS) and misreported service tax/GST dues of the individual in three financial years -- 2016-17, 2017-18 and 2018-19.

Godrej Agrovet: Leading diversified agribusiness company Godrej Agrovet on Monday announced it has signed MoUs with Assam, Manipur and Tripura governments for development and promotion of oil palm cultivation in the three states under the National Mission on Edible Oils-Oil Palm scheme.

India is a net importer of palm oil. 

The MoUs are in line with Godrej Agrovet's long-term strategy to be the catalyst in India's oil mission through sustainable growth of the plant’s production and double farmer's income, the company’s Managing Director Balram Singh Yadav said in a statement.

Infosys: ndia's second largest IT services company Infosys has scaled back the average variable payout of employees to about 70 per cent for the June quarter amid margin squeeze and high employee costs, according to sources.

Recently, Wipro held back the variable pay of employees mainly due to pressure on margins, inefficiency in its talent supply chain and investment in technology. Larger rival Tata Consultancy Sevices has reportedly delayed quarterly variable compensation payout for some employees by a month.