Important Information For September 2 Stock Trading Strategy

The Indian equity benchmarks are set to open on a flat note on Friday as indicated by the Nifty Futures traded on Singapore Exchange. Nifty Futures on Singapore Exchange also known as SGX Nifty Futures rose 0.07 per cent or 12 points to 17,580 amid subdued global cues.

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

Asian Markets

Asian shares were mixed and the dollar stood tall on Friday ahead of a key U.S. jobs report as investors braced for more aggressive rate hikes from the Federal Reserve, while commodities took an overnight dive amid new China lockdowns.

MSCI's broadest index of Asia-Pacific shares outside Japan remained largely unchanged in early Asia trade, but was headed for its worst weekly performance in seven with a drop of 3 per cent, as rising expectations of hawkish global rate hikes hit risky assets.

Most of the Asian markets were trading lower with Japan's Nikkei down 0.27 per cent, Hong Kong's Hang Seng fell 0.48 per cent and Taiwan Weighted declined 0.24 per cent.

US Markets

A late burst of buying erased some of the stock market’s losses Thursday, leaving indexes mixed on Wall Street at the closing bell.

The S&P 500 index of large companies managed to eke out a tiny gain, all of it coming in the last 10 minutes of trading. That ended a four-day losing streak for the benchmark index.

The Dow Jones Industrial Average also climbed about half a percent. The tech-heavy Nasdaq composite index fell, as did several measures of small and mid-size companies.

On Thursday:

The S&P 500 rose 11.85 points, or 0.3 per cent, to 3,966.85.

The Dow Jones Industrial Average rose 145.99 points, or 0.5 per cent, to 31,656.42.

The Nasdaq fell 31.08 points, or 0.3 per cent, to 11,785.13.

The Russell 2000 index of smaller companies fell 21.30 points, or 1.2 per cent, to 1,822.82.

Gold and Crude Oil Price Check

Benchmark U.S. crude oil for October delivery fell $2.94 to $86.61 a barrel Thursday. Brent crude for November delivery fell $3.28 to $92.36 a barrel.

Gold for December delivery fell $16.90 to $1,709.30 an ounce. Silver for December delivery fell 22 cents to $17.67 an ounce and December copper fell 11 cents to $3.41 a pound.

The dollar rose to 140.23 Japanese yen from 138.73 yen. The euro fell to 99.45 cents from $1.0045.

Foreign Flows

Foreign institutional investors sold shares worth Rs 2,290 crore on Thursday while domestic institutional investors bought shares worth Rs 951 crore.

Stocks In Focus

Indian Bank: State-owned Indian Bank has revised the marginal cost of funds-based lending rates (MCLR) by 0.10 per cent across tenors from Saturday, which will make most of the consumer loans costlier.

It has also revised the lending rates benchmarked on treasury bills.

The Asset Liability Management Committee (ALCO) of the bank has reviewed the Benchmark Lending Rates and decided on an upward revision in MCLR and TBLR across various tenors, the lender said in a regulatory filing on Thursday.

KIMS: General Atlantic Singapore Kh Pte Ltd on Thursday offloaded 16.60 lakh shares of hospital chain Krishna Institute of Medical Sciences Ltd (KIMS) for Rs 204 crore through an open market transaction.

According to the bulk deal data available with the National Stock Exchange (NSE),  the shares were sold at an average price of Rs 1,230 apiece, valuing the transaction at Rs 204.18 crore.

At the end of June quarter, General Atlantic Singapore Kh Pte Ltd owned 17.24 per cent stake in the company, as per data available with the bourse.

LIC: Country's largest insurer LIC intends to raise its market share in non-participating insurance products as well as diversify the channel mix, a top company official said.

Having a market share of 65 per cent, the state-owned life insurer offers 17 individual participating products, 17 individual non-participating products, 11 group products and 7 products with rider benefits.

Non-participating life insurance products do not offer any bonuses or add-ons such as dividends to the policyholders. A pure term life insurance policy is non-participating product offering a fixed cover against payment of the policy premium.

Hero MotoCorp: Hero MotoCorp on Thursday reported a 1.92 per cent increase in total sales at 4,62,608 units in August 2022.

The company had sold 4,53,879 units in the year-ago period, Hero MotoCorp said in a regulatory filing.

Domestic sales were at 4,50,740 units as compared to 4,31,137 units in August 2021, a growth of 4.55 per cent, it added.

Adani Enterprises: Adani Enterprises Ltd will replace Shree Cement Ltd from National Stock Exchange's benchmark index Nifty 50 from September 30.

Adani Enterprises is the flagship company of Adani Group and Shree Cement is the leading cement-making firm, owning brands such as Roofon, Bangur Power, Shree Jung Rodhak, Bangur Cement and Rockstrong.

The Index Maintenance Sub-Committee - Equity (IMSC) of NSE Indices Limited has decided to make the changes as a part of its periodic review, a release said on Thursday.

NDTV: NDTV promoter group firm RRPR Holding has told VCPL, which along with two other Adani group firms has launched a hostile takeover bid for the media firm, that its stakeholding in NDTV has been provisionally attached by the I-T authorities and require their approval for the transfer.

The contention has been rejected by the Adani group, which termed it as "misconceived and misleading" statements while asking RRPR Holding to convert the warrants into equity shares.