Market poised for weak opening; key things to know before opening bell
Asian stocks traded mixed on Thursday, as Chinese tech stocks in Hong Kong came under pressure after regulatory fears resurfaced.
SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 59 points at the opening bell.
Modi Cabinet Reshuffle: The Centre allocated portfolios to the newly inducted ministers. While Home Minister Amit Shah will be in charge of the newly created Ministry of Cooperation, Ashwini Vasihnaw has been given ministries of Railways, Communications and Electronics and Information Technology. Kiren Rijiju will be the new Minister of Law and Justice. Rajnath Singh continues to be in charge of the Defence, Finance Minister Nirmala Sitharaman will also be the Minister of Corporate Affairs.
As many as 43 leaders including Jyotiraditya Scindia, Narayan Rane and Sarbananda Sonowal Wednesday took oath as part of the Cabinet expansion of the Prime Minister Narendra Modi-led government. Fifteen Cabinet ministers, including some new faces, were sworn in at the swearing-in ceremony held in the Darbar Hall of the Rashtrapati Bhawan.
Global markets: Overseas, Asian stocks traded mixed on Thursday, as Chinese tech stocks in Hong Kong came under pressure after regulatory fears resurfaced.
Beijing recently announced a stepping up in oversight on Chinese listings in the U.S., many of whom are tech companies. That came after a recent crackdown on ride-hailing giant Didi and other tech firms, which once again raised concerns over the regulatory outlook.
The S&P 500 rose to a fresh record on Wednesday as investors poured back into trusty mega-cap technology stocks.
The Federal Reserve’s minutes from its June 15-16 meeting, during which it held short-term interest rates near zero but also indicated that it might be adjusting policy otherwise in the months ahead, revealed the central bank discussed tapering but was in no rush to start the process.
Investors also likely continued to monitor the Covid situation regionally. The Japanese government is set to declare another Covid-19 state of emergency in Tokyo until August 22, as per reports. Meanwhile, Australia’s New South Wales state announced Wednesday a week-long extension of Sydney’s lockdown.
Domestic markets: Back home, the main indices end at the day’s high with decent gains on Wednesday. The S&P BSE Sensex, added 193.58 points or 0.37% to close at 53,054.76. The Nifty 50 index gained 61.40 points or 0.39% and traded at 15,879.65.
Foreign portfolio investors (FPIs) bought shares worth Rs 532.94 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 231.80 crore in the Indian equity market on 7 July, provisional data showed.
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