SGX Nifty falls 100 points in early trade on Friday; 5 things to know before market opens

Headline indices BSE Sensex and Nifty 50 were staring at a negative start on Friday. Market participants will react to India’s retail inflation for October which came in at 7.61 per cent, July- September quarter earnings, oil prices, rupee movement and other global cues. Besides, investors will focus on speeches by the presidents of the US Federal Reserve Banks of Chicago and New York regarding monetary stimulus and economic stability later in the day. “The stimulus package would certainly help in keeping the economy on a recovery path and has positive long-term implications. However, indications are in the favour of some consolidation in markets after the recent surge and it would healthy for markets,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

SGX Nifty in red: Trends on SGX Nifty indicate a gap-down start for Sensex and Nifty today. Nifty futures were trading 97 points down at 12,650 on Singaporean Exchange.

Moody’s raises India’s 2020 GDP forecast: Moody’s on Thursday raised India’s GDP forecast for the calendar year 2020 upwards to -8.9 per cent contraction from -9.6 per cent contraction forecast earlier, according to ANI. Similarly, India’s GDP forecast for the calendar year 2021 has been revised upwards to 8.6 per cent from 8.1 per cent projected earlier.

FII and DII data: On Thursday, foreign portfolio investors (FPIs) bought stocks to the tune of Rs 1,514 crore, while the domestic institutional investors (DIIs) sold stocks to the tune of Rs 2,239.43 crore on a net basis in the capital market, according to the data available with NSE.

IIP grows, inflation spikes: India’s industrial production rose 0.2 per cent on-year in the month of September 2020 for the first time in seven months. On the other hand, the annual consumer price inflation (CPI) in India rose to 7.61 per cent in October 2020 from 7.34 per cent in the previous month.

Global market: Asian stock markets declined in early trade on Friday. Japan’s Nikkei 225 shed 0.92 per cent while the Topix index fell 1.47 per cent. South Korea’s Kospi dipped 0.19 per cent. In overnight trade on Wall Street, US stocks ended sharply lower. The Dow Jones Industrial Average fell 1.08 per cent, while the S&P 500 lost one per cent. The Nasdaq Composite dropped 0.65 per cent.