Stock Market Live Today: Indian benchmark indices Sensex and Nifty are likely to open on a negative note on Thursday, amid mixed global cues, MSCI rejig, institutional activity, movements in crude oil prices and ongoing Q1 earnings announcements.
GIFT Nifty was trading 116.5 points lower at 24,424 at the last check, indicating a weak start for the domestic bourses.
That apart, Laurus Labs, Lenskart, Adani Energy Solutions and Groww have been added to the MSCI Standard Index, while Balkrishna Industries, SBI Cards and Astral have been removed. India’s index weight will rise to 11.9% from 11.8%, with constituents increasing to 166 from 165.
According to Nuvama, the additions could attract $1.52 billion in inflows, led by Laurus Labs at $598 million, while the three exclusions could see combined outflows of $450 million. Eternal is expected to see the biggest inflow from a weight increase at $674 million.
US stock futures were little changed on Wednesday night as investors awaited fresh inflation data and assessed a new batch of corporate earnings. Dow Jones futures traded marginally above the flatline, while S&P 500 futures slipped slightly and Nasdaq-100 futures declined 0.1%.
Asian markets were largely positive. South Korea’s Kospi jumped 3.13%, Japan’s Nikkei 225 gained 1.5%, while Australia’s S&P/ASX 200 declined 0.6%.
Investors are now awaiting the July US Producer Price Index (PPI) data, due later on Thursday. Economists polled by Dow Jones expect producer prices to rise 0.2% month-on-month, following a softer-than-expected inflation backdrop.
The PPI data comes a day after the US Consumer Price Index (CPI) for July rose 0.1% month-on-month, in line with expectations. The relatively benign inflation reading helped the S&P 500 close higher for the first time in three sessions and prompted traders to scale back expectations of a September rate hike.
Q1 Results Today: Solar Industries, Max Healthcare, Tata Motors PV, LG Electronics, Ipca Labs, LG Electronics, ITI and Endurance Technologies among others will declares their Q1 results.