Here are the key things investors should know before the market opens today:
Wall Street ends higher on tech boost
In the overnight trade, U.S. stocks ended higher, snapping a two-session losing streak, on the back of strong buying in the IT space and earnings optimism. Investors cheered the U.S. services data which rebounded in July as supply bottlenecks and price pressures eased. The data released by the Institute for Supply Management showed that its non-manufacturing PMI improved to 56.7 points in July, from 55.3 in June, ending three straight monthly declines. The Dow Jones Industrial Average rose 1.29%, the S&P 500 gained 1.56%, and the tech-heavy Nasdaq Composite surged 2.59%.
Asian shares rise
Shares in the Asia-Pacific region were trading mostly higher in early trade on Thursday, tracking overnight rally on Wall Street. Investor sentiment was also boosted by strong earnings reports from overseas players.
Regional heavyweight Japan’s Nikkei 225 gained 0.54%, South Korea’s Kospi jumped 0.45%, and Australia’s ASX 200 added 02%.
The Hang Seng index in Hong Kong was the worst performer in the regional market with a 2% gain, while the Jakarta Composite in Indonesia rose 0.1%.
Markets in mainland China were trading higher, with the Shanghai Composite and the Shenzhen Component rising 0.75% and 0.5%, respectively.
Bucking the trend, the Straits Times in Singapore fell 0.05% and Taiwan’s Weighted index tumbled 0.5%.
The major companies that will release their June quarter earnings today include Adani Enterprises, LIC Housing Finance, Britannia Industries, GAIL India, Dabur India, Alembic Pharmaceuticals, Adani Total Gas, Bharat Heavy Electricals, and others. Among others, Aarti Surfactants, Aptech, Balkrishna Industries, Balrampur Chini Mills, BEML, Berger Paints India, Blue Star, Container Corporation of India, Dalmia Bharat, Edelweiss Financial Services, Glenmark Life Sciences, Gujarat State Petronet, ICRA, Kalpataru Power Transmission, Kalyan Jewellers India, Krsnaa Diagnostics, Manappuram Finance, Praj Industries, REC, Shankara Building Products, Spandana Sphoorty Financial, Suryoday Small Finance Bank, Ujjivan Financial Services, Welspun Corp, and Windlas Biotech will also be in focus ahead of their earnings report.
Crude oil prices steady
The price of Brent and U.S. crude edged higher in early trade on Wednesday, after falling over 3% in overnight trade after the OPEC+ countries, including Saudi Arabia and Russia, announced that it would increase its supply by a mere 100,000 barrels per day. Besides, the data released by the Energy Information Administration showed an increase in U.S. crude and gasoline stocks. In early Asian trading hours, Brent oil for September delivery was up 0.35% at $97.13 per barrel, while the U.S. West Texas Intermediate (WTI) crude September futures rose 0.4% to $91.03 a barrel.
FIIs turn net buyers
The foreign institutional investors (FIIs) turned net buyers in the Indian equity market on August 4, while domestic institutional investors (DIIs) emerged as net sellers. As per the exchange data, FIIs net purchased shares worth ₹765.17 crore, while DIIs net sold shares worth ₹ 518.42 crore.