10 things to know before the opening bell on November 12

SUMMARY

Indian equity benchmarks Sensex and Nifty50 are likely to start Friday's session on a positive note amid gains across global markets. At 7:44 am, Nifty futures trading on Singapore Exchange -- an early indicator of the Nifty50 index -- were up 59.5 points or 0.3 percent at 17,986.

By CNBCTV18.comNov 12, 2021 8:50:34 AM IST (Updated)

Wall Street: US stocks pushed further into record heights on Friday following an encouraging report on hiring across the country, though trading was shaky as the bond market was hit with another day of sharp swings. The S&P 500 rose 17.47, or 0.4 percent, to 4,697.53 and clinched an all-time high for the seventh straight day.

Asian stocks: Shares were mostly higher in Asia on Friday after Wall Street benchmarks managed to close mostly higher. Stocks advanced in most major markets in early trading. In China, a major Communist Party meeting ended with a resolution setting the stage for President Xi Jinping to remain top leader for life. The decision was expected.

Dalal Street: Key stock market indices Sensex and Nifty declined for a third straight day on Thursday due to heavy selling in banking, financials and infra stocks following global inflationary concerns and foreign fund outflows. The equity benchmark Sensex tumbled by 433.13 points or 0.72 percent to close at 59,919.69 points as 24 of its scrips declined.

Crude oil: Oil prices dipped slightly as the market grappled with a stronger US dollar along with concern over increasing U.S. inflation, and after OPEC cut its 2021 oil demand forecast due to high prices. Brent crude futures were down 0.36 percent at $82.56 per barrel while U.S. West Texas Intermediate (WTI) futures dropped 0.33 percent to $81.32 per barrel.

Rupee: The rupee depreciated by 18 paise to end at 74.52 (provisional) against the US currency on Thursday, as heavy selling pressure in domestic equities and a strong greenback in the overseas market weighed on investor sentiments. In addition, investors remained concerned over rising crude prices and sustained foreign capital outflows, forex dealers said.

Gold: Gold was flat on Friday but was set for its biggest weekly jump in six months, as high U.S. consumer prices drove interest in the metal as an inflation hedge. Spot gold was steady at $1,860.81 per ounce by 0110 GMT, after leaping to a five-month peak on Wednesday. U.S gold futures edged down 0.1 percent to $1,862.20.

Dollar: The dollar rose to almost 16-month highs against the euro and other currencies on Thursday, after the hottest US inflation reading in 30 years encouraged bets that the Federal Reserve would tighten monetary policy faster than expected. News on Wednesday that US consumer prices rose last month at the fastest annual pace since 1990 fueled speculation that the US central bank would lift interest rates sooner than expected as traders question its stance that current high inflation is "transitory."

Earnings today: Coal India, Grasim Industries, Hero MotoCorp, Hindalco Industries, ONGC, Amara Raja Batteries, Apollo Hospitals Enterprise, Ashok Leyland, Motherson Sumi Systems, and Suzlon Energy among 767 companies will release their September quarter earnings today.

Sebi's new rule: Markets regulator Sebi has made sweeping changes to strengthen the monitoring and enforcement of norms pertaining to related-party transactions. The regulator has tweaked the definition of 'related party' and 'related-party transactions' (RPTs), according to a notification issued on Tuesday. It made changes to the process followed by a company's audit committee for approval of RPTs that are material.

Govt on PLI scheme: The Union government has notified application forms for the Production Linked Incentive (PLI) scheme for automobile companies. The heavy industries ministry has made some major changes on who will be eligible for the scheme after top companies expressed concerns about the previous eligibility criteria.