10 things you need to know before the opening bell on July 1

SUMMARY

The Indian market may open on a flat note on Thursday tracking a similar trend on SGX Nifty amid mixed global cues. The Nifty futures were trading flat at around 15,742.00 level on the Singaporean Exchange at 7:50 am.

By CNBCTV18.comJul 1, 2021 8:24:05 AM IST (Published)

1. Wall Street: Wall Street closed out its fifth straight quarterly gain, continuing its comeback from a steep drop in early 2020 at the onset of the coronavirus pandemic. The S&P 500 edged 0.1 percent higher Wednesday. The Dow Jones Industrial Average rose 0.6 percent and the Nasdaq fell 0.2 percent.

2. Asian shares: Shares in Asia-Pacific slipped in Thursday morning trade as investors await the release of Chinese economic data. The Nikkei 225 in Japan shed 0.27 percent. South Korea’s Kospi dipped 0.22 percent. Australia stocks also edged lower, with the S&P/ASX 200 falling about 0.1 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.1 percent lower.

3. Indian shares: Indian indices pared morning gains to end in the red on Wednesday, weighed by banking and financial stocks as they fell sharply from the day's high. The Sensex ended 67 points lower at 52,483 and the Nifty fell 27 points to settle at 15,721.

4. Crude oil: Oil prices traded sideways on Thursday as investors waited for a decision from key producers on whether they would maintain or ease supply cuts in the second half of the year. Brent crude for September edged up 1 cent to $74.63 a barrel by 0048 GMT. The US West Texas Intermediate crude for August was at $73.46 a barrel, down 1 cent but near its highest since 2018 of $74.45.

5. Rupee: The Indian rupee weakened by another 9 paise to close at 74.32 against the US dollar on Wednesday as stronger American currency and rising crude oil prices weighed on investor sentiment. Besides, weaker Asian peers against the US dollar also put pressure on the domestic unit. On a monthly basis, the domestic currency fell by 170 paise or 2.34 percent in June. The dollar index rose 0.05 percent to 92.09.

6. Gold: Gold on Wednesday dipped Rs 264 to Rs 45,783 per 10 gram in line with drop-in global precious metal prices. Silver also went lower by Rs 60 to Rs 67,472 per kilogram from Rs 67,532 per kilogram in the previous trade. In the international market, gold was quoting lower at USD 1,755 per ounce and silver was trading flat at USD 25.80 per ounce.

7. Cryptocurrencies: After accelerating upwards, the day before, Bitcoin lost steam due to profit booking and gave up $36k levels. At the time of writing, the cryptocurrency was trading nearly 4 percent lower at $34,497. It is down over 40 percent in the April-June period. Ether, on the other hand, rose nearly 5 percent to $2,259.

8. Banks: Banks will now have to surrender current accounts of all companies or corporate borrowers, where their loan exposure is less than 10 percent of the total approved facilities. The Reserve Bank of India (RBI) has earmarked a new deadline of July 30 for compliance extending it from earlier January 31, 2021.