10 things you need to know before the opening bell on July 7

SUMMARY

The Indian equity market is likely to open lower on Wednesday following losses in global peers. At 8:00 am, the SGX Nifty was trading 65.25 points or 0.41 percent lower at 15,776, indicating a negative start for the broader index in India.

By CNBCTV18.comJul 7, 2021 8:29:54 AM IST (Published)

1. Wall Street: Stocks closed mostly lower Tuesday, with the S&P 500 posting its first decline of 0.2 percent after seven consecutive gains. The benchmark index, the Dow Jones Industrial Average, fell 0.6 percent, and the Nasdaq edged 0.2 percent higher.

2. Asian stocks: Shares in Asia-Pacific were mixed in Wednesday morning trade following losses on Wall Street with the S&P 500 ending its seven-day winning streak. Hong Kong’s Hang Seng index led losses among the region’s major markets, falling 0.9 percent. Shanghai composite slipped 0.19 percent. In Japan, the Nikkei 225 dropped 0.75 percent. South Korea’s Kospi shed 0.68 percent. Over in Australia, the S&P/ASX 200 rose 0.58 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.46 percent lower.

3. Dalal Street: The Indian indices gave up some of the intraday gains after hitting fresh record highs and ended marginally lower on Tuesday. The fall was triggered by selling in auto, IT, and pharma stocks. The Sensex ended 18 points lower at 52,816, and the Nifty fell 16 points to settle at 15,818.

4. Crude oil: Oil prices steadied on Wednesday after a steep drop in the previous session, following the cancellation of talks among OPEC+ producers that raised the prospect that the world's major crude exporters will turn on the taps to gain market share. Brent crude was up 3 cents at $74.56 a barrel. U.S. oil was up 7 cents at $73.44 a barrel.

5. Gold: Gold on Tuesday rose by Rs 389 to Rs 46,762 per 10 gram in line with gain in global precious metal prices. Silver also jumped Rs 397 to Rs 69,105 per kilogram from Rs 68,708 per kilogram in the previous trade. In the international market, gold was trading higher at USD 1,806 per ounce and silver was flat at USD 26.63 per ounce.

6. Rupee: The Indian rupee weakened by 24 paise to close at 74.55 against the US dollar on Tuesday as firmer American currency and rising crude oil prices weighed on investor sentiment. The dollar index rose 0.18 percent to 92.38.

7. Bitcoin: Bitcoin rose 1 percent to $34,122 on Wednesday, as traders digested the latest rounds of regulatory crackdown in China. The cryptocurrency is down 4.73 percent in the last seven days. Ether, the coin linked to the ethereum blockchain network, was trading almost 4 percent higher at $2,304.

8. COVID-19: The government is factoring in additional expenditure on compensation for COVID-related deaths while maintaining expenditure headroom for a possible third COVID wave, officials informed CNBC-TV18. These economic relief measures may cost the exchequer roughly Rs 1.50 lakh crore in cash, the officials said.