10 things you need to know before the opening bell on October 8

SUMMARY

The Indian share market is likely to open higher on Friday as the trends on SGX Nifty indicate a positive start for the broader index in India amid positive global cues. The Nifty futures were trading 243 points or 1.38 percent higher at the 17,854 level on the Singaporean Exchange at 7:45 am.

By CNBCTV18.comOct 8, 2021 8:16:39 AM IST (Published)

1. Wall Street: Stocks closed higher on Wall Street Thursday as investors welcomed progress in Congress standoff over extending the federal debt ceiling. The S&P 500, the Dow Jones Industrial Average and the Nasdaq rose 1 percent.

2. Asian equities: Asian shares rose Friday, tracking a global rally, while investors also eyed key US jobs data for fresh insight into the timing of Federal Reserve tapering. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5 percent. Japan's Nikkei index advanced 1.8 percent. Chinese blue chips gained 0.56 percent as they resumed trading after being closed for the National Day holiday. And Hong Kong, which has been open all week, gained 1 percent. Elsewhere, Australian shares rose 0.84 percent.

3. D-Street: The Indian share market closed almost 1 percent higher on Thursday led by buying in metal and realty stocks. Sensex closed 488 points higher at 59,677, and the Nifty50 index surged 144 points to end at 17,790.

4. Crude oil: Oil prices rose Friday on signs some industries have begun switching fuel from high priced gas to oil. Investors also speculated the US government would release oil from its strategic reserves for now. US crude futures climbed 1 percent to $79.14. Brent crude futures also jumped 1 percent to $82.75.

5. Rupee: The rupee snapped its three-session losing streak to settle 19 paise higher at 74.79 against the US currency on Thursday as crude oil prices cooled off and the dollar softened in the global markets. The dollar index fell 0.06 percent to 94.20.

6. Gold:Gold futures on MCX Thursday declined by Rs 59 to Rs 46,907 per 10 grams. Silver futures for delivery in December gained Rs 228 to Rs 61,003 per kilogram. In the international market, gold traded in the green at USD 1,766 per ounce and silver flat at USD 22.74 per ounce.

7. Bitcoin: Bitcoin slid 1 percent Friday morning but continued trading at $54,000. It is up almost 25 percent for the week. Ether prices, on the other hand, surged 2 percent as it traded at $3,609, up nearly 20 percent for the week.

8. Auto sales data: The total vehicle sales fell by over 5 percent in September as compared to September 2019 (a regular pre-COVID month), auto dealers’ body FADA said. On a year-on-year basis, three-wheeler sales were up 51 percent and passenger vehicles saw a 16 percent hike. Read more

9. RBI monetary policy: The Reserve Bank of India’s policy decision is due on Friday. RBI may indicate normalcy is returning by suitably amending the words “continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis.” It may not raise the reverse repo rate just yet, but give indication it plans to do so. Read more

10. Piyush Goyal: The US has huge investment surpluses that can be used in developing infrastructure in India and make it a manufacturing base to help the American economy grow and provide goods and services at affordable and competitive prices, Commerce and Industry Minister Piyush Goyal said on Thursday.