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

SUMMARY

The Indian equity indices are likely to open higher on Wednesday as the trends on SGX Nifty indicate a positive start for the broader index in India amid mixed global cues. The Nifty futures were trading 62.75 points or 0.36 percent higher at the 17,432 level on the Singaporean Exchange at 7:43 am.

By CNBCTV18.comSept 8, 2021 8:07:23 AM IST (Published)

1. Wall Street: Stocks closed mostly lower on Wall Street Tuesday as traders returned from the Labor Day holiday, even as gains for some Big Tech companies nudged the Nasdaq composite barely higher. The benchmark S&P 500 slipped 0.3 percent, but gains for Apple, Facebook and a few other tech heavyweights nudged the Nasdaq to another record high as it rose 0.1 percent. The Dow Jones Industrial Average fell 0.8 percent.

2. Asian equities: Shares in Asia-Pacific fell in Wednesday morning trade, with Japan revising upward its estimates for second-quarter growth. In Japan, the Nikkei 225 dipped 0.12 percent while the Topix index declined fractionally. South Korea’s Kospi also shed 0.41 percent, while the S&P/ASX 200 in Australia declined 0.29 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.18 percent lower.

3. D-Street: The Indian equity benchmark indices, Sensex and Nifty, closed flat and snapped a three-day gaining streak as IT, banks, and realty stocks dragged indices down. The 30-scrip index Sensex closed 17 points lower at 58,279 and the Nifty50 lost 21 points to close at 17,362.

4. Crude oil: Oil prices fell Tuesday, pressured by a strong US dollar and concerns about weak demand in the United States and Asia, although ongoing production outages on the US Gulf Coast capped losses. US West Texas Intermediate crude settled down 1.4 percent from Friday's close at $67.35 a barrel. There was no settlement price for Monday due to the Labor Day holiday in the United States. Brent crude futures settled down 0.7 percent a $71.69 a barrel.

5. Rupee: The rupee plunged by 32 paise to close at a more than one-week low of 73.42 against the US currency on Tuesday due to dollar buying by corporates and importers and the greenback's gain in overseas markets. The rupee mirrored losses in most Asian and emerging market currencies while forex outflows also weighed on the unit. The dollar index was trading 0.22 percent higher at 92.23.

6. Gold:Gold on Tuesday fell by Rs 495 to Rs 47,425 per 10 grams amid weak precious metal prices in the international market. Silver also tumbled Rs 646 to Rs 65,292 per kilogram. In the international market, gold was trading lower at USD 1,798.50 per ounce and silver was flat at USD 24.37 per ounce.

7. Bitcoin: The price of bitcoin fell on Tuesday after breaking through $52,000 late Monday, reaching its highest level since May. Bitcoin slipped 10 percent Wednesday morning to trade at $47,200. All the major coins slipped between 10-17 percent. The price action came on the day El Salvador adopted Bitcoin as a legal tender, becoming the first country to do so.

8. Telecom sector: The Union Cabinet is likely to consider relief for the telecom sector on Wednesday. This is a make or break moment for Vodafone, which is saddled with AGR dues of over Rs 50,000 crore.