What changed for the market while you were sleeping? Top 10 things to know

The Indian stock market is expected to open flat to positive, with Asian markets trading mixed following a further rise in coronavirus cases. Trends on SGX Nifty indicate a positive opening for the index in India with 27 points gain.

The Sensex closed 187 points, or 0.51 percent, up at 36,674.52 on July 7 and the Nifty ended 36 points, or 0.33 percent, up at 10,799.65. According to pivot charts, the key support level for the Nifty is placed at 10,721.67, followed by 10,643.63. If the index moves up, the key resistance levels to watch out for will be 10,845.77 and 10,891.83.

Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines across news platforms that could impact Indian and international markets:

US stocks fell on July 7, adding to losses into the close, as investors took profits a day after the S&P 500 logged its longest streak of gains this year and as coronavirus cases rose further.

The Dow Jones Industrial Average fell 396.85 points, or 1.51 percent, to 25,890.18, the S&P 500 lost 34.4 points, or 1.08 percent, to 3,145.32 and the Nasdaq Composite dropped 89.76 points, or 0.86 percent, to 10,343.89.

Asian Markets

Asian stocks were set for a mixed opening on July 8, as an increase in new coronavirus cases in some parts of the world cast doubts over the economic recovery, leading some investors to cash in on recent gains ahead of the earnings season.

Australian S&P/ASX 200 futures lost 0.50 percent in early trading, while Japan’s Nikkei 225 futures added 0.11 percent, and Hong Kong’s Hang Seng index futures rose 0.39percent.

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the index in India with a 27-point gain. The Nifty futures were trading at 10,787 on the Singaporean Exchange at around 0730 hours.

Oil dips as US inventory build-up stokes supply fears

Oil prices eased in early trade as industry data showing a build in US crude stockpiles and a forecast for US crude output to fall less than anticipated in 2020 added to worries about oversupply.

Brent crude futures fell 13 cents, or 0.3 percent, to $42.95 a barrel by 0019 GMT. US West Texas Intermediate (WTI) crude futures dropped 10 cents, or 0.3 percent, to $40.52 a barrel.

Serum Institute of India expects COVID-19 vaccine by year-end

Adar Poonawalla, CEO of the Serum Institute of India (SII), on July 7 said the company is hoping to develop a COVID-19 vaccine by the year-end as it is focusing on a “good and safe” product and is not in a rush.

“End of the year, we are hoping to have a vaccine. So we will discuss once of the phase three trials for the product come about. Recently, there was news about another vaccine candidate which was being rushed. We do not want to rush anything. We want to emphasis on safety and efficacy… and once we are confident of good and safe vaccine, we will announce but that is still six months away from now,” said Poonawalla.

SEBI extends compliance deadline for municipal bonds

Markets regulator Sebi on July 7 extended the deadline for issuers of municipal debt securities to comply with certain regulatory norms to July 31 in view of the COVID-19 crisis. Sebi had in March extended the timeline for submission of these reports to June 30, which has now been extended to July 31.

Bad farm loans rise in FY20 after hike in lending targets: Report

An aggressive increase in agriculture lending targets over the years has led to overleveraging. The Q4 FY20 results of state-run lenders indicate that this has caused an increase in defaults in agricultural loans, BusinessLine reported. A decline in credit culture due to farm loan waivers and diversion of funds is a cause for concern, the report said.

BP to invest $70 million in India’s Green Growth Equity Fund

The UK-based BP plc has said it will invest $70 million in the Green Growth Equity Fund (GGEF) that supports the growing renewable energy sector in India. The fund, established in 2018, is focused on identifying, investing and supporting growth in zero-carbon and low-carbon energy solutions in the country.

“With a commitment of $70 million, BP will, upon investment later this year, become a limited partner in GGEF and have representation on its advisory committee as well as the rights to co-invest in projects alongside GGEF,” the company said in a statement.

SEBI looking at allowing futures trade in petrol, diesel: Official

Markets regulator Sebi is looking at permitting futures trading in petrol and diesel, an official said emphasising that there has been no disruption in commodities derivatives trading during the COVID-19 crisis. The Securities and Exchange Board of India (Sebi) is also looking at re-allowing futures trade in tur and urad, which were banned in 2007 after a spike in prices of these commodities.

“Yes, all products that I mentioned over here (tur and urad weather indices), including petrol and diesel, are being looked into,” Sebi General Manager (Commodity Segment) Chhavi Kapoor said at a webinar hosted by the PHD Chamber of Commerce and Industry (PHDCCI).

She added that many products are in the pipeline, and given the market conditions, these products will be looked into. “I cannot say whether these products will come or not.”

China’s forex reserves expand to over $3 trillion

China’s foreign exchange reserves, the largest in the world, expanded to $3.1123 trillion in June, official data showed on July 7. The amount increased by $10.6 billion, or 0.3 percent, from the end of May, according to China’s State Administration of Foreign Exchange (SAFE). China’s forex market in June reported generally balanced supply and demand, said SAFE spokesperson Wang Chunying. China’s forex market in June reported generally balanced supply and demand, said SAFE spokesperson Wang Chunying.

Results on July 8

South Indian Bank, Automotive Stampings, Dish TV India, Kokuyo Camlin, Prozone Intu Properties, Radha Madhav Corporation and Swelect Energy Systems.

FII and DII data

Foreign institutional investors (FIIs) bought shares worth Rs 829.9 crore while domestic institutional investors (DIIs) sold shares worth Rs 784.47 crore in the Indian equity market on July 7, provisional data available on the NSE showed.

4 stocks under F&O ban on NSE

BHEL, Equitas Holdings, Glenmark Pharmaceuticals and Indiabulls Housing Finance are under the F&O ban for July 8. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.