What changed your markets while you were sleeping
The Dow Jones Industrial Average index fell 0.75 per cent.
Let's check out what might matter to Dalal Street on Friday:
Singapore trading sets stage for gap-down start
Nifty futures on the Singapore Exchange were trading 67 points, or 0.63 per cent, lower at 10,537, indicating a gap-down start for the Nifty50.
Tech view: Nifty50 forms Bearish Belt Hold
At Thursday’s low of 10,547, Nifty50 washed out the entire rally from the lows of 10,557, registered in June 2018, to a high of 11,760 that it had reached in 41 sessions. Its immediate support is at 10,550, which is unlikely to hold for long, said Nagaraj Shetti of HDFC Securities.
RBI likely to hike policy rate today
The RBI is expected to raise rates for a third time since June on Friday to combat inflationary pressures as it grapples with a weakening rupee, surging oil prices and market instability sparked by a major non-bank finance firm’s defaults, Reuters reported.
Asian markets mixed
Asian shares were fragile on Friday after benchmark US Treasury yields surged to a seven-year high and strong economic data fanned concerns about inflation and the risk of faster-than-expected interest rate rises, Reuters reported. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent, while Japan's Nikkei dropped 0.5 per cent and Australian benchmark was up just 0.1 per cent.
Crude oil prices move higher
Oil prices rose on Friday, lifted by looming US sanctions against Iran’s crude exports that are set to start next month, Reuters reported. International benchmark Brent crude oil futures were at $84.94 per barrel, up 36 cents, or 0.4 per cent from their last close.
US stocks end lower
The Dow Jones Industrial Average index fell 0.75 per cent, while the S&P500 index lost 0.82 per cent and the Nasdaq Composite index dropped 1.81 per cent, Reuters reported. CBOE Global Markets volatility index, known as Wall Street's "fear gauge", jumped as high as 15.84 points, its highest since Aug. 15.
Midcaps in bear grip
Investors with exposure to mid- and small-cap stocks are feeling the maximum pain in the ongoing broad market sell-off with several of them slipping deeper into a bear phase. In the mid-cap index, 82 of the 105 stocks have fallen at least 20% from their peaks, a reflection of the deep-rooted bearishness. The popular definition of a bear market is when broader indices fall over 20% from their last peaks.
IL&FS faces painful road to recovery
The new board at Infrastructure Leasing & Financial Services (IL&FS) appointed former Tech Mahindra executive Vineet Nayyar as vice chairman and managing director and promised to preserve its value of assets, simultaneously signalling that a revival may be painful and prolonged due to the likely legal complications.
Kochhar steps down as CEO of ICICI Bank
Chanda Kochhar, the first woman to head India’s second-biggest private-sector lender by assets, called time on her three-decade career at ICICI Bank even as a probe continues into alleged irregularities in granting of some loans during her nine-year chief executive tenure.
FIIs sell Rs 2,761 cr worth of equities
Foreign portfolio investors (FPIs) sold Rs 2,760.63 crore worth of domestic stocks on Thursday, provisional data available with BSE suggested. DIIs were net buyers to the tune of Rs 1,823.59 crore, data suggested.