What changed for the market while you were sleeping? 10 things to know
A look at top cues from domestic and international markets that could have a bearing on D-Street on Tuesday.
The Nifty is likely to open higher on Tuesday as Wall Street hits yet another record highs in overnight trading session. The Nifty closed above its crucial resistance level of 9,650 and above its short term moving averages which is a bullish sign.
The index made a bullish candle on the daily candlestick charts on Monday as the closing level was above the opening level. The momentum will only strengthen once it surpasses its record high of 9,709.
The Nifty index has to continue to hold above 9,620 zone to witness an up move towards its lifetime high of 9,709 and 9,750 mark while on the downside supports are seen at 9,580 and 9,550, suggest experts.
Stay tuned with Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies:
Wall Street hits record high
US stocks rose on Monday, with the S&P 500 and the Dow hitting record highs on hopes strong economic growth. The rally was led by gains in technology stocks such as Apple and financials.
The Dow Jones Industrial Average rose 144.71 points, or 0.68 percent, to end at 21,528.99, the S&P 500 gained 20.31 points, or 0.83 percent, to 2,453.46 and the Nasdaq Composite rose 87.26 points, or 1.42 percent, to 6,239.01.
The Nifty futures on the Singapore Stock Exchange were trading over 8 points higher at 9,683 indicating a flat-to-positive opening for the domestic market.
Lanco is 1st firm to face bankruptcy action
Lanco Infratech, the power and roads builder, became the first company to face bankruptcy proceedings among the dozen identified by the regulator as IDBI Bank has decided to recover its dues by taking the resolution to insolvency courts, said a person familiar with the matter, said an ET report.
The bank has fund based exposure of Rs 7,799 crore and non-fund based exposure of Rs 3,349 crore as on March 2016, while the overall dues from the company are more than Rs 17,000 crore even as the company's market capitalisation is just a fraction of it.
Letter to link Aadhaar was fake: Govt
A letter purportedly issued by the Cabinet Secretariat to all the state governments and Union Territories asking them to digitise "land records, mutation records, sale and purchase records from the year 1950” is “completely fake and mischievous", the government has said.
Government sources also said that no final decision with regard to linking Aadhaar with land records has yet been taken.
CDSL IPO oversubscribed 2 times on Day 1
The initial public offering (IPO) of Central Depository Services (India) Ltd (CDSL) was oversubscribed 2 times on the first day of the three-day bidding process on Monday.
The IPO, to raise Rs 524 crore, received bids for 5,19,72,200 shares against the total issue size of 2,48,27,046 shares, as per NSE's data till 1700 hours.
The category reserved for qualified institutional buyers (QIBs) was subscribed 97 percent and non-institutional investors, 61 percent. Retail investors portion was oversubscribed 3.48 times. CDSL on Friday raised Rs 154.07 crore from 15 anchor investors.
Southwest monsoon to advance in next 2-3 three days
Southwest monsoon may advance further in remaining parts of Bihar during the next two-three days. The monsoon has hit the eastern parts of Bihar on Friday, June 16, said a report.
"Favourable conditions are developing for further advance of south-west monsoon into some more parts of Chhattisgarh, Vidarbha, remaining parts of Odisha, Jharkhand, Bihar, some parts of East Madhya Pradesh and East Uttar Pradesh during next 2-3 days," said All India Weather Inference report issued by the India Meteorological Department, Delhi.
Rupee ends steady at 64.43 against dollar
The rupee failed to hold onto its initial gains and ended flat at 64.43 against the US currency in a fairly rangebound trade, said a report.
The rupee gained ground to hit an intra-day high of 64.31 in mid-morning deals, but later succumbed to fresh dollar pressure and relinquished all initial gains to end unchanged at 64.43.
Dollar rises after Fed Dudley's comments
The dollar gained on Monday as an influential US Federal Reserve official expressed confidence that rising wages would help revive domestic inflation, which has shown signs of softening recently, said a Reuters report.
Remarks by New York Fed President William Dudley on Monday that tightening in the labor market should help drive up inflation helped offset concerns by some investors that stubbornly low inflation would not allow policy-makers to raise rates further the rest of this year, it said.
Traders raised their outlook on a rate hike by the Fed's Dec. 12-13 policy meeting to 47 percent from 41 percent late on Friday, CME Group's FedWatch tool showed. The dollar index, which gauges the dollar against six other currencies, was up 0.4 percent at 97.537.
Gold at five-week low on firm dollarGold fell to a near five-week low on Monday as the dollar rose after hawkish comments from a top Fed official, but uncertainty created by the start of talks on the terms of Britain's departure from the European Union prevented deeper losses, said a Reuters
Spot gold was down 0.7 percent at $1,244.85 an ounce by 2:35 p.m. EDT (1835 GMT), after falling below the 100-day moving average to $1,244.27, its lowest since May 17. U.S. gold futures settled down 0.8 percent at $1,246.70.
12 stocks under ban period on NSE
Security in ban period for the next trade date under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.Securities which are banned for trading today include names like Allahabad Bank, Bank of India, BEML, HDIL, Infibeam, Indiabulls Real Estate, DLF, JP Associates, Kaveri Seed Company, OBC, Wockardt and Reliance Communication.