Moneycontrol
Apr 21, 2017 08:09 AM IST | Source: Moneycontrol.com

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

A look at the top cues from domestic and international markets that could have a bearing on the D-Street on Friday.

The Nifty is likely to open higher on Friday in opening trade, tracking positive handover from Wall Street.

The index, which closed above its crucial resistance level of 9,100 but below its short term moving averages such as 5-DEMA, 13-DEMA, and 10-DEMA, might make an attempt to reclaim 9,150 in opening trade.

Here are top cues from the domestic and international markets that could have a bearing on the D-Street.

Wall Street ends higher

US stocks rallied on Thursday, with the Nasdaq closing at a record high supported by solid earnings from American Express pushed. The credit card company closed up 5.9 percent as the top boost to the Dow Industrials after reporting a smaller-than-expected drop in quarterly profit late Wednesday, said a report.

Of the 82 companies in the S&P 500 that have reported earnings through Thursday afternoon, about 75 percent have topped expectations, according to Thomson Reuters data, above the 71 percent average for the past four quarters.

The Dow Jones Industrial Average rose 174.22 points, or 0.85 percent, to 20,578.71, the S&P 500 gained 17.67 points, or 0.76 percent, to 2,355.84 and the Nasdaq Composite added 53.74 points, or 0.92 percent, to 5,916.78.

Attack in Paris

A French policeman was shot dead and two others were wounded in central Paris on Thursday night in an attack carried out days before presidential elections and quickly claimed by the Islamic State group, said a Reuters report.

President Francois Hollande said he was convinced the shooting on the Champs Elysees boulevard, in which the assailant was himself shot dead by police, was an act of terrorism.

SGX Nifty

The Nifty futures on the Singapore Stock Exchange were trading 20 points lower at 9,180 indicating a flat-to-positive opening for the domestic market.

India talks tough on H-1B visas

India has signalled it could respond to the US move to restrict H-1B visas by capping the royalty payout by American companies in India to their parent firms, said a Mint report.

Not only does the veiled threat signal a toughening of India’s stance, the move, if implemented, risks escalating into a full-blown trade war that could harm the otherwise warm relationship between the two countries, it said.

Wipro gives pink slip to 350-400 employees

At a time when the IT sector is facing several headwinds, Indian tech major Wipro is trimming its workforce. Sources told CNBC-TV18 that about 350-400 people have been asked to leave the company.

Wipro sources said the layoffs are part of an annual process of the company, which involves finding non-performers and people who are on the bench and clearing them out.

In a separate report, the number of employees sacked by Wipro goes higher towards 600.

9 companies will report their Q4 results on Friday

Nine companies will report their results for the quarter ended March 31 on Friday which include names like ACC, FAG Bearing, HDFC Bank, Amal Ltd, Shree Digvijay Cement Company, Soma Paper, Tata Metaliks, and Walchand Peoplefirst Ltd.

NALCO stake sale

The first PSU disinvestment of the current fiscal took off on a strong note, with the NALCO share sale today attracting bids worth Rs 954 crore on strong demand from HNIs and institutional buyers.

The share sale attracted bids for over 14.24 crore shares as against 7.73 crore offered to institutional investors, an over-subscription of 1.84 times, according to the stock exchange data.

Rupee edges up to 64.56 against US Dollar

The rupee managed to pull things back towards the fag-end and edged higher by 2 paise to 64.56 a dollar on the emergence of mild selling of the American currency by banks and exporters.

Weaker dollar overseas along with better local equities provided some kind of a temporary relief to the rupee even as geopolitical tensions continued to cast a shadow over the forex market sentiment.

Euro rise while Dollar remains steady

The euro held near a three-week high against the US dollar on Thursday ahead of the first round of the French presidential elections on Sunday while the dollar shook off early weakness to trade little changed against a basket of major currencies.

The euro was up 0.09 percent against the dollar at $1.0719 after hitting a three-week high of $1.0777 earlier in the session. The dollar index, was up 0.06 percent at 99.796, after hitting a more than the three-week low of 99.374 earlier in the session.

RBI to keep rates steady over the next 18 months: Reuters poll

The Reserve Bank of India is expected to keep interest rates steady well into next year after it shifted to a neutral monetary policy stance in February, and despite having raised concerns over a potential spike in inflation, a Reuters poll found.

The median consensus in the poll of more than 35 economists, conducted between April 10-19, was for the policy repo rate to remain at 6.25 percent until the fourth quarter of 2018 at least, and the reverse repo rate at 6.00 percent.
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