What changed for the market while you were sleeping? 12 things you should know
The Nifty50 is likely to open on a flat note on Friday tracking muted handover from Wall Street.
The Nifty50 is likely to open on a flat note on Friday tracking muted handover from Wall Street. The Nifty50 came witnessed selling pressure and it closed near its day’s low on Thursday which could be a worrying sign for bulls.
The index took support at its crucial psychological support level of 9550 and bounced back towards 9,580 but it eventually closed below its opening level of 9,617 thus making a solid bearish candle on the daily candlestick charts.
Traders are advised to tread cautiously as the Nifty50 still closed below its support of 9,580. Now a slip below 9,521- 9,550 could extend selling pressure but if bulls manage to close above 9,600-9,650 bulls might be able to make a comeback.
If bulls manage to defend the levels of 9,520 on closing basis then we can once again expect a resumption of the up move.
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 ends mixed
US stocks ended lower on Thursday as recent slump in technology stocks worsened on Thursday. Market participants also got spooked about the economy's health after the Federal Reserve lifted interest rates.
Tech, still the best-performing group this year, and consumer discretionary have been among the sectors that have fuelled the S&P 500's 8.6-percent rally in 2017, said a Reuters report.
The Dow Jones Industrial Average fell 14.66 points, or 0.07 percent, to 21,359.9, the S&P 500 lost 5.46 points, or 0.22 percent, to 2,432.46 and the Nasdaq Composite dropped 29.39 points, or 0.47 percent, to 6,165.50.
The Nifty50 futures on the Singapore Stock Exchange were trading 7.5 points lower at 9,591 indicating a flat opening for the domestic market.
Petrol prices cut by Rs 1.12 per litre, diesel by Rs 1.24
Petrol prices were on Thursday cut by Rs 1.12 per litre and diesel prices by Rs 1.24 per litre, the last of the fortnightly revisions after which daily revision in fuel prices will be implemented.
From Friday, diesel and petrol prices will be revised in sync with any movement in international oil rates. Prices will change at 6 am every day depending on movement in cost on the previous day.
RIL-BP to invest USD 6 billion in 3 D6 projects
Reliance Industries and BP today announced plans to jointly make a fresh investment of USD 6 billion (approximately Rs 40,000 crore) over 3-5 years to develop three gas projects in KG-D6 block of Krishna Godavari basin.
The two companies would also jointly explore opportunities in the entire energy value chain including fuel retailing and renewables with support from the vast technology and telecom infrastructure that the Mukesh Ambani group has set up.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments and moneycontrol.com.
US factory output declines for the second time
The US factory output fell unexpectedly in May on a broad decline in production, including the manufacturing of cars, casting a shadow over the economy's rebound from sluggishness at the start of the year, said a report.
The Federal Reserve said on Thursday manufacturing production dropped 0.4 percent last month, the second decline in three months. After downward revisions to data for prior months, factory output was lower in May than it was in February, it said.
Greece gets credit lifeline, IMF joins bailout
Eurozone governments threw Greece another 11th-hour credit lifeline on Thursday worth $9.5 billion and sketched new detail on possible debt relief as the IMF finally offered to help out after two years of hesitation, said a Reuters report.
The 8.5 billion euros of loans from the euro zone's 18 other states, including Berlin which is wary of easing terms for Greece ahead of a German election in September, it said.
The IMF offered Athens a standby arrangement of less than $2 billion, the length of which will be tailored to match the end of the eurozone bailout in mid-2018.
Oil sinks to November lows
Crude oil prices slumped nearly 4 percent to their lowest close in seven months on Wednesday, hit by an unexpectedly large build in gasoline inventories, said a report.
After rising for three consecutive days, US West Texas Intermediate crude futures fell USD 1.73, or 3.7 percent, to settle at USD 44.73 per barrel. Brent also slumped, losing USD 1.72, or 3.5 percent, to settle at USD 47 a barrel. That was the lowest close for Brent since Nov. 29.
Dollar rose highest in two weeks
The dollar continued its winning streak for the second day as it rose to its highest in more than two weeks after US Fed rate hike. The dollar index, which tracks the US currency against six major peers, rose to 97.557, it’s highest since May 30.
The dollar also hit its highest against the euro, Swiss franc and Swedish crown since May 30 following the data releases. The greenback rose to 110.97 yen, it’s highest against the Japanese currency since June 2.
43 records were stolen every second in 2016: Wipro study
At least 1.38 billion records of data were reported stolen, that is about 43 records every second during the year 2016 through data breaches at enterprises globally, a report by IT firm Wipro said.
According to Wipro's latest 'State of Cybersecurity Report', the year 2016 saw enterprises across multiple verticals witnessing increased number of data breaches.
Tejas Networks IPO subscribed 38 percent on Day 2
The initial public offer (IPO) of Tejas Networks was subscribed 38 percent on the second day of the three-day bidding on Thursday.
The IPO received bids for 65,56,935 shares against the total issue size of 1,71,12,005 shares, data available with the NSE till 1700 hours showed.
The portion reserved for qualified institutional buyers (QIBs) was subscribed 33 percent, while subscription for non-institutional investors stood at 2 percent.
Rupee hits a 2-week low on Thursday
The rupee today took a hefty knock by plunging 23 paise to a two-week low of 64.53 a dollar after the US Federal Reserve delivered the widely expected rate hike and maintained a hawkish tone going forward.
This is the lowest closing for the rupee since May 30, when it had finished at 64.66.
10 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 Bank of India, HDIL, Infibeam, Indiabulls Real Estate, DLF, JP Associates, Kaveri Seed Company, OBC, Ujjivan and Reliance Communication.