A look at top cues from domestic and international markets that could have a bearing on D-Street
The Nifty is likely to open lower on Thursday tracking weak closing on Wall Street. The index made a fresh record high of 9,532.60 on Wednesday and made a ‘hanging man’ kind of pattern on the daily candlestick charts.
A Hanging Man is usually formed at the end of an uptrend, but for now, there are no visible signs. Hence, investors have to wait for some confirmation which could come from Thursday’s close. The next candle needs to close below the Wednesday’s low of 9,486.10. '
For the upside to continue, Nifty has to hold above 9,480 zones to extend its up move towards 9,550 and 9,600 which might act as the crucial resistance level for the index. There could be a possibility of a correction or some consolidation and thus investors are advised to sit on cash.
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 lower on Trump turmoil:
US markets ended lower as S&P 500 and the Dow notched their biggest one-day fall since September 9 after reports suggested that US President Donald Trump tried to interfere with a federal investigation which set off alarm bells on Wall Street.
Former FBI chief James Comey said in a memo that Trump had asked him to end a probe into former National Security Adviser Michael Flynn's ties with Russia, Reuters said in a report.
“That was only the latest worry in a tumultuous week at the White House after Trump unexpectedly fired Comey and reportedly disclosed classified information to Russia's foreign minister about a planned Islamic State operation,” it said.
The Dow Jones Industrial Average fell 372.82 points, or 1.78 percent, to 20,606.93, the S&P 500 lost 43.64 points, or 1.82 percent, to 2,357.03 and the Nasdaq Composite dropped 158.63 points, or 2.57 percent, to 6,011.24.
The Nifty futures on the Singapore Stock Exchange were trading 64 points lower at 9,469 indicating a negative opening for the domestic market.
Cabinet approves new coal linkage policy
The government approved a new coal linkage policy to ensure all power projects get adequate supply through a bid process or power purchase agreements, to help debt-laden generators which have had to import coal despite adequate domestic stockpiles.
Under the policy, state- and central government-owned power generating companies will be granted fuel on the basis of recommendations by the power ministry, said a report.
Indian plans to build 10 nuclear reactors
The cabinet on Wednesday approved plans to build 10 nuclear reactors with a combined capacity of 7,000 megawatts (MW), to fast-track its domestic nuclear power programme.
The decision by Prime Minister Narendra Modi's government marks the first strategic response to the near collapse of Westinghouse, the US reactor maker that had been in talks to build six of its AP1000 reactors in India, said a report.
NPPA issues notices to Lupin, Ranbaxy
The national drug price regulator on Wednesday issued show cause notices threatening penal action against dozens of pharmaceutical firms selling hundreds of fixed dose combination (FDC) drugs without complying with various provisions of a drug price control order.
National Pharmaceutical Pricing Authority (NPPA) has identified 52 companies selling 201 FDC formulations without applying for price approval.
Some big names in the list include Lupin, Zydus Cadila, Wockhardt, Abbott Healthcare, Alembic, Alkem, Zuventus Healthcare, Ranbaxy (Sun Pharma), Sanofi India, GlaxoSmithKline, among others.
Dollar sinks vs safe-haven currencies
The US dollar fell by nearly 2 percent against the yen to its lowest level since April and hit a six-month low against the Swiss franc on Wednesday after reported suggested that US President Donald Trump could face the threat of impeachment.
The dollar index, which tracks the US currency against six peers and had scaled a 14-year peak of 103.82 on Jan. 3, fell 0.6 percent to its lowest level since Nov. 9, surrendering all of its "Trump bump" gains, said a report.
Oil prices rose on US inventory
Oil prices rose after US government data showed a decline in domestic crude inventories and strong refining activity in the world's largest oil consumer, Reuters reported.
The Energy Information Administration said US crude stocks declined for the sixth straight week. Gasoline and distillate inventories also declined. Brent crude rose 87 cents and stood at $52.52 per barrel and U.S. light crude rose 71 cents to $49.37 a barrel.
Jhunjhunwala sells Tata Motors DVR shares
Ace investor Rakesh Jhunjhunwala today sold 50 lakh Tata Motors DVR (Differential Voting Rights) shares for over Rs 133 crore through an open market transaction.
According to the bulk deal data available with NSE, Jhunjhunwala offloaded 50 lakh shares at an average price of Rs 266.5 apiece, valuing the transaction at Rs 133.25 crore.
GST Council meet today to fix rates on goods, services
The tax that 1.3 billion Indians will pay on buying salt to luxury cars and on services like phone calls to dining out will be decided at the GST Council meet starting Thursday in Srinagar, where a tight security cover has been thrown in view of recent protests.
The Council over the next two days will fit most of goods and services in either 5, 12, 18 or 28 per cent tax bracket. The rates thus fixed will be charged from July 1, the scheduled date for the rollout of Goods and Services Tax (GST) -- India's biggest tax overhaul since independence.
94 companies to report Q4 results todayNearly 100 companies are scheduled to report their results for the quarter ended March 31 on Thursday which include names like Aarti Industries, AB Nuvo, Bajaj Auto, Bank of Baroda, DB Corp, EID Parry, HSIL, IDBI Bank, Jyothy Laboratories, Pidilite Industries, Tata Coffee, TeamLease Services, United Bank of India etc.