A look at top cues from domestic and international cues that could have a bearing on D-Street.
The Nifty on Monday started with a mild gap on the upside but failed to keep the momentum going and closed slightly above its previous close. The Nifty opened at 10,175 and rose marginally to hit its intraday high of 10,179.20, but then bears took control and pulled the index below 10,100 levels. The index recovered in the second half of the trading session and closed five points higher at 10,127.
According to Pivot charts, the key support level is placed at 10,089.27, followed by 10,050.73. If the index starts to move higher, key resistance levels to watch out are 10,172.77 and 10,217.73.
The Nifty Bank closed at 25,075.1. Important Pivot level, which will act as crucial support for the index, is placed at 24,946.54, followed by 24,817.97. On the upside, key resistance levels are 25,250.43, followed by 25,425.77.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies:
Dow hits record high but US markets end mixed
The Dow Jones Industrial Average reached a record high on Monday, with banks and retailers surging as investors realigned their portfolios in hopes of benefiting from expected corporate tax cuts.
The Dow Jones Industrial Average rose 0.24 percent to end at 24,290.05 points, while the S&P 500 lost 0.11 percent to 2,639.44. The Nasdaq Composite dropped 72.22 points to end at 6,775.37, Reuters reported.
Asian markets trade lower, Nikkei off by 0.5%
Asia markets fell in early trade on Tuesday, following a mixed overnight session in the US. Australia's ASX 200 was down 0.27 percent after the first hour of trade. Nikkei was lower by 0.47 percent in early trade. The Topix index lost 0.27 percent. Across the Korean Strait, the Kospi was down 0.45 percent, CNBC reported.
The Nifty50 futures on the Singapore Stock Exchange were trading 32.5 points lower at 10128 indicating a negative opening for the domestic market.
Fitch cuts FY18 GDP growth forecast to 6.7%
Fitch Ratings on Monday cut the country's GDP growth forecast for the current fiscal to 6.7 percent from the earlier projected 6.9 percent, saying the rebound was weaker than expected.
It also cut GDP growth forecast for 2018-19 fiscal year to 7.3 percent from 7.4 percent predicted in its September Global Economic Outlook.
BSE firms' promoters pledged shares worth Rs 2.78 lakh cr in Nov
The value of shares pledged by the promoters of BSE-listed companies marginally dropped to Rs 2.78 lakh crore at the end of November, according to the exchange data.
The value of pledged shares stood at Rs 2.81 lakh crore at the end of October. It was at Rs 2.6 lakh crore in September.
Bitcoin dips below $11,000 after another record high
Bitcoin dipped back under USD 11,000 on Monday, coming off a record high just shy of USD 11,800 it hit on Sunday after a surge from less than USD 1,000 at the start of the year, Reuters reported.
Baba Ramdev’s Patanjali to diversify into solar power business
Yoga guru Baba Ramdev’s Patanjali Ayurved Ltd, the consumer goods products upstart, is poised to diversify into solar power equipment manufacturing. The government is considering a 30 percent capital subsidy as part of a new solar manufacturing policy.
Patanjali acquired Advance Navigation and Solar Technologies Pvt. Ltd, a manufacturer of navigation aid equipment, earlier this year. Currently, the facility has a manufacturing capacity of 120 megawatts. Patanjali plans to invest around Rs100 crore in solar equipment manufacturing, Mint reported.
US factory orders slip; business spending robust
New orders for US-made goods fell less than expected in October and shipments of core capital goods were much stronger than previously reported, pointing to sustained strength in manufacturing that should buoy the economy.
Factory goods orders dipped 0.1 percent amid a drop in demand for both civilian and defense aircraft after an upwardly revised 1.7 percent jump in September, the Commerce Department said on Monday, Reuters reported.
Oil eases 1% on profit-taking
Oil fell more than 1 percent on Monday on profit-taking as the market eyed signs of rising US production, though prices remained close to recent two-year highs thanks to last week’s decision by OPEC and other producers to extend output cuts, Reuters reported.
CBOE beats CME to bitcoin futures launch with Dec 10 start
Cboe Global Markets Inc will launch its bitcoin futures contract on December 10, just over a week ahead of rival CME Group Inc, as the exchange operator takes the next step toward launching an exchange-traded fund based on the digital currency, Reuters reported.
MPC kick-starts 2-days policy meet
The Monetary Policy Committee (MPC), headed by RBI Governor Urjit Patel, will meet on December 5 and 6 for the Fifth Bi-monthly Monetary Policy Statement for 2017-18. The resolution of the MPC will be made public on December 6.
The Reserve Bank is likely to keep the key rate unchanged on Wednesday and stay focused on inflation control as the rebound in September quarter GDP growth - after a five quarter decline - seemed to have eased pressure on it to lower rates, experts said.
India asks UK court to extradite Vijay Mallya on fraud charges
India has asked a London court on Monday to extradite tycoon Vijay Mallya to face fraud charges of palming off losses from his failing Kingfisher Airlines onto a state-owned bank, Reuters reported.
Shalby IPO to open on December 5
Shalby, the operator of chain of multi-specialty hospitals, will open its initial public offering for subscription on December 5, with a price band of Rs 245-248 per share. The book running lead managers to the offer are Edelweiss Financial, IDFC Bank and IIFL Holdings.
Gujarat elections: New poll finds Cong, BJP neck and neck
The Gujarat elections could be a dead heat between BJP and Congress with the former just scraping through to a win, according to an opinion poll released on Monday.
The poll predicted that both parties would get 43 percent of the votes but BJP could win between 91 and 99 seats in the 182-member assembly while Congress would have to settle for between 78 and 86 seats.
35 companies on BSE to report resultsAs many as 35 companies on BSE are likely to report results on Tuesday including Dish TV, Harrisons Malayalam, Lux Industries, Manali Petro, Orient Bell Plastiblends, Rane Holdings, Byke Hospitality among others.