A look at top cues from domestic and international cues that could have a bearing on D-Street.
The Nifty started on a muted note on Tuesday but failed to gain momentum and closed at the same level by closing making a ‘Doji’ candle on the daily candlestick charts. The index rose to its intraday high of 10,147.95 which made up for the long upper shadow and an intraday low of 10,069.10 which made a long lower shadow.
According to Pivot charts, the key support level is placed at 10,075.53, followed by 10,032.87. If the index starts to move higher, key resistance levels to watch out are 10,154.43 and 10,190.67.
The Nifty Bank closed at 25,124.8. Important Pivot level, which will act as crucial support for the index, is placed at 24,958.16, followed by 24,791.53. On the upside, key resistance levels are 25,254.56, followed by 25,384.33.
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:
US markets end lower as tech rally burns out
Wall Street fell on Tuesday as a technology rebound lost steam. The Dow Jones Industrial Average lost 0.45 percent to end at 24,180.64 points, while the S&P 500 ended down 0.37 percent at 2,629.57. The Nasdaq Composite dropped 0.19 percent to 6,762.21, Reuters reported.
Asia markets decline in early trade
Asian markets fell in early trade on Wednesday, following overnight declines in US stocks. Australian markets opened lower with the ASX down 0.4 percent after the first hour of trade. Japan's Nikkei declined 0.57 percent while the Topix index was down 0.51 percent.The Kospi fell 0.12 percent, CNBC reported.
The Nifty50 futures on the Singapore Stock Exchange were trading 5.5 points lower at 10125 indicating a flat to negative opening for the domestic market.
RBI may pause on rates
It is widely expected that a combination of rising prices and slightly better growth will hold the RBI back from cutting rates on Wednesday. The consumer price inflation hit a 7-month high in October as vegetable prices surged. Food inflation increased to 1.9 percent from 1.3 percent in September 2017. Core inflation remained unchanged over the preceding month at 4.6 percent.
Govt's public debt rises by 2.53% in July-Sept quarter
The public debt of the central government rose by 2.53 percent to Rs 65.65 lakh crore in the July-September quarter compared to the previous quarter. Internal debt constituted 93 percent of public debt at end-September 2017, while marketable securities accounted for 82.6 percent of the public debt.
US trade deficit hits 9-month high; oil prices lift imports
The US trade deficit increased to a nine-month high in October due to rising oil prices and the widening of America’s long-standing deficits with China and Mexico. The Commerce Department said on Tuesday the trade gap widened 8.6 percent to USD 48.7 billion, the highest level since January, Reuters reported.
Bitcoin hits record high of USD 11,850
The Reserve Bank of India on Tuesday reiterated its concerns about Bitcoins, amid the cryptocurrency hit a record high of 11,850 on Tuesday, stoking fears that a rapidly swelling bubble could burst in a spectacular fashion.
Citing its earlier warnings on the subject, the central bank said, "in the wake of a significant spurt in the valuation of many VCs and rapid growth in Initial Coin Offerings (ICOs), RBI reiterates the concerns", Mint reported.
LIC total assets cross Rs 27 lakh cr in H1 of FY18
Life Insurance Corporation of India (LIC) saw its total assets grow by 14 percent to Rs 27.25 lakh crore for the six months ended September 30, 2017 compared to same period last year.
Future Supply Chain Solutions IPO to open on Dec 6
The Rs 650-crore initial public offer of Future Supply Chain Solutions is set to open for subscription on December 6, with a price band of Rs 660-664 per share. The issue comprises an offer for sale of up to 78,27,656 equity shares by Griffin Partners and up to 19,56,914 shares by the promoter, Future Enterprises.
In all, 2.93 million shares were allocated to 16 anchor investors. The list of anchor investors consisted of prominent names like L&T Mutual Fund Trustee Ltd, Reliance Capital Trustee Company and HDFC Trustee Company, among others
Shalby IPO subscribed 20% on Day 1
The initial public offer of Shalby Ltd, Ahmedabad-based multi-specialty hospital chain, was subscribed 20 percent on the first day of the three-day bidding on Tuesday. The IPO comprises a fresh issue of equity shares aggregating up to Rs480 crore and an offer for sale of up to 10 lakh equity shares by the selling shareholder.
Foreign Trade Policy: Govt gives Rs 8.5K cr additional benefit to exporters
The government on Tuesday announced fresh incentives worth Rs 8,450 crore to boost exports and support the MSME and labour-intensive industries. The incentive came as a part of the mid term review of India’s Foreign Trade Policy (FTP) 2015-2020.
FinMin clears FDI proposal worth Rs 1.90 cr in Nov
The Finance Ministry on Tuesday said it cleared a foreign direct investment (FDI) proposal of Rs 1.90 crore in November. The proposal relating to Wells Fargo International Finance (India) Pvt Ltd was approved, Finance Ministry said in a statement issued on Tuesday.
Panel moots wide-ranging revamp to make GST less taxingA key committee set up by the government to simplify the goods and services tax (GST) has proposed a wide-ranging revamp of the reform that was put in place on July 1 to make compliance easier. The group has also proposed simplification of return forms and exclusion of exempted goods from aggregate turnover, Economic Times reported.