A look at top cues from the domestic and international markets that could have a bearing on D-Street today.
The Nifty, which came within kissing distance of its previous record high of 10,137, came under selling pressure in the last 90 minutes of trade and closed below its crucial support level of 10,100 making a ‘Spinning Top’ kind of pattern on charts. The Nifty opened at 10,099 and rose to an intraday high of 10,131.95. It slipped to an intraday low of 10,063.15 which made a small lower shadow. It closed 13 points lower at 10,079.30.
The Nifty closed at 10,079 on Wednesday. According to Pivot charts, the key support level is placed at 10,051.0, followed by 10,022.7. If the index starts to move higher, key resistance levels to watch out are 10,119.8 and 10,160.3.
The Nifty Bank closed at 24,831.8 on Wednesday. Important Pivot level, which will act as crucial support for the index, is placed at 24,730.14, followed by 24,628.47. On the upside, key resistance levels are 24,941.14, followed by 25,050.47.
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:
Wall Street hits record high
Wall Street edged up to a record high on Wednesday as gains in consumer discretionary and energy stocks offset losses in technology heavyweight Apple Inc.
The Dow Jones Industrial Average rose rose 39.32 points, or 0.18 percent, to 22,158.18 The S&P 500 edged up and gained 1.89 points, or 0.08 percent, to 2,498.37, and the Nasdaq Composite added 5.91 points, or 0.09 percent, to 6,460.19,Reuters reported.
Asia mixed as investors await China data
Major indexes in Asia were mixed in early Wednesday trade ahead of the release of a barrage of China data due later in the morning. Nikkei 225 edged down 0.07 percent in early trade after three straight days of gains. The Kospi rose 0.24 percent, with blue chip technology companies driving gains. The S&P/ASX 200 slipped 0.25 percent, with the materials sub-index falling 1.1 percent and leading losses, CNBC reported.
The Nifty50 futures on the Singapore Stock Exchange were trading 11 points lower at 10090 indicating a flat opening for the domestic market.
Oil Minister rules out intervention on daily fuel price revision
Oil Minister Dharmendra Pradhan on Wednesday ruled out government intervention to disrupt the daily revision in petrol and diesel prices despite Rs 7.3 per litre spike in rates since July, saying the reform will continue.
Terming the criticism of spike in rates as unfair, he said the drop in prices for over a fortnight after the daily price revision was introduced on June 16 has been ignored and only temporary phenomenon of rising trend is being highlighted, PTI reported.
Over 11K UP farmers get waiver for loans of Re 1 to Rs 500
Over 11,700 farmers in Uttar Pradesh received relief for outstanding debt amount ranging from Re 1 to Rs 500 under the state government's farm loan waiver scheme, under which loans totalling Rs 7,371 crore have been waived in the first phase. As many as 6,895 farmers received benefit for loans of Rs 100 to Rs 500, as reported by The Economic Times.
Auditors come under lens amid crackdown on shell companies
A multi-agency clampdown has begun on shell companies to tackle the black money menace wherein the role of auditors has come under the scanner for alleged connivance in facilitating illegal transactions. Stepping up the vigil, the corporate affairs ministry as well as Sebi and other regulatory authorities are keeping a close tab on activities carried out by shell companies, said a report by The Economic Times.
SBI sets up a new task force to deal with insolvency resolution cases
The State Bank of India (SBI) has set up a new unit to settle insolvency cases, according to a CNBC TV-18 news report. The report states that this unit will officially handle all the cases that fall under SBI. Work has already begun on the resolution of 39 cases that have been identified by the Reserve Bank of India (RBI). The board hopes to resolve 50 percent of such cases and submit them to the NCLT for review.
India’s corporate debt rose to a 7-year high at March end
India’s cash crunch and confusion over the introduction of a national sales tax were initially blamed for pulling economic growth down to its weakest pace in more than three years. Thomson Reuters data shows net debt for 288 companies with a market capitalisation of more than USD 500 million, covering most big firms in India, has hit at least a seven-year high of Rs 18 trillion (USD 281 billion). Soured debt was 12 percent of total loans held by lenders at the end of March.
More than a fifth of large companies did not earn enough to pay interest on their loans and the pace of new loans fell to the lowest in more than six decades, Reuters reported.
GST council to meet on Oct 24; rates of 60 items likely to be cut
GST Council headed by Finance Minister Arun Jaitley is likely to discuss reducing rates of close to 60 items in its next meeting on October 24 in New Delhi. “Around 100 items was there in the Council meeting's agenda on Saturday. Only 40 items could be taken up for discussion as we were running out of time. Remaining items will be considered in the next meeting on October 24,” a senior government official told Moneycontrol.
Capacit'e Infraprojects IPO oversubscribed on Day 1
The initial share-sale offering of construction firm Capacit'e Infraprojects was over- subscribed 1.30 times on the first day of the three-day bidding today. Capacit'e Infraprojects' Rs 400 crore initial public offer (IPO) received bids for 1,48,15,320 shares against the total issue size of 1,14,28,572 shares, as per data available with the NSE, reported PTI.
Sebi issues new outsourcing policy for bourses
To safeguard capital markets from outside risks, markets regulator Sebi on Wednesday issued a new set of guidelines to govern outsourcing by stock exchanges and clearing corporations. The new guidelines will ensure exchanges and clearing corporations do not outsource their core and critical activities to third parties while they would need to put in place a robust system to monitor outsourced activities, The Economic Times reported.
Matrimony.com oversubscribed 4.41 times on last day
Matrimony.com was oversubscribed 4.41 times on the last day of bidding on Wednesday. The IPO, with an aim to raise over Rs 500 crore, received bids for 1,24,09,980 shares against the total issue size of 28,11,280 shares, data available with the NSE till 19:15 hours showed.
Subsidy on export goods may be scrapped: Report
A recent notification from the World Trade Centre (WTO) said that the country can no longer propose export subsidies, as its per capita gross national income (GNI) has crossed USD 1000 for the third year in a row, as reported by Hindu Business Line. This development could hurt the country’s exports, which showed a frail growth last year after due to low demand.
FY19 to see harsher earnings cut; remain positive on markets: Credit Suisse
Despite a near 20 percent rise in the markets in calendar year 2017 (CY17), Credit Suisse remains optimistic on the road ahead and sees no major downside, unless global cues disappoint. In its 'India Market Strategy' report released on Wednesday, the global research and brokerage house expects domestic flows to remain robust thanks to improvement in financial savings and support the market on every correction, as reported by Business Standard.
SIP inflows touch Rs 5,206-cr milestone in August
Mutual fund (MF) investments through the systematic investment plan (SIP) route touched a new high of Rs 5,206 crore in August. A record 700,000 new SIP accounts were also opened during the month, taking the total tally of such accounts to around 16 million. Nearly half of the new accounts prefer the SIP mode over the traditional lump-sum or one-time investment option. During the start of FY18, the number of SIP accounts stood at 13.5 million, Business Standard reported.
Rupee ends higher at 63.99 a dollar
The rupee on Wednesday snapped its two-session losing streak against the US dollar by recovering four paise to close at 63.99, up 0.07 percent on fresh selling of the American currency by exporters amid heavy foreign capital outflows.
Oil holds gains, buoyed by hopes for robust demandOil prices on Thursday held most of their gains of around 2 percent from the previous session, buoyed after the International Energy Agency raised its forecast for growth in global oil demand. Wednesday’s gains came despite U.S. government data showing another big build in U.S. crude inventories due to Hurricane Harvey, Reuters reported.