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Last Updated : Sep 11, 2020 08:01 AM IST | Source: Moneycontrol.com

What changed for the market while you were sleeping? Top 10 things to know

Trends on SGX Nifty indicate a negative opening for the index in India with a 40 points loss.

The Indian equity market is expected to open in the red following negative global cues. Trends on SGX Nifty indicate a negative opening for the index in India with a 40 point loss.

The BSE Sensex surged 646.40 points or 1.69 percent to close at 38,840.32 on September 10 while the Nifty50 jumped 171.30 points or 1.52 percent to 11,449.30. According to pivot charts, the key support levels for the Nifty is placed at 11,363.07, followed by 11,276.93. If the index moves up, the key resistance levels to watch out for are 11,499.67 and 11,550.13.

Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:


US Markets

US stocks closed lower after a choppy trading session on Thursday as heavyweight tech-related stocks resumed their decline following a sharp rebound the previous session, while elevated jobless claims reminded investors of a difficult recovery ahead.

The Dow Jones Industrial Average fell 405.89 points, or 1.45 percent, to 27,534.58, the S&P 500 lost 59.77 points, or 1.76 percent, to 3,339.19 and the Nasdaq Composite dropped 221.97 points, or 1.99 percent, to 10,919.59.

Asian Markets

Asian markets fell on Friday in response to declines in technology stocks that began last week and growing concerns about another round of negotiations on the UK’s departure from the European Union.

Australian S&P/ASX 200 futures were down 1.34 percent, while Japan’s Nikkei 225 futures were up 0.28 percent.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the index in India with a 40 point loss. The Nifty futures were trading at 11,420 on the Singaporean Exchange around 07:30 hours IST.

India, China foreign ministers agree to quickly disengage border troops

The foreign ministers of India and China have agreed that troops of the two countries must quickly disengage from a border standoff, they said in a joint statement issued on Friday.

Foreign Ministers S. Jaishankar and Wang Yi met in Moscow on Thursday on the sidelines of a conference to try and end the months-long dispute on the undemarcated border, the most serious in decades.

“The two Foreign Ministers agreed that the current situation in the border areas is not in the interest of either side. They agreed therefore that the border troops of both sides should continue their dialogue, quickly disengage, maintain proper distance and ease tensions,” they said in the statement.

India needs fresh fiscal stimulus to tide over COVID-19 crisis: IMF

The International Monetary Fund (IMF) on September 10 stated that there is a need for fresh stimulus, notably investments on health, food and income support for vulnerable households, and support for enterprises because of the COVID-19 pandemic.

We believe further fiscal stimulus is warranted, especially expenditures on health, food and income support for vulnerable households, and support for businesses, Rice said, responding to questions on the massive contraction that the Indian economy has experienced in the latest quarter due to the coronavirus pandemic.

US weekly jobless claims stuck at higher levels

The number of Americans filing new claims for unemployment benefits hovered at high levels last week, strengthening views that the labour market was settling into a more gradual path of recovery from the COVID-19 pandemic.

Initial claims for state unemployment benefits totalled a seasonally adjusted 8,84,000 for the week ended September 5, matching the number of applications received in the prior week, the Labor Department said on Thursday. Economists polled by Reuters had forecast 846,000 applications in the latest week.

The number of Americans filing new claims for unemployment benefits hovered at high levels last week, strengthening views that the labour market was settling into a more gradual path of recovery from the COVID-19 pandemic.

India rice prices hit an 18-month peak as coronavirus strains export logistics

Rice export prices in top hub India rose to their highest in nearly 18 months this week as supplies remained constrained due to pandemic-induced disruptions, while Bangladesh may have to import the staple after natural calamities damaged crops.

With the top exporter now behind only the United States in the tally of COVID-19 cases, exporters have been grappling with limited availability of containers and mill workers at its biggest rice handling port of Kakinada on the east coast.

CII real estate conclave: Broad recovery expected in 2021, say experts

As businesses open in a staggered manner, the office space segment is expected to lead the recovery in the real estate sector once the novel coronavirus, or COVID-19, pandemic ends, experts at the CII Realty and Infrastructure Conclave on September 10 said.

Ramesh Nair, Chairman, CII Realty & Infrastructure Conclave and CEO & Country Head, India, JLL, expects a broader recovery in real estate only in 2021. “Since May, each month has been better than the previous month for our industry. Growth prospects look brighter for the remainder of 2020 and 2021,” he stated.

Yes Bank says no merger plans with SBI, repays entire Rs 50,000 crore to RBI

Private lender Yes Bank on September 10 said it has fully repaid Reserve Bank of India (RBI) the entire Rs 50,000 crore of Special Liquidity Facility it had availed. The chairman of the bank, Sunil Mehta, confirmed the development at the virtual Annual General Meeting of the shareholders held on earlier today.

"We have fully repaid the entire sum of Rs 50,000 crores of SLF to RBI as on September 8," Mehta told shareholders. The special liquidity line was extended to Yes Bank in March when it was coming out of the moratorium to make up for any large deposit withdrawals. Its window was first given for a three month period and later extended till mid-September. The Chairman added that since Yes Bank’s reconstruction in March, it had received "strong customer liquidity inflows", and that deposits were accruing on a monthly basis now.

Earnings on September 11

IRCTC, BHEL, Adani Green Energy, Arvind SmartSpaces, BF Utilities, BGR Energy Systems, Eros International Media, Future Supply Chain Solutions, ITDC, Jindal Stainless (Hisar), Lloyds Steels Industries, Parsvnath Developers, Premier Explosives, Rail Vikas Nigam, Sharon Bio-Medicine, Sintex Plastics Technology are among 104 companies to announce quarterly earnings on September 11.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 838.37 crore, whereas domestic institutional investors (DIIs) net offloaded shares worth Rs 317.3 crore in the Indian equity market on September 10, as per provisional data available on the NSE.

7 stocks under F&O ban on NSE

Apollo Tyres, Bank of Baroda, BHEL, Indiabulls Housing Finance, Vodafone Idea, Jindal Steel & Power and Punjab National Bank are under the F&O ban for September 11. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

With inputs from Reuters & other agencies
First Published on Sep 11, 2020 07:39 am