The benchmark Sensex and Nifty indices are likely to open in the green on February 16 as trends in the GIFT Nifty indicate a positive start for the broader market with a gain of 62.50 points.
In yet another volatile session, the market ended higher and extended the winning run for the third consecutive session on February 15 with the Nifty surpassing 21,900 level. At the close, the Sensex was up 227.55 points or 0.32 percent to 72,050.38, and the Nifty was up 70.70 points or 0.32 percent to 21,910.75.
The pivot point calculator indicates that the Nifty is likely to take immediate support at 21,826, followed by 21,788 and 21,727 levels, while on the higher side, it may see immediate resistance at 21,947 followed by 21,985 and 22,045.
Stay tuned to Moneycontrol to find out what happens in the 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.
GIFT Nifty
Trends in the GIFT Nifty indicate a positive start for the broader index in India, with a gain of 62.50 points or 0.28 percent. The Nifty futures were trading around the 22,090.50 level.
Trade setup for today: Top 15 things to know before the opening bell
US Markets
US stocks closed higher on Thursday as retail sales data declined more than expected, feeding hopes the Federal Reserve will soon start cutting interest rates in coming months.
The S&P 500 tab gained 29.05 points, or 0.58 percent, to end at 5,029.67 points, while the Nasdaq Composite gained 47.03 points, or 0.30 percent, to 15,906.17. The Dow Jones Industrial Average rose 350.07 points, or 0.91 percent, to 38,774.73.
Asian Markets
Asian markets were trading higher in the early trade on Friday with Nikkei rising 1.2 percent, and Kospi gained 0.6 percent.
US retail sales fall sharply in January; weekly jobless claims decline
US retail sales fell more than expected in January, pulled down by declines in receipts at auto dealerships and gasoline service stations.
Retail sales dropped 0.8 percent last month, the Commerce Department's Census Bureau said on Thursday, also likely weighed down by winter storms. Data for December was revised lower to show sales rising 0.4 percent, instead of 0.6 percent as previously reported.
Govt raises windfall gains tax on crude oil, diesel
The government has revised its windfall gains tax on crude petroleum with effect from February 15.
As per the revisions, Special Additional Excise Duty (SAED) on crude petroleum will increase to Rs 3,300 per tonne, from Rs 3,200 per tonne earlier; while tax on diesel will increase to Rs 1.50 a litre from zero. Further, SAED on petrol and aviation turbine fuel (ATF) will continue to be nil.
Earlier this month, the government had hiked windfall tax on domestically produced crude oil to Rs 3,200 per tonne from Rs 1,700 per tonne.
The tax is levied in the form of Special Additional Excise Duty (SAED).
Dollar
The dollar fell for a second straight session on Thursday after a mixed, but overall solid batch of U.S. economic data, which is unlikely to stop the Federal Reserve from cutting interest rates by June, the first since the pandemic.
The US dollar index was last down 0.4 percent at 104.28. Against the yen, the dollar slid 0.4 percent to 149.92.
Gold Prices
Gold prices languished near a two-month trough on Thursday as traders lowered expectations of sooner and deeper rate cuts by the Federal Reserve this year, while markets await a slew of US economic data for further clarity.
Spot gold was up 0.3 percent at $1,997.10 per ounce, as of 1158 GMT, but hovered near its lowest since December 13 hit on Wednesday. U.S. gold futures rose 0.3 percent to $2,009.20.
Crude Oil
Oil prices rose over 1 percent on Thursday after U.S. retail data prompted a sell-off in the dollar, though investors eyed an International Energy Agency (IEA) report that flagged slowing demand growth this year.
Brent crude futures settled up $1.26, or 1.5 percent, at $82.86 a barrel. US West Texas Intermediate crude futures rose $1.39, or 1.8 percent, to $78.03.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 3,064.15 crore, while domestic institutional investors (DIIs) bought Rs 2,276.93 crore worth of stocks on February 15, provisional data from the NSE showed.
Stocks under F&O ban on NSE
The NSE has added Canara Bank to the F&O ban list for February 16, while retaining Aditya Birla Fashion & Retail, Ashok Leyland, Balrampur Chini Mills, Bandhan Bank, Biocon, Delta Corp, Hindustan Copper, India Cements, Indus Towers, SAIL and Zee Entertainment Enterprises to the said list. Aurobindo Pharma, National Aluminium Company, and Punjab National Bank were removed from the said list.
With inputs from Reuters and other agencies
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