The market is expected to open in the red as trends in SGX Nifty indicate a lower opening for the broader index in India with a loss of 65 points.
On September 22, the BSE Sensex fell 337 points to close at 59,120 after recouping half of the losses from the day's low, while the Nifty50 declined 89 points to 17,630 and formed a small-bodied bullish candle which resembles the Doji or High Wave kind of pattern on the daily charts.
As per the pivot charts, the key support level for the Nifty is placed at 17,534, followed by 17,438. If the index moves up, the key resistance levels to watch out for are 17,724 and 17,819.
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:
Major Wall Street indexes ended lower on Thursday, falling for a third straight session as investors reacted to the Federal Reserve's latest aggressive move to rein in inflation by selling growth stocks, including technology companies.
The Dow Jones Industrial Average fell 107.1 points, or 0.35%, to 30,076.68, the S&P 500 lost 31.94 points, or 0.84%, to 3,757.99 and the Nasdaq Composite dropped 153.39 points, or 1.37%, to 11,066.81.
Asia-Pacific shares slipped on Friday as investors continue to weigh the Federal Reserve’s aggressive stance. In Australia, the S&P/ASX 200 opened slightly higher but gave up gains to fall 1.16% on its return to trade after a holiday on Thursday. South Korea’s Kospi dipped 0.68%.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.18%. Japan markets were closed for a holiday Friday.
Trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 65 points. The Nifty futures were trading around 17,575 levels on the Singaporean exchange.
US current account deficit shrinks in second quarter
The US current account deficit narrowed sharply in the second quarter amid a surge in goods exports, data showed on Thursday. The Commerce Department said that the current account deficit, which measures the flow of goods, services and investments into and out of the country, contracted 11.1% to $251.1 billion last quarter.
The current account gap represented 4.0% of gross domestic product, down from 4.6% in the January-March quarter. The deficit peaked at 6.3% of GDP in the fourth quarter of 2005.
Bank of England raises rates to 2.25%, despite likely recession
The Bank of England raised its key interest rate to 2.25% from 1.75% on Thursday and said it would continue to "respond forcefully, as necessary" to inflation, despite the economy entering recession.
The BoE's Monetary Policy Committee voted 5-4 to raise rates to 2.25%, with Deputy Governor Dave Ramsden and external MPC members Jonathan Haskel and Catherine Mann voting for an increase to 2.5%, while new MPC member Swati Dhingra wanted a smaller rise to 2%.
FII and DII data
Foreign institutional investors (FIIs) have net sold shares worth Rs 2,509.55 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 263.07 crore on September 22, as per provisional data available on the NSE.
Oil prices rise as Iran deal stalls, Russian supply amid conflict
Oil prices rose in early Asian trade on Friday on the prospect that a stalled Iran nuclear agreement and Moscow's new mobilization campaign in its invasion of Ukraine would further restrict global supplies.
Brent crude futures gained 16 cents, or 0.2%, to $90.62 per barrel by 0020 GMT, while US West Texas Intermediate (WTI) crude futures were up 22 cents to $83.71 per barrel.
Oil edged up after a senior US State Department official said that efforts to revive the 2015 Iran nuclear deal have stalled due to Tehran's insistence on the closure of the UN nuclear watchdog's investigations.
MFIs' gross loan portfolio rises 23.5% to Rs 2.93 lakh crore as of June 2022
Microlenders' gross loan portfolio (GLP) rose by 23.5 percent to Rs 2,93,154 crore in the April-June quarter of 2022 compared to the year-ago period, a report said on Thursday. The GLP grew 2.7 percent during the June quarter compared to Rs 2.85 lakh crore at the end of the preceding March quarter, the report by industry lobby grouping and RBI-recognised self regulatory organization Microfinance Institutions Network (MFIN) said.
Banks continue to hold the largest share in the GLP but the same has slipped to 38.4 percent in June from 40 per cent in March, the report said, adding that dedicated NBFC-MFIs are the second largest provider of micro-credit with a 35 percent share in GLP. The small finance banks have a 16.9 percent share in the GLP, while other NBFCs have a 8.8 percent share, it said.
EU eyes oil price cap, more high-tech export curbs in new Russia sanctions: sources
The European Union is looking at an oil price cap, tighter curbs on high-tech exports to Russia and more sanctions against individuals, diplomats said on Thursday, in response to what the West condemned as a new escalation in Moscow's war in Ukraine.
Stocks under F&O ban on NSE
Five stocks - Ambuja Cements, Can Fin Homes, Delta Corp, Punjab National Bank, and RBL Bank - are on the NSE F&O ban list for September 23. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.With inputs from Reuters and other agencies