The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the index in India with a 86-points gain.
The benchmark indices ended at record closing high. The BSE Sensex rose 175.62 points to 56,124.72, while the Nifty50 climbed 68.30 points to 16,705.20 and formed bullish candle on the daily charts. The index gained 1.55 percent for the week and witnessed bullish candle formation on the weekly scale.
According to pivot charts, the key support levels for the Nifty are placed at 16,606.5, followed by 16,507.8. If the index moves up, the key resistance levels to watch out for are 16,763 and 16,820.8.
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:
Wall Street rallied on Friday, pushing the S&P and the Nasdaq to record closing highs for the fourth time this week, as US Federal Reserve Chairman Jerome Powell's remarks at the Jackson Hole Symposium calmed fears over the tapering timetable and sent investors into the weekend in a buying mood.
The Dow Jones Industrial Average rose 242.68 points, or 0.69%, to 35,455.8, the S&P 500 gained 39.37 points, or 0.88%, to 4,509.37 and the Nasdaq Composite added 183.69 points, or 1.23%, to 15,129.50.
Asian shares started the week with gains and the dollar was not far off two-week lows after U.S. Federal Reserve Chairman Jerome Powell struck a more dovish tone than some investors expected in long-awaited speech on Friday.
Japan's Nikkei rose 0.9% soon after the bell, and MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.32% in early trading before Chinese markets had opened. Australia climbed 0.39% and Korea's Kopsi gained 0.54%.
Trends on SGX Nifty indicate a positive opening for the index in India with a 86-points gain. The Nifty futures were trading at 16,811 on the Singaporean Exchange around 07:30 hours IST.
The US economic recovery is on track to return to a strong labor market, and the central bank could begin to withdraw its stimulus measures by year-end, Federal Reserve Chair Jerome Powell said Friday. But the Fed leader stressed that there was no hurry to raise the benchmark lending rate in response to temporary inflation pressures.
In his highly anticipated speech to the annual Jackson Hole central banking symposium, Powell said despite the impact of the Delta variant of Covid-19, the economy has continued to recover and show strong job growth.
FDI equity inflows up 168% to $17.57 billion during April-June 2021-22
Foreign direct investment (FDI) into the country rose by more than twofold to $17.57 billion during April-June this fiscal on account of measures such as policy reforms and ease of doing business, an official statement said on Saturday.
Total FDI inflow rose to $22.53 billion during the first three months of 2021-22 as against $11.84 billion in the same period of the last year, it said. Total FDI comprises equity inflows, reinvested earnings and other capital.
"FDI equity inflow grew by 168 per cent in the first three months of 2021-22 ($17.57 billion) compared to the year ago period ($6.56 billion)," it said.
Bank credit grows by 6.55%; deposits by 10.58%: RBI Data
Bank credit grew by 6.55 percent to Rs 108.89 lakh crore and deposits by 10.58 percent to Rs 155.70 lakh crore in the fortnight ended August 13, 2021, RBI data showed. In the year-ago fortnight ended at August 14, 2020, bank advances had stood at Rs 102.19 lakh crore and deposits at Rs 140.80 lakh crore, according to RBI's Scheduled Banks' Statement of Position in India as of July 30, 2021, released on Friday.
In the previous fortnight ended July 30, 2021, bank credit had risen by 6.11 percent and deposits by 9.8 percent.
Kotak Mahindra Asset Management Company (AMC) has been barred from launching any new fixed maturity plan (FMP) scheme for the next six months, as per an order issued by the Securities and Exchange Board of India (SEBI) on August 27.
SEBI also noted that by postponing the payment to its unit holders, Kotak Mahindra mutual fund sort of segregated its units like a side-pocket. This is allowed only if the scheme's offer document explicitly says so, and the fund follows a strictly specified SEBI guideline for side pockets. This, SEBI observed, did not happen here.
India's forex reserves drop by $2.47 billion to $616.895 billion
The country's foreign exchange reserves declined by $2.47 billion to reach $616.895 billion in the week ended August 20, RBI data showed on Friday.
In the reporting week, the decrease in the reserves was due to a drop in the foreign currency assets (FCAs), a major component of the overall reserves, as per weekly data by the Reserve Bank of India (RBI).
M-cap of BSE-listed companies rises to record Rs 243.73 lakh crore
The market capitalisation of BSE-listed companies jumped to an all-time high of Rs 2,43,73,800.36 crore on Friday, driven by an upbeat sentiment in equities. Investors have gained Rs 2,20,292.05 crore in two days of market rally.
FII and DII dataForeign institutional investors (FIIs) net sold shares worth Rs 778.75 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,646.19 crore in the Indian equity market on August 27, as per provisional data available on the NSE.