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 89-points gain.
The BSE Sensex rallied 417.96 points to 59,141.16, while the Nifty50 jumped 110 points to 17,629.50 and formed bullish candle on the daily charts.
According to pivot charts, the key support levels for the Nifty are placed at 17,545.07, followed by 17,460.63. If the index moves up, the key resistance levels to watch out for are 17,679.27 and 17,729.03.
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:
The S&P 500 ended slightly lower on Thursday paring losses in late trading after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.
The Dow Jones Industrial Average fell 62.22 points, or 0.18%, to 34,752.17, the S&P 500 lost 6.65 points, or 0.15%, to 4,474.05 and the Nasdaq Composite added 20.30 points, or 0.13%, to 15,181.83.
Shares in Asia-Pacific were mixed in Friday morning trade as investors react to mixed US economic data released overnight.
The Nikkei 225 in Japan climbed 0.38% while the Topix index traded fractionally higher. South Korea’s Kospi shed 0.22%.
Trends on SGX Nifty indicate a positive opening for the index in India with a 89-points gain. The Nifty futures were trading at 17,694 on the Singaporean Exchange around 07:30 hours IST.
The Union Cabinet on September 16 approved a government guarantee of up to Rs 30,600 crore for security receipts to be issued by National Asset Reconstruction Company Ltd (NARCL). Security receipts represent an undivided right or interest in a financial asset. Typically, asset reconstruction companies or a bad bank buy distressed assets paying 15 percent cash and the balance 85 percent in security receipts.
Addressing a press conference, the FM said, "We are also setting up an India Debt Resolution Company Ltd to manage the Non-Performing Assets (NPAs). In this company, public sector banks (PSBs) and state-owned financial institutions will own 49% stake." She added that private sector banks will also hold a stake.
Markets regulator Sebi is planning to carve out a separate category in Alternative Investment Funds (AIF) whereby such entities can purchase distressed loans from banks and NBFCs. Pointing out the growing number of AIFs, Sebi Chairperson Ajay Tyagi said on Thursday that the last financial year saw 90 new AIFs getting registered with the regulator under different categories, taking the total number to more than 700.
"This would unlock the capital of banks and NBFCs and make it available for fresh lending. A new sub-category of AIFs could be carved out for this purpose," he added. Acknowledging the pick-up in launching of ESG-themed schemes by mutual funds in India over past few years, Tyagi said the regulator, at present, is engaging with the industry about disclosing certain broad ESG-related parameters in respect of such schemes.
Delta darkens US Q3 growth views, Fed taper announcement expected in Nov: Reuters poll
The U.S. economic rebound has been dented in Q3, partly on the spread of the Delta coronavirus variant, with economists in a Reuters poll also pushing their expectations back to November for when the Federal Reserve announces an impending policy shift.
The median Q3 growth forecast in the September 13-16 Reuters poll was slashed to a 4.4% seasonally adjusted annualized rate from 7.0% just a month ago and well below the second quarter's 6.6% growth, with the range showing lower lows and lower highs.
Domestic air passenger traffic surged 33.8 percent month-on-month in August, the Directorate General of Civil Aviation (DGCA) said on September 16. The total passenger load in August stood at 67.01 lakh compared to 50.07 lakh in July and 31.13 lakh in June.
The passenger traffic in August 2021 also more than doubled when compared to the same month in the past year, the aviation sector regulator said. In August last year, the number of passengers carried by domestic airlines stood at 28.32 lakhs.
Oil prices steadied on Thursday after hitting a multi-week high a day earlier as the threat to US Gulf crude production from Hurricane Nicholas receded.
Brent crude ended the session up 21 cents, or 0.3%, at $75.67 a barrel. US West Texas Intermediate (WTI) ended the session unchanged at $72.61 a barrel.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 1,621.88 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 795.13 crore in the Indian equity market on September 16, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Six stocks – Escorts, Exide Industries, NALCO, SAIL, Sun TV Network and Zee Entertainment Network – are under the F&O ban for September 17. 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