The Indian stock market is expected to open in the red as trends on SGX Nifty indicate a gap-down opening for the index in India with a 129-points loss.
The BSE Sensex corrected 125.27 points to close at 59,015.89, while the Nifty50 fell 44.30 points to 17,585.20 and formed a bearish candle on the daily charts. However, the index gained over a percent during the week and saw bullish candle formation on the weekly scale.
According to pivot charts, the key support levels for the Nifty are placed at 17,484.3, followed by 17,383.4. If the index moves up, the key resistance levels to watch out for are 17,739.5 and 17,893.8.
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:
US stocks ended sharply lower in a broad sell-off on Friday, ending a week buffeted by strong economic data, corporate tax hike worries, the Delta COVID variant, and possible shifts in the US Federal Reserve's timeline for tapering asset purchases.
The Dow Jones Industrial Average fell 166.44 points, or 0.48%, to 34,584.88; the S&P 500 lost 40.76 points, or 0.91%, at 4,432.99; and the Nasdaq Composite dropped 137.96 points, or 0.91%, to 15,043.97.
Asian shares eased and the dollar held firm on Monday ahead of a week graced with no less than a dozen central bank meetings, highlighted by the Federal Reserve which is likely to take another step toward tapering.
Early Monday, MSCI’s broadest index of Asia-Pacific shares outside Japan dipped another 0.2%, after shedding 2.5% last week. Japan’s Nikkei was shut and could do with consolidating after surging to 30-year highs on hopes a new Prime Minister will bring more stimulus and policy change.
Trends on SGX Nifty indicate a gap-down opening for the index in India with a 129-points loss. The Nifty futures were trading at 17,472 on the Singaporean Exchange around 07:30 hours IST.
Oil down on stronger greenback, rising US rig count
Oil prices fell on Monday, extending losses from Friday after the US dollar jumped to a three-week high and the U.S. rig count rose, although nearly a quarter of US Gulf of Mexico output remained offline in the wake of two hurricanes.
US West Texas Intermediate (WTI) crude futures fell 30 cents, or 0.4%, to $71.67 a barrel at 0059 GMT, after declining by 64 cents on Friday. Brent crude futures fell 27 cents, or 0.4%, to $75.07 a barrel after losing 33 cents on Friday.
Govt increases domestic flight capacity to 85% of pre-COVID levels with immediate effect
Domestic carriers can now operate flights at 85 percent of pre-Covid levels, up from 72.5 percent at present, the Ministry of Civil Aviation said in a circular issued on September 18.
The flight capacity, which was curtailed following the onset of coronavirus pandemic, was increased to 80 percent in December last year. However, it was reduced again, and brought down to 50 percent on June 1, due to the second wave of COVID-19.
Housing demand to rise on SBI's decision to offer home loan at 6.7% interest rates: Realtors
India's residential property market is expected to witness a strong consumer demand during the festival season with various banks, including SBI, providing concessional interest rates on home loans, according to real estate developers and consultants.
They also hoped that other public and private banks would soon announce their festival offers on interest rates on home loans and processing fees. On Thursday, the country's largest lender State Bank of India announced various festive offers for prospective home loan customers, including a credit score-linked home loan starting at 6.70 percent, irrespective of the loan amount. Earlier, a borrower availing a home loan above Rs 75 lakh had to pay an interest rate of 7.15 percent.
Forex reserves down by $1.34 billion to $641.113 billion
After reaching a record high in the previous week, the country's foreign exchange reserves declined by $1.34 billion to $641.113 billion in the week ended September 10, 2021, according to RBI data. In the previous week ended September 3, the reserves had surged by $8.895 billion to a life time high of $642.453 billion.
During the reporting week ended September 10, the fall in the reserves was on account of a decline in Foreign Currency Assets (FCAs), a major component of the overall reserves, Reserve Bank of India's (RBI) weekly data released on Friday showed.
Foreign portfolio investors net buyers at Rs 16,305 crore so far in September
Foreign portfolio investors (FPIs) remained net buyers in Indian markets so far in September by investing a net sum of Rs 16,305 crore. As per depositories data, overseas investors invested Rs 11,287 crore into equities and Rs 5,018 crore in debt segment on a net basis between September 1-17.
During this period, the total net investment stood at Rs 16,305 crore.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 1,552.59 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 1,398.55 crore in the Indian equity market on September 17, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Eight stocks - Escorts, Exide Industries, Indiabulls Housing Finance, IRCTC, NALCO, Punjab National Bank, SAIL, and Sun TV Network - are under the F&O ban for September 20. 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