The Indian stock market is expected to open in green as trends on SGX Nifty indicate a positive opening for the index in India with a 107-points gain.
The BSE Sensex fell 77.94 points to 58,927.33, while the Nifty50 declined 15.30 points to 17,546.70 and formed a bearish candle on the daily charts as the closing was lower than opening levels.
According to pivot charts, the key support levels for the Nifty are placed at 17,510.33, followed by 17,473.96. If the index moves up, the key resistance levels to watch out for are 17,596.73 and 17,646.77.
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 indexes bounced back from recent losses on Wednesday as concerns over a default by China's Evergrande eased, with investors now awaiting policy cues from a Federal Reserve meeting later in the day.
The Dow Jones Industrial Average rose 475.84 points, or 1.40% , to 34,395.68, the S&P 500 gained 54.62 points, or 1.25 %, to 4,408.73 and the Nasdaq Composite gained 169.77 points, or 1.16 %, to 14,916.92.
Shares in Asia-Pacific were mixed in Thursday morning trade as investors continue monitoring the situation surrounding China Evergrande Group.
South Korea’s Kospi, returning to trade from holidays earlier in the week, slipped 0.81%. The S&P/ASX 200 in Australia edged 1.07% higher.
Trends on SGX Nifty indicate a positive opening for the index in India with a 107-points gain. The Nifty futures were trading at 17,660 on the Singaporean Exchange around 07:30 hours IST.
Fed signals bond-buying taper coming 'soon,' rate hike next year
The Federal Reserve said on Wednesday it will likely begin reducing its monthly bond purchases as soon as November and signaled interest rate increases may follow more quickly than expected as the U.S. central bank’s turn from pandemic crisis policies gains momentum.
A drawdown of the central bank’s $120 billion in monthly bond purchases could begin after the Nov. 2-3 policy meeting as long as U.S. job growth through September is “reasonably strong, Fed Chair Jerome Powell said in a news conference following the central bank’s latest two-day session. The U.S. nonfarm payrolls report for September will be released in early October, the last such report before Fed policymakers gather again in November.
“It wouldn’t take a knockout or super-strong employment report,” to start the “taper” of the bond-buying program, with the process expected to wind down by the middle of next year, Powell said.
FDI equity inflows up 112% to $20.42 billion in April-July period: Govt data
Foreign direct investments into the country more than doubled to $20.42 billion during the April-July period of the current fiscal, the commerce and industry ministry said on Wednesday. Total Foreign Direct Investment (FDI) inflow rose to $27.37 billion during the first four months of 2021-22. In the year-ago period, the same was at $16.92 billion.
Total FDI comprises equity inflows, reinvested earnings and other capital. "FDI equity inflows grew by 112 per cent in the first four months of 2021-22 ($20.42 billion) compared to the year ago period ($9.61 billion)," the ministry said in a release.
ADB lowers India's GDP growth projection for this fiscal to 10% on COVID disruptions
The Asian Development Bank (ADB) has lowered India’s growth projections for the current financial year by a percentage point to 10 percent, mainly due to disruptions in economic activity caused by the second wave of the COVID-19 pandemic.
In its update of the Asian Development Outlook (ADO) released on Wednesday, the multilateral lending agency has also trimmed the growth forecast for Asia as a region from 7.3 percent to 7.1 percent for 2021, though it retained the growth projections for China at 8.1 percent.
Dollar hits one-month high as traders eye Fed rates liftoff
The dollar hit its highest in a month on Thursday and pressed the euro towards major support levels, after the Federal Reserve set the stage for rate hikes next year -- far sooner than its developed market peers are expected to move.
At a one-month low of $1.1684 in early Asia trade, the euro is close to its 2021 trough of $1.1664 and not far from major support at $1.1602, a break of which could open the way to falls as far as $1.14.
Electronics Mart files Rs 500-crore IPO papers with SEBI
Consumer durables retail chain Electronics Mart India Ltd has filed preliminary papers with SEBI to raise Rs 500 crore through an initial share-sale. The initial public offering (IPO) comprises sale of equity shares to the tune of Rs 500 crore, according to the draft red herring prospectus (DRHP).
The company intends to utilise the net proceeds to fund its capital expenditure and incremental working capital requirements to the extent of Rs 133.8 crore and Rs 200 crore, respectively.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,943.26 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 1,850.02 crore in the Indian equity market on September 22, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Six stocks - Escorts, Indiabulls Housing Finance, Vodafone Idea, IRCTC, Punjab National Bank, and Sun TV Network - are under the F&O ban for September 23. 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