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 94-points gain.
Benchmark indices ended at record closing high on September 24. The BSE Sensex jumped 163.11 points to 60,048.47, while the Nifty50 rose 30.25 points to 17,853.20 and formed bearish candle on the daily charts as the closing was lower than opening levels. During the week, the BSE Sensex gained 1.75 percent and Nifty50 rose 1.5 percent, continuing uptrend for fifth consecutive week.
According to pivot charts, the key support levels for the Nifty are placed at 17,799.17, followed by 17,745.13. If the index moves up, the key resistance levels to watch out for are 17,927.47 and 18,001.73.
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 Dow and S&P 500 edged higher on September 24 and ended a turbulent week with slight increases, helped by gains in Tesla and Facebook that offset a tumble by Nike.
The Dow Jones Industrial Average rose 33.18 points, or 0.1 percent, to 34,798, the S&P 500 gained 6.5 points, or 0.15 percent, to 4,455.48 and the Nasdaq Composite dropped 4.55 points, or 0.03 percent, to 15,047.70.
Asian shares got off to a cautious start on Monday as a jump in oil prices to three-year highs could inflame inflation fears and aggravate the recent hawkish turn by some major central banks.
MSCI's broadest index of Asia-Pacific shares outside Japan was flat, after three consecutive weeks of loss. Japan's Nikkei gained 0.4% on hopes for further fiscal stimulus once a new prime minister is chosen.
Trends on SGX Nifty indicate a positive opening for the index in India with a 94-points gain. The Nifty futures were trading at 17,952 on the Singaporean Exchange around 07:30 hours IST.
Oil pushed past its July peaks as global output disruptions forced energy companies to pull large amounts of crude out of inventories, while a shortage of natural gas in Europe pushed costs up across the continent.
Brent added another 62 cents on Monday to $78.71 a barrel, while U.S. crude rose 71 cents to $74.69.
Banking sector needs to be scaled up with 4-5 SBI-sized banks: FM Sitharaman
The country's banking sector needs to be scaled up with four to five lenders of the size of State Bank of India (SBI), the country's largest state-run lender, Finance Minister Nirmala Sitharaman said on September 26. "We need to scale up banking. The need is for at least four-five more SBI-sized banks," Sitharaman said.
Sitharaman said there was an urgent need to scale up banking to not only meet the growing needs of the industry, but also to ensure that all economic centres of the country are covered with at least one physical or digital banking presence.
Forex reserves down by $1.47 billion to $639.64 billion
The country's foreign exchange reserves declined by $1.47 billion to $639.642 billion in the week ended September 17, RBI data showed on Friday. In the previous week ended September 10, 2021, the reserves had dipped by $1.34 billion to $641.113 billion. The reserves had surged by $8.895 billion to a lifetime high of $642.453 billion in the week ended September 3, 2021.
The special drawing rights (SDRs) with the International Monetary Fund (IMF) declined by $4 million to $19.434 billion. The country's reserve position with the IMF also decreased by $8 million to $5.119 billion in the reporting week, the data showed.
IPO rush| 30 firms may float public issues in October-November to mop up Rs 45,000 crore
Hectic fundraising through initial public offerings (IPOs) is expected in October-November, with at least 30 companies are looking to collectively raise over Rs 45,000 crore through initial share-sales, merchant banking sources said. Of the total fundraising, a large chunk would be garnered by technology-driven companies.
The firms that are expected to raise funds through their IPOs during October-November include Policybazaar (Rs 6,017 crore), Emcure Pharmaceuticals (Rs 4,500 crore) Nykaa (Rs 4,000 crore), CMS Info Systems (Rs 2,000 crore), MobiKwik Systems (Rs 1,900 crore), the merchant banking sources said.
Foreign portfolio investors net buyers at Rs 21,875 crore so far in September
Remaining positive about the long-term outlook of Indian markets, foreign portfolio investors (FPI) were net buyers so far in September with an investment of Rs 21,875 crore.
According to data from depositories, FPIs pumped in Rs 13,536 crore into equities and Rs 8,339 crore into the debt segment during September 1-23, taking the total net investment to Rs 21,875 crore. FPIs were net buyers at Rs 16,459 crore in August.
FII and DII data
Foreign institutional investors (FIIs) net acquired shares worth Rs 442.49 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 515.85 crore in the Indian equity market on September 24, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Eight stocks - Canara Bank, Escorts, Indiabulls Housing Finance, Vodafone Idea, IRCTC, Punjab National Bank, SAIL and Zee Entertainment Enterprises - are under the F&O ban for September 27. 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