The Indian stock market is expected to open in the red as trends on SGX Nifty indicate a negative opening for the index in India with a 47-points loss.
The BSE Sensex declined 254.33 points to 59,413.27, while the Nifty50 fell 37.30 points to 17,711.30 and formed bullish candle on the daily charts.
According to pivot charts, the key support levels for the Nifty are placed at 17,619.07, followed by 17,526.83. If the index moves up, the key resistance levels to watch out for are 17,792.67 and 17,874.04.
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:
Gains in defensive shares and Boeing helped the Dow and the S&P 500 index recover some lost ground on Wednesday after concerns over inflation and rising Treasury yields sparked one of Wall Street's worst selloffs this year.
The Dow Jones Industrial Average was up 102.30 points, or 0.30%, at 34,402.29, the S&P 500 was up 6.90 points, or 0.16%, at 4,359.53, and the Nasdaq Composite was down 37.51 points, or 0.26%, at 14,509.17.
Shares in Asia-Pacific traded mixed on Thursday morning as investors reacted to the release of Chinese factory activity data for September.
Nikkei 225 slipped 0.67%, while the Topix index declined 0.65%. South Korea’s Kospi dipped 0.17%.
Trends on SGX Nifty indicate a negative opening for the index in India with a 47-points loss. The Nifty futures were trading at 17,658 on the Singaporean Exchange around 07:30 hours IST.
China's factory activity holds steady in September- Caixin PMI
China’s factory activity fared better than expected in September, stabilising after a slump in August, a business survey showed on Thursday, with a smaller decline in production countering an uptick in demand.
The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) rose to 50.0 in September from 49.2 the month before, versus analyst expectations of 49.5 in a Reuters poll. The 50-mark separates growth from contraction on a monthly basis.
India's external debt rose modestly by 2.1 percent year-on-year to $570 billion as of March-end 2021, notwithstanding the COVID-19 pandemic, according to the finance ministry. External debt-to-GDP ratio rose marginally to 21.1 percent from 20.6 percent as at end-March 2020.
Reserves to external debt ratio, however, increased to 101.2 percent from 85.6 percent during the same period, thereby consolidating the country's position as a net creditor to the world, as per the status report on India's external debt released by the ministry.
To protect the interests of debt fund investors from large redemptions by other investors, Securities Exchange Board of India (SEBI) has introduced swing pricing in bond funds. The regulator has announced the swing pricing framework for bond funds units except overnight funds, gilt funds and gilt funds with 10-year maturity schemes.
SEBI had floated a consultation paper on swing pricing in July 2021. After incorporating the feedback on the consultation paper and deliberations in the Mutual Fund Advisory Committee (MFAC) the regulator has decided to implement the swing pricing only on the redemptions of Rs 2 lakh and more from the scheme at a PAN level. The swing pricing – partial for normal times and full swing pricing for times of market dislocations- will be implemented from March 1, 2022.
Oil prices slip
Oil prices slipped on Wednesday after US crude inventories rose by more than anticipated, even as OPEC plans to maintain its deliberate approach to adding supply to the market.
Brent crude settled down 45 cents to $78.64 a barrel, after reaching $80 on Tuesday. US oil prices ended down 46 cents, or 0.6%, to $74.83 a barrel.
India to focus on fiscal consolidation and capital spending: CEA K Subramanian
The Indian government plans to focus on fiscal consolidation while pushing up state capital spending to bolster growth prospects, a top government economic adviser said on Wednesday.
India expects to achieve double-digit growth in the current year and economic reforms are likely to push future growth prospects, Krishnamurthy Subramanian, chief economic adviser at the finance ministry, said at a virtual summit of U.S. and Indian industry captains.
India is among key markets globally with cross border real estate investment projections of $2.5 billion in the year 2022, Knight Frank’s Active Capital report 2021 has said. US, UK, Germany, France, and the Netherlands are forecast to be top destinations for cross border real estate investment in 2022.
Stocks under F&O ban on NSE
One stock – Sun TV Network – is under the F&O ban for September 30. 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