The Indian stock market is expected to open firm as trends on SGX Nifty indicate a flat to positive start for the index with a 43-points gain.
October 12, the benchmark indices as well as broader markets ended at record closing highs. The BSE Sensex remained strongly above the 60,000-mark, rising 148.53 points to 60,284.31, while the Nifty50 hit the 18,000-mark for the first time on Tuesday, climbing 46 points to close at 17,992.
According to pivot charts, the key support levels for the Nifty are placed at 17,901.63, followed by 17,811.37. If the index moves up, the key resistance levels to watch out for are 18,045.43 and 18,098.96.
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 finished lower on Tuesday, extending losses late as investors grew more jittery in the run up to third-quarter earnings, while a jump in Tesla shares helped support the market.
The Dow Jones Industrial Average fell 117.72 points, or 0.34%, to 34,378.34, the S&P 500 lost 10.54 points, or 0.24%, to 4,350.65 and the Nasdaq Composite dropped 20.28 points, or 0.14%, to 14,465.93.
Asian indices were trading mixed with Straits Times and Kospi gaining 1 percent each, while Taiwan Weighted and Shanghai Composite are trading flat.
Trends on SGX Nifty indicate a flat to positive opening for the index in India with a 43-points gain. The Nifty futures were trading at 18,048 on the Singaporean Exchange around 07:30 hours IST.
India's economy, which contracted by 7.3 percent due to the COVID-19 pandemic, is expected to grow by 9.5 per cent in 2021 and 8.5 per cent in 2022, according to latest projections released by the International Monetary Fund on Tuesday.
As the low base effect slowly wears off, industrial production in India continued to stabilise in August, expanded by 11.9 percent year-on-year (YoY) in August, rising slightly from 11.4 percent in July.
The Consumer Price Index-based (CPI) inflation for September 2021 came in at 4.35 percent, compared with 5.30 percent in August, data released by the National Statistical Office (NSO) showed on October 12. This is the lowest retail inflation print since April 2021.
The fall in headline retail inflation was primarily on the back of a sharp cooling in food inflation. Consumer Food Price Inflation (CFPI) for September stood at 0.68 percent in September, compared with 3.11 percent in August.
Domestic flights will be allowed to operate at full capacity from October 18, the government said in an order issued on October 12.
The decision to ease the norms was taken after reviewing the current air travel demand, the Ministry of Civil Aviation said.
"After review of the current status of Scheduled Domestic Operations viz-a-viz passenger demand for air travel", it has been decided to "restore the scheduled domestic air operations with effect from 18-10-2021 without any capacity restriction," the ministry stated.
Tata Motors on October 12 announced that private equity firm TPG Group would be investing Rs 7,500 crore in its new wholly-owned electric vehicle subsidiary.
The investment would be made in tranches, over a period of 18 months from the date of completion of the first tranche.
The Reserve Bank of India (RBI) on October 12 announced the cancellation of registration (licenses) of six NBFCs.
The list includes names such as Cartel Finance and Investments Private Limited, Alamgir Motor Finance Limited, Nau-Nidh Finance Limited, Kim Investment Limited, Sambandh Finserve Private Limited, and BTL Holding Company Limited.
The Reserve Bank of India (RBI) on October 12 issued a small finance bank licence to the consortium of Centrum Financial Services Limited (Centrum), and Resilient Innovations Private Limited (BharatPe), Centrum said in an exchange filing.
The new entity will take over the assets and liabilities of Punjab and Maharashtra Co-operative Bank.
Centrum’s MSME and Micro Finance businesses will be merged into Unity Small Finance Bank.
Results on October 13
Infosys, Wipro, Mindtree, Advik Laboratories, Aditya Birla Money, Morarka Finance, National Standard, Perfect-Octave Media Projects, Plastiblends India, Raghav Productivity Enhancers, SDC Techmedia, Sanathnagar Enterprises, Stratmont Industries, and Unistar Multimedia will release quarterly earnings on October 13.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 278.32 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 741.22 crore in the Indian equity market on October 12, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Seven stocks - Bank of Baroda, Indiabulls Housing Finance, IRCTC, NALCO, Punjab National Bank, SAIL, and Sun TV Network - are under the F&O ban for October 13. 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