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 27-points gain.
On October 19, the BSE Sensex scaled 62,000 mark, before falling 49.54 points to 61,716.05, while the Nifty50 jumped over 18,600 levels, before ending the session at 18,418.80, down 58.20 points and formed Bearish Engulfing pattern on the daily charts.
According to pivot charts, the key support levels for the Nifty are placed at 18,329.53, followed by 18,240.27. If the index moves up, the key resistance levels to watch out for are 18,556.23 and 18,693.67.
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:
U.S. stock indexes closed higher on Tuesday with the biggest boosts from the technology and healthcare sectors as investors appeared to bet on solid quarterly reports even as some worried that it was too early to celebrate.
The Dow Jones Industrial Average rose 198.7 points, or 0.56%, to 35,457.31, the S&P 500 gained 33.17 points, or 0.74%, to 4,519.63 and the Nasdaq Composite added 107.28 points, or 0.71%, to 15,129.09.
Shares in Asia-Pacific were mixed in Wednesday morning trade as China kept its benchmark lending rate unchanged. Japan’s Nikkei 225 climbed 0.6% while the Topix index edged 0.55% higher. South Korea’s Kospi shed 0.13%.
Trends on SGX Nifty indicate a positive opening for the index in India with a 27-points gain. The Nifty futures were trading at 18,453 on the Singaporean Exchange around 07:30 hours IST.
Fed to wait until 2023 to raise rates, but there is risk of earlier hike
The Federal Reserve will wait until 2023 before raising interest rates, according to a majority of economists in a Reuters poll who nonetheless said the greater risk for the U.S. economy was persistently higher inflation over the coming year.
While half the members of the U.S. central bank's policy-setting committee projected last month that the Fed would raise its benchmark overnight lending rate - federal funds rate - next year, most economists surveyed were more cautious.
Japan's export growth slows; import costs weigh on recovery hopes
Japan’s export growth weakened to its slowest in seven months in September, while a surge in imports added to worries that pandemic-led global supply chain snags could derail a fragile economic recovery.
While ahead of forecasts, export growth weakened from 26.2% in the previous month and was the slowest since February. Shipments to China, Japan’s largest trading partner, rose 10.3% in September year-on-year, led by semiconductors and plastic materials, while car exports fell 71.9%.
Oil remains near multi-year highs as energy crunch persists
Oil futures rose on Tuesday and were near multi-year highs as an energy supply crunch continued across the globe, while falling temperatures in China revived concerns over whether the world's biggest energy consumer can meet domestic heating needs.
The Brent crude benchmark rose 75 cents to settle at $85.08 a barrel. U.S. West Texas Intermediate (WTI) futures rose 52 cents to settle at $82.96 a barrel.
Gold jumps 1% propelled by a weaker dollar
Gold prices were on the front foot on Tuesday, rising as much as 1%, as a sluggish dollar lifted bullion’s appeal in the face of increasing inflation expectations. Spot gold was up 0.8% at $1,778.76 per ounce by 1224 GMT, after hitting a session high of $1,784.26. U.S. gold futures gained 1% to $1,783.
Jubilant FoodWorks, Havells India, L&T Finance Holdings, Angel Broking, Arihant Superstructures, Deep Polymers, Hathway Cable & Datacom, Just Dial, Menon Bearings, Moschip Technologies, Reliance Industrial Infrastructure, Rane (Madras), Shoppers Stop, Snowman Logistics, Supreme Petrochem, Suryalakshmi Cotton Mills, Syngene International, TajGVK Hotels & Resorts, Tata Communications, Tata Steel Long Products, Tejas Networks, and TT Ltd.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 505.79 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 2,578.22 crore in the Indian equity market on October 19, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Nine stocks - Amara Raja Batteries, BHEL, Escorts, Vodafone Idea, IRCTC, NALCO, Punjab National Bank, SAIL, and Sun TV Network - are under the F&O ban for October 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