The Indian stock market is expected to open lower as trends on SGX Nifty indicate a flat to negative opening for the index in India with a 35 points loss.
On December 16, the BSE Sensex rose 113 points to 57,901, while the Nifty50 climbed 27 points to 17,248 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 17,162.43, followed by 17,076.47. If the index moves up, the key resistance levels to watch out for are 17,356.83 and 17,465.27.
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 Markets
The Nasdaq ended sharply lower on Thursday as the Federal Reserve's announcement of a faster end to its pandemic-era stimulus pushed investors away from Big Tech and toward more economically sensitive sectors.
The Dow Jones Industrial Average fell 0.08% to end at 35,897.64, while the S&P 500 lost 0.87% to 4,668.67. The Nasdaq Composite dropped 2.47% to 15,180.44.
Asian Markets
Asian Markets were trading mostly lower with Nikkei down 0.90 percent, while Hang Seng down 0.4 percent.
SGX Nifty
Trends on SGX Nifty indicate a flat to negative opening for the index in India with a 35 points loss. The Nifty futures were trading at 17,292 on the Singaporean Exchange around 07:35 hours IST.
US jobless claims rise to a still-low 206,000
The number of Americans applying for unemployment benefits rose last week despite signs that the U.S. labor market is rebounding from last year’s coronavirus recession.
Jobless claims rose by 18,000 to a 206,000, still low by historical standards. The four-week average, which smooths out week-to-week volatility, fell by 16,000 to less than 204,000, the lowest level since mid-November 1969, according Department of Labor figures released Thursday.
Altogether, 1.8 million Americans were receiving traditional jobless benefits the week that ended Dec. 4, down by 154,000 from the previous week.
Bank of England raises interest rates
The Bank of England on Thursday became the world's first major central bank to raise borrowing costs since the coronavirus pandemic hammered the global economy, as it said inflation was likely to hit 6% in April - three times its target level.
In a second surprise for investors in six weeks, the BoE said it had to act, even as the Omicron coronavirus variant sweeps Britain, because it saw warning signs that underlying inflation pressure might become long-lasting.
The nine-member MPC voted 8-1 to raise Bank Rate to 0.25% from 0.1%, with external member Silvana Tenreyro providing the only dissenting voice.
The MPC pointed to the likelihood of further rate hikes ahead.
SEBI comes out with cut-off time framework for risk parameter file generation
Capital markets regulator SEBI on Thursday came out with a framework pertaining to cut-off time for generation of last risk parameter file used for collecting margins from commodities traders.
Also, the regulator modified the framework prescribed for enabling verification of upfront collection of margins from clients in commodity derivatives segment.
The new framework will be effective from January 15, 2022, the Securities and Exchange Board of India (SEBI) said in a circular.
Coal Ministry launches fourth round of auction of 99 coal mines for commercial mining
The government on Thursday launched the fourth round of auction of coal mines for commercial mining under which 99 blocks have been put on sale.
With coal mines rolling over from third round of commercial auction and second attempt of second tranche of commercial auctions, there will be total 99 mines on offer, the coal ministry said in a statement.
Gold prices set for best week in five after Fed decision
Gold prices were flat on Friday, but on track for their best week since mid-November as the dollar weakened after the U.S. Federal Reserve decided to withdraw its pandemic-era stimulus, making bullion cheaper for holders of other currencies.
Dollar on back foot after hawkish tilts by BoE, ECB
The U.S. dollar remained under pressure on Friday, a day after the Bank of England and European Central Bank adopted more hawkish stances than markets had expected, giving a boost to sterling and the euro.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,468.71 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,533.15 crore in the Indian equity market on December 16, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Two stocks--Escorts and Vodafone Idea--are under the F&O ban for December 17. 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
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
