What changed for market while you were sleeping? 10 things you must know

The Nifty closed below its crucial support level of 9,050 on Monday, but hopes of timely implementation of goods and services tax (GST) could fuel some upside on Tuesday amid muted global cues.

Traders need to be cautious and refrain from creating long positions as a break below 9,000-8,975 could put further pressure on the bulls.

Here are top cues from domestic as well as international markets, which could have a bearing on D-Street.

Finance Minister introduced the GST bills in the Parliament ahead of the government’s plan to roll it out across the country by July 1. He listed four items of legislation that, among other things, provide for a peak GST rate of 40 percent and the setting up of an authority to protect consumers from profiteering by businesses.

The four Bills—on Central GST, Integrated-GST, Union Territory-GST, and compensation — were tabled in the Lok Sabha and will be taken up for discussion by the House on March 29.

The US stock markets ended mixed on Monday as worries loom over the fate of President Donald Trump’s economic plan, including tax reform and infrastructure spending.

The Dow Jones Industrial Average fell 45.74 points, or 0.22 percent, to 20,550.98, the S&P 500 lost 2.39 points, or 0.10 percent, to 2,341.59 and the Nasdaq Composite added 11.64 points, or 0.2 percent, to 5,840.37.

The Nifty futures on the Singapore Stock Exchange were trading 29 points higher at 9,102 indicating a flat-to-positive opening for the domestic market.

RIL declined by 3 per cent on bourses on Monday after Sebi banned the company and 12 others from equity derivatives trading for one year in a 10-year-old case. The oil & gas major said that it has a strong case against SEBI and there was no market manipulation.

Reliance Industries also reiterated to file an appeal against the Sebi order in the Reliance Petroleum case before the Securities Appellate Tribunal.

The Rs 22,000-crore LED television market is heading for a price war with the big three — LG, Samsung, and Sony — cutting prices by as much as 15 percent due to increased competition and as they seek to gain market share, said a report.

The price cut, the steepest ever, comes at a time when the top three are facing growing threat from smaller brands like Micromax, Intex, TCL, BPL and Sansui that are selling their products at prices that are Rs 2,000-10,000 cheaper, three senior industry executives said.

Scripting its second biggest single-day gain this year, the rupee today zoomed by 37 paise to close at a fresh 17-month high of 65.04 on the back of panic dollar selling by speculative traders and exporters.

This is the highest closing for the domestic unit since October 28, 2015, when it had closed at 64.93, said a report.

The dollar fell to its lowest of 98.85 since November 11 against a basket of currencies on Monday tracking weakness in US markets.

Against the Japanese yen, the dollar fell to its weakest since November 18 and hit its lowest against the Swiss franc, another traditional safe haven, since November 9.

Bears dominated D-Street from the word go on Monday as Nifty failed to defend its crucial psychological support level of 9,150 on Monday and made a bearish reversal pattern known as ‘bearish belt hold’ pattern on the daily candlestick charts.

The index is trading in a no trade zone as traders await a decisive move in either direction. The Nifty slipped below its crucial 10-days EMA placed at 9,066 and crucial 13-days EMA placed at 9051.

Traders need to be cautious and refrain from creating long positions as a break below 9,000-8,975 could put further pressure on the bulls.

Following the successful passage of the authorising legislation through Parliament earlier this month, Brexit is set to be triggered on Wednesday, March 29, the government has announced, with a meeting of the heads of the remaining 27 member states set for a month later, said a report.

Britain will have two years to negotiate a new deal with the EU — a period that could be extended on an agreement with the European Council.

Oil slipped further as investors remained uncertain whether oil producing nations would extend an OPEC-led output cut beyond the end of June, a report said.

The US crude was down 33 cents at $47.63 a barrel, a 0.7 per cent drop. International benchmark Brent crude fell 17 cents to $50.63. Brent's session low was $50.03.