A few cues from the market in India and abroad that could help you with your trade today.
Benchmark indices started the week on a positive note with the Nifty50 reclaiming 11,700 levels, driven by banks, auto, metals and select technology stocks. BSE Sensex rose 138.73 points to close at 38,905.84 while the Nifty50 gained 46.90 points at 11,690.40 and formed bullish candle on daily charts.
According to the Pivot charts, the key support level is placed at 11,657.47, followed by 11,624.63. If the index starts moving upward, key resistance levels to watch out are 11,713.87 and 11,737.43.
The Nifty Bank index closed at 30,104.25, up 165.70 points on April 15. The important Pivot level, which will act as crucial support for the index, is placed at 29,961.17, followed by 29,818.13. On the upside, key resistance levels are placed at 30,205.17, followed by 30,306.13.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.
Wall Street slips as bank earnings disappoint
Wall Street lost ground on Monday, dragged down by financials as underwhelming bank earnings curbed investor enthusiasm. But while all three major US stock indexes edged lower, the S&P 500 remained within a percent of its record high.
The Dow Jones Industrial Average fell 27.53 points, or 0.1 percent, to 26,384.77, the S&P 500 lost 1.83 points, or 0.06 percent, to 2,905.58 and the Nasdaq Composite dropped 8.15 points, or 0.1 percent, to 7,976.01.
Asia stocks hover below 9-month peak after Wall Street stalls
Asian stocks hovered below a nine-month peak on Tuesday after disappointing bank earnings dented Wall Street, though recent signs the global economy is likely to avoid a sharper downturn helped limit the losses.
MSCI’s broadest index of Asia-Pacific shares outside Japan stood little changed.Expectations that Chinese and U.S. trade negotiators would strike a deal soon also lifted confidence. Japan’s Nikkei nudged up 0.25 percent.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 13 points or 0.11 percent. Nifty futures were trading around 11,750-level on the Singaporean Exchange.
Rupee drops 25 paise to close at 69.42 vs USD
The rupee on Monday declined by 25 paise to close at 69.42 against the US dollar as forex traders turned cautious in a holiday-truncated week. At the Interbank Foreign Exchange (forex), the domestic currency opened at 69.07 a dollar and fell further to touch the day's low of 69.46. It finally settled at 69.42 per dollar, down 25 paise over its previous close.
Forex traders said easing crude oil prices in the overseas market, sustained foreign fund inflows and heavy buying in the domestic equity market restricted the fall in the local unit.
Oil rally stalls on talk of OPEC, boosting output
Oil prices halted their rally on Monday, with both benchmarks down nearly 1 percent, after Russia’s finance minister said Russia and OPEC may decide to boost production to fight for market share with the United States, where output remains at record highs.Brent crude futures ended the session at USD 71.18 a barrel, down 37 cents, or 0.5 percent, having earlier slid below USD 71. Brent hit its highest since
November 12 on Friday at USD 71.87. US West Texas Intermediate crude futures fell 49 cents, or 0.8 percent, to settle at USD 63.40 per barrel.
Exports grow 11% in March; trade deficit narrowsIndia's exports grew by 11 percent to USD 32.55 billion in March on account of higher growth in sectors including pharma, chemicals and engineering,
government data showed Monday. Imports rose by 1.44 percent to USD 43.44 billion during the month. However, trade deficit narrows to USD 10.89 billion as compared to USD 13.51 billion in the same month last year.
Gold imports rose by 31.22 percent to USD 3.27 billion in March 2019. Oil imports rose by 5.55 percent in March to USD 11.75 billion. For the full fiscal (2018 -19), exports grew by 9 percent to USD 331 billion and imports rose by 8.99 percent to USD 507.44 billion.
BofA-ML sees RBI slashing rates for the third straight shot
The Reserve Bank will cut its key policy rates by another 25 basis points, after governor Shaktikanta Das' weekend speech focusing on ways to revive growth, BofAML said.
"We now expect the monetary policy committee to cut rates by 0.25 percent to 5.75 percent on June 7," Bank of America Merrill Lynch said in a note. If done this will be the third straight reduction, taking the quantum of reduction in six months to a hefty 75 bps.
Shriram Properties gets Sebi nod for IPO
Real estate firm Shriram Properties has received market regulator Sebi's go-ahead to float an initial public offering (IPO) through which it plans to raise about Rs 1,250 crore. The firm, which approached the regulator in December 2018 seeking its clearance to launch IPO, obtained Sebi's "observations" on April 9, according to the latest update with the market watchdog.According to draft papers, the IPO comprises fresh issue aggregating up to Rs 250 crore besides an offer for sale of up to 42,403,271 shares by existing
shareholders, including Tata Capital Financial Service and TPG Asia, draft papers filed with Sebi showed. The company is looking to consider a pre-IPO placement of up to Rs 100 crore.
Wipro to declare Q4 results today
Wipro is expected to report mixed set of earnings for the quarter. Other key thing to watch out for would be the share buyback announcement on same day. The IT company is expected to report around 1.5-2.0 percent growth in dollar IT services revenue and around 1.2-1.6 percent in constant currency which would be within its guidance of 0-2 percent constant currency growth keeping in mind the macro uncertainties.
Brokerages expect the company to forecasd its constant currency revenue growth in the range of 0-3 percent over Q4FY19.
Six stocks under ban period on NSE
Securities in ban period for the next day's trade under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
For April 16, DHFL, IDBI Bank, Jet Airways, PC Jeweller, Reliance Power and Wockhardt are present in this list.With inputs from Reuters & other agenciesGet access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.