A few cues from the market in India and abroad that could help you with your trade today.
After a volatile session, benchmark indices ended up on June 10 albeit off the day's high. The Nifty 50 finished above 11,900 level.
At close, the Sensex was up 168.62 points at 39,784.52, while Nifty was up 52 points at 11,922.70. About 967 shares advanced, 1,619 shares declined, and 172 shares remained unchanged.
Britannia Industries, Tech Mahindra, TCS, Infosys and Dr Reddy’s Labs were among major gainers on the Nifty, while losers were BPCL, Yes Bank, Coal India, GAIL and Tata Motors.
marginally higher and Smallcap ended with negative bias.
According to the Pivot charts, the key support level is placed at 11,871.33, followed by 11,819.97. If the index starts moving upward, key resistance levels to watch out are 11,974.53 and 12,026.37
The Nifty Bank index closed at 31,034.0, down 32.55 points on June 10. The important Pivot level, which will act as crucial support for the index, is placed at 30,807.74, followed by 30,581.47. On the upside, key resistance levels are placed at 31,313.84, followed by 31,593.67.
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 rises on Mexico relief, Dow up a sixth day
US stocks extended their recent climb on Monday, with the Dow reaching its longest daily winning streak in 13 months after the United States dropped plans to impose tariffs on Mexican goods and a couple of multibillion-dollar deals boosted the market.The Dow Jones Industrial Average rose 78.74 points, or 0.3%, to 26,062.68, the S&P 500 gained 13.39 points, or 0.47%, to 2,886.73 and the Nasdaq
Composite added 81.07 points, or 1.05%, to 7,823.17.
Asia stocks edge up on Mexico reprieve but Sino-US rift caps gains
Asian stocks made modest gains on Tuesday after the Trump administration shelved plans for tariffs against Mexico, lifting Wall Street, however, fresh US trade threats against China are expected to limit any major investor sentiment boost.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.2%. Australian stocks rose 0.9%, South Korea’s KOSPI added 0.15% and Japan’s Nikkei edged up 0.05%.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 23 points or 0.19 percent. Nifty futures were trading around 11,966-level on the Singaporean Exchange.
Oil stable as market eyes ongoing supply cuts amid downturn
Oil prices stabilized on Tuesday on expectations that producer group OPEC and its allies will keep withholding supply to prevent prices from tumbling amid a broad economic slowdown which has started eating away at fuel demand growth.
Front-month Brent crude futures, the international benchmark for oil prices, were at $62.36 at 0023 GMT, 7 cents, or 0.1%, above Friday’s close. US West Texas Intermediate (WTI) crude futures were at $53.42 per barrel, 16 cents, or 0.3%, above their last settlement.
Rupee settles 19 paise lower against US dollar
The rupee surrendered all its early gains and closed 19 paise lower at 69.65 against the US dollar on June 10 amid strengthening of the greenback against Asian currencies and rising crude oil prices. At the interbank foreign exchange (forex), the domestic currency opened at 69.40 a dollar and gained further strength to touch a high of 69.38 during the day.
The domestic currency, however, could not hold on to the gains and fell to 69.68. The rupee finally settled at 69.65 a dollar, down 19 paise over its previous close. The Indian unit had settled at 69.46 against the US dollar Friday.
Sebi moots informant mechanism to curb insider trading activities
Sebi on June 10 proposed an informant mechanism to blow the whistle on insider trading cases, wherein genuine whistleblowers could get monetary reward of Rs 1 crore as well as amnesty from regulatory action.
Proposing a mechanism that provides "near absolute confidentiality along with appropriate safeguards", Sebi said it would help strengthen the mechanism for early detection of insider trading cases.
It is desirable that Sebi considers instituting a process that enables timely reporting of instances of insider trading violations and also provide for grant of reward with adequate checks and balances that could incentivise timely reporting of information, according to a consultation paper.
Equity MF inflows improve slightly in May, SIP flows remain stable
Assets under management (AUM) of the mutual fund industry stood at Rs 25.43 lakh crore at May-end, up 5 percent month-on-month (MoM), data from Association of Mutual Funds in India (AMFI) showed. Equity SIPs stood steady, just short of their all-time high.
MFs received net fresh flows of Rs 76,989 crore in April, mainly driven by stable inflows into liquid funds and modest equity figures. Liquid and money market funds saw inflows of Rs 72,478 crore in May compared to Rs 96,000 crore in April.
Equity flows have been subdued in April and May, with investors preferring to stay on the sidelines till election outcome on May 23. However, the clear political mandate seems to have led to spike in flows in the last week of May.
NPAs plunge to 9.3% in FY19, deeper than RBI estimate: Crisil
The system-wide non-performing assets stock has declined massively to 9.3 percent in March 2019, much faster than the Reserve Bank's estimate and steeply down from 11.5 percent the year before, says a report.
The Crisil report comes at a time when most banks are at the cusp of an end of the NPA pains after a prolonged period, and are concentrating on the resolution now. "System-wide NPAs have declined in fiscal 2019 to 9.3 percent as of March 2019 after tripling to 11.5 percent in the four fiscals till March 2018," it said in a note Monday.
RBI relaxes norms for no-frills accounts
Banks will now provide cheque books and other facilities to basic account holders, with the Reserve Bank of India relaxing the norms on June 10. However, the banks cannot ask the account holders to maintain any minimum balance in lieu of such facilities. Earlier, additional facilities made these accounts like regular savings account, thus attracting requirement of maintaining minimum balance and other charges.
The apex bank eased regulations for Basic Savings Bank Deposit (BSBD) Accounts, popularly known as 'no-frills' accounts. As part of the financial inclusion drive, the RBI had asked banks to provide BSBDA as a savings account offering - certain minimum facilities, free of charge.
Four stocks under F&O ban period on NSE
For June 11, DHFL, IDBI Bank, PC Jeweller and Reliance Capital are under an F&O ban. Securities in a 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 agenciesSubscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.