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The Nifty on Wednesday saw intraday recovery but failed to keep the momentum going and succumbed under selling pressure forming a bearish candle for the second day in a row.
The Nifty, which opened at 10,236, rose to an intraday high of 10,296.55. Bears took control of D-Street and pushed the index below 10,200 to record its intraday low of 10,169. It slipped 47 points to close at 10,192.
According to Pivot charts, the key support level is placed at 10,143.03, followed by 10,093.07. If the index starts to move higher, key resistance levels to watch out are 10,269.73 and 10,346.47.
The Nifty Bank closed at 25,000.3. Important Pivot level, which will act as crucial support for the index, is placed at 24,869.0, followed by 24,737.7. On the upside, key resistance levels are 25,201.2, followed by 25,402.1.
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:
US markets end mixed led by Fed rate hike
The S&P 500 ended slightly lower on Wednesday pressured by the financial sector after the Federal Reserve announced a widely expected interest rate hike but kept its rate outlook for coming years even as it projected faster US economic growth.
The Dow Jones Industrial Average rose 80.63 points, or 0.33 percent, to end at 24,585.43, the S&P 500 lost 1.26 points, or 0.05 percent, to 2,662.85 and the Nasdaq Composite added 13.48 points, or 0.2 percent, to 6,875.80, Reuters reported.
Asia stocks edge higher after Fed meeting
Asian stocks edged higher on Thursday after the Federal Reserve delivered a much-anticipated interest rate hike. The Nikkei 225 held above the flat line early in the session, trading 0.06 percent higher while the Kospi rose 0.56 percent, CNBC reported.
SGX Nifty:
The Nifty50 futures on the Singapore Stock Exchange were trading 44.5 points higher at 10266 indicating a positive opening for the domestic market.
US Fed hikes rates by 25 bps, raises growth outlook for economy
The Federal Reserve came through on a widely expected interest rate hike following its two-day policy meeting this week, while sharply raising its economic growth forecast for 2018. The move will push the target range to 1.25 percent to 1.5 percent. The rate is pegged to a wide variety of debt instruments, such as credit cards and adjustable-rate mortgages.
However, the burst may be short-lived. Growth is projected to come back down to 2.1 percent in 2019 and 2 percent in 2020, though both are above the respective 2 percent and 1.8 percent forecasts three months ago.
NSE to auction investment limits for Rs 7.3K cr corporate bonds
NSE will auction investment limits for overseas investors for purchase of corporate bonds worth over Rs 7,300 crore today. The auction will be conducted on NSE's e-bid platform from 1530 hrs to 1730 hrs after the close of market hours, the exchange said in a circular.
PBOC raises market borrowing costs
China’s central bank unexpectedly raised borrowing costs following the Federal Reserve’s decision to tighten monetary policy. The cost of seven-day and 28-day reverse-repurchase agreements was raised by five basis points.
The cost of seven-day and 28-day reverse-repurchase agreements was raised by five basis points. That followed an increase in mid-March, Bloomberg reported.
CAD more than doubles to $7.2 billion in Q2 on higher oil imports
India's second quarter current account deficit (CAD) more than doubled to USD 7.2 billion or 1.2 per cent of GDP fiscal on annual basis, mainly due to higher oil imports. However, CAD in the second quarter narrowed sharply from USD 15 billion (2.5 percent of GDP) in the preceding quarter, the RBI said on Wednesday.
Govt extends deadline for linking Aadhaar with bank accounts to March 31
The government on Wednesday extended the deadline for linking Aadhaar with bank accounts by three months. The linkage now needs to be completed by March 31, 2018.
Supreme Court allows use of petcoke by cement industry
The Supreme Court on Wednesday allowed the cement industry to use petroleum coke, a dirtier alternative to coal which had temporarily been banned as pollution levels shot up in Delhi last month. India is the world's biggest consumer of petroleum coke, better known as petcoke, a dark solid carbon material that emits 11 per cent more greenhouse gas than coal, according to studies, Reuters reported.
Daily trading turnover on BSE's India INX crosses Rs 1.7K cr
BSE-promoted India International Exchange (India INX) recorded an all-time high in daily turnover of over Rs 1,700 crore (USD 264 million) on Wednesday. The bourse registered this turnover at the end of morning session at 5.00 pm and before commencement of the evening session of nine and half hours from 5:00 pm to 2:30 am.
This is the highest daily trading volume recorded by the exchange since inception, accounting for 75 percent of the total trading volumes in Gift City.
Stocks to keep on radar today
JP Associates has deposited Rs 150 crore with Supreme Court registry, according to legal sources. The RBI has initiated prompt corrective action against Corporation Bank in the view of its high non-performing assets.
Hindustan Copper has reopened the Kendadih Copper Mine in Ghatsila, Jharkhand, on December 11, after almost 17 years. Emami has acquired 30 percent stake in Helios Lifestyle Ltd, which owns the premium male grooming brand ‘The Man Company’.
The Reserve Bank of India on Wednesday imposed Rs 3 crore penalty on private sector lender IndusInd Bank for not following the central bank’s rules on classification of bad loans, Mint reported.
Oil rises on lower US crude stocks
Oil prices rose on Thursday, lifted by a fourth straight weekly fall in U.S. crude inventories, though rising output capped prices well below the 2015 highs reached earlier this week. Brent crude futures were at USD 62.84 a barrel, up 40 cents or 0.6 percent from their last close, Reuters reported.
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