Moneycontrol
Last Updated : Nov 09, 2018 07:33 AM IST | Source: Moneycontrol.com

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

A list of important headlines from across news agencies that could help in your trade today.

Moneycontrol News @moneycontrolcom

The market started Samvat 2075 on a positive note with all benchmark, broader and sectoral indices closing in the green on November 7. The Nifty remained positive throughout the session and climbed above 10,600 levels intraday.

The index closed a tad below 10,600 and formed a small bearish candle on the daily charts ahead of a holiday on Thursday for Balipratipada.

The Nifty has gradually been moving towards upper band of 10,600-10,700 and if it closes decisively above these levels then it may march towards psychological 11,000 levels, experts said.

The index after opening sharply higher above 10,600 at 10,614.45 remained volatile with a positive bias for one hour of trade on Laxmi Puja day. It touched an intraday low of 10,582.30 and high of 10,616.45, before closing the session 68.40 points higher at 10,598.40.

According to Pivot charts, the key support level is placed at 10,581.63, followed by 10,564.87. If the index starts moving upwards, key resistance levels to watch out are 10,615.83 and then 10,633.27.

The Nifty Bank index closed at 25,737.50, up 139.50 points on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 25,682.27, followed by 25,627.03. On the upside, key resistance levels are placed at 25,808.57, followed by 25,879.63.

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 Fed leaves key rates unchanged, says overall US economy strong

The US Federal Reserve held interest rates steady on Thursday, but remained on track to keep gradually tightening borrowing costs, as it pointed to a healthy economy that was marred only by a dip in the growth of business investment, Reuters reported.

Business investment can be a key to rising productivity and future growth, and the fact that it had "moderated from its rapid pace," as the Fed said, was the only cautionary note in a policy statement that touted strong job gains and household spending, and a "strong rate" of overall economic activity.

Wall Street falls after Fed statement, energy shares tumble

The S&P 500 and Nasdaq closed slightly lower on Thursday after a Federal Reserve statement, and energy stocks were the biggest drag on the S&P as U.S. crude oil prices fell, Reuters reported.

The U.S. central bank said after its two-day meeting that strong job gains and household spending were keeping the economy on track but business investment “moderated from its rapid pace earlier in the year,” creating a possible drag on future economic growth.

Asia stocks sag as Fed tempers Wall Street rally, dollar firm

Asian stocks dipped on Friday as Wall Street took a breather after the Federal Reserve kept intact its plans to continue raising interest rates at a gradual pace, with a fourth hike for this year expected next month, according to a Reuters report.

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.06 percent. The index was still headed for a sizable gain of more than 6 percent this week, during which it rose to a one-month high.

Australian stocks were flat, South Korea's KOSPI edged up 0.2 percent and Japan's Nikkei fell 0.2 percent.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 29 points or 0.27 percent. Nifty futures were trading around 10,587-level on the Singaporean Exchange.

Govt approves sale of entire stake in Dredging Corp, leasing of 6 airports under PPP model

The Cabinet Committee on Economic Affairs (CCEA) on November 8 approved divestment of its entire 73.44 percent stake in Dredging Corporation of India to a consortium of four ports.

The government's divestment target for the fiscal was Rs 80,000 crore and so far it has garnered over Rs 15,000 crore from PSU stake sales.

Speaking to the media, Law Minister Ravi Shankar Prasad also stated that the cabinet has given in-principle approval for the development, operation and management of six airports using the Public-Private Partnership (PPP) model, among other measures. The six airports to be leased are Ahmedabad, Jaipur, Lucknow, Guwahati, Thiruvananthapuram and Mangaluru.

Donald Trump hopes to meet North Korea leader Kim Jong Un next year

US President Donald Trump said Wednesday he hoped to meet again early next year with North Korean leader Kim Jong Un but that he was in "no rush" to negotiate. In a wide-ranging news conference after congressional elections, Trump said he was willing to accede to North Korea's key demand of easing sanctions "but they have to be responsive to us.

Moody's forecasts a fall in India's GDP to 7.3% in 2019

Indian economy will expand 7.4 per cent in 2018, but the growth will slow down to 7.3 per cent in the next year as domestic demand tapers on higher borrowing cost due to rising interest rates, Moody's Investors Service said Thursday.

In its report titled ‘Global Macro Outlook 2019-20', Moody's said the economy grew 7.9 per cent in the first half (January-June) of 2018, which reflects post demonetisation base effect.

Stating that borrowing costs have already increased on higher interest rates, Moody's said it expects the Reserve Bank will continue to steadily raise the benchmark rate through 2019, which will further dampen domestic demand.

RBI may set-up a digital payments ombudsman by March 2019

The Reserve Bank of India (RBI) may set-up an ombudsman for digital payments by March to reduce the burden on banking ombudsman because of a rising number of complaints, The Economic Times reported.

Owing to a rapid adoption of digital payments across the country, the number of complaints related to digital transactions have shot up. The central bank, in its Annual Report for 2017-18, said it was considering a plan to establish a separate ombudsman to handle such complaints.

"The increasing volume of complaints involving digital payments being received by the offices of the banking ombudsman and a large number of prepaid payment instruments issued by banks and non-bank issuers have necessitated the establishment of a separate ombudsman for digital transactions," RBI said in its report.

NBFC crisis poses more growth headwinds: Report

The ongoing crisis of confidence in non-banking financial companies (NBFCs) may prove to be a drag on economic growth, as balance sheet constraints and higher funding costs may prompt these shadow banks to slowdown lending, warns a report.

But this will come as a growth booster for banks, which for long have been ceding credit market share to NBFCs, which had accounted for 12-15 percent of the total credit generated in the past two fiscals.

Warning that lower credit availability from NBFCs will hurt growth, Singaporean lender DBS' economist Radhika Rao said, "the likelihood of stricter lending controls on NBFCs and tougher operating environment is likely to impinge on their ability to expand their books, prompting them to scale back their aggressive growth targets...as a result overall credit availability is likely to moderate, which in turn will be hurting growth."

74 companies to report Sept quarter numbers today

As many as 74 companies will report their results for the quarter ended September later today which include names like BGR Energy, EID Parry, India Cements, Indian Bank, Amara Raja Batteries, Sobha, Titan Company and TCI Industries among others.

With inputs from Reuters & other agencies
First Published on Nov 9, 2018 07:33 am
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