Moneycontrol
Last Updated : Jan 03, 2019 07:41 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.

Sandip Das @Im_Sandip1

The Nifty fell sharply on January 2 and closed tad below 10,800 levels following weakness in global peers and on profit booking.

All sectoral indices, as well as broader markets, were caught in a bear trap. Metals fell 3.4 percent on concerns of a slowdown in China and Auto lost 3 percent amid weak December sales while the Nifty Midcap and Smallcap indices dropped 1 percent each.

The weakness is likely to continue and could take the Nifty near 10,500 levels again, if the index trades below 10,923 levels, experts said.

India VIX moved up by 6.97 percent at 16.39 levels. VIX has again spiked higher which is not giving comfort zones to bulls.

According to Pivot charts, the key support level is placed at 10,719.9, followed by 10,647.3. If the index starts moving upward, key resistance levels to watch out are 10,880.2 and then 10,967.9.

The Nifty Bank index closed at 27,174.7. The important Pivot level, which will act as crucial support for the index, is placed at 27,035.67, followed by 26,896.63.

On the upside, key resistance levels are placed at 27,355.67, followed by 27,536.63.

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.

Wall Street ekes out gain

Wall Street edged higher on Wednesday after stumbling out of the starting gate on the first trading day of 2019, while fears of a global economic slowdown were exacerbated after Apple cut its holiday-quarter revenue forecast.

The Dow Jones Industrial Average rose 18.78 points, or 0.08 percent, to 23,346.24, the S&P 500 gained 3.18 points, or 0.13 percent, to 2,510.03 and the Nasdaq Composite added 30.66 points, or 0.46 percent, to 6,665.94.

Shares skid as Apple warning stokes growth fears

Shares in Asia fell on Thursday and US stock futures dropped sharply after Apple Inc cut its revenue forecast due in part to weaker sales in China, adding to concerns about the slowing global economy.

MSCI’s broadest gauge of Asia-Pacific shares outside Japan slipped 0.2 percent early in the Asian day and losses were expected to mount when trading opened in more tech-heavy markets in the region.

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 23.5 points or 0.22 percent. Nifty futures were trading around 10,855-level on the Singaporean Exchange.

Apple cuts forecast, citing weak China sales amid trade tensions

Apple Inc on Wednesday took the rare step of cutting its quarterly sales forecast, with Chief Executive Tim Cook blaming slowing iPhone sales in China, whose economy has been dragged down by uncertainty around US-China trade relations. The news sent Apple shares tumbling in after-hours trade and triggered a broader selloff in the stock market.

Apple on Wednesday lowered its forecast to $84 billion in revenue for its fiscal first quarter ended December 29, below analysts’ estimate of $91.5 billion, according to IBES data from Refinitiv. Apple originally forecast revenue of between $89 billion and $93 billion.

Bank credit rises 15.11%, deposits 9.22%

The overall bank credit growth continued to remain strong and has risen by 15.11 percent to Rs 92.87 trillion in the fortnight to December 21, while deposits grew 9.22 percent to Rs 118.18 trillion, show the latest RBI data. In the year-ago fortnight, advances stood at Rs 80.68 trillion and deposits at Rs 108.21 trillion.

In the previous fortnight ending December 7, advances showed encouraging trend with a growth of 15.07 percent at Rs 92.03 trillion and deposits clipping at 9.66 percent at Rs 118.84 trillion.

The continuing uptrend in credit demand may growth and employment and is likely to see further fillip with the special dispensation being allowed to MSMEs.

Rupee tumbles 75 paise, logs 1st loss in four sessions

The Indian rupee on January 2 crashed by 75 paise, its first loss in last four sessions, to close at 70.18 against the US dollar amid strengthening of the greenback and heavy selling in domestic equities.

At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 69.60 and fell further to touch the day's low of 70.23 a dollar.

RBI Governor to meet MSME, NBFC representatives next week

Reserve Bank Governor Shaktikanta Das on Wednesday said he will meet representatives of MSMEs and non-banking financial companies (NBFC) next week.

A day after the RBI announced a one-time loan restructuring scheme for the MSME sector, Das in a tweet said, "Will hold meetings with MSME associations and representatives of NBFCs next week."

The RBI's board in its crucial meeting held on November 19, 2018, had advised the central bank examine a scheme for the restructuring of stressed standard assets of MSME borrowers with aggregate credit facilities of up to Rs 25 crore, subject to such conditions as are necessary for ensuring financial stability.

Oil cos not to recoup losses arising from Re 1/ltr subsidy on petrol, diesel

State-owned oil firms have no plans to recoup losses they made on subsidising petrol and diesel by Re 1 per litre even though rates have now become at par with the cost, top officials said.

Scrambling to contain spiraling prices, the government on October 4 last year cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked PSU oil firms to absorb another Re 1 a litre. This immediately resulted in a Rs 2.50 per litre decline in prices which had touched an all-time high on rising international rates.

Cabinet clears merger of Dena Bank, Vijaya Bank with Bank of Baroda

The Cabinet Committee of Economic Affairs on January 2 approved merger of Dena Bank, Vijaya Bank with Bank of Baroda (BoB) paving for BoB to be the controlling bank. The Cabinet, headed by Prime Minister Narendra Modi, approved amalgamation of the three banks with Vijaya Bank and Dena Bank as transferor banks.

"The amalgamation will be the first-ever three - way consolidation of banks in India, with the amalgamated bank being India's second largest public sector bank," a release by the government said.

1 stock 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 January 3, Adani Power is present in this list.

With inputs from Reuters & other agencies
First Published on Jan 3, 2019 07:41 am
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