Kshitij Anand Moneycontrol News
The Nifty50 is likely to open lower on Tuesday as asian markets are trading red on the back of missile launched by North Korea over Japan and moderate handover from Wall Street . The Nifty50 closed 55 points higher at 9,912 on Monday.
The index closed above its crucial resistance level of 9,900 and 20-days exponential moving average (DEMA) which is a positive sign for the bulls.
The Nifty index opened positive and rose for the fourth consecutive session in a row. It has been making higher lows for the last four trading sessions.
For the momentum to continue the index must hold above 9,880 and close above 9,948 which would open room for further upside towards Mount 10K, suggest experts.
The index has to cross and hold above immediate hurdle of 9,928-9,950 levels to witness an up move towards 10,020 and 10,050, suggest experts. But, a hold below 9880 could drag it towards 9,820 and then towards 9,775, they say.
Asian indices are trading lower on Tuesday on the back missile launched by North Korean over Japan. Nikkei slipped 0.60 percent and Kospi down over 1 percent.
Stay tuned with 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 closes little changed as Harvey pummels Texas
The S&P 500 and Dow ended little changed on Monday, as Tropical Storm Harvey crippled the US energy hub in Texas
US crude futures fell 2.5 percent to USD 46.68 per barrel over concerns that the refinery shutdowns could trigger an increase in crude inventories.
The Dow Jones Industrial Average fell 5.27 points, or 0.02 percent, to close at 21,808.4, the S&P 500 gained 1.19 points, or 0.05 percent, to 2,444.24. The Nasdaq Composite added 17.37 points, or 0.28 percent, to 6,283.02.
SGX Nifty
The Nifty50 futures on the Singapore Stock Exchange were trading 42 points lower at 9870 indicating a negative opening for the domestic market.
North Korea fires missile over Japan
North Korea fired a missile early on Tuesday that flew over Japan and landed in the Pacific waters off the northern region of Hokkaido, South Korea, and Japan said, in a sharp escalation of tensions on the Korean peninsula, said a Reuters report.
"The last North Korean projectile to fly over Japan was in 2009. The United States, Japan, and South Korea considered that launch to have been a ballistic missile test while North Korea said it was a rocket carrying a communications satellite into orbit," it said.
NSE adds three stocks to Nifty 50, removes four
NSE to add Bajaj Finance, Hindustan Petroleum, UPL Ltd and remove ACC Ltd, Bank of Baroda, Tata Power and Tata Motors DVR from the Nifty 50 index.
Govt to sell 5% in NTPC at Rs168 per share on Tuesday
The government will sell 5 percent stake in the country’s largest power producer National Thermal Power Corp. Ltd (NTPC) at Rs168 per share to raise about Rs7,000 crore.
The share sale through an offer for sale (OFS) will happen over two days beginning Tuesday, an official said in New Delhi.
Infosys share buyback may see founders sell some stake
Infosys founders are likely to sell some of their stake in the company’s Rs13,000-crore share buyback programme, the company said on Monday.
The keenness of the promoters to participate in the share buyback comes within days of a silent coup by founders led by N.R. Narayana Murthy to seize control of India’s second-biggest software services firm.
Rupee up 14 paise at 63.90
The rupee was trading strong by 14 paise at 63.90 on the back of dollar selling by banks and exporters. A rally in domestic equities too supported the rupee sentiment.
The rupee resumed higher at 63.87 against the last closing level of Rs. 64.04 per dollar at the Interbank Foreign Exchange market on Monday.
Crude oil falls as Harvey hits refiners
Gasoline prices surged to two-year high as Tropical Storm Harvey knocked out several refineries, while a back up in crude supplies pushed the US crude oil futures down more than 2.5 percent, said a report.
U.S. West Texas Intermediate (WTI) crude futures settled down USD 1.30 or 2.7 percent to 46.57. Brent crude futures were down 52 cents or around 1 percent at USD 51.89 per barrel.
China claims India withdrawn troops in Dokalam
Downplaying India's announcement of a mutual agreement to disengage in Dokalam, China claimed its soldiers continued to patrol the area and said India had withdrawn its troops on Monday, said a report.
China also remained silent on its plans to build a road, which sparked the prolonged standoff in the Dokalam area near Sikkim, and said it would "make adjustments" with the situation on the ground.
As the Indian statement on mutual "expeditious disengagement" went viral on social media and among Chinese journalists, Chinese Foreign Ministry spokesperson Hua Chunying sought to highlight the withdrawal of Indian troops to dispel impressions of a climbdown by Beijing.
Gold hits one-week high after central bankers' comments
Gold rose to its highest in more than a week on Monday as the dollar weakened and the euro powered ahead after the head of the European Central Bank refrained from talking down the single currency at a high-profile meeting of central bankers, said a Reuters report.
Spot gold rose 0.5 percent to USD 1,297.51 an ounce by 1125 GMT, having touched its highest since Aug. 18 at USD 1,298.58. U.S. gold futures GCcv1 were up 0.4 percent at USD 1,303.
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