A few cues from the market in India and abroad that could help you with your trade today.
After a sharp fall on April 10, the market remained rangebound throughout the session on April 11 and closed on a flat note. Traders maintained a cautious stance ahead of quarterly earnings of IT heavyweights TCS & Infosys and macro data (CPI inflation and industrial output) due today.
The BSE Sensex gained 21.66 points to close at 38,607.01 while the Nifty50 rose 12.40 points to 11,596.70 and formed small bullish candle which resembles a 'Doji' kind of formation on daily charts.
Nifty is trading in a zone of 11,550-11,700 from last few days and decisive price action is required to get further direction, experts said.
According to the Pivot charts, the key support level is placed at 11,562.57, followed by 11,528.43. If the index starts moving upward, key resistance levels to watch out are 11,618.77 and 11,640.83.
The Nifty Bank index closed at 29,786.10, down 17.40 points on April 11. The important Pivot level, which will act as crucial support for the index, is placed at 29,666.8, followed by 29,547.5. On the upside, key resistance levels are placed at 29,878.8, followed by 29,971.5.
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.
S&P 500 ends flat as investors await bank earnings
The S&P 500 ended little changed on Thursday as growing anxiety over a global economic slowdown offset upbeat data and investors waited for earnings season to kick into high gear.
The Dow Jones Industrial Average fell 14.11 points, or 0.05 percent, to 26,143.05, the S&P 500 closed flat at 2,888.32 and the Nasdaq Composite dropped 16.89 points, or 0.21 percent, to 7,947.36.
Asian shares tread water amid mixed growth signals
Asian shares were flat and US Treasury yields pulled back on Friday as investor caution prevailed ahead of the release of first-quarter corporate earnings, although stronger US economic data helped offset some concerns about global growth.
MSCI’s broadest index of Asia-Pacific shares outside Japan was barely higher, up 0.03 percent. Higher Chinese iron ore prices helped Australian shares outpace regional markets, pushing Australia’s S&P/ASX 200 index up 0.7 percent.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 36 points or 0.31 percent. Nifty futures were trading around 11,640-level on the Singaporean Exchange.
Oil prices firm amid OPEC supply cuts, US sanctions on Iran and Venezuela
Oil prices were firm on Friday, supported by ongoing supply cuts led by producer club OPEC and by US sanctions on petroleum exporters Iran and Venezuela. International Brent crude oil futures were at USD 71.01 per barrel at 0042 GMT, up 18 cents, or 0.3 percent, from their last close. US West Texas Intermediate (WTI) crude futures were at USD 63.78 per barrel, up 20 cents, or 0.3 percent, from their previous settlement.
Rupee up 19 paise at 68.92 against dollarThe Indian rupee on Thursday climbed 19 paise to close at 68.92 against the US dollar, also marking a third straight session of gains, driven by sustained
foreign fund inflows. Besides, weakness in the greenback against major global currencies and easing crude prices aided the rupee uptrend.
At the Interbank Foreign Exchange, the domestic unit opened at 69.15 and advanced to a high of 68.83 during the day. It finally settled at 68.92, a rise of 19 paise against the dollar over its previous close.
Reinsurance brokers permitted to open foreign currency accounts: RBI
The Reserve Bank of India on Thursday said reinsurance brokers have been permitted to open non-interest bearing foreign currency accounts with banks for undertaking transactions.
Earlier, the Insurance Regulatory and Development Authority of India (Irdai) had issued notification in this regard. Following the Irdai's notification, the extant regulations regarding opening of foreign currency accounts were reviewed.
OPEC could raise oil output if prices increase, shortages mount: sources
OPEC could raise oil output from July if Venezuelan and Iranian supply drops further and prices keep rallying, because extending production cuts with Russia and other allies could overtighten the market, sources familiar with the matter said. Venezuelan crude production has dropped below 1 million barrels per day (bpd) because of US sanctions. Iranian supply could fall further after May if, as many expect, Washington tightens its sanctions against Tehran.
The combined supply cuts have helped to drive a 32 percent rally in crude prices this year to nearly USD 72 a barrel, prompting pressure from US President Donald Trump for OPEC to ease its market-supporting efforts. OPEC has been saying the curbs must remain, but that stance is now softening. "If there was a big drop in supply and oil went up to USD 85, that's something we don't want to see, so we may have to increase output," one OPEC source said.
Sebi comes up with system audit framework for AMCs/MFs
Markets regulator Sebi on Thursday came out with revised guidelines for system audit to be conducted by mutual funds and asset management companies (AMCs). The guidelines come after "considering the importance of system audit in technology driven asset management activity and to enhance and standardise the system audit", Sebi said in a circular.
Besides, mutual funds (MFs)/ AMCs have been directed to constitute a technology committee entrusted with the task of reviewing the cyber security and cyber resilience framework for MFs and AMCs, Sebi said in a separate circular.
Sebi said the committee will comprise experts proficient in technology with at least one independent external expert with adequate experience in the area of technology in MF industry or BFSI, it added.
Banks close FY19 with 13.24% credit growth, deposits up 10.03%
Banks closed fiscal 2019 with robust disbursals that rose in double-digits for the second year in row, after the sub-5 percent in FY17, which was the lowest in five decades. According to the Reserve Bank data released Thursday, bank credit rose 13.24 percent to Rs 97.67 lakh crore for the fortnight to March 29, while deposits grew by 10.03 percent to Rs 125.72 lakh crore during the same period.
This is the second consecutive double-digits credit growth after the same had declined to 4.54 percent in FY17 at Rs 78.41 lakh crore, which was the lowest since 1963.
TCS to announce Q4 earnings today
Brokerages largely expect TCS to report revenue growth of around 2.5 percent in dollar terms due to cross-currency tailwinds. Constant currency terms revenue growth is expected to be around 2 percent, sequentially.
Profit for the quarter is expected to decline in the range of 2-6 percent sequentially while operating margin is likely to be steady or see marginal contraction quarter-on-quarter in Q4.
Infosys to declare results today
Infosys is expected to report steady growth in January-March quarter with dollar revenue growth at around 2-2.5 percent over the previous quarter. Largely brokerages expect Q4 to be better than third quarter due to ramp-up in large deals. According to them, constant currency revenue growth could be in the range of 1.7-2.1 percent for the quarter.
At operating level, EBIT margin is expected to contract compared to previous quarter due to large deal ramp-ups costs, cost on hiring digital talent and rupee appreciation during the quarter.
Seven stocks 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 April 12, Adani Power, DLF, IDBI Bank, Jet Airways, PC Jeweller, Reliance Power and Wockhardt are present in this list.With inputs from Reuters & other agenciesThe Great Diwali Discount!
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