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The Nifty, which started on a positive note on Monday, rose to an intraday high of 10,850, but fierce selling in the last hour of trade pushed it below 10,800. The index closed near its intraday low, making a ‘Gravestone Doji’ kind of pattern on the daily chart.
The Nifty, which opened at 10,781.85 rose to an intraday high of 10,850. Bulls took charge in the final hour of trade, pushing the index to an intraday low of 10,777.05. The index finally closed 19 points higher at 10,786.95.
Investors are advised to stay cautious as bears might try and regain control in the coming few sessions. It is crucial for the index to hold above 10,777 on Tuesday. Experts have placed the immediate resistance for the index at 10,850.
India VIX rose 3.78 percent to 13.18. On the options front, the maximum put open interest was seen at the 10,600 strike price, followed by the 10,700 strike price.
According to Pivot charts, its key support is placed at 10,759.17, followed by 10,731.33. If the index starts moving upward, key resistance levels to watch out are 10,832.67 and 10,878.33.
The Nifty Bank index closed at 26,453.6. The important Pivot level, which will act as a crucial support for the index, is placed at 26,366.0, followed by 26,278.4.
Key resistance levels are placed at 26,597.1, followed by 26,740.6.
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 President, North Korean leader shake hands in historic meeting
North Korean leader Kim Jong Un and US President Donald Trump shook hands, smiling cautiously at the outset of their historic summit in Singapore on Tuesday, in which they will look for ways to end a nuclear standoff on the Korean peninsula.
“Nice to meet you Mister President,” Kim said moments later as he sat alongside Trump, against a backcloth of North Korean and US flags, beaming more broadly as the US president gave him a thumbs up.
“I feel really great. We’re going to have a great discussion and will be tremendously successful. It’s my honour and we will have a terrific relationship, I have no doubt,” Trump said. “It was not easy to get here....There were obstacles but we overcame them to be here,” Kim replied.
US President Donald Trump says, "We will have a terrific relationship." North Korean leader Kim Jong Un was all smiles, saying, "We have overcome all obstacles to be here."
Wall Street ekes out gains
All three major US stock indexes closed slightly higher on Monday as investors eyed the looming United States-North Korea summit on Tuesday in Singapore while shrugging off the weekend’s factious meeting of the Group of Seven nations.
The Dow Jones Industrial Average rose 5.78 points, or 0.02 percent, to 25,322.31, the S&P 500 gained 2.97 points, or 0.11 percent, to 2,782 and the Nasdaq Composite added 14.41 points, or 0.19 percent, to 7,659.93.
SGX Nifty
Trends on SGX Nifty indicate a flat opening for the broader index in India, a fall of 2.5 points or 0.02 percent. Nifty futures were trading around 10,789-level on the Singaporean Exchange.
Asian stocks trade mixed
Asian markets were mixed in early Tuesday trade as investors shrugged off trade-related jitters and ahead of several key events this week, including a highly anticipated meeting between US President Donald Trump and North Korean leader Kim Jong Un in Singapore.
Japan's Nikkei 225 rose 0.43 percent in early morning trade amid broad-based gains. Other markets in the region were little changed. South Korea's Kospi slipped 0.12 percent and Australia's S&P/ASX 200 tacked on 0.03 percent.
CBI seeks Interpol help to corner Nirav Modi
The Central Bureau of Investigation (CBI) closed in on Nirav Modi on Monday, asking Interpol to issue a red corner notice against the fugitive billionaire who masterminded the Rs14,356 crore fraud at Punjab National Bank.
If Interpol accepts the request, Modi can be arrested by the police of any country. While some news reports say Modi is holed up in London, CBI officials deny any knowledge of his whereabouts.
Oil steady as Trump, Kim meet in Singapore
Oil prices were little changed in early Asian trading on Tuesday as markets awaited the outcome of a summit between US President Donald Trump and North Korean leader Kim Jong Un in Singapore.
rent crude futures were trading at USD 76.41 per barrel down 5 cents from their last close. US West Texas Intermediate crude futures were at USD 66.09 a barrel, down 1 cent from their last settlement.
RBI to raise $30-35 bn via NRI bonds to support rupee: BofAML
The Reserve Bank of India is expected to raise USD 30-35 billion through NRI bonds to support the rupee and offset the slowdown in foreign portfolio investment (FPI) flows amid rising oil prices, says a report. The FPI inflows to India will be impacted by Chinese firms listing in global benchmark indicies like MSCI, it said.
According to a BofAML report, the listing in benchmark indices will shift up to USD 100 billion to China market by 2019.
India May inflation likely hit a 4-month high on oil price surge: Poll
India's retail inflation jumped further in May to a four-month high, primarily driven by a surge in energy prices, according to a Reuters poll of economists, suggesting more policy tightening from the central bank is coming.
On June 6, the Reserve Bank of India (RBI) raised the repo rate for the first time since 2014, by 25 basis points to 6.25 percent, as recent data showed significant increases for both inflation and growth. But the central bank kept its "neutral" policy stance unchanged. The poll of more than 30 economists taken June 4-8 showed annual consumer price inflation likely increased to 4.83 percent last month, the highest since January and above April's 4.58 percent.
Monsoon weakens, not advancing for a week: IMD
After heavy rainfall along the west coast, the southwest monsoon is showing signs of weakening, said the India Meteorological Department (IMD), highlighting that it is not likely to advance during the next week.
The monsoon will advance over parts of Odisha, some parts of West Bengal and cover the northeastern states during the next 48 hours, said the government’s weather department. “Thereafter, no further advance is likely during the next week due to probable weakening of the monsoon flow,” stated the IMD.
RBI proposes stricter rules for big borrowers
The Reserve Bank of India has proposed to limit the amount of short-term cash a company can borrow from banks against stocks or receivables, in an attempt to bring credit discipline among large borrowers.
According to the draft guidelines released on Monday, RBI said that borrowers with working capital facility of over Rs 150 crore need to withdraw a minimum of 40 percent of the limit as loan component and the remaining as cash credit.
Rupee recuperates 8 paise to 67.42 a dollar
Snapping two consecutive sessions of decline, the rupee today staged a recovery to close 8 paise higher at 67.42 against the US currency on fresh bouts of dollar selling by exporters and corporates.
Weakness in US dollar amidst slight reversal in US treasury yields also helped the domestic currency recoup some losses. The rupee touched a high of 67.28 in early trade before giving back some gains.
3 stocks under ban period on the NSE
Securities in ban period for the next day's trade under the futures and options segment includes companies in which the security has crossed 95 percent of the market-wide position limit.
For June 12, Balrampur Chini, DHFL and Jet Airways are present in the F&O ban list.
With inputs from Reuters & other agencies
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