A list of important headlines from across news agencies that could help in your trade today.
The market started off last month of the calendar year on a flat note Monday as traders maintain caution ahead of key domestic events like RBI monetary policy and state elections results.
The Nifty50 continued to consolidate for the second consecutive session after a 400-point rally, forming small bearish candle which resembles a Hanging Man king of pattern on the daily charts.
The Nifty continued to face resistance around 10,900 levels but failed to hold the same. Once it closes above the same levels, then 11,000 could be the next hurdle, experts said.
The index opened sharply higher at 10,930.70 and hit an intraday high of 10,941.20 in morning itself, but gradually erased gains in afternoon to hit day's low 10,845.35 followed by rangebound trade. It closed 7 points higher at 10,883.80.
India VIX fell by 5.5 percent to 18.11 levels. On the options front, maximum Call open interest was seen at the 11,000 strike, followed by 10,900 and 11,100 strikes while maximum Put open interest was seen at the 10,500 strike followed by 11,000 and 10,700 strikes.
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.
Relief rally boosts Wall Street on US-China trade truce
Wall Street’s major indexes rallied on Monday following a truce between the United States and China in their trade dispute, which has clouded the outlook for the stock market for much of the year. The benchmark S&P 500 climbed more than 1 percent, building off of its biggest weekly percentage gain in nearly seven years a week ago.
The Dow Jones Industrial Average rose 287.97 points, or 1.13 percent, to 25,826.43, the S&P 500 gained 30.2 points, or 1.09 percent, to 2,790.37 and the Nasdaq Composite added 110.98 points, or 1.51 percent, to 7,441.51.
Asia shares ease as doubts emerge over Sino-US trade war truce
Asian shares fell in early trade on Tuesday as a relief rally sparked by a truce in the US-China trade war gave way to doubts on whether the two countries are able to resolve their differences before a 90-day deadline.
MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.2 percent as the Australian market gave up 0.5 percent and Seoul's Kospi fell 0.6 percent. Japan's Nikkei stock index was 0.3 percent lower.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 28 points or 0.26 percent. Nifty futures were trading around 10,910-level on the Singaporean Exchange.
US expects immediate action from China on trade commitments
The United States expects immediate action by China on trade issues after a deal reached by the countries’ leaders, including lower tariffs on automobiles and measures against intellectual property theft and forced technology transfers, a White House official said on Monday.
US President Donald Trump and Chinese President Xi Jinping agreed to hold off on new tariffs for 90 days during talks in Argentina on Saturday, declaring a truce following months of escalating tensions on trade and other issues.
The Chinese offered more than $1.2 trillion in additional commitments on trade, Treasury Secretary Steve Mnuchin said on Monday. Kudlow said that figure was a broad benchmark and referred to private transactions for buying US goods, subject to market conditions.
Oil prices extend gains on expected OPEC-led production cuts
Oil prices rose on Tuesday, extending strong gains from the previous day amid expected OPEC-led supply cuts and a mandated reduction in Canadian output. The 90-day truce in the trade dispute between the United States and China was also still supporting markets, traders said.
US West Texas Intermediate (WTI) crude futures were at $53.20 per barrel at 0006 GMT, up 25 cents, or 0.5 percent, from their last close. International Brent crude oil futures had yet to trade.
Crisil cuts India growth forecast to 7.4% on weakening global growth
Crisil cut India's growth forecast for current fiscal to 7.4 percent on the back of weakening global GDP and trade growth.India's growth in the July-September quarter slipped to 7.1 percent from 8.2 percent in the April-June quarter.
"For fiscal 2019, we are lowering our GDP growth forecast by 10 basis points to 7.4 percent from 7.5 percent estimated earlier. Forecasts of lower global trade and GDP growth has created a downward bias to growth in emerging economies," Crisil said.
Rupee breaks 4-day winning run, drops 88 paise at 70.46 per dollar
Snapping its four-day rising streak, the rupee on December 3 dropped by 88 paise, its biggest single-day loss in more than three months, to close at 70.46 against the US currency as oil prices rebounded and the US currency gained strength.
Forex dealers said increased dollar demand from importers amid firming global crude oil prices and a strong dollar weighed on the rupee sentiment.
Microfinance industry clocks over 50% growth in Q2: Report
Microfinance industry recorded a growth of 51 percent year-on-year in the second quarter of 2018-19 with total Gross Loan Portfolio (GLP) standing at Rs 1,46,741 crore, said a report.
Of the total, Non-Banking Finance Company-Microfinance Institutions (NBFC-MFIs) accounted for significant chunk. While the total number of active microfinance accounts for the overall industry was at 7.77 crore with a growth of 27 percent, NBFC-MFIs witnessed a growth of 32.9 percent with 3.43 crore accounts in the period, said the report by Microfinance Institutions Network (MFIN).
As of September 30, 2018, NBFC-MFIs held largest share of portfolio in micro-credit with total loan outstanding of Rs 54,018 crore or 37 percent of total micro-credit universe.
SEBI overhauls settlement rules; introduces confidentiality clause
Markets regulator SEBI has made the settlement rules more attractive to help fast-track cases, by including confidentiality and lenient terms for approvers, but not to settle cases of defaulters and fugitive economic offenders. The regulator said it will not settle proceeding in case the alleged default has market wide impact, caused losses to a large number of investors, or affected integrity of the market.
Under the new settlement rules, the regulator has introduced a confidentiality clause and lesser settlement amount for those offering information about an ongoing or possible violation.
Flair Writing, Neccon Power get SEBI's go ahead to launch IPO
Pen manufacturer Flair Writing Industries and Assam-based Neccon Power and Infra have received markets regulator SEBI's go ahead to float initial public offerings. With this, the total number of companies getting clearance from the Securities and Exchange Board of India (SEBI) has reached 75 this year so far.
Neccon Power and Flair Writing filed their IPO papers with SEBI in September and obtained the regulator's 'observations' on November 29 and November 30 respectively, according to the latest update with the capital markets watchdog.
Flair Writing's IPO comprises equity shares of face value of Rs 10 each aggregating up to Rs 450 crore. This include fresh issue of shares aggregating up to Rs 330 crore and an offer for sale of up to Rs 120 crore. Neccon Power's initial share-sale issue will see sale of up to 1.27 crore shares.
SEBI extends deadline for transfer of shares in demat to April 1, 2019
The Securities and Exchange Board of India (SEBI), has given investors more time to convert shares and other securities held in physical certificate format into demat. The deadline has been revised to April 1, 2019, from December 5, 2018.
“SEBI has received representations from shareholders for extension of the date of compliance. In view of the same, the deadline has been extended and the aforesaid requirement of transfer of securities only in demat form shall now come into force from April 1, 2019,” said the press release from SEBI.
Gold hits near 1-month high on US-China trade detente
Gold climbed to a near one-month high on Monday as the dollar weakened after the United States and China agreed during the G20 summit in Argentina to a temporary truce in their trade war.
Spot gold rose 0.7 percent to $1,230.81 per ounce at 1015 GMT, having touched its highest level since November 7 at $1,232.22 earlier in the session. US gold futures gained 0.9 percent to $1,236.50 per ounce.
SEBI issues cybersecurity framework for brokers, depositories
Regulator SEBI put in place a stricter cybersecurity framework for stock brokers and depository participants amid concerns over possible data breaches. With the new norms, to be effective from April 2019, stock brokers and depository participants would be required to define the responsibilities of individuals, including outsourced staff, who have privileged access to the networks.
Besides, the watchdog has said that no person should have any intrinsic right to access confidential data by virtue of their rank or position.
With inputs from Reuters & other agenciesClarification: The number of shares will be sold by Neccon Power was wrongly mentioned as 1.27 lakh stocks. It has now been corrected to 1.27 crore equity shares.