A list of important headlines from across news agencies that could help in your trade today.
The Nifty failed to hold 10,800-mark touched in the early trade and closed the volatile session lower but managed to hold its near term crucial support levels 10,701-10,726 on Thursday. The index made a 'Bearish Belt Hold' kind of pattern for the last three out of four consecutive sessions.
According to Pivot charts, the key support level is placed at 10,708.13, followed by 10,675.17. If the index starts moving upwards, key resistance levels to watch out are 10,791.83 and 10,842.57.
The Nifty Bank index closed at 26,496.9 on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 26,406.9, followed by 26,316.9. On the upside, key resistance levels are placed at 26,634.9, followed by 26,772.9.
"Indecisiveness, Bank Nifty expiry and writers along with negative global cues makes Nifty drift below 10,800 and lose marginal points to make a Bearish belt hold," Mustafa Nadeem, CEO, Epic Research, told Moneycontrol.
He said it was Bank Nifty weekly expiry that called in writers to take advantage. "We expect the market to remain positive while the time may further test the patience of bulls. We maintain the buy on dips strategy though all eyes will be on the OPEC meet and price of crude oil."
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.
Dow drops 8th straight session on trade worry
US stocks fell on Thursday, with the Dow slumping for an eighth straight decline as industrials wobbled again on trade war concerns while Amazon and other online retailers weakened after a US Supreme Court ruling on state sales tax collection.
The Dow Jones Industrial Average fell 196.1 points, or 0.8 percent, to 24,461.7, the S&P 500 lost 17.56 points, or 0.63 percent, to 2,749.76 and the Nasdaq Composite dropped 68.56 points, or 0.88 percent, to 7,712.95.
Asian shares flirt with six-month lows
Asian shares were under pressure on Friday on signs US trade battles with China and many other countries are starting to chip away at corporate profits, with oil prices choppy ahead of major producers meeting to discuss raising output.
MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early trade, stuck barely above its six-month low hit on Tuesday. Japan's Nikkei lost 1.0 percent.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 34.5 points or 0.32 percent. Nifty futures were trading around 10,698-level on the Singaporean Exchange.
India hits back at US, hikes import duty on 29 products
India has increased customs duty on 29 products, including pulses and iron and steel products, imported from the US as a retaliatory action against the tariff hike by Washington. The duty hike would come into effect immediately for 28 products, while for artemia, a kind of shrimp, the rate hike would be effective from August 4, the finance ministry said in a notification.
Deloitte India Partner M S Mani said that on several products such as pulses the increase is very steep (30 percent to 70 percent), while for iron and steel products, the increase is at least 50 percent of the existing rate (from 15 to upwards of 22.5 percent).
Sebi approves amendments to takeover, buyback norms
Markets regulator Sebi yesterday approved changes to takeover regulations wherein entities would get additional time for upward revision of open offer price during share tendering period. Besides, buyback regulations would also be amended.
According to the regulator, the amendments are mainly aimed at simplifying the language, removing redundant provisions and inconsistencies as well as update references to Companies Act, 2013.
Sebi chairman Ajay Tyagi said changes to takeover as well as buyback regulations have been approved. The watchdog would be reframing buyback regulations, with inclusion of definition of buyback period.
Japan flash June manufacturing PMI rises
Japanese manufacturing activity expanded in June at a faster pace than the previous month but export orders contracted for the first time in almost two years in a warning sign about overseas demand, a preliminary survey showed on Friday.
The flash Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) rose to a seasonally adjusted 53.1 in June from a final 52.8 in May. “The final PMI reading of the second quarter revealed a quickened pace of growth across the Japanese manufacturing economy,” said Joe Hayes, economist at IHS Markit, which compiles the survey.
Oil falls as OPEC nears deal to raise production
Oil prices fell on Thursday as crude exporters in Organization of the Petroleum Exporting Countries (OPEC) appeared to be nearing a deal to increase production.
Benchmark Brent crude dropped USD 1.76 a barrel, or 2.3 percent, to a low of USD 72.98 before recovering a little to USD 73.54, down USD 1.20, by 1215 GMT. US light crude was USD 1 lower at USD 64.71. Brent reached a 3-1/2-year high above USD 80 a barrel last month but has fallen steadily in recent weeks as Saudi Arabia, de facto leader of OPEC, has signalled it intends to raise production to stabilise prices.
Sebi to act against entities in NSE probe over servers
The Securities and Exchange Board of India (SEBI) said on Thursday it will initiate action against entities and individuals following an investigation at the National Stock Exchange (NSE) into whether high frequency traders were getting unfair access to some network servers at the exchange.
"We have taken a view what is to be done, and actions are being initiated against various entities which includes institutions and individuals," Ajay Tyagi, SEBI chairman, told a news conference. SEBI has been investigating allegations that NSE officials had provided high frequency traders unfair access through co-location servers placed at the site of exchange, which could speed up algorithmic trading.
NPAs to see reduction of Rs 15,000 cr in Q1
Bad loans worth Rs 15,000 crore will be wiped off the banking system with their reversal into standard accounts in the June quarter following new norms for differential treatment of defaults by small and mid-sized businesses.
Financial Services Secretary Rajiv Kumar said that "180 day NPA norm for MSMEs will help reverse Rs 15,000 crore in the banking system as they have become standard asset. "This will help banks to make positive entry to the tune of Rs 2,200 crore making balance sheet of public sector banks (PSBs) healthier in the first quarter (Q1) of the current fiscal," Kumar said.
Sebi approves changes to IPO norms
The IPO price band can be announced two working days before commencement of the offer, with markets regulator Sebi yesterday approving various amendments to the regulations. At present, the price band has to be announced five working days before the initial share sale opens for subscription.
"The requirement of announcing price band five working days before opening of the issue would be reduced to two working days before opening of the issue," the Sebi said in a release. With regard to public and rights issues, the financial disclosures would need to be made for three years as against the present requirement of five years.
Crude oil production drops 3% in May
India's crude oil production dropped 3 percent to just over 3 million tonne in May on the back of dip in output from fields operated by state-owned Oil and Natural Gas Corp. ONGC produced 1.84 million tonne of crude oil in May as compared to 1.93 million tonne in the same period last year, an official statement said.
Natural gas output dropped 1.4 percent to 2,768 billion cubic meters in May as private sector firms like Reliance Industries produced less. Oil refineries, however, produced 6.8 per cent more fuel at 22.24 million tonnes in May with private sector units of Reliance and Nayara Energy operating at over 100 percent apacity, the statement added.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Rupee adds to gains despite Fed rhetoric, up 10 paise
The rupee yesterday gained further ground to end at 67.98 against the US dollar, appreciating by 10 paise on sustained selling of the American currency by exporters and local banks even as Fed officials strike a hawkish tone.
It plunged to a intra-day low of 68.24 in early trade in a knee-jerk reaction to hawkish Fed Rhetoric after the Federal Reserve Chair Jerome Powell reiterated the central banks commitment to more interest rate increases.
RITES IPO fully subscribed on Day 2
The initial public offering (IPO) of Railways consultancy firm RITES (Rail India Technical and Economic Services Ltd) was fully subscribed on the second day. The three-day IPO, which closes today, received 5.24 crore bids against the total issue size of 2.52 crore, NSE data shows.
RITES is the second railways public sector enterprise that is undergoing disinvestment and plans to raise around Rs 466 crore by divesting 12.6 percent from its stake. The IPO has been fixed at Rs 180-185 per share with lot size of 80 shares and in multiples thereafter.
Fine Organic Industries IPO subscribed 39% on second day
Chemical manufacturer Fine Organic Industries' initial public offer was subscribed 39 per cent on the second day of the bidding yesterday. The IPO, to raise little over Rs 600 crore, received bids for 21,10,691 shares as against the total issue size of 53,65,497 shares, data available with the NSE showed.
The IPO is of 76,64,994 shares (including anchor portion of 22,99,497 shares). Price band for the offer, which is scheduled to close today, has been fixed at Rs 780-783 per share. JM Financial and Edelweiss Financial Services are managing the issue.
SEBI approves ICDR regulations to monitor all IPOs that hit the market
The Securities and Exchange Board of India (SEBI) has approved the issue of capital and disclosure requirements (ICDR) regulations in its board meeting held on June 21. It approved the ICDR Regulations, 2018, after considering the recommendations of the Primary Market Advisory Committee (PMAC) and the public comments on the Consultation Paper.
Under the current arrangement, the issuer makes necessary preparations for the use of proceeds of the IPO to be monitored by a public financial institution or by one of the scheduled commercial banks named in the offer document as bankers of the issuer.
4 stocks under ban period on NSE
Securities in ban period for the next day's trade under the F&O segment includes companies in which the security has crossed 95 percent of the market-wide position limit.
For June 22, 2018, CG Power, DHFL, Infibeam and JP Associates are present in this list.With inputs from Reuters & other agencies