Trends on SGX Nifty indicate a positive opening for the broader index in India, a with 0.37 percent gain or 40 points.
The BSE Sensex rallied 353.37 points to 37,311.53 while the Nifty50 climbed 103.50 points to 11,029.40 and formed small bullish candle which resembles a Bearish Harami kind of formation of daily scale.
The broader markets also gained momentum with the Nifty Midcap index rising 1 percent and Smallcap index climbing 0.7 percent. All sectoral indices closed in green except Pharma.
According to the pivot charts, key support level is placed at 10,950.6, followed by 10,871.8. If the index starts moving upward, key resistance levels to watch out for are 11,093.2 and 11,157.
Nifty Bank closed at 28,019.20, up 290.10 points on August 14. The important pivot level, which will act as crucial support for the index, is placed at 27,794.9, followed by 27,570.6. On the upside, key resistance levels are placed at 28,175.3 and 28,331.4.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.
The S&P 500 and the Dow gained ground in a late rally on Thursday as upbeat retail sales data offset recessionary fears amid the simmering US-China trade tensions. Wall Street zig-zagged from red to black and back much of the day as investors juggled mixed messages of a strong consumer and dropping US Treasury yields.
The Dow Jones Industrial Average rose 99.97 points, or 0.39%, to 25,579.39, the S&P 500 gained 7 points, or 0.25%, to 2,847.6, and the Nasdaq Composite dropped 7.32 points, or 0.09%, to 7,766.62.
Asian shares were heading for weekly losses on Friday as conflicting messages on the Sino-US trade war only added to worries for the global economy, while talk of aggressive central bank stimulus drove bond yields to fresh lows.
Japan's Nikkei fell 0.5%, making a loss of 1.8% on the week, while commodity-exposed Australia was heading for a weekly drubbing of 2.7%. E-Mini futures for the S&P 500 did rise 0.24%, but were still off 2.2% on the week so far.
Oil gains after strong US retail sales help ease recession worries
Crude oil prices rose on Friday after two days of declines, buoyed following data showing a rise in U.S. retail sales helped ease some concerns about a recession in the world’s biggest economy.
Brent crude was up 31 cents, or 0.5%, at $58.54 a barrel at 0047 GMT, after falling 2.1% on Thursday and 3% the previous day. US crude was up 43 cents, or 0.8%, at $54.90 a barrel, having fallen 1.4% the previous session and 3.3% on Wednesday.
At the interbank foreign exchange market, the Indian unit opened strong at 71.00 and rose to the day's high of 70.85. It touched an intra-day low of 71.35, before finally ending at 71.27, higher by 13 paise from its previous close.
Trump says China talks 'productive'; Beijing vows tariff retaliation
US President Donald Trump said on Thursday that US and Chinese negotiators were holding “productive” trade talks and expected them to meet in September despite US tariffs on over $125 billion worth of Chinese imports taking effect September 1.
“September, the meeting is still on as I understand it, but I think more importantly than September, we’re talking by phone, and we’re having very productive talks,” Trump told reporters in New Jersey.
He said US and Chinese officials had “a very good conversation” earlier this week, before his administration delayed until December 15 tariffs on over $150 billion in Chinese imports, including toys, cell phones, and laptop and tablet computers.