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Last Updated : Sep 12, 2019 07:49 AM IST | Source: Moneycontrol.com

What changed for the market while you were sleeping? Top 10 things to know

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 34.5 points gain or 0.31 percent.

Sandip Das @Im_Sandip1

Nifty continued to rally on September 11 for the fifth consecutive session, its longest streak in almost 6 months, supported by positive global cues on the back of easing US-China tensions.

Hopes of further stimulus by the government and GST rate cut on auto also gave a leg up to investor sentiment.

Close

After opening higher, the index remained rangebound with a positive bias throughout the session, eventually closing with a gain of 33 points, or 0.30 percent, at 11,035.70, with 25 stocks up and 25 down.

The index maintained the psychological 11,000 level and saw a lot of resistance in the range of 11,050-11,100 levels, forming small-bodied bullish candle which resembles a Doji kind of pattern on daily charts.

India VIX fell by 3.01 percent to 15.37 levels. It has been making lower highs – lower lows from the last four sessions and recently corrected from 18.31 to 15 zones which is giving some stability to the market.

According to the pivot charts, key support level for Nifty is placed at 11,013.33, followed by 10,990.97. If the index remains on the upward trajectory, key resistance levels to watch out for are 11,056.43 and 11,077.17.

The Nifty Bank closed at 27,776.20, up 0.99 percent on September 11. The important pivot level, which will act as crucial support for the index, is placed at 27,608.7, followed by 27,441.2. On the upside, key resistance levels are placed at 27,886.7 and 27,997.2.

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

US Markets

Wall Street moved higher on Wednesday, led by tariff-sensitive technology and industrial stocks after China extended an olive branch ahead of next month’s trade negotiations with the United States.

The Dow Jones Industrial Average rose 227.61 points, or 0.85%, to 27,137.04, the S&P 500 gained 21.54 points, or 0.72%, to 3,000.93 and the Nasdaq Composite added 85.52 points, or 1.06%, to 8,169.68.

Asian Markets

Asian stocks rose on Thursday on hopes for a thaw in US-China trade frictions and expectations that the European Central Bank will kick off another wave of monetary easing by global central banks.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2% and Japan's Nikkei stock index rose 1%. Australian shares were up 0.41%.

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 34.5 points gain or 0.31 percent. Nifty futures were trading around 11,071-level on the Singaporean Exchange.

Oil rises as US, China swap concessions in trade war, inventories fall

Oil prices jumped on Thursday, bouncing back from heavy losses in the previous session, buoyed by moves to ease trade tensions between Washington and Beijing and a drop in US crude inventories to the lowest in nearly a year.

Brent crude futures rose 41 cents, or 0.7%, to $61.22 by 0051 GMT, while US West Texas Intermediate (WTI) futures gained 40 cents, or 0.7%, at $56.16.

Rupee closes higher for 5th straight day against US Dollar

The rupee recovered from initial losses to settle higher by 5 paise at 71.66 against the US currency on Wednesday, extending gains for a fifth straight session on the back of firm domestic equities and Asian currencies like the Chinese yuan.

Forex traders said the uptick in domestic stocks enthused investors, following which the domestic unit gained strength and recovered from early losses. At the interbank foreign exchange market, the local unit witnessed heavy volatility. During the day, the domestic unit shuttled between a high of 71.60 and a low of 71.84.

India's monsoon rains 38% above-average this week: IMD

Monsoon rains in India were above average in the week through September 11, the weather office said, as soybean and cotton growing central parts of the country received heavy rainfall, damaging crops in some pockets.

India received 38% more rainfall than the 50-year average in the week to September 11, data from the India Meteorological Department (IMD) showed, with central India receiving 142% more rain. Overall, India has received 3% more rain than average since the start of the monsoon season on June 1.

OPEC cuts 2020 oil demand forecast, urges effort to avert new glut

OPEC on September 11 cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude.

In a monthly report, the Organization of the Petroleum Exporting Countries cut its forecast for global oil demand growth next year by 60,000 barrels per day (bpd) to 1.08 million bpd and indicated the market would be in surplus.

The weaker outlook amid a US-China trade dispute and Brexit could press the case for the Organization of the Petroleum Exporting Countries and allies including Russia to maintain or adjust their policy of cutting output.

Hong Kong Stock Exchange looks to acquire LSE for £32bn

Hong Kong Exchanges and Clearing (HKEX) on September 11 said it plans to acquire London Stock Exchange Group (LSEG) in a deal valued at 29.6 billion pounds, which translates to around Rs 2.6 lakh crore, implying an enterprise value of 31.6 billion pounds. In its statement, HKEX emphasises that “there can be no certainty that the possible offer described in this announcement will result in a formal offer”.

Also, there should be no undue reliance on the “forward looking statements” in the announcement that “reflect the current expectations of HKEX based on the information currently available and involve a number of assumptions, risks and uncertainties in relation to HKEX and LSEG, some of which are outside of HKEX’s control”.

US corporate bond, IPO markets heat up as recession fears persist

Corporate America appears to be rushing to get the most out of the decade-long bull market in stocks and bonds before a possible recession and election-year stock market volatility slam the IPO and credit windows shut.

Approximately 70 companies have registered with the US Securities and Exchange Commission to go public, according to estimates from Renaissance Capital, while $72 billion in investment-grade corporate debt a figure nearly as large as the total issuance in August - was issued last week, according to data from Dealogic.

The rash of new deals comes as the US-China trade war weighs on the global economy, helping push 30-year Treasury yields to record lows and increasing fears of a global economic slowdown. US manufacturing activity contracted for the first time in three years in August, while construction spending barely rose in July, helping send business confidence lower, according to the Institute for Supply Management.

Japan's machinery orders slip as trade gloom hits business spending

Japan’s machinery orders slipped in July, albeit at a slower-than-expected pace, as slowing global demand and protracted trade tensions hit corporate investment in the world’s third-largest economy.

Cabinet Office data on Thursday showed core orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, fell 6.6% in July from the previous month.

The drop was smaller than a 9.9% fall expected by economists in a Reuters poll and followed a sharp 13.9% rise in June, the biggest month-on-month gain since comparable data became available in 2005.

With inputs from Reuters & other agencies

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First Published on Sep 12, 2019 07:46 am
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