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Last Updated : Sep 13, 2019 07:33 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 flat to positive opening for the broader index in India, with a 10 points gain or 0.09 percent.

Sandip Das @Im_Sandip1

Sensex and Nifty closed in the red on September 12 on profit-booking as investors turned cautious ahead of the release of key macroeconomic numbers. Later in the day, latest price data released by the Central Statistics Office (CSO) showed that India's retail inflation rate in August grew 3.21 percent, remaining within Reserve Bank of India's (RBI) target level of 4 percent.

On the other hand, the country's industrial output grew 4.3 percent month-on-month (MoM) in July against a growth of 2.0 percent in June. Manufacturing output, which accounts for more than three-fourths of the entire index, grew 4.2 percent in July, against 1.2 percent growth in June.

Close

After a rangebound session, the Sensex index closed the day with a loss of 167 points, or 0.45 percent, at 37,104.28, with 8 stocks in the green and 22 in the red. The Nifty pack fell 53 points, or 0.48 percent, to end at 10,982.80. Among the 50 stocks in the index, only 15 could log gains.

Broader BSE Midcap and Smallcap indices closed 0.18 percent down and 0.12 percent up, respectively.

According to the pivot charts, key support level for Nifty is placed at 10,937.93, followed by 10,893.07. If the index starts moving up, key resistance levels to watch out for are 11,054.73 and 11,126.67.

The Nifty Bank closed at 27,818.50, up 0.15 percent on September 12. The important pivot level, which will act as crucial support for the index, is placed at 27,701.37, followed by 27,584.23. On the upside, key resistance levels are placed at 27,998.97 and 28,179.44.

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 advanced on Thursday, and the S&P 500 ended the session within striking distance of its all-time closing high, buoyed by positive developments on the US-China trade front and a promise of continued stimulus from the European Central Bank.

The Dow Jones Industrial Average rose 45.41 points, or 0.17%, to 27,182.45, the S&P 500 gained 8.64 points, or 0.29%, to 3,009.57 and the Nasdaq Composite added 24.79 points, or 0.3%, to 8,194.47.

Asian Markets

Asian stocks advanced on Friday as hints of progress in the US-China trade dispute and aggressive stimulus from the European Central Bank helped to counter worries about a global economic slowdown. MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up 0.2%, while Japan’s Nikkei rose 0.4%.

SGX Nifty

Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, with a 10 points gain or 0.09 percent. Nifty futures were trading around 11,001.50-level on the Singaporean Exchange.

Oil falls as spectre of US-China trade war haunts market

Oil futures fell on Friday as optimism over an end to the US-China trade war faded, leaving prices set for a weekly loss after days of wild gyrations. Brent crude was down 17 cents, or 0.3%, at $60.21 a barrel, while US West Texas Intermediate (WTI) was off by 14 cents, or 0.3%, at $54.95.

Retail inflation inches up to 3.21% in August

India's retail inflation rate in August grew 3.21 percent, remaining within Reserve Bank of India's (RBI) target level of 4 percent, latest price data released by the Central Statistics Office (CSO) on September 12 showed. Retail inflation for July stood at 3.15 percent.

Food prices, which is a gauge to measure changes in kitchen budgets, grew 2.99 percent in August compared to 2.36 percent in July. Inflation rate in cereals and products stood remained unchanged at 1.3 percent while vegetables inflation stood at 6.90 percent in August versus 2.82 percent in July. Pulses and products recorded an inflation of 6.94 percent in August.

Rupee spurts 52 paise to 71.14 vs USD

Continuing its winning run for the sixth straight session, the rupee climbed 52 paise to end at 71.14 against the US dollar on September 12 as signs of easing trade tensions between the US and China buoyed global markets.

Easing crude oil prices and fresh foreign capital inflows provided further support, forex traders said. The Indian currency has appreciated by 125 paise in the last six trading sessions.

At the interbank foreign exchange market on September 12, the local unit opened on a strong note at 71.46 and shuttled between a high of 71.00 and low of 71.46. It finally closed at 71.14, showing a gain of 52 paise over its previous close.

IIP grows 4.3% in July

India's industrial output grew 4.3 percent month-on-month (MoM) in July, according to the Index of Industrial Production (IIP) data released by the government on September 12. Industrial output, or factory output, is the closest approximation for measuring economic activity in the country's business landscape.

Manufacturing output, which accounts for more than three-fourths of the entire index, grew 4.2 percent in July, a sharp fall from the 7 percent growth a year ago. Primary goods recorded a growth of 3.5 percent in July, a sharp fall from a growth of 6.8 percent a year ago. Capital goods production recorded a contraction of 7.1 percent in July, against a growth of 2.3 percent in the same period a year ago. Infrastructure construction recorded a growth of 2.1 percent in July against a growth of 9.2 percent a year ago.

European Central Bank cuts key rate, to restart bond purchases

The European Central Bank approved a fresh stimulus package as expected on Thursday, cutting interest rates and approving a new round of bond purchases to prop up euro zone growth and halt a worrisome drop in inflation expectations.

The ECB cut its deposit rate to a record low -0.5% from -0.4% and will restart bond purchases of 20 billion euros a month from November, it said in a statement. With inflation falling, Germany skirting a recession and a global trade war sapping domestic confidence, the ECB had all but promised more support to the economy and the only question was how extensive stimulus would be.

Need 20% growth in exports to reach $5 trillion economy target: Piyush Goyal

Commerce and Industry minister Piyush Goyal on September 12 said that India needed a 19-20 percent growth in exports to achieve Prime Minister Narendra Modi's vision of a $5 trillion economy.

"On the export front, we are willing to take bold decisions and steps. The $5 trillion dollar economy cannot be completed unless we once again get back to the 19-20 percent growth levels. So we are clearly looking at a trillion dollar export in the next five years and its eminently doable, not at all beyond imagination, but you need to dare to accept a large target. Unless you accept the larger goals, we are not going to reach anywhere close to that," said Piyush Goyal in an address at the Board of Trade meeting.

Mutual funds add around 5 lakh folios in Aug

The mutual fund industry has added around 5 lakh investors' account in August, taking the total tally to 8.53 crore, amid volatile market conditions. In comparison, the industry had added 10.29 lakh new folios in July. Folios are numbers designated to individual investor accounts. An investor can have multiple folios.

According to data from Association of Mutual Funds in India, the number of folios with 44 fund houses rose to 8,52,81,222 at the end of August, from 8,48,00,409 in the end of July, registering a gain of 4.81 lakh folios.

With inputs from Reuters & other agencies

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First Published on Sep 13, 2019 07:33 am
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