Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, with a 12.5 points loss or 0.11 percent.
The Indian market started the week on a negative note as a sharp surge in global crude oil prices and a strong fall in rupee dealt a strong blow to investor sentiment.
The 30-share Sensex ended the day 262 points, or 0.70 percent down, at 37,123.31, with only six stocks in the green on September 16. Nifty managed to hold the psychologically important level of 11,000. The index settled 72 points, or 0.65, percent down at 11,003.50, with 14 stocks in the green and 36 in the red.
According to the pivot charts, key support level for Nifty is placed at 10,963.57, followed by 10,923.63. If the index starts moving up, key resistance levels to watch out for are 11,048.07 and 11,092.63.
The Nifty Bank closed at 27,855, down 0.87 percent on September 16. The important pivot level, which will act as crucial support for the index, is placed at 27,746.97, followed by 27,638.94. On the upside, key resistance levels are placed at 28,014.87 and 28,174.73.
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Energy stocks spiked while most of Wall Street fell on Monday after weekend attacks on Saudi Arabia’s oil facilities added to investors’ concerns about geopolitical risk and a stumbling global economy.
The Dow Jones Industrial Average fell 0.52% to end at 27,076.82 points, while the S&P 500 lost 0.31% to 2,997.96. The Nasdaq Composite dropped 0.28% to 8,153.54.
Oil futures shed some of their massive gains on Tuesday as the United States flagged the possible release of crude reserves, but the threat of military action over the attacks on Saudi oil facilities kept prices elevated and stocks under pressure.
Investors otherwise broadly remain on the sidelines ahead of an expected rate cut from the US Federal Reserve on Wednesday. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1%. Japanese stocks slid 0.48%, while Australian shares were down 0.18%.
Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, with a 12.5 points loss or 0.11 percent. Nifty futures were trading around 10,992-level on the Singaporean Exchange.
Oil falls more than 1% as market awaits response to Saudi oil attacks
Oil fell more than 1% on Tuesday as the market hung on tenterhooks following attacks on Saudi Arabian crude facilities that cut the kingdom’s production in half and sent prices soaring by the most in decades.
Brent crude was down 77 cents, or 1.1%, at $68.25 a barrel by 0051, while West Texas Intermediate was down 82 cents, or 1.3%, at $62.08 a barrel.
Rupee tumbles 68 paise against US dollar
Logging its first fall in eight sessions, the Indian rupee on Monday plunged by 68 paise to 71.60 against the US dollar amid concerns over soaring crude prices following drone attacks on Saudi Arabia's oil facilities. Surging crude oil prices have emerged as major fears for India -- the world's third largest oil importer - in form of fiscal slippage and inflationary pressure.
At the interbank foreign exchange market, the local unit opened lower at 71.54, then fell to a low of 71.63 during the day. The rupee finally closed at 71.60, down 68 paise over its previous close.
Banks risk losing $280 bn in payments revenue by 2025: Accenture report
As much as 15 percent of banks’ global payments revenue, or USD 280 billion, is likely be displaced by the growth of digital payments and competition from non-banks, as payments become more instant, invisible and free, according to a new report from Accenture.
The report found that global payments revenue will likely grow at an annual rate of 5.5 percent, from USD 1.5 trillion in 2019 to more than USD 2 trillion by 2025. Only banks that change their business models to adopt the latest technologies and focus on providing value-added services to customers will capture a share of the USD 500 billion in incremental revenue growth.
“Rather than being at the forefront of the new wave of the booming payments market, banks are feeling the heat from new competition and seeing their margins squeezed,” said Gareth Wilson, Accenture’s global payments lead. “We face an inevitable world of instant, invisible and free payments, which spells trouble for banks that don’t want to be relegated to the plumbing of payments. But it also presents an opportunity to tap into a new business model based on this digital boom.”
Mutual funds collection via SIP up 7.5% to Rs 8,231 cr in Aug
The mutual fund industry managed to garner Rs 8,231 crore through systematic investment plans (SIPs) in August, a rise of 7.5 per cent from the year-ago period, despite volatility in equity market. With this, total SIP contribution in the first five months of the current fiscal rose to Rs 41,098 crore as compared to Rs 36,760 crore in April-August 2018, as per the Association of Mutual Funds in India (AMFI).
SIP continued to be the preferred route for retail investors to invest in mutual fund as it helps them reduce market timing risk, the industry body noted. As per the latest data, SIP contribution in August stood at Rs 8,231 crore, which was 7.5 percent higher than Rs 7,658 crore clocked in the same month last year.
India, US working towards early resolution of trade issues: Piyush Goyal
Days before Prime Minister Narendra Modi is set to meet with US President Donald Trump at Houston on September 22, Commerce and Industry Minister Piyush Goyal said that India and the US are in continuous dialogue and working towards early resolution of trade related issues.
"We are in dialogue with the US on a number of issues and as we firm up the specifics, we will inform you once the Prime Minister (Narendra Modi) and the US President Trump sit down and finalise…We have an open mind and with an open mind, we are looking at several sectors," Goyal said.
On being asked whether the two countries are looking to sign any deal during Modi and Trump meeting, Goyal said: "We are in continuous dialogue for past several months with the US and we are working towards and early resolution of many of those issues. Whether a deal will be announced or not that is up to the Prime Minister and the President to decide."
OPEC says too early for any action on oil after Saudi attacks
OPEC is assessing the impact on the oil market from attacks on Saudi Arabian facilities and says it is too early for members to take any action on raising output or holding a meeting, the UAE energy minister and other sources said.
OPEC Secretary General Mohammad Barkindo discussed the oil market with the head of the International Energy Agency, Fatih Birol, on Monday after the attacks on Saudi oil facilities, an OPEC source told Reuters.
The United Arab Emirates' energy minister said his country was able to boost output to deal with any supply disruptions, but it was too early to call for an emergency meeting of the Organization of the Petroleum Exporting Countries.
RBI allows payment of all recurring bills through BBPS
In a consumer friendly initiative, the RBI on Monday expanded the scope of Bharat Bill Payment System (BBPS) to cover all repetitive bill payments, which may include school fees, insurance premiums and municipal taxes. Currently, the facility of payment of recurring bills through BBPS is available only in five segments - direct to home (DTH), electricity, gas, telecom and water."It has been decided to expand the scope and coverage of BBPS to include all categories of billers who raise recurring bills (except prepaid recharges) as
eligible participants, on a voluntary basis," the RBI said in a circular. BBPS functions under the aegis of National Payments Corporation of India (NPCI).With inputs from Reuters & other agenciesThe Great Diwali Discount!
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