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

The 10 most valued domestic companies together added a whopping Rs 4,04,068.05 crore in market valuation last week, with RIL and HDFC Bank leading the gains. Here are the top 10 firms according to their market capitalisation for the week ended April 9:

Nifty ended September series with a gain of nearly 6 percent, forming a bullish candle after forming red candles in the last three consecutive expiries, which indicates that bulls are trying to take charge from the lower end.

Investor sentiment was boosted by positive comments from China on a trade deal with the United States. As per Reuters, the Chinese commerce ministry said Beijing is in close communication with Washington and is preparing to make progress at trade talks in October.

The Sensex index closed 396 points, or 1.03 percent, higher at 38,989.74, with 23 stocks in the green and 7 in the red. The Nifty index logged a gain of 131 points, or 1.15 percent, settling at 11,571.20, with 41 stocks up and 9 down.

Analysts are positive on the market and suggest to use the dips to make fresh bets.

According to the pivot charts, key support level for Nifty is placed at 11,488.07, followed by 11,404.93. If the index starts moving up, key resistance levels to watch out for are 11,632.57 and 11,693.93.

Nifty Bank closed with a gain of 1.41 percent at 30,002.60. The important pivot level, which will act as crucial support for the index, is placed at 29513.63, followed by 29024.67. On the upside, key resistance levels are placed at 30604.93 and 31207.27.

US Markets

US stocks slipped on Thursday as the release of a whistleblower report tied to the Democrats’ impeachment move against President Donald Trump kept uncertainty high, while trade comments from China’s top diplomat helped to limit losses.

The Dow Jones Industrial Average fell 79.59 points, or 0.3%, to 26,891.12, the S&P 500 lost 7.25 points, or 0.24%, to 2,977.62 and the Nasdaq Composite dropped 46.72 points, or 0.58%, to 8,030.66.

Asian Markets

Asian shares were on course for a second straight week of losses on Friday as the release of a whistleblower complaint against US President Donald Trump heightened uncertainties about the global economy, already reeling from Sino-US trade war.

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.09%, having fallen 1.4% so far this week, while Japan’s Nikkei slid 0.54%.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 35 points loss or 0.3 percent. Nifty futures were trading around 11,595-level on the Singaporean Exchange.

Oil prices fall as supply risk premium fades, demand outlook drags

Oil prices fell on Friday, erasing more of the gains realized after the September 14 attacks on Saudi Arabian oil facilities, as the rapid return of production capacity from the world’s top exporter squashed risk premiums.

Brent crude futures fell 32 cents, or 0.5%, from the previous session’s close to $62.42 a barrel by 0131 GMT. US West Texas Intermediate (WTI) crude futures fell 8 cents, or 0.1%, to $56.33 a barrel.

Rupee darts up 16 paise to 70.88 against US dollar

The rupee strengthened by 16 paise to close at 70.88 against the US dollar on Thursday as investor sentiment got a lift after US President Donald Trump said a trade deal with China could happen sooner than expected. Robust buying in domestic equities, fresh foreign fund inflows and easing crude oil prices also lent support to the domestic unit, forex traders said.

At the interbank foreign exchange market, the rupee opened on a strong note at 70.99 and shuttled between a high of 70.85 and a low of 71.01 during the day. The domestic currency finally settled at 70.88 per dollar, higher by 16 paise over its previous close.

FM Nirmala Sitharaman's meeting with private banks, NBFCs

The meeting with private banks and NBFCs was very 'tonic-like', with a lot of positives, said Finance Minister Nirmala Sitharaman in a media briefing following her meeting with private banks, microfinance institutions (MFIs) and non-banking finance companies (NBFCs) on September 26.

- FM Sitharaman said not one voice expressed concerns on the liquidity front and there was near unanimity on rural demand for credit, that can be addressed with help from private sector banks, NBFCs and MFIs.

- She said there is a clear message that consumption is happening and that demand will also get back soon. The second half of the year should look up, she added.

- The problem pertaining to the commercial vehicle segment is being seen as a cyclical problem, which happened somewhere around 2010 as well, she noted. Private bankers and NBFCs lending to the segment feel the problem can be tided over in some time. Meanwhile, she said the issues related to the passenger vehicle segment are mostly sentiment-driven.

- Another observation she made was that the service sector is showing a very high appetite for credit.

- On the subject of the affordable housing scheme, Sitharaman said it has been received extremely well, with requests coming in to raise the limit from the existing Rs 45 lakh to Rs 50 lakh.

Bank credit grows by 10.26%, deposits 10.02%: RBI data

Bank credit and deposits grew at 10.26 per cent and 10.02 per cent to Rs 97.01 lakh crore and Rs 127.22 lakh crore, respectively, in the fortnight ended September 13, according to the recent RBI data.

In the year-ago fortnight, banks advances were at Rs 87.98 lakh crore and Rs 115.63 lakh crore. In the previous fortnight ended August 30, 2019, bank loans increased by 10.24 per cent to Rs 96.80 lakh crore and deposits by 9.73 per cent to Rs 127.80 lakh crore.

Sebi refuses to lift market ban on 19 entities for fraudulent trade via bulk SMSes

Regulator Sebi on Thursday refused to lift the capital market ban imposed on 19 entities for sending misleading SMSes in bulk to lure gullible investors to trade in the shares of Kalpa Commercial. However, the watchdog has revoked the directions against five entities in the same case.

"The interim order has reasonably highlighted the modus operandi wherein a group of connected entities participated in the larger scheme of sending misleading bulk SMSes to lure innocent investors to trade in the scrip of KCL and subsequently offloaded their shareholding when the investor interest was created through false inducement," Sebi said in its 84-page order.

"Prima facie there was a deliberate attempt to interfere with the free and fair operation of the securities market and to create artificial, false or misleading appearance in market through planted bulk SMSes and thereby increased the price and volume of shares of KCL," it added.

Govt may trim PSU ownership below 51% as it plans to sell 'whatever is saleable'

Terming privatisation as the top-most priority, a senior finance ministry official September 26 said the government will sell "whatever is saleable", and is also planning to breach the minimum 51 percent ownership level in select entities.

Getting down the government stake below 51 percent will require amendments in the laws and will also ensure that these companies move beyond the remit of oversight agencies like the Central Vigilance Commission and the Comptroller & Auditor General.

The official explained that the Cabinet had in the past decided to own at least 51 percent in PSUs and it is the Cabinet itself which will now have to take a call on going down below the level. "The government is proposing/planning to bring down its equity holding below 51 percent in select Central public sector enterprises," he said.

Debt ETFs may not take off in FY20: FinMin source

Mutual fund industry, which has been eagerly looking forward to the launch of Debt Exchange Traded Funds (ETFs) this year, may have to wait a little longer. "We are working on debt ETFs. If it is not launched in this (financial) year, it will be launched in FY21," said a Finance Ministry official on condition of anonymity.

He also said that the government has not yet given a go-ahead for launching Debt ETFs. The Finance Ministry is also planning to include Central Public Sector Enterprises (CPSEs) with AAA-rated bonds.