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Last Updated : Oct 10, 2019 07:47 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 negative opening for the broader index in India, with a 51 points loss or 0.45 percent.

Sandip Das @Im_Sandip1

Sensex closed 645.97 points or 1.72 percent higher at 38,177.95 while the Nifty index closed 186.90 points or 1.68 percent higher at 11,313.30.

According to the pivot charts, the key support level for Nifty is placed at 11,161.8, followed by 11,010.3. If the index starts moving up, key resistance levels to watch out for are 11,393.2 and 11,473.1.

Close

Nifty Bank closed with a gain of 3.67 percent at 28,785.85. The important pivot level, which will act as crucial support for the index, is placed at 28,039.36, followed by 27,292.93. On the upside, key resistance levels are placed at 29,194.96 and 29,604.13.

The index closed above 11,300 and formed a large bullish candle on the daily charts after seeing a bearish candle six days in a row. It negated the formation of lower top-lower bottom on lower time frame and also respected to its 61.8 percent retracement of the entire up move from 10,762 to 11,695 levels.

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 rose on Wednesday on hopes of progress in US-China trade talks, though stocks pared gains late after Chinese officials said Beijing had lowered expectations for negotiations this week.

The Dow Jones Industrial Average rose 182.1 points, or 0.7%, to 26,346.14, the S&P 500 gained 26.34 points, or 0.91%, to 2,919.4 and the Nasdaq Composite added 79.96 points, or 1.02%, to 7,903.74.

Asian Markets

Global stocks tumbled and the safe haven yen and Swiss franc gained in early Asian trade on Thursday, on signs Washington and Beijing were still wide apart on trade issues and were making no progress in deputy-level talks.

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.31% while Japan’s Nikkei slip 0.11%.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 51 points loss or 0.45 percent. Nifty futures were trading around 11,287-level on the Singaporean Exchange.

Oil steady as attack in Syria supports but US crude stocks weigh

Oil futures were mixed on Wednesday as a Turkey-launched offensive in Syria and hopes of progress in ending the US-China trade war supported oil, but a build in US crude inventories held prices back.

Brent crude settled at $58.32 a barrel, up 8 cents, while US West Texas Intermediate crude settled at $52.59 a barrel, down 4 cents.

Rupee pares losses on hope of US-China trade deal; closes 5p down

The rupee pared most of its initial losses and settled the day marginally down by 5 paise as China offering to buy additional US goods to ease trade tensions bolstered hopes of a partial deal between the two major economies. Forex traders said most of the Asian currencies gained against the US dollar on China's offer to buy extra US goods.

At the interbank foreign exchange market, the rupee opened strong at 71.20 against the US dollar. During the day, the domestic unit fluctuated between a high of 70.94 and a low of 71.22. The local unit finally settled at 71.07, down 5 paise over its previous close.

China lowers expectations for US trade talks after blacklist: officials

Surprised and upset by the US blacklisting of Chinese companies, China has lowered expectations for significant progress from this week’s trade talks with the United States, Chinese government officials told Reuters, even as President Donald Trump on Wednesday expressed fresh optimism.

Top US and Chinese trade and economic officials will meet in Washington on Thursday and Friday to try to end a 15-month-old trade war that is slowing the global economy and threatens to upend decades-old trade systems. Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are due to take part.

Big-bang GST rate reduction unlikely for this fiscal year

Any reduction in GST rates for the remaining of the current fiscal year is unlikely, a senior government official said. "The revenue situation is difficult. There's a possibility that the Centre may have to pay more in compensation to states," the official told Moneycontrol.

In its last meeting held in September, the GST Council approved a cut in tax rates on hotel rooms with a tariff of Rs 7,500 and above to 18 percent and those with tariff below Rs 7,500 to 12 percent. GST on room tariff below Rs 1,000 has been scrapped.

Many industries have been demanding a GST rate cut to boost a slowing economy. Passenger vehicle sales in the world's fourth-largest automobile market have slumped in the past year as lack of financing options, increase in ownership costs and an economic downturn have discouraged people from buying cars.

Japan's August machinery orders fall for second straight month

Japan’s core machinery orders slipped for the second consecutive month in August, adding to a batch of gloomy data suggesting businesses and the broader economy are feeling the pain from rising global trade frictions.

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 2.4% in August from the previous month.

The drop was largely in line with a 2.5% decline predicted by economists in a Reuters poll and followed a sharp 6.6% fall in July, the largest month-on-month loss since a 7.8% drop in May.

Federal Reserve policymakers increasingly divided on way ahead: Minutes

Most Federal Reserve policymakers supported the need for an interest rate cut in September, minutes of the central bank’s last policy meeting showed, but they remained divided on the path ahead for monetary policy.

The readout of the meeting, released on Wednesday, also showed that the Fed agreed it would soon need to discuss increasing the size of its balance sheet following ructions in short-term money markets. Fed Chair Jerome Powell announced an imminent expansion of the central bank’s assets on Tuesday.

Six companies to report September quarter numbers today

As many as six companies will declare their results for September quarter which include names like IndusInd Bank, TCS, Avantel Ltd etc. among others.

With inputs from Reuters & other agencies

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First Published on Oct 10, 2019 07:37 am
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