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Last Updated : Oct 23, 2019 07:21 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 7.5 points gain or 0.06 percent.

Benchmark indices snapped a six-day winning streak and ended in the red on October 22. The Nifty slipped below 11,600 and Sensex closed below 39,000 level.

At close, the Sensex was down 334.54 points at 38,963.84, while Nifty was down 73.50 points at 11,588.40. BSE Midcap index ended flat, while BSE smallcap index gained 0.5 percent.

Close

According to the pivot charts, the key support level for the Nifty is placed at 11536.57, followed by 11484.83. If the index starts moving up, key resistance levels to watch out for are 11677.17 and 11766.03.

Nifty Bank closed with a gain of 290.9 points at 29,411.20 on October 22. The important pivot level, which will act as crucial support for the index, is placed at 29198.27, followed by 28985.33. On the upside, key resistance levels are placed at 29657.07 and 29902.93.

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

US stocks ended lower on Tuesday, giving up early gains after British lawmakers rejected the government’s proposed timetable for passing legislation to ratify its deal to exit the European Union.

The Dow Jones Industrial Average fell 39.54 points, or 0.15%, to 26,788.1, the S&P 500 lost 10.73 points, or 0.36%, to 2,995.99 and the Nasdaq Composite dropped 58.69 points, or 0.72%, to 8,104.30.

Asian Markets

Asian shares and US stock futures dipped on Wednesday after British lawmakers rejected the government’s timetable to fast-track legislation for its deal to take Britain out of the European Union.

S&P500 mini futures dropped 0.4% while Japan’s Nikkei dipped 0.3%. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.17%.

SGX Nifty

Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, with a 7.5 points gain or 0.06 percent. Nifty futures were trading around 11,625-level on the Singaporean Exchange.

Rupee rises to 2-week high on US-China trade talks hopes

The rupee on October 22 rose to a two-week high against the US dollar on hopes of partial trade deal between the US and China next month. The domestic currency closed at 70.94 to the dollar, a gain of 20 paise or 0.28 per cent over the previous close on Friday.

Forex market was closed on Monday on account of assembly elections in Maharashtra. The 10-year government bond yield was at 6.70 percent.

Oil slips after US inventory build, but possible OPEC cuts support market

Oil slipped on Wednesday after US industry data showed a bigger-than-expected build in crude stockpiles, but possible deeper production cuts coming from OPEC and its allies prevented a further slide in prices.

International benchmark Brent crude futures dropped 28 cents, or 0.47%, to $59.42 a barrel by 0123 GMT on Wednesday. West Texas Intermediate (WTI) crude futures fell 40 cents, or 0.73%, to $54.08 per barrel.

Economic slowdown likely to push up credit costs, says Uday Kotak

The slowing economy and a delayed turnaround are likely to push up credit costs for the private sector lender going forward, Uday Kotak, MD, Kotak Mahindra Bank said. “We do believe that the credit costs are going to be a little higher than what we had bargained for at the beginning of the year,” Kotak said in an earnings call, adding that the bank expects the credit costs to be around 60 basis points.

Kotak said the slowing economy has impacted the overall credit environment and that is reflected in the bank’s performance in the first half of the current financial year. He expects the steep gradient of the slowdown to flatten in the second half.

Sebi issues framework for listing of commercial paper

Markets regulator Sebi on October 22 came out with a framework for listing of commercial papers on stock exchanges in order to broaden investor participation in such securities. To enable listing of commercial papers (CPs) and to ensure investor protection, Sebi noted that it is important that issuers, who intend to list such securities, make appropriate disclosures at the time of listing and on a continuous basis.

The disclosure framework has been based on the recommendation of the Corporate Bonds and Securitisation Advisory Committee (CoBoSAC), chaired by H R Khan, former deputy governor of the Reserve Bank of India (RBI), Sebi said in a circular.

Demand for residential properties up 15-30% this festive season: Report

Demand for residential properties has increased by 15-30 percent this festive season, especially in Tier 1 cities where majority of buyers are preferring ready-to-move-in units, according to a new research report. Amenities have emerged the main deciding factor for buying into a housing project, the report by Clicbrics said.

In tier-I cities, property enquires have increased by 15-20 percent and nearly 70 percent of them are for ready-to-move-in properties. Wherein for tier-II cities, the demand for properties have increased by 20-30 percent, it said.

Ujjivan Small Finance Bank gets Sebi's go-ahead for Rs 1,200-cr IPO

Ujjivan Small Finance Bank has received markets regulator Sebi's go ahead to raise Rs 1,200 crore through an initial public offer (IPO). Microfinance lender Ujjivan Financial Services is the holding company of Ujjivan Small Finance Bank. The bank, which had filed draft papers with the regulator in August, obtained its observations on October 16, according to the Securities and Exchange Board of India (Sebi).

As per the draft papers, the bank is proposing to undertake an initial public offering of equity shares of face value of Rs 10 each, comprising a fresh issue of shares aggregating up to Rs 12,000 crore.

78 companies to report September quarter numbers today

As many as 78 stocks will declare their results for the September quarter which include names like Aarti Drugs, Bajaj Auto, Biocon, Castrol India, HCL Technologies, Hero MotoCorp, JSW Steel, KPIT Tech, L&T, NIIT Tech, Torrent Pharma, and Zee Media among others.

With inputs from Reuters & other agencies

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First Published on Oct 23, 2019 07:20 am
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