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

Benchmark indices erased all gains and ended lower on October 24. Nifty slipped below 11,600 due to selling in the banking and telecom sectors.

Telecom stocks suffered massive selloff after the Supreme Court rejected the telecom companies' definition of Adjusted Gross Revenue (AGR). This means telecom companies will have to pay up as much as Rs 92,642 crore to the government. Bank stocks also fell on concerns about their exposure to the beleaguered telecom companies.

Also, no landslide victory for BJP in Maharashtra and Haryana dented sentiment.

Except for the Nifty Infra, all sectoral indices ended in the red led by the bank, metal, FMCG, pharma and auto. Market breadth was in favour of declines, with just 1,069 shares advancing against 1,367 that declined. 161 shares stayed unchanged.

According to the pivot charts, the key support level for the Nifty is placed at 11,518.33, followed by 11,454.07. If the index starts moving up, key resistance levels to watch out for are 11,663.23 and 11,743.87.

Nifty Bank ended lower by 357.85 points at 29,101.75 on October 24. The important pivot level, which will act as crucial support for the index, is placed at 28,837, followed by 28,566.1. On the upside, key resistance levels are placed at 29,536 and 29,964.1.

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

The S&P 500 and the Nasdaq rose on Thursday following strong quarterly reports from several technology companies, including Microsoft Corp but dour results from 3M Co stymied the Dow Jones Industrial Average.

The Dow Jones Industrial Average fell 28.42 points, or 0.11%, to 26,805.53, the S&P 500 gained 5.77 points, or 0.19%, to 3,010.29 and the Nasdaq Composite added 66.00 points, or 0.81%, to 8,185.80.

Asian Markets

Asian shares inched up on Friday, tracking small gains in world markets as positive earnings offset economic growth concerns, while sterling weakened as the prospect of a UK election added fresh uncertainty to Brexit dramas.

In early trade in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was 0.13% higher. Australian shares added 0.66% and Japan's Nikkei ticked up 0.15%.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 30 points loss or 0.26 percent. Nifty futures were trading around 11,585-level on the Singaporean Exchange.

Oil retreats after 3-day rally on renewed demand, economic growth concerns

Oil prices stepped back on Friday after three straight days of gains, hurt by renewed concerns about fuel demand in light of gloomy economic growth forecasts.

Brent crude was down 30 cents, or 0.5%, at $61.37 by 0122 GMT. West Texas Intermediate (WTI) crude was down 26 cents, or 0.5%, at $55.97.

Rupee snaps 5-day winning run; skids 11 paise to 71.02 per USD

The rupee snapped its five-day winning streak to finish 11 paise lower at 71.02 against the US dollar on Thursday, weighed by unabated foreign fund outflows and a weak trend in domestic equity markets. At the interbank foreign exchange market, the local currency opened on a strong note at 70.79 but lost ground during the day to touch a low of 71.08. It finally settled at 71.02, lower by 11 paise against its previous close.

NSE Indices launches Nifty Midcap150 Quality 50 Index

NSE Indices Ltd on Thursday launched a new smart beta index, Nifty Midcap150 Quality 50 Index, which will track performance of mid-cap companies based on profitability, leverage and earnings growth variability. The beta index includes top-50 companies from its parent Nifty Midcap 150 Index, selected based on their 'quality scores', NSE Indices, an NSE group company, said in a statement.

The 'quality score' for each company is determined based on return on equity, financial leverage and earning per share growth variability of each stock analysed during the past five financial years. The weight of each stock in the index is based on a combination of stock's quality score and its free float market capitalisation.

54 companies to report Sept quarter numbers today

As many as 54 companies will declare their results for the September quarter which include names like Aavas Financiers, Arvind, HDFC AMC, ION Exchange, Jubilant Life, Marico, Reliance Capital, State Bank of India, Strides Pharma, Tata Motors, and V2 Retail among others.

Retail Banks must change to stay relevant: BCG Report

With customer behaviors changing across multiple dimensions and challengers such as digital giants, fintechs, and neobanks vying for market share, traditional retail banks must act now or lose out later in their quest for growth, according to a new report 'Global Retail Banking 2019: The Race for Relevance and Scale' by Boston Consulting Group (BCG).

The report, the latest in a series of annual BCG studies of the retail banking sector, provides a comprehensive look at the industry, exploring topics such as the industry’s changing structure, its overall direction, the battle among banks and newer market entrants for customer relevance and scale, and the strategic business model options for incumbent banks. The study also offers action steps for banks embarking on new competitive paths.

“Customer behaviors are shifting, sometimes dramatically, led by those who want seamless digital banking capabilities embedded in their daily lives,” said Sam Stewart, a Sydney-based BCG partner, co-author of the report, and global leader of the firm’s retail banking segment. “The combination of these expectations and technology-enabled solutions will eventually erode banks’ traditional advantages, so they need to take action now.”

South Korean inflation expectations fall to record low for third month

South Korean consumers’ inflation expectations fell to a record low in October for the third straight month, a survey from the Bank of Korea showed on Friday, underlining concerns that weakness in consumer price growth would persist.

Consumers’ median inflation expectation for the next 12 months fell to 1.7% in October from 1.8% in September, the lowest since the data release began in February 2002. The three months of declines is the longest streak in more than six years.

US business investment still weak; jobless claims fall

New orders for key US-made capital goods fell more than expected in September and shipments also declined, a sign that business investment remains soft amid the fallout from the US-China trade war but other data on Thursday showed the spat has yet to have much effect on the overall jobs market.

Data for August was revised down to show core capital goods orders falling 0.6% instead of declining 0.4% as previously reported. Economists polled by Reuters had forecast core capital goods orders dipping 0.2% in September.