The Indian market consolidated in a narrow range on December 24 ahead of Christmas and December series expiry amid muted global cues.
BSE Sensex was down 181 points to 41,461 while the Nifty50 fell 48 points to close at 12,215.
Nifty witnessed some selling pressure towards the end of the session that dragged the index down towards the junction of the 40-hour exponential moving average and the hourly lower Bollinger Band.
According to the pivot charts, the key support level for Nifty is placed at 12,183.17, followed by 12,151.83. If the index moves up, key resistance levels to watch out for are 12,264.77 and 12,315.03.
Nifty Bank closed 0.18 percent down at 32,280.75. The important pivot level, which will act as crucial support for the index, is placed at 32,221.17, followed by 32,161.53. On the upside, key resistance levels are placed at 32,365.37 and 32,449.94.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
Asia markets mostly edged higher on Thursday morning following Christmas Day. Shanghai composite was up about 0.3% and the Shenzhen component adding 0.42%. The Nikkei 225 was 0.4% higher in morning trade while the Topix index gained of 0.31%.
Trends on SGX Nifty indicate a flat opening for the broader indices in India, a gain of 3 points or 0.02 percent. Nifty futures were trading around 12,236-level on the Singaporean Exchange.
Oil rises, supported by trade deal, OPEC cuts
Oil prices rose on Thursday, buoyed by a potential breakthrough in the Sino-U.S. trade war and OPEC-led efforts to constrain supply, although trading was quiet as many markets were in holiday mode. Brent crude was up 16 cents, or 0.2%, at $67.36 a barrel by 0155 GMT. West Texas Intermediate was up 20 cents, or 0.3%, at $61.31 a barrel.
Rupee slips 9 paise to 71.27 against US dollar
The rupee depreciated by 9 paise to close at 71.27 against the US dollar on Tuesday amid heavy selling in domestic equities and steady rise in crude oil prices.
Forex traders said the rupee traded in a narrow range but was weighed down in the latter half of the session after reports emerged that the government might not be able to meet its disinvestment target. At the interbank foreign exchange market, the domestic currency opened weak at 71.22 and later fluctuated between a high of 71.15 and a low of 71.29.
Mutual funds add over Rs 4 lakh cr to asset base in 2019
Mutual funds have added a staggering over Rs 4 lakh crore to their asset base in 2019 and the industry expects the growth trajectory to continue in the new year on the back of strong inflows in debt schemes and measures taken by regulator Sebi for boosting investors' confidence.
It was because of strong inflows into debt-oriented schemes that saved 2019 from being a "dark-dull year of investing" as inflows into equity funds has dropped this year due to a volatile market.
Going ahead, the industry should witness growth in the range of 17-18 per cent in 2020 and equity funds should see robust inflows as expectations are high about improved equity markets and a revival in economic growth, industry body AMFI's CEO N S Venkatesh said.
RBI launches new prepaid payment instrument for digital transactions
The Reserve Bank on December 24 introduced a new semi-closed prepaid payment instrument (PPI) which can be used for transaction of goods and services up to a limit of Rs 10,000. The loading facility of the instrument will be linked only from a bank account.
In the monetary policy review earlier this month, the RBI had said it will introduce these kind of PPIs in order to promote small value digital transactions. "To give impetus to small value digital payments and for enhanced user experience, it has been decided to introduce a new type of semi-closed PPI," RBI said in a notification.
Sebi asks InvITs to file draft papers 30 days before opening of issue
Sebi on December 24 asked infrastructure investment trusts (InvITs) to file draft papers with the regulator and exchanges 30 days prior to opening of the issue. The draft placement memorandum shall be filed through a Sebi registered merchant banker, the markets watchdog said in a circular.
"The circular shall come into effect from January 15, 2020 for all InvITs issuing units on private placement basis and are proposed to be listed," the regulator said.
Gold steady as markets await trade deal signing details
Gold prices held steady on Thursday below a near two-month peak hit on Christmas eve, as investors await details of a trade deal signing ceremony between the United States and China. Spot gold was unchanged at $1,499.18 per ounce by 0132 GMT. Prices had briefly touched the key $1,500 level on December 24, their highest since November 5.
Aramco CEO says Saudi-Kuwaiti accord paves way for resumption of oil production
Saudi ARAMCO said on Wednesday a new agreement between Saudi Arabia and Kuwait paves the way for the resumption of oil production in the Neutral (partitioned) Zone shared by the two countries.
Saudi Minister of Energy Prince Abdulaziz bin Salman and Kuwaiti Foreign Minister Sheikh Ahmad Nasser al-Mohammad al-Sabah signed on Tuesday an agreement and a memorandum of understanding in Kuwait, state news agency KUNA said.
The two OPEC members halted production at the jointly operated Khafji and Wafra fields, which together produce some 500,000 barrels of oil a day (bpd) or up to 0.5% of the world's oil supply, in 2014 and 2015, respectively.
FII and DII data
Foreign institutional investors (FIIs) sold shares worth Rs 114.38 crore, and domestic institutional investors (DIIs), too, sold shares of worth Rs 345.22 crore in the Indian equity market on December 24, provisional data available on the NSE showed.
One stock under F&O ban on NSE
Dish TV is under the F&O ban for December 26. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.With inputs from Reuters & other agencies