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What changed for the market while you were sleeping? Top 12 things to know

Trends on SGX Nifty indicate a gap-down opening for the broader index in India, with 179 points loss or 1.47 percent. The Nifty futures were trading around 11,942-level on the Singaporean Exchange.

January 08, 2020 / 08:09 AM IST
Markets

Markets

Indian market bounced back a day after investors’ lost about Rs 3 lakh cr in terms of market capitalisation on the BSE in a single trading session. The Sensex rallied by nearly 200 points while the Nifty50 reclaimed 12050 levels on Tuesday.

Let’s look at the final tally on D-Street: the Sensex rose 192 points to 40,869, while the Nifty closed 59 points higher at 12,052.

Sectorally, the action was seen in realty, energy, finance, metals, and healthcare stocks. Profit-taking was seen in telecom, IT, consumer durables, and public sector indices.

Broader markets outperformed, as the BSE Midcap index was up 0.65 percent, while the S&P BSE Smallcap index gained nearly 1 percent.

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:

Close

US Markets:

Wall Street's major indexes declined on Tuesday as investor caution persisted amid a dispute between the United States and Iran, while energy shares fell as oil prices gave back some recent gains.

After the bell, S&P 500 futures fell 1 percent following reports that rockets were fired at an airbase in Iraq hosting US forces.

Asian Markets:

Asian shares plunged on Wednesday, while gold and oil shot higher after Iran fired rockets at an Iraqi airbase that hosts US military forces, stoking fears of further sharp escalations in a developing conflict.

Iran's missile attacks on the Ain Al-Asad airbase and another in Erbil, Iraq, early Wednesday came hours after the funeral of an Iranian commander whose killing in a US drone strike has raised fears of a wider war in the Middle East.

SGXNifty:

Trends on SGX Nifty indicate a gap-down opening for the broader index in India, with 179 points loss or 1.47 percent. The Nifty futures were trading around 11,942-level on the Singaporean Exchange.

Iran launches missile strike against US in Iraq

Iran has launched over a dozen ballistic missiles targeting at least two bases where US military and coalition forces' are stationed in Iraq, the Pentagon said on Tuesday.

These attacks came after the killing of the commander of Iran's powerful Revolutionary Guards, General Qasem Soleimani, in a US drone strike, which was ordered by President Donald Trump, on Friday.

Crude Oil:

Oil prices jumped to their highest in months on Wednesday after Iran attacked American forces in Iraq in response to a US strike that killed an Iranian general last week, raising the spectre of a spiralling conflict and disrupted oil supplies.

Brent crude futures soared $1.83, or 2.7 percent, to $70.10 by around 0148 GMT, after earlier rising to $71.75, the highest since mid-September 2019.

CSO pegs FY20 growth at 5 percent, lowest in 11 years

The government has pegged the economic growth rate for 2019-20 at 5 percent, slower than the 2018-19 expansion rate of 6.8 percent. At 5 percent, the growth would be an 11-year low, CNBC-TV18 reported.

According to the first advanced estimates, India's real or inflation-adjusted Gross Domestic Product (GDP) will grow at 7.5 percent in 2019-20, data released by the Central Statistics Office (CSO) showed on January 7.

Govt taking steps to simplify taxation

Finance Minister Nirmala Sitharaman on January 7 said the government is taking various steps to simplify the taxation system and eliminate harassment of honest taxpayers.

The tax department has implemented a computer-generated document identification number (DIN) to ensure greater transparency and accountability in tax administration.

SEBI to retain cash market margin rules

Securities and commodities market regulator SEBI may stick to its rules on the upfront collection of margins for cash market trades, a source familiar with the development told Moneycontrol. The new rules came into effect from January 1 this year.

Bharat Bandh on January 8:

The government has asked public sector undertakings to dissuade their employees from participating in the 'Bharat Bandh' called on January 8 and advised them to prepare a contingency plan to ensure the smooth functioning of the enterprises.

Ten central trade unions have said around 25 crore people will participate in the nationwide strike to protest against the government's "anti-people" policies.

Gold soars past $1,600/ounce after Iran attack

Gold prices surged more than 2% on Wednesday, crossing the key $1,600 mark, as investors sought cover in the safe-haven metal after Iran fired rockets at Iraqi airbase which hosts U.S. forces, said a Reuters report.

Gold prices hit their highest since March 2013 at $1,610.90 earlier in the session. U.S. gold futures GCv1 rose 2% to $1,605.80.

Rupee regains 11 paise against USD

The Indian rupee on January 7 reclaimed some lost ground, rising 11 paise to close at 71.82 against the US dollar as receding fears of a larger conflict in the Middle East helped crude oil prices ease. Besides, a rebound in the domestic equity markets also supported the rupee.

Institutional Activity:

On the institutional front, FPIs were net sellers in Indian markets for Rs 682 cr while the DIIs were net buyers to the tune of Rs 311 cr, provisional data showed.

Note: With inputs from Reuters, PTI & other agencies
Kshitij Anand is the Editor Markets at Moneycontrol.

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