Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 14.5 points loss or 0.12 percent.
The Indian market extended gains into the fourth consecutive session on January 14 with the benchmark indices hitting fresh record highs for the second day in a row.
Sensex settled 93 points, or 0.22 percent, higher at 41,952.63, while Nifty closed with a gain of 33 points, or 0.27 percent, at 12,362.30.
Nifty traded in a narrow range throughout the day only to pick up some momentum towards the end. The index has crossed 12,350-mark and experts say now the next target, for Nifty, on the upside is at 12,560 with an intermediate hurdle at 12,400.
According to the pivot charts, the key support level for Nifty is placed at 12,322.6, followed by 12,282.9. If the index continues moving up, key resistance levels to watch out for are 12,388.1 and 12,413.9.
Nifty Bank closed 0.33 percent down at 32,071.65. The important pivot level, which will act as crucial support for the index, is placed at 31,975.13, followed by 31,878.56. On the upside, key resistance levels are placed at 32,182.33 and 32,292.97.
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:
US stocks dipped on Tuesday, reversing earlier intraday record highs, following a report that the United States would likely maintain tariffs on Chinese goods until after November’s presidential election. The Dow Jones Industrial Average ended up 0.11% at 28,939.67 points, while the S&P 500 lost 0.15% to 3,283.15. The Nasdaq Composite dropped 0.24% to 9,251.33.
Stocks were steady in early Asian trade on Wednesday as investors awaited the signing of an initial US-China trade deal, with sentiment somewhat dented by comments from the U.S. Treasury Secretary that tariffs would remain in place for now.
MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.13%, Japan’s benchmark Nikkei and South Korea’s Kospi shed 0.29% and 0.48%, respectively, while Australian stocks added 0.33%.
Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 14.5 points loss or 0.12 percent. The Nifty futures were trading around 12,357-level on the Singaporean Exchange.
US to maintain tariffs on Chinese goods until Phase 2 deal: Mnuchin
The United States will maintain tariffs on Chinese goods until the completion of a second phase of a U.S.-China trade agreement, U.S. Treasury Secretary Steven Mnuchin said on Tuesday, a day before the two sides are to sign an interim deal.
Mnuchin told reporters that President Donald Trump could consider easing tariffs if the world’s two largest economies move quickly to seal a follow-up agreement. “If the president gets a Phase 2 in place quickly, he’ll consider releasing tariffs as part of Phase 2,” Mnuchin said.
India-China trade dips by nearly $3 bn in 2019
The bilateral trade between India and China declined by about $three billion last year while India's trade deficit continues to be high amounting to $56.77 billion as both countries experienced economic slowdown.
The trade figures released by the General Administration of Customs of China (GACC) on Tuesday projected the total trade in Chinese currency RMB-Yuan terms registered a marginal increase of 1.6 percent year on year but in dollar terms it was down by about $3 billion.
Oil prices slip on concerns US-China trade deal may not boost demand
Oil prices slipped on Wednesday on concerns that the pending Phase 1 trade deal between the United States and China, the world’s biggest crude users, may not lead to more fuel demand as the US intends to keep tariffs on Chinese goods in place.
Brent crude was down 21 cents, or 0.3%, at $64.28 per barrel by 0206 GMT. US West Texas Intermediate crude futures were down 23 cents, or 0.4%, at $58.00 a barrel.
Rupee settles 1 paise lower at 70.87 against US dollar
The rupee gave away its early morning gains to settle on a flat note at 70.87 against the US dollar ahead of the signing of the US-China trade deal and weak macro economic data on the domestic front. The domestic currency had opened on a strong note in line with other Asian peers after the US on Monday removed the currency manipulator label it imposed on China last summer.
However, weak macro data weighed on the local unit. Besides, rising crude oil prices and strengthening of the American currency in the overseas market also dragged the domestic unit lower. At the interbank foreign exchange, the rupee opened on a strong note at 70.78 against the US dollar.
BSE to introduce liquidity enhancement scheme in Brent crude oil from February
The BSE will introduce a liquidity enhancement scheme in Brent crude oil futures from February 1 to boost trade in the commodity derivatives segment, the stock exchange said on January 14.
Under the liquidity enhancement schemes (LES), brokers and other market intermediaries are given incentives for a specified period of time to bring in liquidity and generate investor interest in securities that have limited trading activity. In a circular, the BSE said the exchange "shall introduce liquidity enhancement scheme in Brent crude oil futures in commodity derivatives with effect from February 1, 2020".
Govt needs to pump economy to arrest slowdown: Ficci
New Ficci President Sangita Reddy on January 14 urged the government not to worry too much about the fiscal deficit and try to pump the economy by increasing investments to arrest slowdown and accelerate growth. "We need to infuse capital into the economy. The fact is that there is a slowdown of the GDP but to pump prime economy, adequate capital is really the need of the hour and therefore the preposition which we put forward is that we should not worry for a small expansion in fiscal deficit," she said.
FII and DII data
Foreign institutional investors (FIIs) sold shares worth Rs 205.56 crore, while domestic institutional investors (DIIs) sold shares of worth Rs 642.47 crore in the Indian equity market on January 14, provisional data available on the NSE showed.With inputs from Reuters & other agenciesGet access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.