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

Trends on SGX Nifty indicate a flat opening for the broader index in India, with a 3 points loss or 0.02 percent.

January 30, 2020 / 07:44 AM IST

Sensex closed 232 points, or 0.57 percent, higher at 41,198.66 while Nifty rose 74 points, or 0.61 percent, to close at 12,129.50. The market is expected to react to F&O expiry, US Fed meeting outcome and earnings of corporates, including Colgate, Dabur, Bajaj Auto, IOC, Marico and Tata Motors.

According to the pivot charts, the key support level for Nifty is placed at 12,099, followed by 12,068.5. If the index continues moving up, key resistance levels to watch out for are 12,164.8 and 12,200.1.

Nifty Bank closed 0.38 percent up at 30,877. The important pivot level, which will act as crucial support for the index, is placed at 30,780.93, followed by 30,684.87. On the upside, key resistance levels are placed at 31,027.93 and 31,178.87.

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 Markets

The S&P 500 ended slightly lower on Wednesday, as an initial boost from the likes of Apple, Boeing and General Electric following their quarterly results faded in the wake of a policy announcement from the Federal Reserve.

The Dow Jones Industrial Average rose 11.6 points, or 0.04%, to 28,734.45, the S&P 500 lost 2.84 points, or 0.09%, to 3,273.4 and the Nasdaq Composite added 5.48 points, or 0.06%, to 9,275.16.

Asian Markets

Asian stocks slipped while gold and bonds were in demand on Thursday as worries about the spread of a new virus from China sent investors heading for safety.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8% to an almost seven-week low. Japan's Nikkei fell 1%. Hong Kong's Hang Seng extended Wednesday's drop and Taiwan's benchmark index .TWII opened 1.5% lower in its first session since the Lunar New Year break.

SGX Nifty

Trends on SGX Nifty indicate a flat opening for the broader index in India, with a 3 points loss or 0.02 percent. The Nifty futures were trading around 12,130-level on the Singaporean Exchange.

Fed keeps rates steady, to tailor Treasury bill purchases later this year

The Federal Reserve held interest rates steady on Wednesday at its first policy meeting of the year, with the head of the US central bank pointing to continued moderate economic growth and a “strong” job market, and giving no sign of any imminent changes in borrowing costs.

"We believe the current stance of monetary policy is appropriate to support sustained economic growth, a strong labor market and inflation returning to our symmetric 2% objective," Fed Chair Jerome Powell said.

Oil falls as virus death toll climbs, US inventories rise

Oil prices fell on Thursday as the death toll from the new virus in China climbed to 170 and more airlines canceled flights to the country’s major cities, while rising US crude inventories added to the negative tone.

Brent was down 24 cents, or 0.4%, to $59.57 a barrel by 0152 GMT, having risen 0.5% on Wednesday. US crude was down 26 cents, or 0.5%, to $53.07 a barrel.

Rupee settles 7 paise higher at 71.24 against US dollar

The rupee on Wednesday appreciated by 7 paise to settle at 71.24 against the US dollar following gains in the domestic equity market. Forex traders said rupee consolidated in a narrow range as market participants are assessing the economic implications of the coronavirus outbreak and awaiting cues from the Union Budget.

At the interbank foreign exchange market, the local currency opened at 71.23. During the day, the local unit saw a high of 71.17 and a low of 71.29. The domestic unit finally settled at 71.24, up 7 paise from its previous close.

Indian economy in great position; consumption story growing: BofA CEO

Bullish about India, global giant Bank of America's CEO Brian T Moynihan has said the Indian economy is in a great position with a growing consumption story and a lot of untapped potential in terms of its big young population and a large talent pool. He also expressed confidence about the US growth and the overall world economy, citing the estimates of his research team for a 3.2 per cent growth for the global economy and 1.7 per cent for the US in 2020. "Overall, we feel good about the world. It is a slow growth environment and we have to make our way around it," Moynihan said.

FII and DII data

Foreign institutional investors (FIIs) sold shares worth Rs 1,014.27 crore, while domestic institutional investors (DIIs) bought shares of worth Rs 1,520.9 crore in the Indian equity market on January 29, provisional data available on the NSE showed.

RBI appoints ED Janak Raj as member of MPC

The Reserve Bank of India (RBI) on January 29 appointed its Executive Director Janak Raj as member of the Monetary Policy Committee (MPC), the highest interest rate setting body. Raj replaces M D Patra, who was recently elevated as Deputy Governor of the RBI.

The decision to appoint Janak Raj was taken at the 581st meeting of the central board here on Wednesday. "The Board nominated Dr Janak Raj, Executive Director on the Monetary Policy Committee as an ex officio member," the RBI said in a statement.

ITI FPO subscription remains unchanged at 49% on 4th day

State-owned telecommunications technology company ITI's follow-on public offer was subscribed 49 percent on January 29, the fourth day of bidding. The Rs 1,400-crore further public offer (FPO) has received bids for 8.86 crore equity shares against offer size of 18.18 crore shares, as per data available on the NSE.

The reserved category for retail investors has seen a 94 percent subscription, while that of qualified institutional buyers is 49 percent and non-institutional investors at 16 percent.

With inputs from Reuters & other agencies
Sandip Das
first published: Jan 30, 2020 07:40 am
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