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

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 22 points gain or 0.18 percent.

January 31, 2020 / 07:54 AM IST

Sensex closed 285 points, or 0.69 percent, lower at 40,913.82, while Nifty settled with a loss of 94 points, or 0.77 percent, down at 12,035.80.

According to the pivot charts, the key support level is placed at 11,980.83, followed by 11,925.87. If the index starts moving upward, key resistance levels to watch out for are 12,120.53 and 12,205.27.

The Nifty Bank index closed at 30,647.40, down 0.74 percent. The important pivot level, which will act as crucial support for the index, is placed at 30,475.97, followed by 30,304.54. On the upside, key resistance levels are placed at 30,864.17 and 31,080.93.

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

Global equity markets tumbled on Thursday as the death toll from China’s coronavirus outbreak hit 170, pummeling oil prices and inverting a closely watched bond indicator as investors worried about the world’s second-largest economy.

The Dow Jones Industrial Average rose 124.99 points, or 0.43%, to 28,859.44. The S&P 500 gained 10.26 points, or 0.31%, to 3,283.66 and the Nasdaq Composite added 23.77 points, or 0.26%, to 9,298.93.

Asian Markets

Asian share markets were fighting to stabilise at the end of a punishing week as investors clutched at hopes China could contain the coronavirus, even as headlines spoke of more cases and more deaths.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.4%. Japan's Nikkei bounced 1.8%, recouping half of its weekly loss.

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 22 points gain or 0.18 percent. The Nifty futures were trading around 12,061-level on the Singaporean Exchange.

Oil falls 2% as China virus cases surpass SARS total

Oil prices fell 2% on Thursday to the lowest in three months on concerns over the potential economic impact of the coronavirus that continues to spread worldwide, while the market also considered the possibility of an early OPEC meeting.

Brent crude was down $1.20, or 2%, to $58.61 a barrel by 10:56 a.m. EST (1556 GMT). US crude fell $1.21, or 2.3%, to $52.12 a barrel.

Rupee plunges by 22 paise to 3-week low against US dollar

The rupee lost 22 paise to close at a three-week low of 71.49 against the US dollar on Thursday tracking heavy sell-off in domestic equities and rising concerns over the outbreak of coronavirus.

At the interbank foreign exchange market, the domestic currency opened weak at 71.39 a dollar. It finally settled for the day at 71.49, showing a fall of 22 paise over its previous close. On Wednesday, the local unit had closed at 71.27 against the greenback.

India's food ministry seeks over $28 billion for food subsidies: Sources

India's food ministry has sought more than Rs 2 lakh crore ($28.1 billion) to run the world's biggest food welfare programme in the fiscal year beginning April 1, three government sources said.

But the government is likely to earmark only around Rs 1.90 lakh crore, they added. "The finance ministry may not be able to allocate more than Rs 1.9 lakh crore in the budget," one source - an official - said.

COAI urges govt to offer telcos 10-15 years for dues settlement

Industry body COAI is pitching for a 10-15 year payment schedule for telecom companies to pay their past statutory dues, beginning with part-payment upfront and a two-year moratorium.

This formula of easier payment schedule to meet statutory obligations would offer the much-needed reprieve to telcos such as Bharti Airtel and Vodafone Idea, whose combined liabilities after the recent SC verdict run into billions of dollars, according to the Cellular Operators' Association of India (COAI).

US economy misses Trump's 3% growth target in 2019

The US economy missed the Trump administration's 3% growth target for a second straight year, posting its slowest annual growth in three years in 2019 as the slump in business investment deepened amid damaging trade tensions.

The lofty growth goal has remained elusive despite the White House and Republicans' $1.5 trillion tax cut package, which President Donald Trump had predicted would lift growth persistently above that threshold. The economy grew 2.3% last year, the Commerce Department said on Thursday. That was the slowest since 2016 and followed the 2.9% growth notched in 2018.

Tata Motors consolidated net profit beats Street

Automaker Tata Motors on January 30 said its consolidated net profit for the December quarter of the financial year 2020 stood at Rs 1,738.30 crore against a loss of Rs 26,992.54 crore in the corresponding quarter of the previous financial year.

Consolidated revenue from operations stood at Rs 71,676.1 crore in Q3FY20, falling almost 7 percent YoY against Rs 76,915.94 crore in Q3FY19. Revenue came in lower than the CNBC-TV18 poll of Rs 73,008 crore also. Consolidated EBITDA came in at Rs 7,393.8 crore against CNBC-TV18 poll of Rs 8,150 crore. EBITDA margins improved 350 bps YoY to 10.8 percent.

MSE first to get SEBI nod to launch weekly IRF contracts

The Metropolitan Stock Exchange of India (MSE) on January 30 said it has received Sebi approval to launch the country's first weekly derivatives contracts on interest rate futures (IRFs). This is the second fete for MSE as it was also the first exchange to clear the country's first trade under the interoperability framework for exchanges and clearing corporations.

Sebi has also allowed MSE to launch weekly futures contracts on the currency pairs such as USD-INR, EUR-INR, GBP-INR, JPY-INR, EUR-USD, GBP-USD and USD-JPY, the exchange said in a statement but did not specify when will it launch these new products.

FII & DII data

Foreign Institutional Investors (FIIs) sold shares worth net Rs 962.28 crore, while Domestic Institutional Investors (DIIs) bought net Rs 292.35 crore worth of shares in the Indian equity market on January 30, as per provisional data available on the NSE.

With inputs from Reuters & other agencies
Sandip Das
first published: Jan 31, 2020 07:43 am

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