After two weeks of gains, the bears once again took control of the D-Street in the week ended April 24 amid rising COVID-19 cases and delayed financial stimulus. The BSE Sensex corrected 0.83 percent during the week, while the Nifty50 lost 1.2 percent.
Experts expect the rangebound trade to continue in the coming truncated week amid hopes of another stimulus package and global cues.
According to the pivot charts, the key support level on the Nifty is placed at 9,098.17 followed by 9,041.93. If the index continues moving up, key resistance levels to watch out for are 9,253.77 and 9,353.13.
The important pivot level, which will act as crucial support for the index, is placed at 19,418.0 followed by 19,249.3. On the upside, key resistance levels are placed at 19,852.8 and 20,118.9.
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:
Wall Street rallied on Friday, led higher by Apple and Microsoft as investors finished a turbulent week of trading and some states prepared to relax coronavirus-related lockdowns. Apple and Microsoft each climbed more than 1%, lifting the S&P 500 more than any other companies. The two tech titans are on tap to report their March-quarter results next week, giving investors a glimpse at how the pandemic has affected their global businesses.
The Dow Jones Industrial Average jumped 1.11% to end at 23,775.27 points, while the S&P 500 gained 1.39% to 2,836.74. The Nasdaq Composite added 1.65% to 8,634.52.
Asian shares inched higher on Monday ahead of a busy week for earnings and central bank meetings, with much chatter the Bank of Japan (BOJ) will announce more stimulus steps.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1% in early trade, having shed 2.6% last week. Japan's Nikkei gained 1.1%, while E-Mini futures for the S&P 500 dipped 0.4%.
Trends on SGX Nifty indicate a positive opening for the index in India with a 67 points gain. The Nifty futures were trading at 9208 on the Singaporean Exchange around 07:30 hours IST.
Oil falls as crude in US storage nears all-time high
Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not be fast enough to catch up with the collapse in demand from the coronavirus pandemic. US West Texas Intermediate futures fell $1.22, or 7.2%, to $15.72 a barrel by 0122 GMT, while Brent crude was down 33 cents, or 1.5%, at $21.11 a barrel.
US oil futures led losses after US crude inventories rose to 518.6 million barrels in the week to April 17, near an all-time record of 535 million barrels set in 2017, while floating crude oil storage has hit an all-time high of 160 million barrels.
FPIs pull out Rs 10,347 cr from capital markets in April so far
Remaining risk-averse amid the coronavirus pandemic, overseas investors have withdrawn net Rs 10,347 crore from Indian capital markets in April so far. Between April 1-24, foreign portfolio investors (FPI) pulled out a net sum of Rs 6,822 crore from equities and Rs 3,525 crore from the debt segment, depositories data showed.
The total net outflow stood at Rs 10,347 crore. However, the quantum of outflows has reduced from March, when FPIs had withdrawn a record Rs 1.1 lakh crore on net basis from Indian markets (both equity and debt).
India's holding of US govt securities hits record high of $177.5 bn in Feb
Continuing to increase its exposure, India's holding of US government securities jumped by over USD 13 billion in a month to record high of USD 177.5 billion at the end of February. In the last one year since February 2019, the overall holding of India has jumped by a staggering USD 33.2 billion.
Latest data from the US Treasury Department showed that the amount of securities owned by India has also gone up by the maximum quantum in a span of one month, amid the country slowly hiking the level since November last year when it stood at USD 159.2 billion.
Bank advances grow 7.2%, deposits rise 9.45% in fortnight ended April 10
Bank credit and deposits grew by 7.20 percent and 9.45 percent to Rs 103.39 lakh crore and Rs 137.14 lakh crore, respectively in the first fortnight, which ended on April 10, of the current fiscal, according to the latest data from the Reserve Bank of India (RBI). In the year-ago fortnight, bank advances had stood at Rs 96.44 lakh crore and deposits at Rs 125.30 lakh crore.
In the fiscal ended March 31, 2020, bank loans had decelerated to 6.14 per cent, a near five-decade low, due to slower economic growth, lower demand and as banks remained risk averse.
India's forex reserves surge $3.09 billion to $479.57 billion
The country's foreign exchange reserves surged by $3.09 billion to $479.57 billion in the week to April 17, due to an increase in foreign currency assets, according to the latest data from the Reserve Bank of India. In the previous week, the reserves had increased by $1.81 billion to $476.47 billion.
The reserves had touched a life-time high of $487.23 billion in the week to March 6, after it rose by $5.69 billion. During 2020-21, the country's foreign exchange reserves had risen by almost $62 billion.
IT sector revenue growth may hit decadal low due to COVID-19: CRISIL
The Indian IT sector is staring at a revenue growth sliding to a decadal low of up to 2 percent and an impact on profitability owing to narrowing of margins due to the COVID-19 pandemic, a report said on Friday. The companies will lose out on new deals, which will compromise future revenues, and also face reverses on the exiting ones, which may be renegotiated as their overseas clients face difficulties due to the lockdowns, domestic rating agency CRISIL said in the report.
The $97 billion IT sector is one of the largest service exporters and helps the economy also by supporting over 40 lakh jobs if the IT-enabled services are also included.
Bank of Japan to expand stimulus again as pandemic pain deepens
The Bank of Japan is expected to expand monetary stimulus on Monday for the second straight month to ease corporate funding strains and finance huge government spending aimed at combating the deepening economic fallout from the coronavirus pandemic.
The central bank may also clarify its commitment to buy unlimited amounts of government bonds by scrapping loose guidance to buy them at an annual pace of 80 trillion yen ($744 billion) per year, say sources familiar with its thinking.
FII and DII data
Foreign institutional investors (FIIs) sold shares worth Rs 207.29 crore, while domestic institutional investors (DIIs) sold shares worth Rs 993.98 crore in the Indian equity market on April 24, provisional data available on the NSE showed.With inputs from Reuters & other agencies