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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 index in India with a 57 points gain.

April 29, 2020 / 07:37 AM IST

The Sensex closed the day with a gain of 1.17 percent at 32,114.52 and the Nifty settled 1.06 percent higher at 9,380.90.

The Nifty failed to hold on to the 9,400 level but closed near its strong opening levels and formed a Dragonfly Doji pattern on the daily charts.

According to pivot charts, the key support level for Nifty is placed at 9,292.47, followed by 9,204.03. If the index continues moving up, key resistance levels to watch out for are 9,436.87 and 9,492.83.

The Nifty Bank closed 2.94 percent up at 20,671.10. The important pivot level, which will act as crucial support for the index, is placed at 20,370.84, followed by 20,070.57. On the upside, key resistance levels are placed at 20,861.34 and 21,051.57.

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

Wall Street’s major indexes lost ground on Tuesday as investors moved out of market-leading growth stocks, though a rotation into cyclical value stocks indicated hopes of economic revival as states began to relax restrictions enacted to fight the deadly COVID-19 pandemic.

The Dow Jones Industrial Average fell 32.23 points, or 0.13%, to 24,101.55, the S&P 500 lost 15.09 points, or 0.52%, to 2,863.39 and the Nasdaq Composite dropped 122.43 points, or 1.4%, to 8,607.73.

Asian Markets

Asian shares were cautiously higher on Wednesday as investors paused ahead of the US Federal Reserve’s policy decision while oil prices jumped on hopes demand will pick up as many countries lift some of the coronavirus-related restrictions.

In early Asian trade, MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.2% for its third straight day of gains. Japan’s markets were closed for a public holiday. Australia climbed 0.2% and South Korea rose 0.3%. New Zealand shares slipped 0.6%.

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the index in India with a 57 points gain. The Nifty futures were trading at 9,452 on the Singaporean Exchange around 07:30 hours IST.

Moody's slashes India growth forecast to 0.2% for 2020-21

Moody's Investors Service on Tuesday slashed India growth forecast for calendar year 2020 to 0.2 percent, from 2.5 percent projected in March. For 2021, Moody's expects India's growth to rebound to 6.2 percent. In its report titled - Global Macro Outlook 2020-21 (April 2020 update), Moody's has lowered G-20 advanced economies as a group to contract by 5.8 percent in 2020.

Moody's said the economic costs of coronavirus crisis amid the near shutdown of the global economy are accumulating rapidly.

Franklin Templeton India fiasco | SEBI may conduct special audit for abrupt closure of schemes

Market regulator Securities and Exchange Board of India (SEBI) may conduct a special audit of Franklin Templeton India after the company wound up six schemes abruptly. Through this special audit, SEBI aims to check if trustees and management have carried out their duty properly or if there were any lapses.

The six schemes shut down by the asset management company (AMC) had over Rs 26,000 crore of fund holders' money. Among the six closed schemes, Franklin India ultra short-term fund was the largest with assets worth Rs 9,679 crore.

“The mutual fund has invested in longer date maturity paper. Around 7 percent of the total AUM of the six schemes has a maturity of 7-10 years. Only 26 percent of their portfolio will mature in the next year. So, clearly there is a mismatch between assets and liabilities. It needs to be seen whether there any violation of SEBI regulations or not,” a source told Moneycontrol.

Oil prices climb as storage fills less rapidly than feared

Oil prices climbed on Wednesday, trimming some of this week’s steep losses after US stockpiles rose less than expected and hopes grew for demand to pick up as some European countries and US cities moved to ease coronavirus lockdowns.

US West Texas Intermediate (WTI) crude futures jumped to a high of $13.85 and were up 8.8%, or $1.09, at $13.43 at 0038 GMT. Brent crude futures rose 1.8%, or 36 cents, to $20.82.

Auto sales may remain muted even after lockdown: CRISIL

Auto sales are likely to remain muted as consumers may not flock to dealerships and even avoid shopping malls and markets due to the fear of coronavirus infection for an extended period post lockdown, a report said on Tuesday. The report by ratings agency Crisil Research projected that half of passengers vehicle sales and a third of two-wheeler volume are at risk due to the coronavirus-induced pandemic.

SEBI initiates measures to commission study on market issues

Market regulator Sebi on Tuesday said it has invited proposals from researchers to commission a study on various issues of stock markets. Sebi said that Indian securities market is in the cusp of emerging as the major source of finance as well as an attractive investment destination for all categories of investors at a time when India is moving ahead to be a global economic powerhouse.

Accordingly, the Securities and Exchange Board of India (Sebi) has invited research proposals from researchers from all nationalities for the regulator's Development Research Group (DRG)-III studies. The regulator said that call for proposals will be placed twice a year with June 1 and January 1 deadline.

Rupee settles 7 paise higher at 76.18 against US dollar

The Indian rupee rose by 7 paise to close at 76.18 (provisional) against the US dollar on Tuesday, tracking positive domestic equities and a weak American currency in the overseas market. This is the second consecutive day of gain for the rupee, during which it has appreciated by 28 paise.

At the interbank foreign exchange, the rupee opened at 76.33. During the session it touched an intra-day high of 76.14 and a low of 76.44. The domestic unit finally settled at 76.18, registering a rise of 7 paise over its previous close.

FII and DII data

Foreign institutional investors (FIIs) sold shares worth Rs 122.15 crore, while domestic institutional investors (DIIs) bought shares worth Rs 389 crore in the Indian equity market on April 28, provisional data available on the NSE showed.

With inputs from Reuters & other agencies

Sandip Das
first published: Apr 29, 2020 07:37 am