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Last Updated : Sep 29, 2020 07:46 AM IST | Source: Moneycontrol.com

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 8 points gain.

The 10 most valued domestic companies together added a whopping Rs 4,04,068.05 crore in market valuation last week, with RIL and HDFC Bank leading the gains. Here are the top 10 firms according to their market capitalisation for the week ended April 9:
The 10 most valued domestic companies together added a whopping Rs 4,04,068.05 crore in market valuation last week, with RIL and HDFC Bank leading the gains. Here are the top 10 firms according to their market capitalisation for the week ended April 9:

The Indian stock market is expected to open flat as trends on SGX Nifty indicate a flat to positive opening for the index with a 8 points gain.

The BSE Sensex climbed 592.97 points or 1.59 percent to close at 37,981.63 on September 28 while the Nifty50 rose 177.20 points or 1.60 percent to 11,227.50. According to pivot charts, the key support levels for the Nifty is placed at 11,138.43, followed by 11,049.37. If the index moves up, the key resistance levels to watch out for are 11,277.93 and 11,328.37.

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

Wall Street rallied to close sharply higher on Monday as investors sought bargains among sectors hardest-hit by the coronavirus recession, now limping toward its ninth month.

The Dow Jones Industrial Average rose 410.1 points, or 1.51%, to 27,584.06, the S&P 500 gained 53.14 points, or 1.61%, to 3,351.6 and the Nasdaq Composite added 203.96 points, or 1.87%, to 11,117.53.

Asian Markets

Asian markets look set to rise on Tuesday, building on newfound momentum after bargain hunters helped a recovery in U.S. markets after last week's selloff.

Australian S&P/ASX 200 futures were up 0.64% in early trading, while Japan's Nikkei 225 futures rose 0.21%. Hong Kong's Hang Seng index futures were up 0.61%.

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the index in India with a 8 points gain. The Nifty futures were trading at 11,255 on the Singaporean Exchange around 07:30 hours IST.

Oil slips as demand worries offset hopes for stimulus

Oil prices fell on Tuesday as demand concerns driven by COVID-19 outweighed hopes that U.S. lawmakers and the White House were nearing an agreement on a new stimulus package to revive the world’s biggest economy.

U.S. West Texas Intermediate (WTI) crude futures slipped 17 cents, or 0.4%, to $40.43 at 0120 GMT, while Brent crude futures also fell 17 cents, or 0.4%, to $42.26 a barrel.

RBI likely to hold MPC meeting next week

The government has all but decided on the new external members of the Monetary Policy Committee (MPC), and the next meeting will likely be held next week, a senior official told Moneycontrol. On September 28, the Reserve Bank of India (RBI) notified that the upcoming meeting of the MPC, scheduled to start from September 29, has been postponed.

This postponement is expected to be short one, and may have been done to complete mandatory formal processes like background and security checks of the new members, the official said. “The meeting of the MPC during September 29, 30 and October 1, 2020, is being rescheduled. The dates of the MPC’s meeting will be announced shortly,” the RBI said.

SEBI eases fund raising norms for REITs, InvITs

Seeking to make fund raising easier, markets regulator Sebi on September 28 provided relaxations to REITs and InvITs for preferential and institutional placement of their respective units. Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) can now raise equity capital through institutional placement route two weeks after a previous such exercise.

In two separate but similarly worded circulars, Sebi said that in view of the situation emerging out of the coronavirus pandemic, it has "granted certain relaxations for raising of equity capital" by listed REITs and InvITs. Sebi said REITs and InvITs "shall not make any subsequent institutional placement until the expiry of two weeks from the date of the prior institutional placement made pursuant to one or more special resolutions".

Housing sales up 34% in July-September, unsold inventory marginally down: JLL

India’s residential market was more active in the third quarter of 2020, with sales increasing by 34 percent quarter on quarter, according to JLL Research. While Mumbai accounted for 29 percent of the total sales in the quarter, 22 percent of those came from Delhi-NCR. Growth in sales activity was also driven by stronger demand in Chennai, Hyderabad, and Pune.

“We are feeling cautiously optimistic about the residential market, driven by sales volumes in Mumbai and Delhi. A combination of favourable factors such as low mortgage rates, attractive prices combined with developers’ lucrative payment plans together reinforce the longer-term potential of the sector. For end users, the next 12 months are ideal to buy a house,” said Ramesh Nair, chief executive officer and country head, India, JLL.

RBI extends MSF facility for banks until March next year

The Reserve Bank of India (RBI) on September 28 said it has extended the marginal standing facility (MSF) relaxation for banks until March 31. Earlier, this facility was given till September 30. Under MSF facility, banks are allowed to avail of funds by dipping into the Statutory Liquidity Ratio (SLR) by up to an additional one percent of net demand and time liabilities (NDTL), i.e., cumulatively up to 3 percent of NDTL.

“With a view to providing comfort to banks on their liquidity requirements as also to enable to continue to meet LCR requirements, it has been decided to continue with the MSF relaxation for a further period of six months, i.e., up to March 31, 2021,” the RBI said.

SEBI asks bourses, clearing corps to take measures to liquidate defaulter members' assets

Markets regulator Sebi on September 28 asked exchanges and clearing corporations to initiate measures for liquidating assets of defaulter members within six months of declaring the entities concerned as defaulters.

The watchdog has directed that required measures have to be taken before the appropriate court of law to liquidate moveable and immoveable assets that are not in possession of stock exchanges and clearing corporations.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 26.98 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 542.34 crore in the Indian equity market on September 28, as per provisional data available on the NSE.

SEBI slaps Rs 20 lakh fine on Bonanza Portfolio

Markets regulator Sebi has slapped a penalty of Rs 20 lakh on stock broker Bonanza Portfolio Ltd for misusing clients' funds and securities, among other issues. The regulator carried out a multi-theme inspection of books of accounts of Bonanza Portfolio (noticee) during May-July 2018 and found that the broker misutilised client funds.

It was observed that the misutilisation of the clients' funds by Bonanza (broker) is in the range of Rs 9.6 crore to Rs 45 crore from December 2017 to January 2018, and the average misutilisation amounted to Rs 24.91 crore.

With inputs from Reuters & other agencies
First Published on Sep 29, 2020 07:46 am
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