A list of important headlines from across news agencies that could help in your trade today.
Benchmark indices ended the November series on a strong note on November 29 with the Nifty rising over 7 percent. The index gained over a percent to close above 10,850 levels, forming bullish candle on the daily charts.
The rupee gaining past 70 a dollar at close, crude falling below $60 a barrel, consistent FII buying and Federal Reserve's dovish remarks hinting end to aggressive rate hikes boosted market sentiment.
The 30-share BSE Sensex rose 453.46 points or 1.27 percent to 36,170.41 while the 50-share NSE Nifty closed above the 200-day moving average, rallying 129.80 points or 1.21 percent to 10,858.70.
The index is likely to extend the upward momentum in December with some consolidation, but there could be profit booking in coming sessions after seeing a rally in last four consecutive sessions, experts said.
According to Pivot charts, the key support level is placed at 10,799.67, followed by 10,799.67. If the index starts moving upwards, key resistance levels to watch out are 10,900.37 and then 10,942.03.
The Nifty Bank index closed at 26,939.60, up 481.65 points on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 26,676.6, followed by 26,413.6. On the upside, key resistance levels are placed at 27,103.2, followed by 27,266.8.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.
Wall Street edges down as tech, bank stocks weigh
Wall Street closed slightly lower on Thursday as tech and financial shares slumped, erasing earlier gains stemming from Federal Reserve minutes showing the central bank opened the debate on when to pause further interest rate hikes. All three major US indexes ended the session down a fraction of a percent.
The Dow Jones Industrial Average fell 27.59 points, or 0.11 percent, to 25,338.84, the S&P 500 lost 5.99 points, or 0.22 percent, to 2,737.8 and the Nasdaq Composite dropped 18.51 points, or 0.25 percent, to 7,273.08.
Asian shares soften as investors look to G20 summit
Share markets ticked slightly lower in early Asian trade on Friday as investors await a closely watched meeting between the Chinese and US presidents in Argentina this weekend for signs of a trade war detente.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 percent. In Japan, the Nikkei was up 0.2 percent.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 13.5 points or 0.12 percent. Nifty futures were trading around 10,929-level on the Singaporean Exchange.
Indian economy likely to grow at 7-7.4% in FY19: NCAER
Indian economy is projected to grow at 7–7.4 percent in the current fiscal, economic policy think-tank NCAER said on November 29. According to a report by the National Council of Applied Economic Research (NCAER), the real agriculture Gross Value Added (GVA) is envisaged to grow at 3 percent and real industry GVA at 7 percent in 2018-19.
"The forecast for Gross Value Added (GVA) at basic prices is 7.0–7.4 percent. These forecasts at constant (2011–12) prices are based on NCAER's annual GDP macro model," NCAER's Mid-Year Review of the Economy said. GDP growth rate at market prices estimated at 7.4–7.7 percent for 2018–19, the report said.
Rupee soars 77 paise, breaches 70/USD mark
The rupee vaulted 77 paise to a three-month high of 69.85 per US dollar on November 29, propelled by easing crude oil prices and fresh foreign capital inflows. In a major relief to energy importers like India, oil prices slipped below the $60 per dollar mark as investors fretted over a supply glut.
Forex dealers said a bullish trend in the equity market and a weak greenback further propped up the local unit, which racked up gains for the third straight day.
At the Interbank Foreign Exchange (forex), the rupee opened on a firm footing at 70.15 against the US dollar. It then breached the crucial 70 per USD mark and rallied to the day's high of 69.78 following dollar selling by exporters.
Oil prices dip on swelling US supply
Oil prices slipped on Friday after the United States reported a 10th straight weekly gain in commercial crude reserves amid record output.
US West Texas Intermediate (WTI) crude futures were at $51.30 per barrel at 0023 GMT, down 15 cents, or 0.3 percent from their last settlement. International Brent crude oil futures had yet to trade.
SEBI to extend commodity trading hours soon
The Securities and Exchange Board of India (SEBI) may allow the commodity market to open an hour early at 9 am, instead of at 10 am now. It is also considering extending the closing time of the agri commodity market by 4 hours to 9 pm. An announcement to the effect is expected soon.
Agri commodities such as soybean, palm oil, and cotton overseas for which the price discovery is dependent on the international markets will continue to trade until 9 pm while non-agri commodities will continue trade till 11.55 pm.
RBI relaxes asset securitisation norms for NBFCs
The Reserve Bank of India (RBI) on November 29 relaxed rules for non-banking financial companies (NBFCs) to sell or securitise their loan books, in a bid to ease persistent stress in the sector.
NBFCs can now securitise loans of more than five-year maturity after holding those for six months on their books, the Reserve Bank of India said. Earlier, they had to hold these assets for at least one year, a banker said.
However, the relaxation on the minimum holding period will be allowed when the NBFC retains 20 percent of the book value of these loans, the RBI said.
Fed may tweak excess reserves rate again soon: minutes
The US Federal Reserve looks set to make its second adjustment in six months to the systems it uses to control interest rates as it appears on course for yet another rate increase at its meeting next month.
Minutes released on Thursday of the Fed’s latest two-day policy meeting on November 7-8 showed the Fed is also debating whether its ability to ensure its policy rate is effectively transmitted into the banking system is best achieved in an environment where banks’ stockpiles of excess reserves at the central bank are abundant or scarce.
RBI hikes interest subsidy for MSMEs exporters to 5%
To boost MSME sector exports, the Reserve Bank said Thursday the interest subsidy on post and pre-shipment export credit has been increased to 5 percent from 3 percent. The increased subsidy is applicable from November 2. Exporters get the subsidy under the ‘Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit’.
“It has been decided by the Government of India to increase w.e.f. November 2, 2018 Interest Equalisation rate from 3 percent to 5 percent in respect of exports by the Micro, Small & Medium Enterprises (MSME) sector manufacturers under the Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit,” the RBI said in a notification.
ColdEX files IPO papers with Sebi
ColdEX Ltd, integrated food supply chain and distribution company, has filed draft papers with capital markets watchdog Sebi to float an initial public offering.
The IPO comprises fresh issue of up to 10,10,000 equity shares and an offer-for-sale of up to 16,56,408 equity stocks by SABR India Investment Pvt Ltd, according to the draft papers filed with Securities and Exchange Board of India (Sebi).With inputs from Reuters & other agencies