Moneycontrol
Last Updated : Jan 02, 2019 07:35 AM IST | Source: Moneycontrol.com

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

A list of important headlines from across news agencies that could help in your trade today.

Sandip Das @Im_Sandip1

Benchmark indices closed the first session of the new year 2019 on a positive note on January 1 with gains of around half a percent driven by banking & financials stocks.

The 30-share BSE Sensex rose 186.24 points to 36,254.57 while the 50-share NSE Nifty gained 47.60 points to close at 10,910.10 in the absence of global cues.

After opening higher the index immediately slipped into the red and continued to trade in a narrow range, but gained strength in the last hour to climb above 10,900 levels. It formed 'Hammer' kind of pattern on the daily charts.

According to Pivot charts, the key support level is placed at 10,836.93, followed by 10,763.77. If the index starts moving upward, key resistance levels to watch out are 10,953.43 and then 10,996.77.

The Nifty Bank index closed at 27,392.40, up 232.20 points on January 1. The important Pivot level, which will act as crucial support for the index, is placed at 27,130.8, followed by 26,869.2. On the upside, key resistance levels are placed at 27,542.3, followed by 27,692.2.

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.

Asia takes heart from New Year gains in US stock futures

Asian shares crept cautiously higher on the first trading day of the new year as early gains in US stock futures spoke of some improvement in risk appetite.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.14 percent, as E-Mini future for the S&P 500 firmed 0.5 percent and Nasdaq futures 0.7 percent. Japan's Nikkei was closed for a holiday.

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 39 points or 0.36 percent. Nifty futures were trading around 10,961-level on the Singaporean Exchange.

North Korea’s Kim Jong Un says ready to meet Donald Trump

North Korean leader Kim Jong Un said on Tuesday he is ready to meet US President Donald Trump anytime to achieve their common goal of denuclearising the Korean Peninsula, but warned he may have to take an alternative path if US sanctions and pressure against the country continued.

In his New Year address, Kim said denuclearisation is his “firm will” and suggested for the first time that North Korea would no longer produce nuclear weapons, but also urged Washington to take unspecified corresponding action to speed up the stalled diplomatic process.

North Korea might be “compelled to explore a new path” to defend its sovereignty if the United States “seeks to force something upon us unilaterally ... and remains unchanged in its sanctions and pressure,” Kim said in his nationally televised address.

Oil starts 2019 with gains, as traders gear up for volatile year

Oil markets began 2019 in positive territory on Wednesday, as traders prepare for a likely volatile year of trading amid soaring US crude supply and concerns about a global economic slowdown. International Brent crude futures were at $54.31 per barrel at 0126 GMT, up 51 cents, or 1 percent from their final close of 2018. West Texas Intermediate (WTI) spot crude oil futures were at $45.85 per barrel, up 44 cents, or 1 percent.

RBI issues norms for restructuring loans to MSMEs

The Reserve Bank of India (RBI) issued norms for restructuring loans defaulted by micro, small and medium enterprises. The RBI permitted a one-time restructuring of existing loans to MSMEs that are in default but 'standard" as on January 1, 2019, the central bank said in a statement.

To be eligible for the scheme, the aggregate exposure, including non-fund based facilities of banks and NBFCs, to a borrower should not exceed Rs 25 crore as on January 1, 2019. The restructuring has to be implemented by March 31, 2020.

Rupee soars 34 paise against US Dollar

The Indian rupee kicked off 2019 on a resounding note, building up on gains of the previous two sessions and adding another 34 paise on January 1 to close at 69.43 against the US dollar on increased selling of the greenback by exporters and smart gains in domestic equities. The domestic unit has rallied by a hefty 92 paise in the last three trading sessions.

At the Interbank Foreign Exchange (forex), the rupee opened on a firm note at 69.63. It gained further to hit a high of 69.43 following dollar selling by exporters, before finally closing at 69.43, up 34 paise.

Government exempts rupee payments for Iran oil from taxes

The government has exempted rupee payments made to Iran's national oil company NIOC towards the purchase of crude oil from payment of any tax, according to a Gazette notification. The finance ministry in a December 28, 2018 Gazette notification said the National Iranian Oil Company (NIOC) will not have to pay any withholding tax on payments it gets from Indian refiners.

India had on November 2, 2018, signed an agreement with Iran to pay for crude oil it imports from the Persian Gulf nation in rupees. Any income a foreign company receives in an Indian bank account is subject to a withholding tax of 40 per cent, which together with sundry cesses totals to 42.5 percent.

Exempting payments received by NIOC for crude oil it sells to Indian refiners, the notification said the Iranian firm "shall not engage in any activity in India, other than the receipt of income under the aforesaid arrangement".

GST December mop-up drops to Rs 94,726 crore

Revenue collection from Goods and Services Tax (GST) fell to Rs 94,726 crore in December from Rs 97,637 crore a month ago,as per data released by the Finance Ministry on January 1.

Out of the total collection, Central GST (CGST) was Rs 16,442 crore, with states garnering Rs 22,459 crore State GST (SGST). At least Rs 7,888 crore was received as cess, with Rs 47,936 crore collected as Integrated GST (IGST), which is levied on inter-state supply of goods and services and is divided between states and the Centre.

The total number of GSTR 3B or summary form-based returns filed for the month of November up to December 31 was 72.44 lakh, higher than 69.6 lakh a month ago.

SMEs set to get GST relief ahead of 2019 Lok Sabha elections

With Lok Sabha elections due by May 2019, the GST Council is set to further ease the compliance burden for small businesses at its meeting later this month.

The GST Council, chaired by union finance minister Arun Jaitley, will consider raising the sales threshold for compulsory GST registration from Rs 20 lakh to anywhere between Rs 50 lakh and Rs 75 lakh, one person privy to the development said on condition of anonymity.

A GST Council meeting is likely to be convened by mid-January to consider the proposal that is based on the experience gained since the tax reform was implemented in July 2017, Mint reported.

1 stock under ban period on NSE

Securities in ban period for the next day's trade under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

For January 2, Adani Power is present in this list.

With inputs from Reuters & other agencies
First Published on Jan 2, 2019 07:35 am
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