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

The Nifty50, after opening at fresh record high, erased gains after first hour of trade but managed to recoup those losses and remained higher for major part of the session on Monday.

The index continued its positive momentum, forming a 'Hanging Man' kind of pattern on the daily candlestick charts indicating that there could be some consolidation or correction going ahead.

The Nifty50 after opening at fresh record high of 11,296.65 hit 10,300-mark for the first time but corrected after first hour of trade to hit day's low of 11,261.45. The index managed to recoup those losses in late morning trade and hit a new intraday high of 11,328.10.

India VIX moved up by 1.52 percent to 12.49. Overall lower volatility suggests bulls are holding the tight grip on the market, experts said.

According to Pivot charts, the key support level is placed at 11,277.97, followed by 11,236.43. If the index starts moving upwards, key resistance levels to watch out are 11,344.57 and 11,369.63.

The Nifty Bank index closed at 27,842.60, up 208.2 points on Monday. The important Pivot level, which will act as crucial support for the index, is placed at 27,675.77, followed by 27,508.94. On the upside, key resistance levels are placed at 27,941.57, followed by 28,040.53.

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.

A broad sell-off of technology stocks pushed the three major US stock indexes lower on Monday, with the Nasdaq Composite posting its third consecutive loss of more than 1 percent for the first time in three years just days after hitting a record high.

The Dow Jones Industrial Average fell 144.23 points, or 0.57 percent, to 25,306.83, the S&P 500 lost 16.22 points, or 0.58 percent, to 2,802.6, and the Nasdaq Composite dropped 107.42 points, or 1.39 percent, to 7,630.00.

Asian share markets weakened on Tuesday, taking cues from the rout in global technology shares while the yen edged higher ahead of the Bank of Japan’s rate review, at which it could flag a shift away from its massive monetary stimulus.

Japan’s Nikkei fell 0.5 percent. South Korea’s Kospi index dipped 0.1 percent despite solid second-quarter results from Samsung Electronics which posted a 5.7 percent rise in profit. MSCI’s broadest index of Asia-Pacific shares outside Japan was mostly unchanged at 543.23 as were Australian shares.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 4.5 points or 0.04 percent. Nifty futures were trading around 11,339- level on the Singaporean Exchange.

Oil prices slipped on Tuesday after a report showed that OPEC production reached a 2018 high in the month of July, although the losses were limited as concerns about supply lingered.

September Brent crude futures fell 7 cents to USD 74.90 a barrel by 0109 GMT after rising 68 cents, or 0.9 percent, on Tuesday. US West Texas Intermediate crude futures (WTI) were down 6 cents at USD 70.08, after rising more than 2 percent in the previous session.

Growth in China’s services industry in July moderated for the first time in five months, an official survey showed on Tuesday, a sign activity is slowing in a major part of the world’s second largest economy.

The official non-manufacturing Purchasing Managers’ Index (PMI) fell to 54.0 from 55.0 in June, well above the 50-point mark that separates growth from contraction. The services sector accounts for more than half of China’s economy, with rising wages giving Chinese consumers more spending power.

The rupee yesterday closed down by a modest 2 paise at 68.67 against the US currency to end its three-session gaining streak due to month-end dollar demand. Traders turned cautious in the run up to the outcome of RBI monetary policy committee meeting that began yesterday.

Sustained weakness in Asian currencies, particularly the Chinese yuan, as investors awaited decisions of key central bankers also weighed on appetite for the local currency. The rupee recouped early steep losses towards the tail-end trade before settling at 68.67,showing a nominal loss of 2 paise. The local currency had appreciated 29 paise in three-day rally.

The 6-member Monetary Policy Committee (MPC), headed by RBI Governor Urjit Patel, started three-day deliberations here today to decide on the key interest rate amid elevated oil prices and inflation hovering around 5 percent. Experts are divided in their opinion about the likely action of Reserve Bank of India on the benchmark lending rate. While some said the central bank will maintain status quo on Wednesday, others did not rule out another rate hike.

In a research report, India's largest bank SBI said that the RBI may not go for another round of rate hike at this juncture. "We believe August rate decision is a close call, though we believe status quo rather than a hike looks the best option," it said. The only reason for a rate hike by RBI at this juncture might be to "satiate the self fulfilling prophecy" of market expectations of a rate hike to stem the rupee depreciation (though rupee depreciated by 3 percent post June), it added.

China offered Britain talks on a post-Brexit free trade deal on Monday, reaching out to London as Beijing remains mired in an increasingly bitter trade war with Washington, even as a senior Chinese diplomat reiterated its door remained open for dialogue.

China has been looking for allies in its fight with the United States, initiated by the Trump administration, which says China's high-tech industries have stolen intellectual property from American firms and demanded Beijing act to buy more US products to reduce a USD 350 billion trade surplus.

OPEC oil output has risen this month to a 2018 high as Gulf members pumped more after a deal to ease supply curbs and Congo Republic joined the group, a Reuters survey found, although losses from Iran and Libya limited the increase.

The Organization of the Petroleum Exporting Countries has pumped 32.64 million barrels per day in July, the survey on Monday found, up 70,000 bpd from June's revised level and the highest this year with Congo added.

Foreign institutional investors (FII) increased their ownership in India's biggest listed companies in the June quarter although they are net sellers of Indian equities so far this year due to concerns of steep valuations and weakening currency.

For 427 of the 500 firms in the BSE 500 index, which make up nearly 90 percent of India’s market capitalization, foreign institutional ownership increased to 20.83 percent by the end of June quarter from 20.77 percent in the previous quarter, according to data provided by Capitaline. However, this is lower than FIIs holding in these companies in the June quarter last fiscal which stood at 21.02 percent, Mint reported.

On the earnings front, as many as 108 companies will declare results for June quarter which include names like Ajanta Pharma, Bank of India, Bharat Electronics, Castrol India, Dabur India, Mahanagar Gas, Tata Motors, Vedanta, and V-Guard Industries among others.