A list of important headlines from across news agencies that could help in your trade today.
Nifty failed to hold 11,300 as benchmark indices fell for the eighth consecutive session on May 10. The Sensex ended nearly 100 points lower, while Nifty closed at 11,278.
Tata Steel, HCL Tech, Yes Bank, IndusInd Bank and IOC were biggest index losers, while Zee Entertainment, Titan Company, Bharti Airtel, SBI and Indiabulls Housing were gainers.
Metal, IT, pharma, energy, FMCG and auto witnessed selling pressure, while some buying was seen in banks and infra companies. Midcap and smallcap index ended with marginal gains.
According to the Pivot charts, the key support level is placed at 11,238, followed by 11,197.1. If the index starts moving upward, key resistance levels to watch out are 11,332.8 and 11,386.7.
The Nifty Bank index closed at 29,040.5, up 155.9 points on May 10. The important Pivot level, which will act as crucial support for the index, is placed at 28,892.8, followed by 28,745.1. On the upside, key resistance levels are placed at 29,195.5, followed by 29,350.5.
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 snaps losing streak after Trump's upbeat trade comments
US stocks rebounded from early losses on Friday to snap a four-day losing streak after US President Donald Trump and Treasury Secretary Steven Mnuchin said trade talks between the United States and China were “constructive.”
The Dow Jones Industrial Average rose 114.01 points, or 0.44%, to 25,942.37, the S&P 500 gained 10.68 points, or 0.37%, to 2,881.4 and the Nasdaq Composite added 6.35 points, or 0.08%, to 7,916.94.
Asian stocks slip as US-China trade tensions simmer
US stock futures fell and Asian shares slipped in early trade on Monday on growing uncertainty over whether the United States and China will be able to reach a deal to end their trade war after Washington sharply hiked tariffs.
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.2%, nearing its two-month low marked on Thursday. Japan’s Nikkei average sunk as much as 1 percent to hit its lowest level since March 28. It last traded down 0.6%,
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 30 points or 0.27 percent. Nifty futures were trading around 11,253-level on the Singaporean Exchange.
Oil prices fall amid US-China trade impasse
Oil futures edged down on Monday, pressured by fears over global economic growth amid a standoff in Sino-US trade talks. Brent crude futures were at $70.49 a barrel at 0013 GMT, down 12 cents, or 0.2 percent, from their last close. Brent ended the previous session little changed.
US West Texas Intermediate (WTI) crude futures were at $61.31 per barrel, down 27 cents, or 0.4 percent, from their previous settlement. WTI closed the last session steady on the day.
Trump says the US is 'right where we want to be with China'
President Donald Trump said on Sunday that the United States is “right where we want to be with China,” adding that Beijing “broke the deal with us” and then sought to renegotiate. “We will be taking in Tens of Billions of Dollars in Tariffs from China. Buyers of product can make it themselves in the USA (ideal), or buy it from non-Tariffed countries,” Trump said on Twitter.
Trump added: “We will then spend (match or better) the money that China may no longer be spending with our Great Patriot Farmers (Agriculture), which is a small percentage of total Tariffs received, and distribute the food to starving people in nations around the world!”
Rupee inches up 2 paise to 69.92 vs USD
Snapping its four-session losing run, the rupee ticked higher by 2 paise to finish at 69.92 against the US dollar Friday. Forex traders said the domestic unit recovered in the later part of the day amid reports that the US is expected to remove India from its currency manipulation watch list.
At the Interbank Foreign Exchange (forex) market, the local unit opened at 70.04. It moved in a range of 70.07 to 69.76 before finally ending at 69.92, up 2 paise over its previous close.
Forex reserves up by $171.9 mn to $418.7 bn
The country's foreign exchange reserves increased by $171.9 million to $418.687 billion in the week to May 3, mainly on account of a rise in foreign currency assets, RBI data showed May 10. In the previous week, the reserves had swelled by $4.368 billion to $418.515 billion, helped by the second dollar-rupee swap auction held on April 23.
In the reporting week, foreign currency assets, which are a major component of the overall reserves, rose by $448.3 million to $390.869 billion.
FPIs pulls out Rs 3,207 crore in May so far
Reversing their three-month buying streak, foreign investors pulled out a net Rs 3,207 crore from the Indian capital markets in the first seven trading sessions of May amid the US-China trade tensions and uncertainty over the election results. Prior to this, foreign portfolio investors (FPI) poured in a net Rs 16,093 crore in April, Rs 45,981 crore in March and Rs 11,182 crore in February in the domestic capital markets (both equity and debt).
During the period between May 2-10, FPIs invested a net sum of Rs 1,344.72 crore in equities but pulled out a net Rs 4,552.20 crore from the debt market, taking the total net outflow to Rs 3,207.48 crore, latest depositories data showed.
68 companies to report March quarter numbers today
As many as 68 companies will declare their results for the quarter ended March which include names like Andhra Bank, CCL Products, Godrej Industries, HDFC, Vodafone Idea, ITC, Karnataka Bank, Muthoot Finance, OBC, and United Bank of India among others.
One stock under ban period on NSE
For May 13, Jet Airways is in the list of stocks under ban. Securities in ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.With inputs from Reuters & other agencies
India Union Budget 2019: What does Finance Minister Nirmala Sitharaman have up her sleeve? Click here for top and latest Budget news, views and analyses.