A list of important headlines from across news agencies that could help in your trade today.
Benchmark indices closed near the day's high level helped by late buying on May 16. Nifty finished above 11,250 level with the support of metal, IT and energy stocks.
At close, the Sensex was 278.60 points at 37,393.48, while Nifty was up 100.10 points at 11,257.10. About 1,155 shares advanced, 1,296 shares declined, and 149 shares were unchanged.
Zee Entertainment, BPCL, UltraTech Cement, IOC and Bajaj Finance were among major gainers on the Nifty, while losers were Yes Bank, Bharti Airtel, IndusInd Bank, Coal India and Cipla.
Except for pharma, all other sectoral indices ended higher led by IT, metal, energy, bank, auto, FMCG and infra.
According to the Pivot charts, the key support level is placed at 11,173.1, followed by 11,089.1. If the index starts moving upward, key resistance levels to watch out are 11,311.3 and 11,365.5.
The Nifty Bank index closed at 28,855.3, up 238.85 points on May 16. The important Pivot level, which will act as crucial support for the index, is placed at 28,604.6, followed by 28,353.9. On the upside, key resistance levels are placed at 29,026.8, followed by 29,198.3.
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 rises for third straight day on data, earnings
Wall Street closed higher on Thursday as upbeat earnings and strong economic data put investors in a buying mood, with technology companies leading the charge.
The Dow Jones Industrial Average rose 214.66 points, or 0.84 percent, to 25,862.68, the S&P 500 gained 25.36 points, or 0.89 percent, to 2,876.32 and the Nasdaq Composite added 75.90 points, or 0.97 percent, to 7,898.05.
Asian shares struggle for footing after tough week
Asian shares were trying to end a bleak week in the black on Friday as upbeat US economic news and solid company earnings offered a respite from the interminable Sino-US trade saga.
MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1 percent and off a 15-week trough, but was still down 1.8 percent for the week. Japan’s Nikkei bounced 0.7 percent in early trade, while the main Australian index added 0.5 percent. E-Mini futures for the S&P 500 were steady.
Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 16.5 points or 0.15 percent. Nifty futures were trading around 11,288-level on the Singaporean Exchange.
Oil extends gains into fourth straight day on Middle East tensions
Oil prices edged higher on Friday, extending gains into a fourth session as rising tensions in the Middle East stoked fears of potential supply disruptions. Brent crude futures were at USD 72.82 a barrel at 0024 GMT, up 20 cents, or 0.3 percent, from their last close. Brent closed up 1.2 percent on Thursday when prices hit a high of USD 73.36 a barrel - the highest since April 26.
US West Texas Intermediate (WTI) crude futures were at USD 63.18 per barrel, up 31 cents, or 0.5 percent, from their previous settlement. WTI closed up 1.4 percent in the previous session.
Rupee rises 31 paise to 70.03 vs USD
The rupee surged by 31 paise to close at 70.03 against the US dollar Thursday amid a sharp rebound in the domestic equity markets, even as oil prices firmed up. This is the third straight session of gain for the domestic currency, during which it has strengthened by 48 paise.
At the interbank foreign exchange market, the rupee opened at 70.26 per dollar and advanced to a high of 69.99 during the day. It finally settled at 70.03, up 31 paise against its previous close of 70.34.
India to benefit from US-China trade war: ExpertsThe ongoing trade war between the US and China will help India tap export opportunities in both the countries in areas such as garments, agriculture,
automobile and machinery, according to trade experts. Professor at Indian Institute of Foreign Trade (IIFT) Rakesh Mohan Joshi said the US has broadly targeted intermediate components from China, particularly machinery and electronics, whereas China is targeting American automotive and agricultural products including Soybean.
"These areas offer huge opportunities for India. Strong opportunity is unfolding for India in apparel and readymade garments as after China, India is the only country in the world to match the scale of operations and integrate its supply chain for global customers," Joshi said.
Non-NDA govt may lead to 15% correction in Nifty: Report
NSE Nifty may see a correction of up to 15 per cent if a non-NDA government is formed at the Centre, a brokerage said May 16. Citing opinion polls and its field visits to Uttar Pradesh, West Bengal and Rajasthan, Swiss brokerage UBS Securities said that there is "no big wave visible either way with election activity perceptibly quieter than in 2014", and added that the ruling BJP may suffer a setback in UP and is likely to gain in WB.
It can be noted that UP had delivered 71 seats to BJP's kitty in 2014 general elections, while it could secure only two seats of the 42 in West Bengal. It added that the positive impact of populist schemes is "not a given". With only a week to go for the results, the note also discussed possible scenarios and how the market will react to it.
RBI asks shadow banking companies to appoint risk officers
India's central bank said on May 16 that shadow banks with asset size of more than 50 billion rupees should appoint a chief risk officer in a move to tighten regulation after a series of defaults at top lender Infrastructure Leasing & Financial Services' (IL&FS).
The government took control of IL&FS last year after its default triggered fears about contagion in India's financial sector.An independently functioning chief risk officer with clearly specified role and responsibilities has to be appointed by non banking financial companies (NBFCs), the Reserve Bank of India said in a statement.
"With the increasing role of NBFCs in direct credit intermediation, there is a need for NBFCs to augment risk management practices," the central bank said in a statement.
84 companies to report March quarter numbers today
As many as 84 companies will declare their results for the quarter ended March later today which include names like Arvind, Bajaj Auto, Balkrishna Industries, CESC, Corporation Bank, City Union Bank, EIL, IOC, Dr Lal Pathlabs, Sobha Ltd, UPL and ZEE Learn among others.
One stock under ban period on NSE
For May 17, Jet Airways is a security 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
Get Lok Sabha 2019 Live Election Results, constituency-wise tally, news, views and analysis
Follow our Lok Sabha Election Result Live Blog here.