A few cues from the market in India and abroad that could help you with your trade today.
The BSE Sensex plunged 289.29 points to 39,452.07 while the Nifty fell 90.70 points to 11,823.30 and formed bearish candle on daily and weekly scale. For the week, both benchmark indices declined 0.4 percent each.
The broader markets also fell in line with benchmarks. The Nifty Midcap index dropped 0.9 percent and Smallcap index 0.8 percent as five shares declined for every two shares rising on the NSE.
According to the Pivot charts, the key support level is placed at 11,776.73, followed by 11,730.17. If the index starts moving upward, key resistance levels to watch out are 11,890.83 and 11,958.37.
Nifty Bank closed at 30,614.35, down 361.75 points on June 14. The important Pivot level, which will act as crucial support for the index, is placed at 30,404.57, followed by 30,194.84. On the upside, key resistance levels are placed at 30,928.37, followed by 31,242.43.
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 ends down; Broadcom warning hits chip stocksUS stocks ended lower on Friday as investors were cautious going into next week's Federal Reserve meeting, while a warning from Broadcom of a broad
weakening in global demand weighed on chipmakers and added to US-China trade worries. Shares of Broadcom Inc fell 5.6 percent after it cut its full-year revenue forecast by USD 2 billion, blaming the US-China trade conflict and export curbs on Huawei Technologies Co Ltd.
The Dow Jones Industrial Average fell 17.16 points, or 0.07 percent, to 26,089.61, the S&P 500 lost 4.66 points, or 0.16 percent, to 2,886.98 and the Nasdaq Composite dropped 40.47 points, or 0.52 percent, to 7,796.66.
Asian shares wobble on trade, political tensions; focus turns to Fed meet
Asian shares got off to a shaky start on Monday as investors were cautious ahead of a closely-watched Federal Reserve meeting, while political tensions in the Middle East and Hong Kong kept risk-appetite in check.
MSCI’s broadest index of Asia-Pacific shares outside Japan opened slightly lower and was last little changed, while Japan’s Nikkei average stood flat. Financial markets have been sideswiped since a sudden escalation in Sino-U.S. trade tensions in early May, with growing anxiety among investors that a protracted standoff could tip the global economy into recession.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 11 points or 0.09 percent. Nifty futures were trading around 11,842-level on the Singaporean Exchange.
Oil rises on tensions after Middle East tanker attacks
Oil prices rose on Monday after US Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, as tensions mounted following attacks on tankers last week.Brent futures rose 27 cents, 0.4 percent to USD 62.28 a barrel by 0040 GMT. They rose 1.1 percent on Friday. US West Texas Intermediate (WTI) crude
futures were up 18 cents, or 0.4 percent, at USD 52.69 a barrel. Prices had jumped as much as 4.5 percent on Thursday after the attacks on two oil tankers near Iran and the Strait of Hormuz.
India imposes higher customs duty in 28 US products
As many as 28 US products, including almond, pulses and walnut, will attract higher customs duties from Sunday, according to a government notification. The move will hurt American exporters of these 28 items as they will have to pay higher duties, making those items costlier in the Indian market.
Amending its June 30, 2017, notification, the Central Board of Indirect taxes and Customs (CBIC) said Saturday's notification will "implement the imposition of retaliatory duties on 28 specified goods originating in or exported from USA and preserving the existing MFN rate for all these goods for all countries other than USA".
Exports up 3.93% in May; trade deficit widens to $15.36 bn
India's exports grew by 3.93 percent to USD 30 billion in May on account of healthy growth in sectors such as chemicals, pharmaceuticals and engineering, according to a commerce ministry data released June 14. Imports too rose by 4.31 percent to USD 45.35 billion, widening the trade deficit to USD 15.36 billion in May.
The deficit, the difference between exports and imports, was USD 14.62 billion in May 2018. Oil imports rose by 8.23 percent to USD 12.44 billion and non-oil imports expanded by 2.9 percent to USD 32.91 billion during the month under review. Gold imports rose by 37.43 percent to USD 4.78 billion.
Rupee loss widens by 30 paise to 69.80 against US dollarThe Indian rupee June 14 fell by another 30 paise to close at 69.80 against the US currency as strengthening greenback and rising crude oil prices kept
investors cautious. Besides, weak Asian currencies and an intense sell-off in domestic equities also put pressure on the domestic currency.
On weekly basis, the rupee saw a fall of 34 paise. At the interbank foreign exchange (forex) market, the domestic currency opened higher at 69.55 per dollar, but lost ground during the day and fell to 69.85. The rupee finally settled at 69.80, down 30 paise over its previous close.
FPIs remain net buyers in June, invest Rs 11,132 crore
Foreign investors remained net buyers in the domestic capital markets in June, pouring in a total of Rs 11,132 crore on a net basis this month so far, according to depositories' data.
Foreign portfolio investors (FPI) pumped in a net sum of Rs 1,517.12 crore into equities and Rs 9,615.64 crore into debt during June 3-14, the data showed. The inflows in the debt category remained strong and steady driven by positive market sentiment after the re-election of BJP-led NDA government, Groww COO Harsh Jain said.
Forex reserves nearing lifetime high; up $1.7 bn to $423.5 bn
Inching closer to its historic peak, India's forex kitty increased by USD 1.686 billion to USD 423.554 billion for the week to June 7, RBI data showed June 14. The foreign exchange reserves had increased by USD 1.875 billion to USD 421.867 billion in the previous reporting week. The reserves had touched a lifetime high of USD 426.028 billion in April 2018.
In the reporting week, foreign currency assets, a major component of the overall reserves, rose by USD 1.666 billion to USD 395.801 billion, the apex bank said. Expressed in dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-US units like the euro, pound and yen held in the reserves.
Four stocks under F&O ban period on NSE
For June 17, IDBI Bank, PC Jeweller, Reliance Capital and Reliance Infrastructure are under the F&O ban period. 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