After a flat market opening, bears took charge of Dalal Street in the morning trade and tightened their grip as the day progressed Monday. The Nifty50 broke psychological 11,000-mark and closed near day's low on account of profit booking after a more than 2 percent rally seen last week, forming 'Bearish Belt Hold' pattern on the daily chart.
The Nifty50 after opening flat caught into bear trap and hit an intraday low 10,926.25. The index remained sharply lower throughout the session and closed 82 points lower at 10,936.90.
According to Pivot charts, the key support level is placed at 10,902.17, followed by 10,867.53. If the index starts moving upwards, key resistance levels to watch out are 10,995.47 and 11,054.13.
The Nifty Bank index closed at 26,679.80, down 256 points on Monday. The important Pivot level, which will act as crucial support for the index, is placed at 26,569.43, followed by 26,459.07. On the upside, key resistance levels are placed at 26,864.63, followed by 27,049.46.
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.
US markets end mixed, S&P 500 dips as energy shares fall
The S&P 500 ended slightly lower on Monday following a drop in oil prices that weighed on energy shares and offset a jump in financials as Bank of America’s results reinforced expectations of a strong US earnings season.
The Dow Jones Industrial Average rose 44.95 points, or 0.18 percent, to 25,064.36, the S&P 500 lost 2.88 points, or 0.10 percent, to 2,798.43 and the Nasdaq Composite dropped 20.26 points, or 0.26 percent, to 7,805.72.
Asia stocks sag after oil tumbles
Asian stocks sagged on Tuesday, weighed by a sharp decline in crude oil prices as Libyan ports reopened, while the dollar was on the defensive ahead of Federal Reserve Chairman Jerome Powell’s first congressional testimony.
MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.1 pct lower following two sessions of gains. Australian stocks fell 0.3 percent, South Korea’s KOSPI lost 0.35 percent and Japan’s Nikkei edged up 0.3 percent.
SGX Nifty
Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a loss of 5.5 points or 0.05 percent. Nifty futures were trading around 10,943- level on the Singaporean Exchange.
Brent oil falls 4% to 3-month low as supply outage concerns ease
Oil prices slumped more than 4 percent on Monday, with Brent reaching a three-month low, as Libyan ports reopened and traders eyed potential supply increases by Russia and other producers.
Brent crude futures fell USD 3.49 to settle at USD 71.84 a barrel, a 4.63 percent loss, while US West Texas Intermediate (WTI) crude futures fell USD 2.95 to settle at USD 68.06 a barrel, a 4.15 percent loss.
IMF projects 7.3, 7.5% growth rate for India in 2018, 2019
The International Monetary Fund (IMF) on Monday projected a growth rate of 7.3 percent in 2018 and 7.5 percent in 2019 for India as against 6.7 percent in 2017, making it the fastest growing country among major economies.
“India's growth rate is expected to rise from 6.7 percent in 2017 to 7.3 percent in 2018 and 7.5 percent in 2019, as drags from the currency exchange initiative and the introduction of the goods and services tax fade,” said the IMF's latest World Economic Outlook (WEO) update.
Sebi extends time to collect PAN, bank details of securities holders
Markets regulator Sebi yesterday extended deadline till September-end for registrar and share transfer agents (RTAs) to seek PAN as well bank details of shareholders holding securities in physical form. The last date has been extended after taking into consideration, representations from various quarters, the Securities and Exchange Board of India (Sebi) said in a circular.
In a circular issued yesterday, Sebi said, "the timeline for sending the initial letter by registered or speed post to physical shareholders has been extended to September 30, 2018, to enable companies to send the initial letter along with annual with annual reports or notice of AGM (annual general meeting)".
High interest rates, oil prices to eat into India’s growth: IMF
he International Monetary Fund (IMF) on Monday said the Indian economy will grow slower than what it had estimated just three months ago because of higher crude oil prices and speedier interest rate hikes.
In an update to its World Economic Outlook (WEO), IMF trimmed India’s growth projection for 2018-19 by 10 basis points to 7.3 percent, citing negative effects of higher crude oil prices on domestic demand and faster-than-anticipated monetary policy tightening due to higher-than expected inflation. For 2019-20, IMF cut its projection by a sharper 30 basis points to 7.5 percent, Mint reported.
Rupee snaps 3-day rise as rising inflation fans rate hike fears
The rupee retreated from a near two-week high and ended lower by 4 paise at 68.57 against the US currency, snapping a three-session recovery trend due to renewed dollar demand.
The home currency, however, managed to survive the initial sharp volatility and uneasy momentum. It initially plunged to hit a low of 68.72 in morning deals before recouping most its losses towards the tail-end.
Domestic fuel prices to fall over softening global FOB rates: Oil ministry
There maybe further reduction in domestic fuel prices as international Freight on Board prices soften. An oil ministry spokesperson has said that the Freight on Board (FOB) prices for diesel have come down to USD 82.72 from USD 87.73, according to a CNBC-TV18 report.
The FOB prices for petrol has come down to USD 79.31 from USD 83.87. The spokesperson also said retail fuel prices of diesel and petrol fell to 14 paise and 11 paise, respectively, on July 16.
SEBI may not give green signal to petrol and diesel future contracts
The Security and Exchange Board of India (SEBI) is unlikely to approve the Multi Commodity Exchange (MCX) and Indian Commodity Exchange’s (ICEX) applications for launching futures contracts in petrol and diesel, sources aware of the development told Moneycontrol.
“SEBI feels the move [to approve the products] could become controversial even if fuel prices were to rise because of other factors,” a source said. Already, petrol and diesel prices are close to multi-year highs because of the recent spurt in global crude oil prices.
HUL Q1 net profit rises 19.2% YoY to Rs 1,529 crore
Hindustan Unilever on Monday reported a 19.2 percent YoY rise in its standalone net profit to Rs 1,529 crore for the quarter ended June. Analysts polled by Reuters had estimated that the FMCG major will post a net profit of Rs 1,538 crore for the quarter under review.
Revenue from the consumer goods major's home care segment, which includes brands such as Surf Excel and Vim, rose 3.2 percent to Rs 3,146 crore. Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at Rs 2,251 crore, up 20.6 percent on year, while EBITDA margin stood at to 23.73 percent compared with 21.9 percent.
Tech glitch halts trading at MCX
Multi Commodity Exchange Of India, country's biggest commodity exchange, suffered a technical glitch in its trading system, leading to a trading half from 8:10 pm on Monday, Reuters reported. Members have been allowed to cancel pending orders from 10:15 pm to 10:30 pm, the report said.
The trading halt continued at the time of writing of this report. Normal trading was scheduled to restart at 10:31 pm, the report said.
IRCON, PN Gadgil & Sons, KPR Agrochem get Sebi's nod for IPO
Three companies -- IRCON, PN Gadgil & Sons and KPR Agrochem -- have received markets regulator Sebi's go ahead to float initial public offerings. With this, the total number of companies getting markets regulator's Sebi clearance for IPO has reached to 34.
Rail PSU IRCON and KPR Agrochem had filed their respective preliminary papers with Sebi in March seeking its approval to launch initial share-sales, while Pune-based retail jewellery chain PN Gadgil & Sons approached the capital markets watchdog with IPO papers in May.
1 stock under ban period on NSE
Securities in ban period for the next day's trade under the F&O segment includes companies in which the security has crossed 95 percent of the market-wide position limit.
For July 17, Jet Airways is present in this list.
With inputs from Reuters & other agnecies
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