Moneycontrol News
Bulls managed to take charge at Dalal Street after intraday tussle with bears on Wednesday. The Nifty50 after strong gap up opening traded volatile as the day progressed, followed by marginal correction in afternoon. However, it managed to recoup losses in late trade.
The index closed volatile session sharply higher ahead of expiry of October derivative contracts tomorrow, and formed small bearish candle, which resembles a 'Hammer' like pattern on the daily charts.
The index managed to hold its near term support levels of 10,100, which indicated that it can go up further on expiry day, experts said.
The Nifty50 opened 131 points higher at 10,278.15 and touched an intraday high of 10,290.65 in early trade, but turned volatile as the day progressed and corrected sharply towards 10,126 levels, the day's low. However it recovered well by nearly 100 points from its intraday low and formed a Hammer candle followed by a Doji on daily scale. The index closed 78 points higher at 10,224.80.
India VIX fell by 2.65 percent to 18.53. However VIX has to go down below 17-16 zones to rescue the bulls after the sharp cut of last two months.
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 plunge; S&P 500, Dow erase 2018 gains
US stocks plunged again on Wednesday, confirming a correction for the Nasdaq and erasing the Dow and the S&P 500’s gains for the year, as disappointing forecasts from chipmakers and weak home sales data fueled jitters about economic and profit growth.
The Dow Jones Industrial Average fell 608.01 points, or 2.41 percent, to 24,583.42, the S&P 500 lost 84.59 points, or 3.09 percent, to 2,656.1 and the Nasdaq Composite dropped 329.14 points, or 4.43 percent, to 7,108.40.
Asian shares slump as Wall Street erases all of 2018 gains
Asian shares dived on Thursday as hundreds of billions of dollars hemorrhaged from global markets after a rout in tech stocks inflicted the largest daily decline on Wall Street since 2011, wiping out all its gains for the year.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.7 percent. Japan's Nikkei slumped more than 3 percent to hit a six-month trough and Australian shares skidded about 2 percent to a more than one-year low. Tokyo's Topix index tumbled 3 percent, evaporating $155 billion in market value in the first 15 minutes of trading.
SGX Nifty
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 97 points or 0.95 percent. Nifty futures were trading around 10,140- level on the Singaporean Exchange.
Oil prices fall 1% amid global stock market slump
Oil prices fell by around one percent on Thursday, coming under pressure from sharp selloffs in global stock markets, with US stocks posting the biggest daily decline since 2011 to wipe out the year’s gains.
Front-month Brent crude oil futures were at $75.42 a barrel at 0043 GMT, 75 cents, or 1 percent, below their last close. US West Texas Intermediate (WTI) crude futures were at $66.23 a barrel, 59 cents, or 0.9 percent, below their last settlement.
BSE launches market data on Google Assistant
To make market data easily accessible to investors, BSE announced the launch of Google Assistant service, which will enable a user to converse on topics like stock prices, indices and corporate announcement through the platform.
The service, now available in English, will be extended to regional languages in the near future, BSE said in a statement. Investors can access data related to indices, stock prices, corporate announcement, board meeting, company results, gainers and losers, new listing, forthcoming initial public offering among others on Google Assistant.
India plans trade deal talks to boost exports to China
India is devising a plan to boost shipments of around 200 products to China as part of a strategy to cut down the deficit with its biggest trading partner, a person with knowledge of the matter said.
The plan includes seeking duty waiver on a raft of products under the Asia Pacific Trade Agreement, the person said, asking not to be identified as the talks are still on. New Delhi wants China to scrap levies on items including uncombed single cotton apart from castor oil, menthol, granite, diamonds and glass envelopes for picture tubes when negotiations for expansion come up in April 2019, Mint reported.
Rupee jumps 41 paise to 3-week high of 73.16 against dollar
The rupee strengthened by 41 paise to close at more than three-week high of 73.16 against the US currency on October 24 as global crude oil prices eased and domestic equity markets staged a smart rebound. Forex dealers said softening crude oil prices supported the rupee's upward movement.
At the Interbank Foreign Exchange (Forex), the rupee opened higher at 73.18, and soon gained further ground to jump 48 paise to touch a high of 73.09 on increased selling of the American currency by exporters and banks.
Framework for 'on-tap' bonds to be issued soon: SEBI chief
SEBI chairman Ajay Tyagi said the regulator will soon issue the operational framework for 'on-tap' bond issuance by corporates.
According to Crisil, the overall supply of corporate bonds may more than double from Rs 27.4 trillion at the end of fiscal 2018 to Rs 55-60 trillion by the end of fiscal 2023, led by issuances from the financial sector, followed by infrastructure and other companies. Against this, it expects the demand to be about Rs 53 trillion.
"We are working on operationalising the 2018-19 budget announcement which mandates large corporates to raise 25 percent of their financing needs from the bond market. SEBI would be shortly issuing the operational framework (for the same)," Tyagi said at an event.
Expect changes in RBI's PCA framework soon: Govt official
The government expects some changes in the Prompt Corrective Action (PCA) framework prescribed by the Reserve Bank of India (RBI), a top government official said on October 24. The relaxation of PCA norms was discussed at the RBI's central board meeting in Mumbai a day earlier.
Economic Affairs Secretary Subhash Chandra Garg and Department of Financial Services Secretary Rajiv Kumar are on the board of RBI. Out of 21 public sector banks (PSBs), 11 are under PCA. Central Bank of India, Bank of India, Dena Bank, UCO Bank, among others, are under the framework.
Wipro reports 10% decline in Q2 net profit
Wipro has registered a 10 percent fall (QoQ) in second quarter net profit to Rs 1890 crore against Rs 2120.8 crore in quarter ended June 2018. Meanwhile, company's revenue rose by 2.3 percent to Rs 14,567.9 crore from Rs 14,230.6 crore.
For the quarter ended September, the company's IT services revenue increased by 5 percent to Rs 14,377.3 crore. The company's IT service EBIT was down 3 percent at Rs 2072.7 crore, while margin was down at 14.4 percent.
78 companies to report Sept quarter numbers today
78 companies will be reporting their results for the quarter ended September later today which include names like Bharti Airtel, CEAT, DB Corp, Dish TV, Maruti Suzuki India, NIIT, PVR, Varun Beverages, and Yes Bank.
3 stocks under ban period on NSE
Securities in ban period for the next day's trade under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
For October 25, Adani Enterprises, Adani Power and DHFL are present in this list.
With inputs from Reuters & other agencies
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
