What changed for the market while you were sleeping? Top 12 things to know

The market snapped a three-day losing streak amid volatility on December 7, with the Nifty 50 closing near 10,700 levels amid caution ahead of the assembly elections results of five states scheduled to be announced on December 11. The recovery in global peers also led the benchmark indices trading higher.

Experts expect volatility to continue in the coming sessions as exit polls indicated mixed results in key states including Madhya Pradesh, Rajasthan and Chhattisgarh. Hence, 10,750 is expected to remain a crucial level to watch out for.

The Nifty 50 closed 92.50 points higher at 10,693.70 on December 7, but lost 1.7 percent in the week gone by. The index formed a bullish candle which resembles an 'Inside Bar' kind of pattern on the daily charts and bearish candle on the weekly chart.

According to Pivot charts, the key support level is placed at 10,627.17, followed by 10,560.63. If the index starts moving upward, key resistance levels to watch out are 10,732.37 and then 10,771.03.

The Nifty Bank index closed at 26,594.30, up 396 points on December 7. The important Pivot level, which will act as crucial support for the index, is placed at 26,344.36, followed by 26,094.43. On the upside, key resistance levels are placed at 26,751.96, followed by 26,909.63.

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’s main indexes fell more than 2 percent on Friday in a broad sell-off led by declines in big Internet and technology shares, and posted their largest weekly percentage drops since March as concerns over US-China trade tensions and interest rates convulsed Wall Street. The S&P 500 erased virtually all of its gains from a week earlier, when the benchmark index notched its biggest weekly rise in seven years.

The Dow Jones Industrial Average fell 558.72 points, or 2.24 percent, to 24,388.95, the S&P 500 lost 62.87 points, or 2.33 percent, to 2,633.08 and the Nasdaq Composite dropped 219.01 points, or 3.05 percent, to 6,969.25.

Stocks extended their slump in early Asian trade on Monday, with US equity futures off to a softer start for the week as worries over US-China trade tensions battered investor sentiment.

S&P futures were down 0.6 percent and the Dow futures lost 0.7 percent, while Australian stocks declined 0.9 percent.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 126.5 points or 1.18 percent. Nifty futures were trading around 10,612-level on the Singaporean Exchange.

Oil prices rose on Monday, extending gains from Friday when producer club OPEC and some non-affiliated producers agreed a supply cut of 1.2 million barrels per day (bpd) from January. International Brent crude oil futures were at $62.15 per barrel at 0129 GMT, up 48 cents, or 0.8 percent, from their last close.

Prices surged on Friday after the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including heavyweight Russia announced they would cut oil supply by 1.2 million bpd, with an 800,000 bpd reduction planned by OPEC-members and 400,000 bpd by countries not affiliated with the group.

The country's foreign exchange reserves increased by $932.8 million to $393.718 billion in the week to November 30, mainly due to a rise in foreign currency assets, according to RBI data. In the previous week, the reserves had dropped by $795 million to $392.785 billion.

In the reporting week, foreign currency assets, a major component of the overall reserves, jumped by $787.9 million to $368.487 billion, as per the RBI data.

Expressed in US dollars, foreign currency assets include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.

Foreign investors have pulled put close to Rs 400 crore from the Indian stock market in the last five trading sessions amid weakness in global equities due to the arrest of a high-profile Chinese executive. This comes following a net inflow of over Rs 6,900 crore in the equity market by Foreign Portfolio Investors (FPIs) on easing crude oil prices and a strengthening rupee.

According to depositories, FPIs withdrew a net amount of Rs 383 crore from equities from December 3-7. However, they put in Rs 2,744 crore in the debt markets during the period under review.

The Indian rupee on December 7 recuperated by 23 paise to close at 70.67 against the US dollar in line with rally in domestic stocks and positive global cues.

Forex dealers said the local unit recovered lost ground tracking weakness in American dollar against some currencies overseas following reports that the Federal Reserve could slow down its pace of interest rate hikes next year.

At the Interbank Foreign Exchange (forex), the rupee opened on a firm footing at 70.58 against the US dollar and surged further to touch a high of 70.44 during the day.

North Korea's foreign minister said his country remains committed to ending its nuclear weapons program in talks on December 7 with his Chinese counterpart, according to China's foreign ministry. The talks in Beijing between Ri Yong Ho and Wang Yi came amid a lack of progress in international efforts to persuade North Korea to reverse its drive to build a nuclear arsenal.

Ri told Wang that North Korea is "committed to realizing denuclearization and safeguarding the peace and stability of the (Korean) peninsula," ministry spokesman Geng Shuang told reporters at a daily briefing.

In a series of reforms, capital markets regulator Sebi is planning to expand its Offer For Sale framework to more companies, relax its norms for clubbing of investment limits by established foreign investors and tighten insider trading rules.

The regulator is also planning to relax its disclosure norms for housing finance companies and systemically important NBFCs regarding pledged shares of listed firms and also provide for cancellation of an Offer For Sale (OFS) in case of limited interest from non-retail shareholders on the first day itself, officials said.

Embattled liquor tycoon Vijay Mallya, wanted in India on alleged fraud and money laundering charges amounting to an estimated Rs 9,000 crores, is scheduled to return to the Westminster Magistrates' Court here on December 10 when his extradition trial is listed for a judgment hand-down.

"I did not borrow a single rupee. The borrower was Kingfisher Airlines. Money was lost due to a genuine and sad business failure. Being held as guarantor is not fraud," he said in his recent Twitter post on the issue.

Securities and Exchange Board of India (SEBI) asked market infrastructure institutions to set up a round-the-clock cyber security operation centre manned by dedicated security analysts to identify, respond, recover and thwart cyber attacks.

The cyber security operation centre (C-SOC) of market infrastructure institutions (MIIs) -- clearing corporations, depositories and exchanges-- need to prevent cyber attacks through proactive actions including continuous threat analysis. Appropriate alert mechanisms should be implemented including a comprehensive dashboard, tracking of key security metrics and provide cyber threat scorecards, SEBI said in a circular.

India's current account deficit (CAD) widened to 2.9 percent of the GDP in the second quarter of the fiscal compared to 1.1 percent in the year-ago period, mainly due to a large trade deficit, the RBI said on December 7.

The CAD, or the difference between outflow and inflow of foreign exchange in the country's current account, was $19.1 billion during the quarter ended September 30, 2018. It increased from $6.9 billion or 1.1 percent of GDP in the second quarter of 2017-18. The CAD stood at $15.9 billion (2.4 percent of GDP) in the April-June quarter.

Faced with difficulties in recovery of penalties and other dues from some defaulters, capital markets regulator Sebi is planning to create a separate category of 'difficult to recover' cases for optimal utilisation of its resources.

However, Sebi can initiate or continue its prosecution proceedings against the defaulters even after such a segregation and recovery procedure can be reopened in case there is any change in prevailing parameters regarding the defaulter, officials said. A proposal in this regard is expected to be discussed by Sebi's board at its meeting this week, they said.