A list of important headlines from across news agencies that could help in your trade today.
The bears managed to take control at Dalal Street as the Nifty50 snapped a five-day winning streak on August 10. The index after opening lower remained in the negative territory throughout the session, forming a bearish candle on the daily charts and Spinning Top pattern on the weekly scale.
The index continued to gain for a third consecutive week, rising 0.6 percent taking the total three-week gain to 3.8 percent.
The 30-share BSE Sensex lost 155.14 points to 37,869.23 and the Nifty Midcap index participated in the fall, shedding half a percent while the sectoral trend was mixed.
The Nifty50, after opening lower at 11,474.95, extended losses as the day progressed and hit an intraday low of 11,419.65, dragged by banking and financials, and metals. The index closed 41.20 points lower at 11,429.50.
According to Pivot charts, the key support level is placed at 11,406.53, followed by 11,383.57. If the index starts moving upwards, key resistance levels to watch out are 11,465.63 and 11,501.77.
The Nifty Bank index closed at 28,124.25, down 195.75 points on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 28,015.3, followed by 27,906.4. On the upside, key resistance levels are placed at 28,305.5, followed by 28,486.8.
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 lower as Turkey woes hit banks
US stocks slid on Friday as a deepening economic crisis in Turkey dragged on bank shares and triggered a move out of riskier assets. The Dow and S&P 500 posted declines for the week following five straight weeks of gains, but the S&P 500 remains just 1.4 percent below its record high from January 26.
The Dow Jones Industrial Average fell 196.09 points, or 0.77 percent, to 25,313.14, the S&P 500 lost 20.3 points, or 0.71 percent, to 2,833.28 and the Nasdaq Composite dropped 52.67 points, or 0.67 percent, to 7,839.11.
Asia shares, euro pressured by Turkish crisis
Asia share markets slipped and the euro hit one-year lows on Monday as a fresh fall in the Turkish lira fueled demand for safe havens, including the US dollar, Swiss franc and yen. Japan’s Nikkei lost 0.95 percent and MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.3 percent as bourses across the region turned red.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 50.5 points or 0.44 percent. Nifty futures were trading around 10,381-level on the Singaporean Exchange.
June IIP accelerates to 7% vs 3.9% in May, at highest level in 5 months
Industrial output measured by the Index of Industrial Production (IIP) accelerated to 7 percent month-on-month (MoM) for June from 3.9 percent in May. This is the highest level achieved by the index in the last five months.
As per data released Friday, growth was driven by a pickup in capital goods manufacturing, which contributes 78 percent of the index, ahead of festive season. Manufacturing grew 6.9 percent in June compared with a 2.8 percent increase in May. The cumulative growth for the period April-June 2018 stands at 5.2 US over the corresponding period of the previous year.
RBI net sells $6.184 bn of US currency in June
Reserve Bank of India continued to remain net seller of the US currency for the third consecutive month in June, after it sold USD 6.184 billion of the US dollar in the spot market, RBI data showed. During the reporting month, the central bank bought USD 4.020 billion of the US dollar, while sold USD 10.204 billion in the spot market, according to the recent RBI data.
In June 2017, the apex bank was net buyer of the US currency, after it had bought USD 4.971 billion and sold USD 1.680 billion in the spot market. In the forward dollar market, the outstanding net forward purchase at the end of June was USD 10.689 billion. The net forward purchase at the end of May was USD 11.252 billion, RBI said.
Oil prices edge up on Iran sanctions
Oil prices inched up on Monday as US sanctions against Iran pointed towards a tighter market, although concerns over slowing economic growth amid global trade tensions kept a lid on gains.
Front-month Brent crude oil futures were at USD 72.88 per barrel at 0053 GMT, up by 7 cents from their last close. US West Texas Intermediate (WTI) crude futures were up 16 cents at USD 67.79 per barrel.
Investors can hold shares in physical form even after December 5: Sebi
Markets regulator Securities and Exchange Board of India (SEBI) said its new guidelines do not bar investors from holding shares in the physical form even after December 5. The clarification comes after the SEBI received several calls concerning the applicability of its directive.
The new rule is not applicable for transfer of title of shares by way of inheritance or succession and interchanging of the order of name of shareholders.
Besides, the regulator said that any investor who is desirous of transferring shares, which are held in physical form, after December 5 can do so only after the shares are dematerialised. Shares in the demat form will help in having a transparent record of shareholding at companies amid rising concerns over beneficial ownership of entities.
UK economy accelerates in the 2nd quarter
Britain's economy accelerated in the second quarter as warmer weather fueled construction and consumer spending after snow and ice curtailed activity in March. The Office for National Statistics said Friday that gross domestic product expanded by a quarterly 0.4 percent in the three months through June, compared with 0.2 percent in the previous quarter.
The report comes a week after the Bank of England raised interest rates for the second time since the financial crisis, saying recent data showed the economy had rebounded from the first quarter's "temporary" slowdown. UK economic growth lags that of other major industrialized nations amid uncertainty over Britain's departure from European Union.
Sebi to take steps to bring cost effectiveness in MF, examine expense ratio
To make mutual funds more attractive for investors, Sebi will take measures to bring cost effectiveness in the sector by promoting go green initiatives through online transactions and examine the existing expense ratio applicable for various schemes. Besides, measures will be taken to bring uniformity in various practices of the mutual fund industry in the areas of governance, risk management, due diligence process and channels of distributions among others.
Also, the markets regulator will explore the possibilities of increasing penetration through technology based initiatives by creating awareness through various digital mediums.
FPIs infuse Rs 8,500-cr in capital mkts in just 8 sessions
Foreign investors have pumped in over Rs 8,500 crore into the Indian capital markets in the last eight trading sessions on improvement in crude oil prices, stabilising rupee and better corporate earnings. The latest fund infusion comes following a net inflow of over Rs 2,300 crore in the capital markets -- equity and debt -- last month. Prior to that, overseas investors had pulled out over Rs 61,000 crore during April-June.
According to the latest depository data, foreign portfolio investors (FPIs) pumped in a net sum of Rs 2,373 crore into equities during August 1-10 and a net amount of Rs 6,208 crore into the debt market, taking the total to Rs 8,581 crore (USD 1.2 billion).
The inflows can be attributed to the improvement in some of the underlying factors such as weakness in crude oil prices, improvement in rupee against the dollar and better earnings from Indian Inc, said Himanshu Srivastava, Senior Research Analyst at Morningstar.
Rupee pulls back on global currency scare, leaps off 3-week low
The rupee suffered a stunning reversal against the resurgent US dollar after two straight weeks of upmove as renewed global currency turmoil and worsening trade war fears worldwide rattled the forex market in a big way. Caught in a fresh wave of global currency turbulence, the Indian unit fell by a staggering 23 paise to end at 68.83. It broke through the 69 mark to hit a fresh 3 week low briefly before trimming some of its losses.
The local unit plunged sharply to hit a low of 69.03 at the weekend trade before concluding at 68.83, revealing a steep loss of 23 paise, or 0.34 percent. The rupee had appreciated by 24 paise in two week rally. The RBI, meanwhile, fixed the reference rate for the dollar at 68.7933 and for the euro at 79.6746.
Nihilent files IPO papers with Sebi
IT solutions firm Nihilent has filed its draft papers with market regulator Sebi to raise funds through an initial share sale. The initial public offer (IPO) comprises fresh issuance of shares worth up to Rs 250 crore, besides an offer of sale OF around 21,25,599 equity stocks by promoter group entity Vastu IT Private Limited, according to the draft red herring prospectus (DRHP) filed with Sebi.
Motilal Oswal Investment Advisors will manage the the company's IPO. The equity shares will be listed on BSE and the National Stock Exchange (NSE).
700 companies to report June quarter numbers today
Nearly 700 companies will report their results for the quarter ended June which include names like Ashoka Buildcon, AstraZeneca Pharma, Cochin Shipyard, Dewan Housing Finance, GATI Ltd, Jai Corp, Jain Irrigations, Oil India, Tata Chemicals, Tata Steel and Videocon Industries Ltd among others.
4 stocks 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 August 13, Adani Enterprises, Adani Power, Jet Airways and Punjab National Bank are present in this list.With inputs from Reuters & other agencies