Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 14.5 points loss or 0.12 percent.
The Indian market benchmarks settled almost flat after oscillating in a range on January 16.
The BSE Sensex closed 60 points, or 0.14 percent, up at 41,932.56, while the Nifty50 settled 12 points, or 0.1 percent, up at 12,355.50. The BSE Midcap and Smallcap indices logged healthy gains of 0.77 percent and 0.78 percent, respectively.
According to the pivot charts, the key support level for Nifty is placed at 12,317.87, followed by 12,280.23. If the index moves up, key resistance levels to watch out for are 12,391.07 and 12,426.63.
Nifty Bank closed 0.09 percent up at 31,853.90. The important pivot level, which will act as crucial support for the index, is placed at 31,701.24, followed by 31,548.57. On the upside, key resistance levels are placed at 31,997.74 and 32,141.57.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
The S&P 500 rallied through the 3,300 mark for the first time on Thursday and the other main US indexes also surged to record highs, fueled by tech stocks, solid retail sales data and upbeat quarterly earnings from Morgan Stanley.
The Dow Jones Industrial Average jumped 0.92% to end at 29,297.64 points, while the S&P 500 gained 0.84% to 3,316.89. The Nasdaq Composite added 1.06% to 9,357.13, bringing its gain in 2020 to 4.29%.
Asian shares inched higher on Friday after global stock indexes and Wall Street posted more records, with strong corporate earnings and upbeat U.S. economic data adding to optimism after China and the U.S. signed a partial trade deal.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.19%, taking gains for the month to 3.4%. Australian shares were up 0.49% after setting four consecutive record closing highs in previous days. Japan’s Nikkei added 0.55%.
Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 14.5 points loss or 0.12 percent. The Nifty futures were trading around 12,357-level on the Singaporean Exchange.
Trump cites 'great position' for a Phase 2 trade talks with China
US President Donald Trump on January 16 pointed to Phase 2 trade talks with China, a day after Washington and Beijing inked a preliminary Phase 1 agreement, but gave no other details about the next phase of negotiations.
"We are now in a great position for a Phase Two start," Trump tweeted.
Rupee drops by 11 paise to 70.93 on dollar demand
The rupee fell by 11 paise to close at 70.93 against the US dollar on Thursday due to strengthening crude oil prices and dollar demand from importers.
At the interbank foreign exchange market, the domestic currency opened on a strong note at 70.80 a dollar after the US and China signed an initital trade deal. But during the day, the rupee lost momentum and touched a low of 70.98 against the American currency.
Oil steady ahead of data seen confirming sluggish China growth
Oil prices were steady on Friday as investors braced for data expected to show China’s economic growth last year slid to its slowest pace in 29 years, holding on to gains for now after Washington and Beijing inked a long-awaited trade deal.
Brent was 3 cents higher at $64.65 by 0123 GMT, after gaining nearly 1% on Thursday. US crude was up 6 cents at $58.58 a barrel, having risen more than 1% the previous session.
Banks loan growth at 7.5% in fortnight to January 2: RBI data
Banks credit grew by 7.57 per cent to Rs 100.44 lakh crore while deposits rose by 9.77 per cent to Rs 132.10 lakh crore in the fortnight to January 2, according to the Reserve Bank data. In the year-ago period, banks loans stood at Rs 93.37 lakh crore while deposits at Rs 120.33 lakh crore.
In the previous fortnight ended December 20, credit had grown by 7.10 per cent to Rs 99.47 lakh crore and deposits had increased by 10.09 per cent to Rs 130.08 lakh crore. On a year-on-year basis, banks' credit growth slowed to 7.2 per cent to Rs 86.73 lakh crore in November 2019 from 13.8 per cent to Rs 80.93 lakh crore in the year-ago period.
FPIs: SEBI exempts certain entities from clubbing of investment limit
Markets watchdog Sebi on January 16 said certain overseas government agencies and their related entities will be exempted from clubbing of investment limit that is applicable for foreign portfolio investors. The exemption would be applicable where the Indian government has entered into agreements or treaties with overseas governments or there is an order.
Issuing a circular on exemption from clubbing of investment limit for foreign government agencies and its related entities, Sebi cited a rule under the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 regarding Investments by Foreign Portfolio Investors (FPIs).
RBI to buy, sell G-secs worth Rs 10,000 crore each on January 23
The Reserve Bank of India on January 16 said it will buy and sell government securities worth Rs 10,000 crore each next week in wake of the current liquidity and market situation.
The simultaneous sale and purchase will be done under Open Market Operations (OMO) on next Thursday. "On a review of the current liquidity and market situation and an assessment of the evolving financial conditions, the Reserve Bank has decided to conduct simultaneous purchase and sale of government securities under Open Market Operations (OMO) for Rs 10,000 crores each on January 23, 2020," the central bank said.
Dollar stands tall on stronger US data
The dollar gained on Friday as US data suggested the world’s largest economy maintained a moderate growth pace at the end of 2019, reaching an eight-month peak against the safe-haven yen.
The dollar index, which tracks the greenback's strength against a basket of six major currencies, last stood at 97.308, up 0.1% on the day. The euro barely moved at $1.1137.
FII and DII data
Foreign institutional investors (FIIs) sold shares worth Rs 395.24 crore, while domestic institutional investors (DIIs) also sold shares of worth Rs 184.65 crore in the Indian equity market on January 16, provisional data available on the NSE showed.
Stock under F&O ban on NSE
Yes Bank is under the F&O ban for January 17. Securities in the 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
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