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

The Nifty50 after crossing 11,600 levels for the first time and hitting a fresh record in the opening cooled off in initial half an hour of trade itself to remain in a consolidation mode for rest of the session on Thursday.

The index closed mildly higher, forming Hanging Man kind of pattern on the daily candlestick charts as the opening value is lower than closing value.

The Nifty50 crossed 11,600 levels for the first time and opened at all-time intraday high of 11,620.70 but lost all gains in initial half an hour of trade itself to hit an intraday low of 11,546.70 and traded in a range of about 40 points for rest of the session. The index closed 11.90 points higher at 11,582.80.

According to Pivot charts, the key support level is placed at 11,546.1, followed by 11,509.4. If the index starts moving upwards, key resistance levels to watch out are 11,620.1 and 11,657.4.

The Nifty Bank index closed at 28,027.90, down 230 points on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 27,887, followed by 27,746.1. On the upside, key resistance levels are placed at 28,247.1, followed by 28,466.3.

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 major indexes fell on Thursday as trade-sensitive stocks were hit by a fresh round of tariffs in the trade dispute between the United States and China. Shares of industrial giants Caterpillar Inc and Boeing Co which have been bellwethers of trade sentiment, were among the biggest drags on the Dow. Caterpillar shares fell 2.0 percent, and Boeing shares fell 0.7 percent.

The Dow Jones Industrial Average fell 76.62 points, or 0.3 percent, to 25,656.98, the S&P 500 lost 4.84 points, or 0.17 percent, to 2,856.98 and the Nasdaq Composite dropped 10.64 points, or 0.13 percent, to 7,878.46.

Asian stocks tracked Wall Street losses and edged down in early trade on Friday, but the dollar was buoyant after ending a long losing run ahead of a speech by Federal Reserve Chairman Jerome Powell. MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.18 percent. Australian stocks rose 0.16 percent, South Korea's KOSPI fell 0.35 percent and Japan's Nikkei climbed 0.35 percent.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a gain of 40.5 points or 0.35 percent. Nifty futures were trading around 11,564- level on the Singaporean Exchange.

US and Chinese officials ended two days of talks on Thursday with no major breakthrough as their trade war escalated with activation of another round of dueling tariffs on USD 16 billion worth of each country’s goods.

“We concluded two days of discussions with counterparts from China and exchanged views on how to achieve fairness, balance, and reciprocity in the economic relationship,” White House spokeswoman Lindsay Walters said in a brief emailed statement.

China yesterday slapped 25 percent tariffs on American imports worth about USD 16 billion in retaliation to a similar move by the US as the two economic giants escalated their trade war. US has imposed a steep import tariffs starting today on $16 billion of Chinese goods over what Washington has called rampant theft of American technology.

The escalation came despite Chinese Vice Commerce Minister Wang Shouwen held talks with US Treasury under-secretary David Malpass to resolve the dispute. The initiative to resume talks followed a spate of tit-for-tat tariff slapped by both the counties.

The rupee yesterday sank 30 paise to close below the 70-mark against the US currency due to renewed worries about a hike in US interest rates amid global trade war jitters. The domestic currency ended at 70.11 per dollar, a loss of 30 paise or 0.43 percent over the previous close. In day trade, the rupee had crumbled to a session low of 70.17 per dollar.

Sliding down a steep wave, the rupee crumbled to hit a session low of 70.17 in mid-afternoon deals before ending at 70.11, revealing a sharp loss of 30 paise, or 0.43 percent.

Oil markets were steady on Friday as the unresolved trade dispute between Washington and Beijing muted activity. Brent crude oil futures were at USD 74.50 per barrel at 0105 GMT, up 7 cents from their last close. US West Texas Intermediate (WTI) crude futures were at USD 67.93 per barrel, up 10 cents.

Securities and Exchange Board of India (SEBI) sees scope for rationalising the existing total expense ratio (TER) of funds, Chairman of the market regulator Ajay Tyagi said. The market regulator does not want to get into discussion between two parties. "However, we feel that there is a scope to rationalise TER. Currently, we are reviewing TER structure very closely," he added.

At a recent Mutual Fund Advisory Committee (MFAC) meeting, the committee constituted a six-member sub-committee to review the existing TER structure. TER is a percentage of a scheme's corpus that a mutual fund house charges towards expenses including administrative and management.

India needs three-four large lenders which could figure among top 200 global-sized banks, Niti Aayog vice-chairman Rajiv Kumar said yesterday. Kumar made a strong case for giving banking sector more freedom to take risks and provide credit to industry especially the MSME sector.

"We need to have 3-4 banks of global standard in size," he said adding they ought to figure in top 200 global-sized banks. While speaking at an event here, he regretted that India's banking sector is highly conservative and risk averse. "Our banking sector is high conservative. The central bank should take steps to enhance the lending capacity of the banks, he said, adding that India's credit to GDP ratio is very low compared to many countries.

The Centre has asked all states to begin the auction of mining leases expiring in the next two years by July 2019 to avert any shortage of minerals. In a meeting of coordination-cum-empowered committee (CCEC) of 21 mineral-rich states held last month, the Mines Ministry asserted that "all states must start auction of mining leases expiring in 2020 by July 2019 to avoid any shortage of minerals and ensure seamless transition of mines from existing leaseholder to the new leaseholder to whom lease will be granted through auction," according to the minutes of the meeting.

The Mines Ministry was also of view that exploration for all mining leases expiring in 2020 must be completed by December and in case any help is needed, Mineral Exploration Corporation Ltd (MECL) and Geological Survey of India (GSI) should be approached, the minutes said.

Securities and Exchange Board of India (SEBI) Chairman Ajay Tyagi expressed concerns over the growing concentration of assets under management (AUM) among the top seven players.

"The top seven AMCs [asset management companies] currently manage 70 percent of industry AUM. The top seven AMCs accounted for 60 percent of entire industry’s revenue. The profit before tax as a percentage of revenue of large mutual funds has also stood at a very health rate of 40-50 percent," Tyagi said.

He commended the industry for achieving stellar growth over the last few years, but added that the Indian mutual fund AUM to GDP ratio continued to be lower at 11 percent of GDP as compared to global standards.

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 24, Raymond and Jain Irrigation Systems are present in this list.