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The index continued to fall for third consecutive session to break crucial support of 11,250 levels and formed bearish candle on the daily charts again.
The Nifty Midcap index also caught in bear trap, falling nearly a percent while all sectoral indices ended in the red barring Metal and IT.
The Nifty50 after gap up opening above 11,300-mark rallied to hit an intraday high of 11,332.05, but wiped out all gains in last couple of hours of trade to break crucial support and hit day's low of 11,210.90. The index fell nearly 100 points from day's high to end down 44.50 points at 11,234.40.
According to Pivot charts, the key support level is placed at 11,186.13, followed by 11,137.97. If the index starts moving upwards, key resistance levels to watch out are 11,307.23 and 11,380.17.
The Nifty Bank index closed at 26,277.35, down 164.10 points on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 26,138.13, followed by 25,998.96. On the upside, key resistance levels are placed at 26,514.03, followed by 26,750.77.
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.
Industrials lead Dow to record high; tech boosts S&P, Nasdaq
Trade-sensitive industrial stocks led the Dow Jones Industrial Average to a record closing high on Thursday, the last of Wall Street’s main indexes to fully regain ground since a correction that began in January. All three major US indexes closed higher as trade worries subsided. Technology companies led the Nasdaq higher, along with the S&P 500, which also hit a new closing high.
The Dow Jones Industrial Average rose 251.22 points, or 0.95 percent, to 26,656.98, the S&P 500 gained 22.8 points, or 0.78 percent, to 2,930.75 and the Nasdaq Composite added 78.19 points, or 0.98 percent, to 8,028.23.
Asian stocks extend recovery as trade worries take back seat
Asian stocks extended gains on Friday after Wall Street’s S&P 500 set a new all-time high, while the dollar slipped as investors viewed Beijing’s and Washington’s fresh exchange of import tariffs as less harmful than initially feared.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 percent in early trade, extending the recovery from its 14-month low hit on September 12 to 3.6 percent. Japan's Nikkei rose 0.5 percent, hitting an eight-month high.
SGX Nifty
Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 39.5 points or 0.35 percent. Nifty futures were trading around 11,351- level on the Singaporean Exchange.
North Korea wants another Trump summit to speed denuclearization: South Korea
North Korea’s Kim Jong Un wants a second summit with US President Donald Trump soon to hasten denuclearization, but a key goal is declaring an end this year to the 1950-53 Korean War, the South’s President Moon Jae-in said on Thursday. Moon said he and Kim spent most of a three-day summit discussing how to break an impasse and restart nuclear talks between Pyongyang and Washington, which are at odds over which should come first, denuclearization or ending the war.
Moon said Kim was also open to inspection of a nuclear test site in the northwest town of Punggye-ri, which he called the North’s sole existing facility for underground detonations.
Oil stable, OPEC in focus after Trump call for lower prices
Oil prices were little changed on Friday after falling in the previous session as US President Donald Trump urged OPEC to lower crude prices at its meeting in Algeria this weekend. International benchmark Brent crude for November delivery was up 4 cents at $78.74 a barrel by 0053 GMT. US West Texas Intermediate crude for October delivery fell 5 cents to $70.27 a barrel.
Indian economy to reach $5 tn size by 2022: PM Narendra Modi
Prime Minister Narendra Modi said Thursday the size of Indian economy will double to $5 trillion by 2022 with manufacturing and agriculture contributing $1 trillion each. Speaking at the foundation laying ceremony of India International Convention and Expo Centre, he cited this week's announcement of merger of Dena Bank, Vijaya Bank and Bank of Baroda to create the country's third largest lender to say that the government will not shy away from taking tough decisions in the national interest.
Indian economy, he said, will grow at over 8 percent rate with massive employment generation being seen in IT and retail sectors. Macroeconomic fundamental of the economy are strong, he said.
FinMin pegs dollar value at Rs 73.65 for computing import duty
The Finance Ministry Thursday pegged the exchange rate for dollar at Rs 73.65 for calculation of import duty with effect from September 21, as against Rs 72.55 a fortnight ago. Similarly, in case of Pound Sterling, the value has been fixed at Rs 97.40 as compared to Rs 94.30 earlier.
As regards Euro, the conversion rate for calculating taxes on imported goods has been fixed at Rs 86.55, as compared to Rs 85.05 on September 6, according to a finance ministry statement. The rupee had collapsed to a historic intra-day low of 72.99 against the US dollar on Tuesday. The conversion rate for computation of duty on export of goods has been fixed at Rs 71.95 to a dollar, Rs 94.05 to Pound Sterling, and Rs 83.45 to Euro.
Sebi move to up corporate bond issuances by up to Rs 50,000 crore: Report
The Sebi move asking large firms to manage a fourth of their long-term funds from the bond market will result in incremental issuances of up to Rs 50,000 crore in five years, a report said Thursday.
The Securities and Exchange Board of India (Sebi) has asked listed companies having outstanding borrowings of over Rs 100 crore and rating of AA or more to raise 25 percent of their incremental borrowings through corporate bonds from April 1, 2019.
Industry, Government should jointly strategise for eco growth: Ficci
The federation of chambers of commerce and industry (Ficci) has called for a joint meeting between the industries and the government to chalk out a strategy balancing expenditure, and boosting economic growth. Ficci president Rashesh Shah indicated that the economy is on a recovery path with reforms measures, while Indian rupee is weakening and inflationary pressure going up while rising oil prices are again posing a high risk to India's economic growth trajectory.
Also, next year is important as the Lok sabha polls are scheduled. "Under such circumstances, it is necessary to hold a joint meeting between the industries and government to chalk out strategy for meeting the situation on the economic front," Shah said.
SEBI allows rating agencies to undertake research activities
Markets regulator SEBI allowed credit rating agencies to undertake research activities related to their work. Earlier, a Credit Rating Agency (CRA) was only allowed to undertake the rating of financial instruments under the guidelines prescribed by the financial sector regulators.
"CRAs may also undertake research activities, incidental to rating, such as research for economy, industries and companies," the Securities and Exchange Board of India (SEBI) said in a circular.
Rupee rebounds 61 paise against dollar, logs best single-day gain in 18 months
The rupee on September 19 rebounded by 61 paise, notching up its best single-day gain since March 2017 to close at 72.37 against the US currency supported by heavy dollar selling by banks and weakness in the greenback in global markets. Snapping its two-day decline, the rupee opened higher at 72.71 against its record closing low of 72.98 on September 18 and touched a session high of 72.34 in day trade as crude oil prices eased globally.
The rupee closed at 72.37, up by 61 paise or 0.84 percent its best single-day gain since March 14, 2017. Heavy dollar selling by exporters along with state-run banks likely on the behalf of the RBI, too boosted the rupee sentiment, restricting the local unit from breaching the 73 level.
Rupee likely to remain under pressure in near term: Report
The rupee is expected to remain under pressure in near-term as the downside risks to the currency are largely driven by the external factors and will take some time to subside, says a Dun & Bradsteet report. According to the report latest economy forecast, elevated crude oil prices, strengthening of dollar, geopolitical tensions and economic sanctions will continue to impart depreciation pressures on the rupee.
"Elevated risks and heightened geopolitical uncertainty, trade wars and economic sanctions along with reworking of trade treaties will continue to impact emerging market currencies, including India," Dun & Bradstreet India Lead Economist Arun Singh said in a research note.
Sebi to levy Rs 1 lakh per exchange on turnover from agri-commodity derivatives
Markets watchdog Sebi will levy a nominal regulatory fee of Rs 1 lakh per exchange on turnover arising from agricultural commodity derivatives, instead of levying charges based on turnover slab rates, a move that is expected to benefit farmers. The government, Securities and Exchange Board of India (Sebi) and exchanges are taking various steps to promote agricultural commodity derivative segment so that the benefits of agricultural commodity derivative are passed on to the farmers and Farmers Producer Organisation (FPOs).
Keeping in line with these efforts, Sebi board on Tuesday decided that "instead of levying regulatory fee at the prescribed turnover based slab rates, a nominal regulatory fee at a flat rate of Rs 1 lakh per exchange, would be levied on turnover arising from agricultural commodity derivatives".
PE investment deal tally touches $12.84 billion in Jan-Aug: Report
Private equity investments worth $1.33 billion were announced in August, taking the year-to-date deal value to $12.84 billion, says a report. According to Grant Thornton's PE Dealtracker, 67 PE investments worth $1.33 billion were announced in August, registering a decline of 73 percent in terms of value over the year ago period even as there was an increase in the number of deals.
"PE transactions in August 2018 witnessed 43 percent improvement in volumes, however, fell short on the deal value by 73 percent as compared to August 2017," Grant Thornton India LLP Director Pankaj Chopda said.
BSE, NSE get SEBI clearance to launch commodity derivatives from October 1
Bombay Stock Exchange and National Stock Exchange of India have received approval from capital market regulator SEBI to launch commodity derivatives segment with effect from October 1, 2018. The Securities and Exchange Board of India (SEBI) on December 28, 2017, had announced that from October 2018, the country would have a unified exchange regime wherein stock exchanges would be allowed to offer trading in commodities derivatives.
The BSE will begin trading in commodity derivatives with non-agriculture commodities like metals initially, followed by agri commodities subsequently, it added.
Govt raises interest rates on small savings like PPF, NSC for Oct-Dec quarter
The government has decided to raise interest rates of small savings schemes such as National Savings Certificate (NSC), Public Provident Fund (PPF), Kisan Vikas Patra (KVP), among others by 30-40 basis points for the October December quarter of the current financial year.
Interest rates for such schemes are revised on a quarterly basis and have been benchmarked to market interest rates since April 2016. Therefore, interest rates have been raised, in sync with hardening as g-sec or government securities yields.
T and T Infra files IPO papers with Sebi
Construction company T and T Infra Ltd has filed draft papers with markets regulator Sebi to float an initial public offer (IPO). The initial share-sale offer comprises up to 75 lakh equity shares of the company, according to the draft red herring prospectus filed with Securities and Exchange Board of India (Sebi) Tuesday. Besides, the firm might consider a pre-IPO placement of up to Rs 20 crore at its discretion.
Funds raised through the issue will be used for purchase of plant and equipment; fund additional working capital requirements; fund expenditures towards general corporate purposes and to meet public issue expenses. Hem Securities is the sole book running lead manager to the issue and the equity shares of the company are proposed to be listed on BSE and NSE.
IRCON IPO subscribed 9.85 times; to net govt Rs 466 cr
Railways engineering and construction firm Ircon International's initial public offer was subscribed 9.85 times on the last day of bidding Wednesday. The public offer received bids for 9,75,82,860 shares against the total issue size of 99,05,157 shares, data available with the NSE till 1945 hrs showed.
The government is selling 10.5 per cent stake or about 99.05 lakh equity shares, including 5 lakh shares to employees. "The government is expected to raise Rs 466 crore from the issue," an official release said Wednesday.
Aavas Financiers plans to raise Rs 1,734 crore through IPO
Housing finance company Aavas Financiers is planning to raise around Rs 1,734 crore through an initial public offering (IPO), an official said Thursday. The IPO will open on September 25 and will close on September 27, Ghanshyam Rawat, chief financial officer of Aavas Financiers, said at a press conference.
The price-band of the shares has been fixed at Rs 818-821. The company has 186 branches in 92 districts across eight states and aims to expand branches to 300 in next three years, he added.
Three 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 September 21, Adani Enterprises, Balrampur Chini and Wockhardt are present in this list.
With inputs from Reuters & other agencies
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