The Nifty50 after opening higher at 10,939.65 wiped out early gains to hit an intraday low of 10,925.60, but managed to recoup those losses in morning trade itself and reclaimed psychological 11,000-mark in later part of the session. The index hit an intraday high of 11,018.50, before closing 71.10 points higher at 11,008.
The closing above 11,000-mark is a good thing but to maintain that momentum, the index has to close above 11,080 levels and then only it can be able to march towards its earlier life time high of 11,171 seen in January, experts said.
"It was heartening to see Nifty50 strongly recoiling after testing erstwhile breakout point present around 10,930 levels before bulls signed off the session in style with a strong bullish candle," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.
According to Pivot charts, the key support level is placed at 10,949.57, followed by 10,891.13. If the index starts moving upwards, key resistance levels to watch out are 11,042.47 and 11,076.93.
The Nifty Bank index closed at 27,008.10, up 328.3 points on Tuesday. The important Pivot level, which will act as crucial support for the index, is placed at 26,760.77, followed by 26,513.43. On the upside, key resistance levels are placed at 27,148.37, followed by 27,288.63.
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 climbs on Powell comments, earnings
Wall Street stocks rose on Tuesday, with the Dow Jones Industrial Average posting its fourth consecutive session of gains after Federal Reserve Chairman Jerome Powell expressed an optimistic US economic view and solid earnings bolstered the outlook for a robust reporting period.
The Dow Jones Industrial Average rose 55.53 points, or 0.22 percent, to end at 25,119.89, the S&P 500 gained 11.12 points, or 0.40 percent, to 2,809.55 and the Nasdaq Composite added 49.40 points, or 0.63 percent, to 7,855.12.
Asian markets trade higher
Asian shares followed Wall Street higher on Wednesday as a bullish outlook from the head of the US central bank buoyed the dollar, lifted Tokyo shares to a one-month top and sent gold to a one-year trough.
Japan's Nikkei leapt out of the blocks with a 1 percent gain as a weakening yen promised to fatten exporters' profits. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.16 percent and South Korea's market 0.85 percent.
SGX Nifty
Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 37 points or 0.34 percent. Nifty futures were trading around 11,062-level on the Singaporean Exchange.
Govt announces Rs 11,336 cr capital infusion in 5 PSU banks
The government has announced an infusion of Rs 11,336 crore in five public sector banks as part of its Indradhanush scheme, which was unveiled in 2015. This is the last tranche of infusion under the scheme. The five banks are Punjab National Bank (PNB), Indian Overseas Bank (IOB), Andhra Bank, Corporation Bank & Allahabad Bank.
Of the Rs 11,336 crore, Rs 2,816 crore will be infused in PNB, Rs 2,157 crore in IOB, Rs 2,019 crore in Andhra Bank, Rs 2,555 in Corporation Bank, and Rs 1,790 crore in Allahabad Bank.
Oil prices fall after surprise rise in US inventories
Oil prices dropped on Wednesday after an industry group reported that US crude inventories rose last week, defying analyst expectations for a significant reduction.
Brent futures were down 40 cents, or 0.6 percent, at USD 71.76 a barrel. US West Texas Intermediate crude was down 27 cents, or 0.4 percent, at USD 67.82. It settled up 2 cents at USD 68.08 a barrel the session before, coming off a nearly one-month low.
'India Inc raised $3.8 bn through 19 IPOs in Jan-Jun this year'
Corporate India raised USD 3.8 billion through 19 IPOs in the first half of this year, largely driven by stable equity markets, says a report. According to Grant Thornton, increased activity in the IPO space is expected as the IPO ecosystem is evolving at a rapid pace and several companies are looking to list this year.
As per the report, USD 3.8 billion was raised across 19 IPOs during the first six month of this year with values increasing by nearly three-fold over the corresponding period last year (January 2017-June 2017). The biggest public issue was floated by Bandhan Bank, which raised USD 699 million followed by Hindustan Aeronautics (USD 661 million) and ICICI Securities (USD 618 million).
Fed will continue to raise rates gradually: Jerome Powell
The Federal Reserve will continue to raise rates gradually as the economic outlook remains strong despite uncertainty over trade policy, Federal Reserve chairman Jerome Powell said Tuesday. Powell was upbeat about the US economy, noting that job creation remained strong and inflation was right around the Fed’s two percent target.
However, in his prepared testimony, he acknowledged it was “difficult to predict the ultimate outcome of current discussions over trade policy.
RBI approves appointment of Girish Chandra Chaturvedi as ICICI Bank non-exec chairman
ICICI Bank yesterday said RBI has approved the appointment of Girish Chandra Chaturvedi as non-executive (part time) Chairman of the bank till June 30, 2021.
ICICI Bank is under the scanner of various regulatory agencies for alleged conflict of interest involving its CEO Chanda Kochhar and her family members in extending loans to some corporates, including the Videocon Group.
UltraTech Cement to report Q1 results today
UltraTech Cement is coming out with its June quarter (Q1FY19) earnings on July 18. According to brokerages estimate the company's net profit is seen in the range of Rs 585 to Rs 691 crore. Net sales during the quarter is expected to be in the range of Rs 8,485 crore to Rs 8,867 crore.
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) of the company is expected to remain in the range of Rs 1,545 crore to Rs 1,677 crore.
Rupee bounces 12 paise to end at 2-week high
The rupee yesterday bounced back to settle at a fresh two-week high of 68.45 against the US currency, gaining 12 paise as crude oil prices beat a hasty retreat, easing inflation and trade deficit worries.A sharp fall in global crude prices to the lowest level since mid-April along with upbeat domestic equities largely helped the recovery momentum.
The rupee resumed sharply higher at 68.40 against previous close of 68.57 at the Interbank Foreign Exchange (forex) market.The local currency moved to an intra-day high of 68.27 but some dollar demand in afternoon session pushed back to a low of 68.47. It finally closed at 68.45, revealing a gain of 12 paise, or 0.18 percent.
Monsoon Session of Parliament starts today
The Monsoon Session begins today and will end on August 10. It will have 18 sittings. The Congress yesterday said a number of opposition parties will collectively give a notice for a no-confidence motion against the Modi government in Parliament's Monsoon Session.
17 companies to report June quarter numbers
As many as 17 companies will report their results for June quarter which include names like Bandhan Bank, HT Media, Mastek, MindTree, NIIT Technologies, Reliance Communications, and UltraTech Cement.
HDFC AMC sets IPO price band at Rs1,095-1,100
HDFC Asset Management Company, the country's second largest mutual fund firm, has fixed a price band of Rs 1,095-1,100 per share for its initial public offering, through which it is estimated to garner Rs 2,800 crore. The initial share sale offer will be open for public subscription from July 25 to 27, HDFC said in a regulatory filing to stock exchanges.
HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments. Going by the draft papers files, the proposed initial public offer (IPO) will put up to 2.54 crore equity shares of the fund house on sale, of which 85.92 lakh shares will be put up by HDFC and up to 1.68 crore shares by Standard Life. HDFC AMC is selling a 4.08 percent stake in the IPO, while Standard Life will offload 7.95 percent.
TCNS Clothing IPO to open today
The fifth initial public offering of FY19 - TCNS Clothing is set to open for subscription on Wednesday, July 18, 2018, with a price band of Rs 714-716 per share.
The book running lead managers to the offer are Kotak Mahindra Capital Company and Citigroup Global Markets India Private Limited while Karvy Computershare is the registrar to the issue. Equity shares are proposed to be listed on BSE and NSE.
3 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 July 18, Adani Enterprises, Adani Power and Jet Airways are present in this list.
With inputs from Reuters & other agencies
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