The Indian stock market is expected to open in the green as trends on the SGX Nifty indicate a positive opening for the index in India with a 78-point gain.
The BSE Sensex jumped 296 points to 57,420, while the Nifty50 recovered 253 points from the day’s low and settled with 82.50 points gain at 17,086, forming a bullish candle on the daily charts. Earlier, the benchmark indices had seen a gap down opening.
According to pivot charts, the key support levels for the Nifty are placed at 16,908.9, followed by 16,731.6. If the index moves up, the key resistance levels to watch out for are 17,187.8 and 17,289.4.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of headline incidents from across news platforms that could impact the Indian as well as the international markets.
The S&P 500 index ended at a record high on Monday, its fourth straight session of gains, as strong US retail sales underscored economic strength and eased worries from Omicron-driven flight cancellations that hit travel stocks.
The Dow Jones Industrial Average rose 351.82 points, or 0.98 percent, to 36,302.38, the S&P 500 gained 65.4 points, or 1.38 percent, to 4,791.19 and the Nasdaq Composite added 217.89 points, or 1.39 percent, to 15,871.26.
Shares in Asia rose in Tuesday morning trade after gains on Wall Street saw the S&P 500 notching yet another record close overnight.
Japan’s Nikkei 225 climbed 0.82 percent in early trade, while the Topix index advanced 0.76 percent. South Korea’s Kospi gained 0.14 percent.
Trends on the SGX Nifty indicate a positive opening for the index in India with a 78-point gain. The Nifty futures were trading at 17,184 on the Singaporean Exchange around 7:30am Indian time.
Oil nears one-month high on easing Omicron worries
Crude oil gained more ground on Tuesday with prices trading close to last session’s one-month high on expectations that the Omicron coronavirus variant will have only a limited impact on global demand.
Brent crude rose 7 cents, or 0.1 percent, to $78.67 a barrel, by 1.15am GMT. US West Texas Intermediate (WTI) crude rose 18 cents, or 0.2 percent, to $75.75 a barrel, gaining for a fifth straight session.
Japan’s jobless rate rises to 2.8 percent in November
Japan’s jobless rate rose to 2.8 percent in November, while the availability of jobs matched that of the previous month, government data showed on Tuesday. The seasonally adjusted unemployment rate compared with 2.7 percent in October and a median forecast of 2.7 percent in a Reuters poll of economists.
China’s industrial profit growth tumbles as raw material prices fall
Profits at China’s industrial firms grew at a much slower pace in November, the statistics bureau said on Monday, pressured by tumbling prices of some raw materials, a faltering property market and weaker consumer demand.
Profits rose 9 percent on-year in November to 805.96 billion yuan ($126.54 billion), well off the 24.6 percent gain reported in October.
CAIT wants GST hike on textiles to be deferred, writes to FM Sitharaman
The Confederation of All India Traders (CAIT) on December 27 requested Finance Minister Nirmala Sitharaman to defer the hike in the goods and services tax (GST) on textiles that kicks in from January 1, 2022.
The government in November notified an increase in GST on natural fibre products from 5 percent to 12 percent, including apparels in the lower tax bracket with effect from January 1, 2022. The decision was taken at the last GST Council Meet in September.
The traders’ body called for a task force, headed by the Central Board of Indirect Taxes chairman and comprising representatives of the industry as well as senior government officials, to discuss the hike at length and arrive at a consensus.
Exports rise 36 percent during December 1-21: Commerce Ministry
The country’s exports rose by 36.2 percent to $23.82 billion during December 1-21 this year, according to preliminary data of the commerce ministry. Exports, excluding petroleum, have increased by 28.08 percent during the period under review.
“The value of export is $23.82 billion, up by 36.20 percent over the same period of 2020-21 ($17.49 billion) and up by 27.70 percent over the same period of 2019-20 ($18.65 billion),” it said.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,038.25 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 955.79 crore in the Indian equity market on December 27, as per provisional data available on the NSE.
Stocks under F&O ban on the NSE
Four stocks - Escorts, Indiabulls Housing Finance, Vodafone Idea, and RBL Bank - are under the F&O ban for December 28. 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 and other agencies