What changed for the market while you were sleeping? 10 things you should know

The Nifty picked up pace in the last one hour of trading session to reclaim 10,700 levels on Thursday which made a strong bullish candle on the daily

candlestick charts. Traders are advised to remain long on the index and trade with a stop below 10,600.

The index managed to register a breakout above 10,700 levels but Nifty rollovers stood at 58 percent which was slightly below 72 percent recorded in April expiry and was lower than the 3-month average of 67.3 percent.

Analysts advise investors to remain cautious because despite witnessing a breakout the broader market closed in red, and the advance-decline ratio was also largely skewed in favour of bears. Follow up buying is required for an index to sustain momentum.

The Nifty which opened at 10,670.15 slipped marginally to 10,620.40 before bulls took control of D-Street. The index hit an intraday high of 10,763.80 before closing the day 121.80 points higher at 10,736.15.

The Nifty future closed with the gains of 1.11 percent at 10,736 while Bank Nifty closed with the gains of 7.78 percent in the entire May series. Options data is scattered at all the immediate strikes being the beginning of June Series.

According to Pivot charts, the key support level is placed at 10,649.8, followed by 10,563.4. If the index starts moving upward, key resistance levels to watch out are 10,793.2 and 10,850.2.

The Nifty Bank index closed at 26,956.2. The important Pivot level, which will act as crucial support for the index, is placed at 26,485.67, followed by 26,015.13. On the upside, key resistance levels are placed at 27,295.67, followed by 27,635.13.

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 slips on renewed trade-war worries but posts monthly gains

US stocks fell on Thursday after the United States moved to impose tariffs on metal imports from Canada, Mexico and the European Union, prompting retaliatory measures from some of its trading partners.

The Dow Jones Industrial Average fell 251.94 points, or 1.02 percent, to 24,415.84, the S&P 500 lost 18.74 points, or 0.69 percent, to 2,705.27 and the Nasdaq Composite dropped 20.34 points, or 0.27 percent, to 7,442.12.

Asia stocks sag as US tariffs reignite trade war fears

Asian equities sagged on Friday as worries about U.S. trade policy hit global financial markets, which were already shaken this week by political turmoil in Italy.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.08 percent.

The index was down roughly 0.9 percent this week, during which it touched a six-week low on concerns that political developments in Italy could weaken its commitment to the euro and exacerbate the country's debt burden.

SGX Nifty

Trends on SGX Nifty indicate a flat opening for the broader index in India, a gain of 4.5 points or 0.04 percent. Nifty futures were trading around 10,720.50- level on the Singaporean Exchange.

India's GDP grows 7.7% in Q4, 6.7% in FY18

The Indian economy grew 7.7 percent in January-March, the fastest in nearly two years, signaling quick turnaround aided by rapid construction activity, consumer spending and corporate investment.

The new estimates firmly cements India’s place as the fastest growing major economy, ahead of China’s 6.8 percent growth in the quarter-ended March. For the entire fiscal year 2017-18, India grew at 6.7 percent the government said in its new estimates on Thursday, marginally higher than the 6.6 percent expansion projected in February and slowest in the last four years.

Govt meets fiscal deficit target of 3.5% for FY'18

Fiscal deficit for 2017-18 worked out to be 3.53 percent of the GDP, broadly in line with the government's revised estimates. According to the data released by the Controller General of Accounts (CGA), the revenue deficit was 2.65 percent of the GDP.

In absolute terms, the fiscal deficit was Rs 5.91 lakh crore or 99.5 percent of the Budget estimates. The government in the Budget, in February, had revised the fiscal deficit target for 2017-18 to 3.5 percent from the earlier estimate of 3.2 percent. It proposes the bring down the fiscal deficit -- the gap between total expenditure and total revenue -- during 2018-19 to 3.3 percent of the gross domestic product (GDP).

Non-food credit growth up to 10.7% for April: RBI

The Reserve Bank today said non-food credit growth accelerated to 10.7 percent for April as against 4.5 percent in the year-ago period, led by retail and the services sector. The non-food credit grew 10.7 percent to Rs 76,130 billion as on April 27, the central bank said.

The gross bank credit, including the food credit, was up 10.4 percent during the same period, as against 3.8 percent in the year-ago period. The data includes performance of 41 scheduled commercial banks, accounting for about 90 percent of the total non-food credit deployed, it said.

Rupee gains 2 paise against US dollar

The rupee edged up by 2 paise to end at 67.41 against the American currency on stray dollar selling by banks and exporters also supported by expectations of robust macroeconomic outcomes. A positive trading sentiment around domestic equity markets further supported the home currency.

The Indian unit moved between a high of 67.32 and a low of 67.59. After trading in tight-band, the local unit eventually managed to pull back towards the tail-end session and ended with a small gain of 2 paise at 67.41 against the US dollar.

US allies hit back at Washington's steel, aluminium tariffs

Canada and Mexico retaliated against the United States’ decision on Thursday to impose tariffs on steel and aluminium imports and the European Union had its own reprisals ready to go, reigniting investor fears of a global trade war.

The tariffs, announced by U.S. Commerce Secretary Wilbur Ross in a telephone briefing on Thursday, ended months of uncertainty about potential exemptions and suggested a hardening of the Trump administration’s approach to trade negotiations.

Euro on course for weekly gain

The euro is poised for its first weekly gain in seven weeks on Friday as worries over Italy’s political crisis ease, but the Canadian dollar and the Mexican peso were hit when Washington lifted exemptions from tariffs on imported steel.

The euro traded at $1.1699, little changed on the day but keeping intact its recovery from Tuesday's 10-month low of $1.1510.

US crude oil little changed after losses, record output weighs

US crude oil steadied on Friday after deep losses in the previous session on pressure from all-time high U.S. production and expectations of higher OPEC output.

US West Texas Intermediate crude CLc1 rose 2 cents to $67.06 a barrel by 0805 GMT after dropping almost 2 percent on Thursday. Brent crude LCOc1, which was little changed in the previous session, added 17 cents, or 0.2 percent, to $77.73 per barrel.

China May manufacturing sector growth steady, cost pressures

China’s manufacturing sector expanded at a steady pace in May as a pick up in production and domestic business offset a second month of declines in new export orders, a private survey showed on Friday.

The Caixin/Markit Manufacturing Purchasing Managers’ index (PMI) was unchanged at 51.1 in May from April, and just above economists’ forecast for a slowdown to 51.0.