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

The Nifty50 closed tad below its crucial support placed at 10,680 which is also its 5-day exponential moving average (DEMA). The index opened at 10,720 and slipped to an intraday low of 10,647.45 to close 38 points lower at 10,679.

Formation of a bearish candle after a Bearish Belt Hold does not augur well for the bulls but as long as Nifty trades above 10,600 levels, bulls have nothing to fear, suggest experts. Investors can keep a stop below this level (10,600) for all the long positions.

“It was heartening to see Nifty50 registering a bearish candle which is similar to a Hammer kind of formation as it recoiled after testing the gap zone of 10,647 – 10,628 levels registered on the 27th of April,” Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.

According to Pivot charts, the key support level is placed at 10,644.6, followed by 10,609.5. If the index starts moving upwards, key resistance levels to watch out are 10,717.7 and 10,755.7.

The Nifty Bank index closed at 25,605.25, up 0.14 percent. The important Pivot level, which will act as crucial support for the index, is placed at 25,498.4, followed by 25,391.6. On the upside, key resistance levels are placed at 25,682.7, followed by 25,760.2.

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.

S&P drops as weak earnings offset strong economic data

The S&P 500 ended lower on Thursday after a choppy session as disappointing earnings reports from several companies offset strong economic data. The Dow Jones Industrial Average rose 5.17 points, or 0.02 percent, to 23,930.15, the S&P 500 lost 5.94 points, or 0.23 percent, to 2,629.73 and the Nasdaq Composite dropped 12.75 points, or 0.18 percent, to 7,088.15.

Asia stocks steady in morning trade

Asian shares were steady while the Japanese yen held onto overnight gains in early trading on Friday as financial markets turned their attention to the looming US payrolls data for fresh catalysts. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.05 percent, while the dollar dropped 0.06 percent against the yen to 109.11.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 33.5 points or 0.31 percent. Nifty futures were trading around 10,673-level on the Singaporean Exchange.

Trump praises China's Xi as trade talks begin in Beijing

US President Donald Trump on Thursday praised his relationship with Chinese President Xi Jinping as officials from the world’s two largest economies began trade talks in Beijing, while state media said China would stand up to US bullying.

A breakthrough deal to fundamentally change China’s economic policies is viewed as highly unlikely during the two days of talks, though a package of short-term Chinese measures could delay Washington’s decision to impose tariffs on about USD 50 billion worth of Chinese exports.

Iran says will not renegotiate nuclear deal, warns against changes

Iran’s foreign minister said on Thursday US demands to change its 2015 nuclear agreement with world powers were unacceptable as a deadline set by President Donald Trump for Europeans to “fix” the deal loomed.

Trump has warned that unless European allies rectify the “terrible flaws” in the international accord by May 12, he will refuse to extend U.S. sanctions relief for the oil-producing Islamic Republic. A senior adviser to Iranian Supreme Leader Ayatollah Ali Khamenei also warned Europeans on Thursday over “revising” the nuclear deal, under which Iran strictly limited its enrichment of uranium to help allay fears this could be put to producing atomic bomb material, and won major sanctions relief in return.

US trade deficit narrows in March on record exports

The US trade deficit narrowed in March for the first time in seven months as exports reached the highest level on record, the Commerce Department reported on Thursday. Rising exports of petroleum and agricultural staples as well as a steep drop in imports sent the monthly US trade deficit plunging to USD 49 billion, a 15.2 percent drop from February, the biggest decrease in more than two years.

US exports of goods and services hit USD 208.5 billion, a new record, driven upwards by mounting exports of crude oil and other fuels as well as civilian aircraft and crops like soybeans, on which China has threatened to impose retaliatory tariffs.

Oil up on OPEC output cuts, worries about Iran sanctions

Oil prices rose on Thursday, boosted by OPEC production cuts and the potential for new US sanctions against Iran, but gains were limited by growing US crude inventories.

Brent crude futures rose 26 cents to settle at USD 73.62 a barrel, a 0.35 percent gain. US West Texas Intermediate crude rose 50 cents to settle at USD 68.43 a barrel, a 0.74 percent increase.

High NPA may restrict credit growth to 8% in FY19: Report

The high quantum of impaired assets will restrict the credit growth for fiscal 2018-19 to 8 percent, and India Inc will borrow more from cheaper sources abroad, a report said on Thursday. External commercial borrowings (ECBs) will go up to USD 27-32 billions on the back of relaxed norms announced by the Reserve Bank of India and the high rate of borrowing domestically, ratings agency Icra said.

Icra's group head for financial sector Karthik Srinivasan said the state-run banks' problems will stem from the high provisioning needed for bad assets and the need to meet mandated capital requirements.

RBI asks listed firms to provide FPI data to depositories by May 15

The Reserve Bank on Thursday asked all listed companies to provide information on FPI investments to depositories before May 15 or else they will be barred from receiving foreign investments.

In order to enable listed companies to ensure compliance with various foreign investment limits, the RBI in consultation with market regulator SEBI has decided to put in place a new system for monitoring foreign investment limits.

PE, VC investments rise to $7.9 bn in March quarter

Private equity and venture capital firms in India invested USD 7.9 billion across 180 deals in the quarter ended 31 March, led by large transactions in the infrastructure and real estate sectors, according to EY’s private equity monthly deal tracker.

The rise in investments in the first quarter of 2018 was led by USD 3.1 billion pumped into infrastructure and real estate projects. That compares with the USD 305 million invested in the year earlier period.

34 companies to report March quarter numbers today

As many as 34 stocks will be reporting their results for quarter ended March later today which include names like Ambuja Cements, BASF India, Capital First, GE Shipping, Godrej Properties, Indo Count Industries, NIIT Technologies, PVR, and Wockhardt among others.

4 stocks under ban period on NSE

Security 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 May 4, 2018, IRB Infrastructure, PC Jeweller, Jet Airways and Just Dial are present in this list.