A look at top cues from the domestic and international markets that could have a bearing on D-Street today.
The Nifty opened at 10,160 and rose to an intraday high of 10, 171. It slipped nearly 40 points to its intraday low of 10,134 before closing the trade at 10,141 down 6 points. A breakout could take the index towards 10,200 and then further towards 10,300 while 10,080 will lend a strong support to the index. Investors are advised to hold their positions and add fresh longs only after a breakout.
The Nifty closed at 10,141.2 on Wednesday. According to Pivot charts, the key support level for Nifty is placed at 10,126.6, followed by 10,112.0. If the index starts to move higher, key resistance levels to watch out are 10,163.4, followed by 10,185.6.
The Nifty Bank closed at 24,965.1 on Wednesday. The important Pivot level which will act as crucial support for the index is placed at 24,918.07 followed by 24,871.04. On the upside, the key resistance level is 25,032.37, followed by 25,099.63.
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 closes slightly higher after Fed policy decisions
The S&P 500 and the Dow ended slightly higher on Wednesday, adding to their string of closing records, after the Federal Reserve signalled it expects another interest rate hike by year-end.
The Dow Jones Industrial Average rose 41.79 points, or 0.19 percent to end at 22,412.59. The S&P 500 gained 1.59 points, or 0.06 percent, to 2,508.24 while the Nasdaq Composite dropped 5.28 points, or 0.08 percent, to 6,456.04, Reuters reported.
Asian shares mixed as US Treasury yields rise on Fed
Major indexes in Asia were mixed on Thursday after the dollar and US Treasury yields spiked following big news out of the Federal Reserve. Japan's Nikkei 225 rose 0.75 percent in early trade while the Kospi edged down 0.28 percent. The S&P/ASX 200 slipped 0.25 percent, CNBC reported.
The Nifty50 futures on the Singapore Stock Exchange were trading 35 points lower at 10133 indicating a flat to negative opening for the domestic market.
Fed keeps US rates steady, to start portfolio drawdown in October
The US Federal Reserve left interest rates unchanged on Wednesday but signalled it still expects one more increase by the end of the year despite a recent bout of low inflation. It also said that it would begin in October to reduce its approximately USD 4.2 trillion in holdings of US Treasury bonds and mortgage-backed securities acquired in the years after the 2008 financial crisis. It forecasts only two increases in 2019 and one in 2020, Reuters reported.
FM: Measures to revive GDP growth to be announced soon
Finance minister Arun Jaitley said his ministry would soon announce measures to revive economic growth that has decelerated to the slowest pace in three years. India’s gross domestic product (GDP) growth slowed to 5.7 percent in the quarter ended June 30, the slowest in three years, from 6.1 percent in the preceding three months, sparking concern over the state of the economy, Livemint reported.
5k cos under scanner for claiming more than Rs 1 crore in GST refunds
About 5,000 companies are under tax authorities’ scanner for claiming GST transitional credit of more than Rs 1 crore. Out of the Rs 95,000 crore revenues that the government garnered in July, more than two third of the amount is up for refund as input tax credit for Central GST (CGST).
Matrimony.com to debut on bourses on September 21
Matrimony.com is set to debut on bourses on September 21. The final issue price is fixed at Rs 985, the higher end of price band. According to sources, the grey market premium is at around Rs 50 for the stock, hence the listing price may be between Rs 1,000-1,050 per share on Thursday.
IUC cut to hit telcos' biz by Rs 5k cr, 2G calls to suffer: COAI
Trai's decision to cut call connection charge rate by more than half, if executed, will hit earnings of old mobile operators to the tune of Rs 5,000 crore in the current fiscal, industry body COAI said on Wednesday.
Established telecom operators have argued that every call on the network has a cost, and expenses of an incoming call on their network should be borne by the operator from whose network, the call has originated, The Economic Times reported.
Cabinet approves 78 days productivity-linked bonus for rail employees
The Cabinet on Wednesday approved payment of productivity linked bonus (PLB) equivalent to 78 days wages to eligible non-gazetted railway employees for the financial year 2016-17. About 12.30 lakh non-gazetted Railway employees are likely to benefit from the decision, The Economic Times reported.
Car sales in India to grow by 9% in 2017: Moody’s
Car sales in India are expected to grow by 9 percent this year riding on the back of goods and services tax (GST) regime as well as new product launches, Moody’s said on Wednesday. Indian car sales will remain robust, growing 9 percent this year and 7 percent in 2018, supported by the impact of India’s GST as well as new model launches, it added, as reported by Livemint.
Tax evasion through stocks: Sebi revokes ban on 114 entities
SEBI) has revoked trading ban imposed on 114 entities, which had come under the scanner for alleged manipulation and misuse of stock market platform for tax evasion, saying it did not find any adverse evidence against them. This comes after SEBI had revoked ban on a total of 307 entities in the First Financial case, The Hindu Business Line reported.
SBI Life IPO subscribed 10% on Day 1
The Rs 8,400-crore IPO of SBI Life Insurance garnered 10 percent subscription on Wednesday, the first day of the issue. The price band for the IPO is between Rs 685 and Rs 700 per share. The entire IPO comprises sale offer by the State Bank of India (SBI) and BNP Paribas, The Business Standard reported.
NPPA fixes ceiling price of 39 more drug formulations
The National Pharmaceutical Pricing Authority (NPPA) on Wednesday said it has fixed and revised the ceiling prices of 39 drug formulations. The move is expected to slash prices of some of these drugs, like Hepatitis B immunoglobulin, by as much as 20 percent, The Economic Times reported.
Booming market sees record SME public issues in September
Fund-raising activity by small industries will see a sharp uptick in the next 10 days as more than a dozen SME players have lined up their IPOs on stock exchanges before September 30. While the BSE’s SME platform will see about six SME IPOs, the NSE’s Emerge platform will witness about 12 IPOs before the end of September, The Hindu Business Line reported.
Rupee gains 6 paise against US dollarThe rupee on Wednesday logged its first gain in three sessions by rising 6 paise to 64.27 against the US currency owing to fresh dollar unwinding by exporters. It plunged sharply to hit a low of 64.43 in mid-morning session on heavy dollar demand before recuperating losses, PTI reported.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.