A list of important headlines from across news agencies that could help in your trade today.
The Nifty formed a bearish candle on the daily charts but made a Bearish Belt Hold kind of pattern on the weekly charts which suggest that the pain may not be over.
A ‘Bearish Belt Hold’ pattern is formed when the opening price for the week becomes the highest point of the week and the index declines throughout the trading week making up for the large body. The candle will either have a small or no upper shadow and small lower shadow.
On Friday, the index opened at 10,271 and rose marginally to hit an intraday high of 10,296. But bears soon took control and pushed the index towards 10,200 to hit an intraday low of 10,211. It closed 15 points lower at 10,226.85.
According to Pivot charts, the key support level is placed at 10,193.57, followed by 10,160.33. If the index starts to move higher, key resistance levels to watch out are 10,278.37 and 10,329.93.
The Nifty Bank closed at 24,296.4 on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 24,182.46, followed by 24,068.53. On the upside, key resistance levels are placed at 24,487.57, followed by 24,678.73.
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 ends on upbeat note
Wall Street’s main stock indexes climbed more than 1 percent on Friday, giving investors some solace after a week of huge swings that shook the market out of months of calm, Reuters reported.
The Dow Jones Industrial Average rose 330.44 points, or 1.38 percent, to 24,190.9, the S&P 500 gained 38.55 points, or 1.49 percent, to 2,619.55 and the Nasdaq Composite added 97.33 points, or 1.44 percent, to 6,874.49.
Asian stocks rise after US markets cheer jobs data
Asian stocks got off to a strong start to the week, tracking stateside gains in the last session on expectation-topping jobs data. The Nikkei 225 was up 2.03 percent, or 435.46 points while the Kospi index tacked on 0.7 percent, CNBC reported.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 119 points or 1.17 percent. The Nifty futures were trading around 10,332.50-level on the Singaporean Exchange.
China allows Xi to remain president indefinitely
China removed presidential term limits from its constitution on Sunday, giving President Xi Jinping the right to remain in office indefinitely, and confirming his status as the country’s most powerful leader since Mao Zedong died more than 40 years ago, reports Reuters.
The amendments also include inserting Xi’s political theory into the constitution, a feat no other leader since Mao had managed while in office. Additionally, clauses were included to give a legal framework to a new super anti-corruption department. Only two “no” votes were cast, with three abstentions, from almost 3,000 delegates.
Macro Data: CPI, IIP numbers today
Industrial output for the month of January and CPI inflation for February will be released today after market hours, which will give a sense of the economic recovery and trend in inflation. Economists expect the CPI for February at around 4.7 percent and IIP for January around 6.3-6.4 percent.
Apart from CPI and IIP, balance of trade for February will be announced, Q4 current account deficit data on Tuesday, WPI inflation for February on Wednesday, and foreign exchange reserves data for the week ended March 9 and deposits & bank loan growth data for week ended March 2 on Friday.
Manufacturing outlook positive for Jan-Mar qtr: FICCI
Manufacturers in the country have a positive outlook for the sector in the January-March quarter on the back of higher production, a report by industry body FICCI said.
"The percentage of respondents reporting higher production in fourth quarter has increased significantly vis-à-vis previous quarter of 2017-18. The proportion of respondents reporting higher output growth during the Q4 2017-18 has increased significantly to 55 percent from 47 percent in Q3," FICCI said in its latest quarterly survey on manufacturing.
US aluminium tariff hike unlikely to impact India directly
The US move to impose tariffs on aluminium imports may not have considerable direct impact on Indian metal industry, aluminium manufacturers said.
The US decision to impose 10 percent tariff on imported aluminium may not have significant direct impact on Indian aluminium industry, but it may have resultant impact due to increased availability of export volume for ex-America global market, said Aluminium Association of India Chairman T K Chand.
RBI initiates audit of PSBs with focus on trade finance, LoUs
RBI has initiated special audit of state-owned lenders with focus on trade financing activities, especially relating to the issuance of letters of undertakings (LoUs) by them, banking sources said.
It has asked all banks for details of the LoUs they had written, including the amounts outstanding, and whether the banks had pre-approved credit limits or kept enough cash on margin before issuing the guarantees.
Jet Airways, Air France-KLM, Delta consortium to bid for Air India
A consortium of Jet Airways, Air France-KLM and Delta Airlines understood to have expressed interest in the disinvestment of national carrier Air India, according to sources. Besides, Air India Air Transport Services Ltd (AIATSL) and Air India Engineering Services Ltd (AIESL) will be sold separately.
Moving ahead with the strategic disinvestment of loss-making Air India, the government is expected to soon invite Expression of Interest (EoI) from the bidders.
PMO calls FinMin, Commerce officials on exporters' GST refunds
The Prime Minister's Office has called a meeting of top officials of commerce and finance ministries tomorrow to discuss the issue of GST refunds as exporters claimed that their 70 percent of refunds are still stuck even after eight months of roll out of the new tax regime.
The meeting would also assess the impact of delay in refund process on exports and manufacturing, sources said. The issue of refunds to exporters has been hanging fire for over five months now, with exporters complaining that delay in GST refunds has blocked their working capital.
PNB fraud: Overreaction may cause huge loss of confidence, says Assocham
Assocham cautioned that overreaction by banks and the investigative agencies, in the backdrop of the PNB fraud, could hurt essential credit disbursement to the trade and industry and tamper growth expectations.
It also emphasised that all out efforts must be made by banks, regulators, government and India Inc to "limit the collateral damage from the alleged fraud in PNB".
Digital-only media consumers to reach 4 mn-mark by 2020: Report
Fuelled by increasing smartphone penetration and affordable data pricing in the country, the number of "digital only consumers" of content is set to more than double to 4 million by 2020, a report by Ficci-EY has said.
By 2020, India is expected to become the second largest online video viewing audience globally, given by the exponential growth of video consumption over digital media and the largest segment of consumers will consume traditional media (either pay or free) and free OTT (over the top) content on the back of falling data charges and growing free Wi-Fi access.
Banks want RBI to relax revised framework for NPA resolution
The Indian Banks’ Association has written to the RBI requesting relaxation in its revised framework for resolution of stressed assets, emphasising that the banking regulator’s zero tolerance towards even a day’s delay in loan repayment could seriously jeopardise lending to the infrastructure sector, which is a priority area for the government.
Bankers fear that if the restructuring process starts on day 1 of default then they will have to immediately downgrade the account to the non-performing asset (NPA) category and this will have provisioning implications.
PSBs recap should be part of broader package of financial reforms: IMF
The IMF has said that the recapitalisation of public sector banks (PSBs) should be part of a broader package of financial reforms to speed up the resolution of non-performing assets (NPAs), which has attracted more attention in view of the Nirav Modi case.
According to a recent Assocham-Crisil study, India's banking sector will be saddled with gross non-performing assets (GNPAs) worth a staggering Rs 9.5 lakh crore by March-end, up from Rs 8 lakh crore in the year-ago period.
FPIs' bearish stance continues; outflow at Rs 6K crore
Foreign investors have pulled out nearly Rs 6,000 crore from the Indian capital markets in just six trading days of the month primarily due to better opportunities in other emerging nations.
Net withdrawal by foreign portfolio investors (FPIs) from equities stood at Rs 2,410 crore during March 1-9, while the same from the debt market was Rs 3,473 crore, translating into a total outflow of Rs 5,883 crore, depositories data showed.
8 of top 10 Sensex cos lose Rs 67,153 cr in m-cap
The combined market valuation of eight of 10 most valued Indian companies plummeted by Rs 67,153.81 crore last week, with the benchmark BSE Sensecx tanking over 2 percent.
Barring HDFC and Infosys, all the top 10 companies, including Reliance Industries, ONGC and SBI, suffered losses in their market capitalisation for the week ended on Friday.
Oil prices rise on reduced US drilling activity
Oil markets climbed on Monday on the back of a drop in the number of US rigs drilling for more production and as the US economy continued to create jobs, which industry hopes will drive higher fuel demand. Brent crude futures were at USD 65.70 per barrel, up 21 cents, or 0.3 percent, from their previous close, Reuters reported.
Rupee closes lower against US dollarThe rupee and Asian currencies on Wednesday weakened against US dollar after China said it would respond to any efforts to incite a trade war. The rupee closed at 65.15, down 0.40 percent from its previous close of 64.89, Mint reported.