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The Nifty which opened with a gap on the higher side in morning trade on Friday failed to hold on to momentum and closed below its crucial support level of 9,800. The bulls tried to push the index beyond 9,850 but witnessed selling pressure near its 5-days exponential moving average (DEMA) placed at 9,827.
The index opened at 9814 and rose to an intraday high of 9,854. But, bears took control of D-Street and pushed the index below the support level of 9,800 to 9,775.35 which was its intraday low. The index closed 19.65 points higher at 9,788.60.
The Nifty closed at 9,788.6 on Friday. According to Pivot charts, the key support level for Nifty is placed at 9,757.97, followed by 9,727.33. If the index starts to move higher, key resistance levels to watch out are 9,836.62, followed by 9,884.63.
The Nifty Bank closed at 24,053.0 on Friday. The important Pivot level which will act as crucial support for the index is placed at 23,962.74, followed by 23,872.47. On the upside, the key resistance level is 24,185.34, followed by 24,317.67.
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 500, Nasdaq hit records on tech lift
The S&P 500 and the Nasdaq advanced to record levels on Friday, buoyed by gains in technology stocks, while each of the major indexes closed out the quarter with solid gains.
The Dow Jones Industrial Average rose 23.89 points, or 0.11 percent, to 22,405.09, the S&P 500 gained 9.3 points, or 0.37 percent, to 2,519.36 and the Nasdaq Composite added 42.51 points, or 0.66 percent, to 6,495.96, Reuters reported.
Asian shares edge down
Asian shares tiptoed lower on Tuesday, pressured by weaker oil prices but supported by records on Wall Street and upbeat economic data that lifted US Treasury yields and the dollar. Japan's Nikkei stock index added 0.3 percent, getting a tailwind from a weaker yen. Australian shares slipped 0.4 percent ahead of the Reserve Bank of Australia’s policy decision Reuters reported.
SGX Nifty
The Nifty50 futures on the Singapore Stock Exchange were trading 20 points higher at 9860 indicating a flat opening for the domestic market.
Trump says he ‘won’t fail’ with North Korea
US President Donald Trump has warned his Secretary of State Rex Tillerson that negotiations with North Korea were a “waste of time” and said he “won’t fail” on a front where three of his predecessors failed, PTI reported.
Sebi may issue new version of loan default disclosure circular
Sebi withdrew the loan default disclosure circular without assigning a reason late on Friday night. The sudden withdrawal, a day before listed companies would need to disclose all their defaults, sparked speculation about the fate of the circular, Livemint reported.
North Korea seen moving missiles from development center: South Korean broadcaster
Several North Korean missiles were recently spotted moved from a rocket facility in the capital Pyongyang, South Korea's Korean Broadcasting System (KBS) reported late Friday amid speculation that the North was preparing to take more provocative actions, Reuters reported.
Govt may raise licence fees of global drug makers by 5 times
Multinational manufacturers of drugs and medical devices may soon have to pay higher licence and registration fees in India, with the government set to issue a notification to this effect. The move comes almost nine months after India’s regulatory body on drugs and devices proposed the fee hike in draft rules for global companies operating or intending to market products in India, Livemint reported.
Sebi bars Skymarg Agro Industries India
Sebi has barred Skymarg Agro Industries India and its five directors from the securities market and directed them to refund the money collected illegally from the public. According to a the Sebi order, the firm's directors who have been banned from the capital market are Pradip Kumar Das, Dharmnath Rai, Jai Singh, Subhasis Mahato and Sumit Kumar Das, PTI reported.
South-West Monsoon was 'Below Normal' this year: MoES Secretary
The south-west monsoon was "below normal" this year, the earth sciences ministry secretary said on Sunday, while noting that it may impact the agriculture sector in some parts of the country. M Rajeevan, Secretary of the Ministry of Earth Sciences, said, "Monsoon was 95 percent of the Long Period Average (LPA), which is below normal", PTI reported.
Bourses direct brokers to submit risk-based supervision info by Nov 30
Brokers will have to submit risk-based supervision (RBS) data for first six months of the current financial year latest by November 30, said leading stock exchanges BSE and NSE. The submission of data is mandatory for all active members of the exchanges (those who have executed/cleared even a single trade during the period), the bourses said in separate circulars, PTI reported.
Initiated process of IPO with filing of DRHP: HAL
Hindustan Aeronautics Ltd on Sunday said it has initiated the process of Initial Public Offer (IPO) with the filing of the Draft Red Herring Prospectus with market regulator SEBI. The Union government had in 2012 approved the sale of a 10 percent stake in HAL. It had in 2013 appointed four merchant bankers- SBI Cap, Goldman Sachs, Barclays and Axis Capital -for managing the stake sale, PTI reported.
Scope for reducing GST slabs, hints Arun Jaitley
Finance minister Arun Jaitley on Sunday indicated that the government would consider reducing the goods and services tax slabs and easing compliance burden for small taxpayers once revenues from GST better those from the previous tax regime, The Economic Times reported.
EPFO cracks whip on 700 PF trusts for not filing returns
EPFO said it has asked its field offices to take action against erring 700 PF trusts that have not filed online returns. In order to protect the interest of the workers, the Central Provident Fund Commissioner has issued directions to all the field offices to ensure filing of the online returns by all the exempted establishments and take appropriate action against the defaulting establishments as per law including cancellation of exemption, the statement said, as reported by The Economic Times.
Telecom Commission allows telcos to pay for spectrum in 16 years
Telecom Commission, the apex decision-making body at the telecom department, approved extension of time-period for the payment of spectrum bought in auctions by telcos to 16 years from the current 10 years. Deferred payment option for spectrum was one of the key demands of telecom operators that they submitted before the inter-ministerial group, The Indian Express reported.
Govt raises natural gas price by 17%
The oil ministry on Friday effected a 17 percent rise in the price of natural gas to USD 2.89 per million British thermal unit (mmBtu) for the six months starting October 1, in line with the global price to which the local price of gas is benchmarked. This price is applicable for gas from blocks that were auctioned after 1999, Livemint reported.
Forex reserves drop by $262.3 million to $402.246 billion
The foreign exchange reserves declined marginally by USD 262.3 million to USD 402.246 billion in the week to September 22, due to fall in foreign currency assets, the RBI data showed. In the previous week, the reserves had touched a life time high of USD 402.509 billion after rising by USD 1.782 billion, The Economic Times reported.
SEBI asks hedge funds to inform about investment in commodity derivatives
SEBI on Friday asked hedge funds to report about cumulative net investments, made by them in commodity derivatives in a prescribed format. Besides, such funds need to inform about the maximum investment made by them in a single underlying commodity and their monthly exposure, The Hindu Business Line reported.
Fiscal deficit touches 96.1% of Budget estimate
India's fiscal deficit touched 96.1 percent of the Budget estimate for FY18 at the end of August as the government kept its foot on the spending pedal to support the economy while revenues came in at their usual modest pace in the opening months of the financial year. The April-August fiscal deficit is substantially higher than 76.4 percent for the year-earlier period, data released by the Controller General of Accounts showed, as reported by The Economic Times.
Idea-Vodafone merger likely to be completed by March
Vodafone India and Idea Cellular merger deal is expected to be completed by March next year, as all regulatory approvals are likely to be obtained by that time. Both the companies are before National Company Law Tribunal (NCLT) for seeking its nod after which they will need final approval from the Department of Telecom, The Economic Times reported.
Govt expects RBI to cut interest rate
The government expects a helping hand from the RBI in the form of interest rate cut in the next monetary policy review on Wednesday to boost growth which fell to a three-year low of 5.7 percent in the June quarter, PTI reported.
Fitch lowers India's growth forecast to 6.9%
Fitch Ratings has lowered India's economic growth forecast for the current fiscal to 6.9 percent from 7.4 percent after the GDP growth "unexpectedly faltered" in the April-June quarter. The credit rating agency said however that it expects the economic activity to accelerate in the second half of the fiscal year with the waning impact of one-off events including the demonetisation shock in late 2016 and the GST rollout in July, which had dampened growth in the short term, The Economic Times reported.
IPOs raise record Rs 27k crore between April-September this year
Indian companies raised a record close to Rs27,000 crore through initial public offerings (IPOs) in the first half of the current fiscal and an impressive pipeline is already in place for coming months, Livemint reported.
August data points to early signs of revival in economic growth
Several sectoral indicators for the month of August point to early signs of a revival in economic growth, which slowed to 5.7 percent in the June quarter, according to analysts. The improvements suggest that the aftershocks of demonetisation and the rollout of the goods and services tax (GST) are wearing off, Livemint reported.
India risks losing status as top destination for FPIs
In April last year, then RBI governor Raghuram Rajan described the Indian economy as a one-eyed king in the land of the blind. He was speaking in the context of India becoming the fastest-growing economy despite a gloomy condition around the world. A year and a half later, India’s macroeconomic indicators no longer seem appealing even as the world economy sees a strong rebound in both economic growth and trade, as reported by The Business Standard.
BoE tells banks to find 4 billion pounds of bail-in debt by 2022
Banks headquartered in Britain must find a net 4 billion pounds (USD 5.3 billion) to comply by 2022 with rules aimed at shielding taxpayers when lenders go bust, the Bank of England said on Monday. Ten years after a financial crisis that forced UK taxpayers to inject billions of pounds into lenders like Royal Bank of Scotland and Lloyds, the BoE said the final pieces to a system for dealing with failing banks were being slotted into place, Reuters reported.
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