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

The Nifty, which started the week with a mildly negative bias, failed to build momentum on Tuesday. The bears were successful in pushing the index below its crucial support placed at around 10,600.

The index made a 'Hammer'-like pattern on the daily candlestick chart. The long lower shadow of the Hammer signifies that it tested its support and then bounced back. The index bounced back near its 50-day EMA placed at around 10,549.

Investors are advised to remain cautious, and a decisive breach of 10,550 during the week could well put bears in the driving seat, suggest experts. On the other hand, a close above 10,620 could put bulls in a fighting position.

The Nifty, which opened at 10,630, rose marginally to hit an intraday high of 10,633.15. Bears took control in the second half and pushed the index below 10,600 to hit an intraday low of 10,550. The index closed 35 points lower at 10,593.15.

According to Pivot charts, its key support is placed at 10,551.67, followed by 10,510.13. If the index starts moving upward, key resistance levels to watch out are 10,633.97 and 10674.73.

The Nifty Bank index closed at 26,251.0. The important Pivot level, which will act as crucial support for the index, is placed at 26,099.6, followed by 25,948.2.

On the upside, key resistance levels are placed at 26,372.4, followed by 26,493.8.

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.

US stocks mostly edged higher on Tuesday as technology shares extended recent gains while US Treasury yields fell on safe-haven buying after Italy’s new prime minister outlined new economic policies that could add to the nation’s debt.

The Dow Jones Industrial Average fell 12.51 points, or 0.05 percent, to 24,801.18, the S&P 500 gained 1.63 points, or 0.06 percent, to 2,748.5 and the Nasdaq Composite added 25.81 points, or 0.34 percent, to 7,632.27.

Asian stocks edged up on Wednesday after tech sector strength lifted Wall Street shares, while concerns about Italy’s debt prompted investors to move into lower-risk government debt elsewhere, pushing US Treasury yields down from recent highs.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1 percent, while Japan's Nikkei edged down 0.1 percent. Australian stocks rose 0.3 percent.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 20 points or 0.19 percent. Nifty futures were trading around 10,587-level on the Singaporean Exchange.

The Reserve Bank of India's Monetary Policy Committee (MPC) is meeting for its second bi-monthly policy review in FY19. This is the first time the committee is meeting for three days instead of the regular two days. Some experts expect the MPC to revise the benchmark repo rate upwards. Repo rate is the rate at which banks borrow short-term funds from the RBI.

An increasing number of economists expect the Reserve Bank of India to raise interest rates on Wednesday, a Reuters poll found, but most still think the central bank will stay on hold and use this week’s meeting to prepare for an August hike. “The risk has gone up, definitely, but (we’re) not convinced enough for it to happen in June,” said Kunal Kundu, India economist at Societe Generale. “We still stick to August.”

US services sector activity accelerated in May, pointing to robust economic growth in the second quarter, but trade tariffs and a shortage of workers posed a threat to the outlook. Job openings rose to a record high in April, far outpacing hiring.

Sebi yesterday put in place a detailed framework for listed Infrastructure Investment Trusts (InvITs) to make preferential issue of units to institutional investors. It said preferential issues need to be completed within 12 months from the date of passing of the resolution by InvIT's unit holders.

The units in a preferential issue would be offered and allotted to a minimum of two investors and a maximum of 1,000 investors in a financial year. According to Sebi, the gap between preferential issue of units by InvITs should be six months, and allotment needs to be completed within 12 days.

A heavy emerging markets sell-off last month saw foreigners dump a combined USD 12.3 billion of bonds and stocks, Institute of International Finance figures showed on Tuesday.

Outflows were evenly split between debt and equities while regionally the biggest moves were USD 8 billion out of Asia and USD 4.7 billion from Africa and the Middle East combined, it said.

US oil prices edged up in early Asian trade on Wednesday to move away from lows hit in the previous session, buoyed after industry data showed a decline in US crude inventories.

US West Texas Intermediate crude was up 10 cents, or 0.2 percent, at USD 65.62 a barrel on Wednesday, having settled up 77 cents. It touched a near two-month low of USD 64.22 on Tuesday. Brent crude was down 8 cents, or 0.1 percent, at USD 75.30 a barrel, after settling up 9 cents the session before.

Gross non-performing assets in the banking system, which stood at 11.2 percent in FY2018, is likely to touch 11.5 percent in this fiscal, says a Crisil report. In FY18, GNPAs increased to around Rs 10.3 trillion, or 11.2 percent of advances compared with Rs 8 trillion, or 9.5 percent of advances, as on March 31, 2017.

“We expect gross NPAs in the banking system to peak at around 11.5% this fiscal and then start reducing,” the rating agency said in report on Tuesday.

Markets regulator Sebi on Tuesday asked mutual fund houses to prominently disclose on a daily basis total expenses charged to customers for all schemes under a separate head on their websites as well as industry body Amfi website.

The fund houses need to disclose about name of the scheme, base as well as total TER, additional expense and Goods and Services Tax (GST) for regular and direct mutual funds plan in a prescribed format. The new directive will come into force with immediate effect, the Securities and Exchange Board of India said in a circular.

Markets regulator Sebi has imposed 10 percent cap on cross-shareholding in credit rating agencies, raised their net worth requirement to Rs 25 crore from Rs 5 crore and disallowed having a seat on the rival's board.

The new norms are likely to have an impact on global rating agencies like S&P, Moody's and Fitch which have significant holdings in domestic agencies besides their direct presence. It has issued new rules under which a credit rating agency (CRA) will not, directly or indirectly, have more than 10 percent of shareholding or voting rights in another CRA and would not have representation on the board of the other CRA.

The Indian rupee on Tuesday closed marginally lower against the US dollar as traders turned cautious ahead of the Reserve Bank of India’s bi-monthly policy outcome.

The rupee closed at 67.15 against the US dollar, down 0.06 percent from its previous close of 67.11. The currency opened at 67.08 a dollar and touched a high and a low of 67.07 and 67.23, respectively.

Securities in ban period for the next day's trade under the futures and options segment includes companies in which the security has crossed 95 percent of the market-wide position limit.

For June 6, DHFL is the only stock on the F&O ban list.