The market is expected to open on a cautious note as trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 11 points.
The BSE Sensex rallied more than 440 points to 59,246, while the Nifty50 jumped 126 points to 17,666 and formed a bullish candlestick pattern on the daily charts, but still traded within the range of 17,300-17,800 levels.
As per the pivot charts, the key support level for the Nifty is placed at 17,576, followed by 17,487. If the index moves up, the key resistance levels to watch out for are 17,719 and 17,773.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
Asian Markets
Shares in the Asia-Pacific traded mixed at the open on Tuesday ahead of the Reserve Bank of Australia's rate decision.
Japan's Nikkei 225 slipped 0.17 percent and the Topix index lost 0.3 percent. The Kospi in South Korea rose 0.14 percent. In Australia, the S&P/ASX 200 was little changed. MSCI’s broadest index of Asia-Pacific shares outside of Japan inched 0.11 percent higher.
SGX Nifty
Trends in SGX Nifty indicate a cautious opening for the broader index in India with a loss of 11 points. The Nifty futures were trading around 17,673 levels on the Singaporean exchange.
Oil prices jump nearly 4% as OPEC+ agrees small oil output cut
Oil prices rose about 4 percent on Monday, extending gains as OPEC+ members agreed to a small production cut to bolster prices.
Brent crude futures for November delivery rose $3.53 to $96.55 a barrel, up 3.8 percent, by 11:07 a.m. ET (1507 GMT). US West Texas Intermediate crude was up $3.08, or 3.6 percent, at $89.98 after a 0.3 percent gain in the previous session.
Liz Truss to be UK's next prime minister, defeats Rishi Sunak in Tory leadership race
Mary Elizabeth Truss, prominently referred to as Liz Truss, was on September 5 announced as the next prime minister of the United Kingdom, after she defeated rival Rishi Sunak in the Conservative Party leadership race.
Around 180,000 dues-paying Tory members were eligible to elect the next party leader. The turnout was 82.6 percent, with Truss bagging 81,326 votes, as as against 60,399 votes secured by Sunak.
World leaders including Indian Prime Minister Narendra Modi took to Twitter to congratulate Truss on her victory. "Confident that under your leadership, the India-UK Comprehensive Strategic Partnership will be further strengthened. (sic)," Modi said.
Monetary policy will remain watchful, nimble-footed, calibrated: RBI Governor
India's monetary policy will “remain watchful, nimble-footed and calibrated” going forward, Reserve Bank of India (RBI) Governor Shaktikanta Das said on September 5.
“The RBI remains committed to support the market with two-way operations, as warranted, in line with the revised liquidity management framework,” Das said at an event organised by the Fixed Income Money Market and Derivatives Association of India (FIMMDA). “The RBI will also strive to ensure stable money market conditions, the smooth conduct of the primary auctions in G-secs (government securities) and facilitate the orderly evolution of the yield curve.”
Wall Street ends week on down note as jobs report gain fade
US stocks closed out the trading week on a down note on Friday, as early gains from a jobs report that showed a labor market that may be starting to loosen gave way to worries about the European gas crisis.
Wall Street opened sharply higher after the August US payrolls report showed stronger-than-expected hiring but a climb in the unemployment rate to 3.7 percent eased some concerns about the Federal Reserve being overly aggressive in raising interest rates as it attempts to bring down high inflation.
The Dow Jones Industrial Average fell 337.98 points, or 1.07 percent, to 31,318.44; the S&P 500 lost 42.59 points, or 1.07 percent, to 3,924.26; and the Nasdaq Composite dropped 154.26 points, or 1.31 percent, to 11,630.86.
DreamFolks Services debuts today, experts foresee healthy listing
DreamFolks Services is expected to see healthy listing gains on September 6, backed by strong IPO subscription and market leadership in the airport lounge aggregation industry supported by an asset-light and capital-efficient business model, experts have said.
DreamFolks was trading at around 30-40 percent premium in the grey market on September 5 over its issue price of Rs 326 a share, experts said.
The initial public offering of India's largest airport service aggregator received a good response and the issues was subscribed 56.68 times between August 24 and August 26. The issue garnered bids for 53.74 crore equity shares against an offer size of 94.83 lakh shares.
FII and DII data
Foreign institutional investors (FIIs) have net sold shares worth Rs 811.75 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 533.77 crore on September 5, as per provisional data available on the NSE.
Japan's household spending extends growth but inflation risks loom
Japan's household spending grew for a second straight month in July despite a resurgence in COVID-19 cases, but inflationary pressures from the yen's slump to a 24-year-low have cast doubt over a revival in consumption.
Household spending rose 3.4 percent in July from a year earlier, government data showed on Tuesday. The reading was lower than economists' median estimate for a 4.2 percent gain and followed 3.5 percent growth in June. Compared with a month earlier, spending decreased 1.4 percent in July, bigger than the forecast 0.6 percent fall.
Stocks under F&O ban on NSE
The National Stock Exchange has added Delta Corp in F&O ban list for September 6. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
With inputs from Reuters and other agencies
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