What changed for the market while you were sleeping? Top 10 things to know
Trends on SGX Nifty indicate a positive opening for the index in India with a 35 point gain.by Sandip Das
The Indian stock market is expected to open in the green following positive Asian cues as hopes of a coronavirus vaccine were rekindled. Trends on SGX Nifty indicate a positive opening for the index in India with a 35 point gain.
The Sensex gained 14.23 points to close at 38,854.55 on September 11 while the Nifty50 rose 15.20 points to 11,464.50. According to pivot charts, the key support levels for the Nifty is placed at 11,425.1 followed by 11,385.7. If the index moves up, the key resistance levels to watch out for are 11,498.7 and 11,532.9.
Stay tuned to Moneycontrol to find out what happens in 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:
The Nasdaq slid and the S&P 500 closed little with change on September 11 as early gains in technology and growth names faded, with each of the three major Wall Street averages posting their second straight weekly decline.
The Dow Jones Industrial Average closed up 131.06 points, or 0.48 percent, to 27,665.64. The S&P 500 gained 1.78 points, or 0.05 percent, to 3,340.97 and the Nasdaq Composite dropped 66.05 points, or 0.6 percent, to 10,853.55.
Asian shares started higher on Monday as hopes of a coronavirus vaccine were rekindled after AstraZeneca resumed its phase-3 trial while sentiment was still cautious ahead of a big week of central bank meetings in UK, Japan and the United States.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5 percent, poised for its second straight session of gains. Australian shares climbed 0.2 percent while Japan's Nikkei added 0.3 percent.
Oil mixed as storm threatens US gulf production
Oil prices were mixed on Monday with US crude rising as a tropical storm in the Gulf of Mexico forced rigs to shutdown, but the gains were kept in check by wider concerns about excess supply and falling demand for fuels.
U.S. West Texas Intermediate (WTI) crude futures were up 9 cents, or 0.2 percent, at $37.42 a barrel by around 0050 GMT. Brent crude was down 3 cents at $39.80 a barrel.
Trends on SGX Nifty indicate a positive opening for the index in India with a 35 point gain. The Nifty futures were trading at 11,489 on the Singaporean Exchange around 07:30 hours IST.
India's industrial output for July contracts 10.4%
India's industrial output contracted 10.4 percent in July as against a 4.9 percent growth year-on-year (YoY), as per the Index of Industrial Production (IIP) data released by the government on September 11. This is against a 16.6 percent contraction in the month of June.
"With the lifting of restrictions in the subsequent periods, industrial activity is resuming. The Index for the month of July 2020 stands at 118.1 as compared to 54.0, 89.5 and 108.9 for April 2020, May 2020 and June 2020," the Ministry of Statistics and Programme Implementation has said.
Sebi says mutual funds can merge multi-cap schemes, or re-position under different category
The Securities and Exchange Board of India (Sebi) on September 13 clarified that multi-cap schemes need not necessarily churn their portfolios by selling largecap stocks or buying smallcaps in multicap schemes to meet the new norms, but can also exercise options such as merging schemes with largecap funds, re-positioning them as large and midcap schemes or facilitating unitholders' switch to another scheme.
The market regulator said that fund houses can use these options among other things and also added that it will examine if any proposals are submitted by the industry to meet the desired objective of true-to-label and appropriate benchmarking.
FPIs turn net sellers in September, pull out Rs 2,038 crore so far
Foreign portfolio investors (FPI) turned net sellers in Indian markets by pulling out Rs 2,038 crore so far in September as participants turned cautious in view of rising Indo-China tensions and weak global cues. According to the depositories data, a net Rs 3,510 crore was withdrawn from equities, while Rs 1,472 crore was pumped into debts by FPIs between September 1-11.
Retail inflation to come down with easing of lockdowns: CEA K V Subramanian
Attributing the rise in inflation to supply-side frictions, Chief Economic Adviser K V Subramanian has exuded confidence that retail inflation will come down in the days ahead with the easing of lockdowns.
According to the government data, retail inflation rose to 6.93 percent in July, mainly driven by rising prices of food items like vegetables, pulses, meat and fish. However, wholesale price-based inflation declined 0.58 percent in July, even as food items turned costlier.
RBI remains net purchaser of US dollar in July, buys $15.973 billion
The Reserve Bank continued to remain a net buyer of the US currency in July after it purchased $15.973 billion on a net basis from the spot market, according to its monthly bulletin. In the month, the central bank bought $16.903 billion and sold $930 million in the spot market, according to the monthly bulletin released by the Reserve Bank of India (RBI).
Sebi proposes listed firms disclose financial results with 30 minutes of board nod
To strengthen corporate governance practices and disclosure requirements, Sebi on September 11 proposed that listed companies should disclose the financial results to the exchanges within 30 minutes of approval by their boards. At present, such disclosures need to made within 30 minutes from the conclusion of the board meeting. This comes after industry chamber Ficci suggested that disclosure of financial results should be made within 30 minutes from the conclusion of the discussion on the agenda, rather than the conclusion of the board meeting.
In addition, the regulator proposed that the top 1,000 listed entities based on market capitalisation (calculated as on March 31 of every financial year) will formulate a dividend distribution policy which will be disclosed in their annual reports and on their websites.
India's forex reserves climb $582 million to record $542.013 billion
The country's foreign exchange reserves rose by $582 million to reach a lifetime high of $542.013 billion in the week ended September 4, RBI data showed on Friday. In the previous week ended August 28, the reserves had surged by $3.883 billion to $541.431 billion. In the reporting week, the foreign currency assets (FCA), a major component of the overall reserves, increased by $269 million to $498.362 billion, the data showed.
Earnings on September 14
Apollo Hospitals Enterprise, Future Retail, HUDCO, PVR, Anant Raj, Ansal Properties, Asian Oilfield Services, Astra Microwave Products, AXISCADES Engineering, Balaji Telefilms, Bharat Road Network, GATI, HPL Electric & Power, IFCI, IVRCL, ITI, JB Chemicals, Jaypee Infratech, Jump Networks, Kwality, MBL Infrastructures, MMTC, NBCC (India), PC Jeweller, Raymond, SAIL, Skipper, SREI Infrastructure Finance and Take Solutions are among 443 companies to announce quarterly earnings on September 14.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 1,175.81 crore, whereas domestic institutional investors (DIIs) net offloaded shares worth Rs 724.31 crore in the Indian equity market on September 11, as per provisional data available on the NSE.
10 stocks under F&O ban on NSE
Adani Enterprises, Apollo Tyres, Bank of Baroda, BHEL, Canara Bank, Indiabulls Housing Finance, Vodafone Idea, Jindal Steel & Power, Punjab National Bank and Vedanta are under the F&O ban for September 14. 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 & other agencies