A list of important headlines from across news agencies that could help in your trade today.
The Nifty failed to reclaim 10,800 but managed to hold on to its crucial support placed at 10,709-10,700 and hit a 2-week low on Tuesday. The index made a Bearish Belt Hold pattern for the second day in a row.
On Tuesday, the Nifty opened at 10,789.45, which was also the intraday high. The bears took control of the market in morning trade and pushed the index below its crucial support placed at its 5-day exponential moving average (EMA), 13-day EMA, and 20-day EMA.
Investors are advised to remain cautious and use rallies to short the index, with a stop above 10,830. As long as the Nifty is trading below 10,930, chances of correction will remain. The Bank Nifty continued its formation of lower highs and lower lows for the fourth session on the trot. It formed a Bearish candle on the daily chart and resistances are gradually shifting lower.
As long as it doesn't negate this formation and holds below 26,500, the weakness could take it to 26,100 or even lower, suggest experts.
According to Pivot charts, its key support is placed at 10,677.97, followed by 10,645.43. If the index starts moving upward, key resistance levels to watch out for are 10,766.27 and 10,822.03.
The Nifty Bank index closed at 26,265.75. The important pivot level, which will act as a crucial support for the index, is placed at 26,177.7, followed by 26,089.6. Key resistance levels are placed at 26,401.0, followed by 26,536.2.
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.
Trade fears rattle Wall Street, Dow gives up 2018 gains
US stocks fell on Tuesday as a sharp escalation in the trade dispute between the United States and China rattled markets and put the Dow Jones Industrial Average back in negative territory for the year.
The Dow Jones Industrial Average fell 287.26 points, or 1.15 percent, to 24,700.21, the S&P 500 lost 11.18 points, or 0.40 percent, to 2,762.57 and the Nasdaq Composite dropped 21.44 points, or 0.28 percent, to 7,725.59.
Asian markets rebound on bargain-hunting
Stocks in Asia rebounded from recent losses on Wednesday as investors sought bargains, a day after the specter of a US-China trade war drove down bond yields, and share and commodity prices.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 percent. Japan's Nikkei gained 0.2 percent, South Korea's KOSPI rose 0.7 percent, and Australian stocks were 0.8 percent higher.
SGX Nifty
Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 2.5 points or 0.02 percent. Nifty futures were trading around 10,724-level on the Singaporean Exchange.
PSU banks to focus on credit needs of good borrowers: FM
State-run banks will focus on meeting the credit demands of 4,500 good borrowers besides micro, small and medium enterprises (MSMEs) as the government looks to these lenders to help revive growth.
The banks will also rework existing consortium lending arrangements to remove operational hurdles for credit flow into important sectors of the economy, Union finance minister Piyush Goyal said at a press briefing after a meeting with bankers.
CAD at 2.5% of GDP not a worry for govt: Subhash Chandra Garg
Current account deficit (CAD) at 2.5 percent of GDP won’t be a worry as the government has the required instruments to deal with any imbalance created due to foreign fund outflow, economic affairs secretary Subhash Chandra Garg said on Tuesday.
“2-2.5 percent CAD is not a problem for us.... If there is stability, in the current year capital account (inflows) should be good enough to take care and we may not worry even if it (CAD) reaches 2.5 percent,” Garg said.
Oil prices edge up on report of lower US crude inventories
Oil prices rose in early Asian trading on Wednesday, supported by a drop in US commercial crude inventories reported by the American Petroleum Institute. US crude inventories fell by 3 million barrels in the week to June 15 to 430.6 million barrels, according to the weekly API report published on Tuesday.
Brent crude futures were at USD 75.30 per barrel up 22 cents, or 0.3 percent, from their last close. US West Texas Intermediate (WTI) crude futures were at USD 65.34 a barrel, up 27 cents, or 0.4 percent.
RBI tightens remittance norms
The RBI yesterday tightened norms for Liberalised Remittance Scheme (LRS) by making quoting of permanent account number (PAN) mandatory even for transactions below USD 25,000.
Under the LRS, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year for any permissible current or capital account transaction or a combination of both.
Interest rate on PPF, other small saving schemes may go up
There could be some relief in store for investors in small savings schemes. The interest rate on small savings schemes, like the popular Public Provident Fund (PPF), is expected to be revised higher, in line with a rise in bond yields. The government at the month-end will decide on the interest rate for the next quarter (July-September).
“Small saving rates are likely to go up as they are benchmarked with yields on government bonds and a hike would also be necessary to align with other savings options like bank deposits,” says Madan Sabnavis, chief economist at CARE Ratings.
Sebi set to revamp IPO norms
The Securities and Exchange Board of India (Sebi) is set to revamp initial public offering (IPO) norms to make them less onerous for legitimate sellers while clamping down on possible misuse.
These include recognising a wider set of institutional investors such as alternative investment funds (AIFs) as counting toward promoters’ contribution in startups, requiring financial disclosures for three years rather than five and reducing disclosure of the price band to two days before the issue opens from five now.
RBI to purchase Rs 10K cr Govt securities through OMO on Thursday
The Reserve Bank yesterday announced a purchase of Government securities of up to Rs 10,000 crore on June 21 to help in liquidity management. "Based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the Reserve Bank has decided to conduct purchase of Government securities under Open Market Operations (OMO)," the central bank said.
The OMO will be carried out on June 21 through multi-security auction using the multiple price method and will involve purchase of five securities maturing between 2020 and 2032, it said.
Bharat-22 ETF: Anchor investors put in Rs 5,163 cr bids, subscribe 3.44 times
The second tranche of Bharat-22 ETF follow-on offer was lapped up by institutional investors yesterday with the portion reserved for anchor bidders getting subscribed 3.44 times to the tune of Rs 5,163 crore.
The government launched the follow-on fund offer (FFO) of Bharat-22 Exchange Traded Fund (ETF), comprising shares of 22 companies, to raise up to Rs 8,400 crore from the market. The issue opened for anchor investors yesterday and received subscriptions from investors including mutual funds houses, foreign portfolio investors (FPI), insurance and retirement funds.
Rupee dives to near 1-month low at 68.38
The rupee yesterday nosedived 39 paise to hit a near one-month low of 68.38 against the US dollar as escalating trade threats between the world's two biggest economies continued to spiral. The home currency crumbled to hit intra-day low of 68.39 in later afternoon on panic dollar buying.
But, later suffering in a deeper risk-off reaction, the local unit descended sharply to hit a low of 68.39 before ending at 68.38, showing a steep loss of 39 paise, or 0.57 percent. This is the lowest closing for the rupee since May 23.
RITES IPO to open today
Railways consultancy firm RITES will open its initial public offering for subscription on June 20, with a price band of Rs 180-185 per share. It would be the first state-owned company to hit the IPO market in FY19. The issue will close on June 22.
The equity shares are proposed to be listed on BSE as well as NSE. Elara Capital India, IDBI Capital Markets & Securities, SBI Capital Markets and IDFC Bank are book running lead managers to the issue. Link Intime India is the registrar.
Fine Organic Industries IPO to open today
The initial public offering of Fine Organic Industries is set to open for subscription on June 20, with a price band of Rs 780-783 per share. The equity shares are proposed to be listed on BSE and NSE. The book running lead managers to the offer are JM Financial Limited and Edelweiss Financial Services Limited while Karvy Computershare Private Limited is the registrar to the offer.
The public offer comprises of offer for sale of 76,64,994 equity shares by the promoter group selling shareholders. Bids can be made for a minimum lot of 19 equity shares and in multiples of 19 equity shares thereafter.
Varroc Engg's Rs 1,950-cr IPO opens on June 26
Aurangabad-based auto component maker Varroc Engineering yesterday announced a Rs 1,955-crore initial public offer that opens on June 26 at a price band of Rs 965-967. The offer consists of an offer-for-sale to the tune of 20,221,730 equity shares by promoters and existing investors.
While promoter Tarang Jain will sell up to 1,752,560 shares up, investor Omega TC Holdings will sell up to 16,917,130 equity shares and Tata Capital will sell up to 1,552,040 shares.
3 stocks under ban period on the NSE
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 20, DHFL, Infibeam and Jet Airways are present in the F&O ban list.
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