A list of important headlines from across news agencies that could help in your trade today.
Led by recovery in the last couple of hours of trade, the Nifty50 managed to end the first session of October month on a positive note.
The index closed above 11,000 levels, forming bullish candle on the daily charts after weakness seen in previous three consecutive sessions. It closed 77.80 points higher at 11,008.30.
Experts expect the Nifty to move up further if it sustains above 10,900 and said the next target is seen at around 11,170 levels but the downside seems limited.
India VIX fell by 2.22 percent to 16.61 levels. Volatility has to cool down to form a short term top then only Nifty can form a short term bottom process for a temporary bounce back process, experts said.
According to Pivot charts, the key support level is placed at 10,874.63, followed by 10,740.97. If the index starts moving upwards, key resistance levels to watch out are 11,088.83 and 11,169.37.
The Nifty Bank index closed at 25,367, up 247.15 points on Monday. The important Pivot level, which will act as crucial support for the index, is placed at 24,912.4, followed by 24,457.8. On the upside, key resistance levels are placed at 25,616.9, followed by 25,866.8.
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.
Dow closes at record but Facebook drags on S&P, Nasdaq
The Dow hit a record closing high on Tuesday, but another drop in Facebook shares weighed on both the S&P 500 and Nasdaq, driving both to finish in the red. Dividend-paying sectors were the best performers of the major S&P sectors, with utilities up 1.3 percent and consumer staples up 0.6 percent. Facebook, Netflix and Amazon, part of the so-called FANG group of stocks, kept the Nasdaq in check.
The Dow Jones Industrial Average rose 122.73 points, or 0.46 percent, to 26,773.94, the S&P 500 lost 1.16 points, or 0.04 percent, to 2,923.43 and the Nasdaq Composite dropped 37.76 points, or 0.47 percent, to 7,999.55.
Asian shares ease, euro near six-week lows on Italian woes
Asian shares ticked lower on Wednesday and the euro held at six-week lows as Italy’s mounting debt and Rome’s budget plan set it on a collision course with the European Union. Japan’s Nikkei eased 0.1 percent on a stronger yen while South Korea’s KOSPI index slipped 1.3 percent. Australian shares were a touch firmer while New Zealand’s benchmark index fell 0.3 percent.
SGX Nifty
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 33.5 points or 0.31 percent. Nifty futures were trading around 10,991-level on the Singaporean Exchange.
Trump threatens China with more tariffs, says no trade deal till Beijing plays fair
US President Donald Trump on October 1 threatened to impose new tariffs on additional $267 billion worth of imports from China and asserted that there will be no deal with Beijing unless it changes its unfair trade practices. Referring to his trade war with China, Trump told reporters at a White House news conference that China wanted to talk to the US very badly, but he was not ready yet.
"As you know, we have $250 billion at 25 percent interest with China right now, and we could go to $267 billion more. China wants to talk very badly. I said, 'Frankly, it's too early to talk'. "Can't talk now, because they're not ready, because they've been ripping us for so many years. It doesn't happen that quickly," he said.
Govt considering 100% FDI in insurance broking
The government is mulling permitting 100 percent foreign direct investment (FDI) in insurance broking to give a boost to the sector, sources said. The FDI policy, at present, allows 49 percent foreign investment in the insurance sector that encompasses insurance broking, insurance companies, third party administrators, surveyors and loss assessors as defined by the Department of Industrial Policy and Promotion.
"Insurance broking is like any other financial or commodity broking services. The issue was recently discussed in a high level inter-ministerial meeting. The government is positively looking at the matter," sources said.
Oil prices dip on rising US supply, but Iran sanctions still loom
Oil prices dipped on Wednesday, weighed down by a report of rising US crude inventories and an expected increase in production. Despite this, prices remain near four-year highs reached earlier this week ahead of U.S. sanctions against Iran’s oil exports that kick in next month.
Brent crude oil futures were trading at $84.73 per barrel at 0103 GMT, down 7 cents from their last close. US West Texas Intermediate (WTI) crude futures were down 10 cents at $75.13 a barrel.
Rupee slumps 43 paise to 72.91 vs USD, ends near 2-week low
The rupee tumbled 43 paise to end at a near two-week low of 72.91 against the US dollar on October 1 amid a strengthening greenback and steady capital outflows. Higher US Treasury yields, which rose above the 3 percent mark, boosted the appeal for the dollar, analysts said.
The local unit opened at 72.61, marginally higher as compared to its close of 72.48 on September 28. It touched a low of 72.95 on strong dollar demand, before recovering to 72.60. The rupee finally closed at 72.91, down 43 paise.
Infra sector growth slows down to 4.2% in Aug
The growth of eight infrastructure sectors slowed down to 4.2 percent in August against 4.4 percent in the year-ago month on account of decline in production of crude oil and fertiliser. The output of crude oil and fertiliser dipped by 3.7 percent and 5.3 percent respectively, according to the data released by the commerce and industry ministry on October 1.
On the other hand, coal, natural gas, and electricity production grew by 2.4 percent, 1.1 percent and 5.4 percent respectively compared to 15.4 percent, 4.2 percent, and 8.3 percent respectively in August 2017. Refinery products, steel and cement also recorded positive growth.
NSE Indices launches dynamic asset allocation indices
NSE Indices said it has launched two dynamic asset allocation indices, which are designed to tactically combine equity and debt. The two indices are -- Nifty 50 & short duration debt -Dynamic P/E index and Nifty 50 & short duration debt – Dynamic P/B index, NSE Indices, an NSE group company, said in a statement.
Within these indices, the asset allocation between debt and equity is dynamically managed based on a model that compares the current price-earnings ratio (P/E) or price-book ratio (P/B) with historical P/E or P/B ratio of Nifty 50 in the previous seven years.
PE-led buyout deals hit a record $5.5 bn
Buyout transactions by private equity (PE) firms in India rose to $5.5 billion in 2018, the highest in five years, marking a shift in strategy for PE investors who had so far largely bought minority stakes. Private equity buyouts this year are also double that of 2017’s buyout deals worth $2.7 billion, according to data from Venture Intelligence.
One of the large private equity buyouts that happened this year is Australian infrastructure group Macquarie’s purchase of 648km of national highways for $1.4 billion. This is followed by retailer Vishal Mega Mart’s acquisition by Kedaara Capital and Partners Group for $734 million, Greenko Energy Holdings that was acquired for $450 million by Singapore’s sovereign investment fund GIC and Abu Dhabi Investment Council, Mint reported.
Garden Reach Shipbuilders IPO subscribed 1.02 times
The initial public offer of state-owned Garden Reach Shipbuilders & Engineers was subscribed 1.02 times on the last day of bidding on October 1. The Rs 345-crore IPO received bids for 2,97,58,920 shares against the total issue size of 2,92,10,760 shares, data available with the NSE till 1700 hrs showed.
Qualified institutional buyers (QIBs) portion was subscribed 1.81 times, non-institutional investors 31 percent and retail investors 24 percent.
"BRLM (book running lead managers) to the Garden Reach Shipbuilders & Engineers Limited issue, has informed the exchange that the issue closure date has been extended up to 01 October,2018. Price band has been revised from Rs 115-118 to Rs 114-118 per share," according to an update on NSE made last week.
Aakash, Century Metal Recycling, Ami Organics get SEBI's go-ahead for IPO
Three companies - Century Metal Recycling, Aakash Educational Services and Ami Organics - have received markets regulator SEBI's go-ahead to float initial public offering (IPO).
Century Metal received the regulator's 'observations' on September 27, while the other two firms obtained them on September 28, as per the latest update with SEBI. These companies had approached Sebi between June and July seeking approval to launch initial share-sales. Going by the draft papers, Aakash Educational Services will see sale of 1.85 crore equity shares by promoters.
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