What changed for the market while you were sleeping? 10 things you should know
Bulls managed to recoup early losses on D-Street and helped the Nifty to close above 10500 levels for the first time since February 26 on Monday. The index formed a strong bullish candle on the daily candlestick charts.
Despite weak global cues Nifty managed to close above its crucial resistance levels of 10500 towards the close of the trade which has opened fresh target for the index towards 10600 levels. Investors are advised to maintain their long positions with a stop below 10370 levels.
The Nifty index opened gap down but witnessed sustained buying interest throughout the trading session to settle near day’s high which suggests strength in Indian markets.
The Nifty Midcap index and the Nifty bank gain more than 100 points each. The market breadth was in favour of declines despite gains. The advance-decline ratio stood at 1:1.
The Nifty which opened at 10398 slipped marginally to hit its intraday low of 10396 before bouncing back. It hit an intraday high of 10540 before closing 47 points higher at 10,528.
India VIX moved up by 0.51% at 14.21. VIX has to cool down to extend its positive momentum. On the options front, maximum Put OI was seen at 10300 followed by 10400 strikes while maximum Call OI is at 10700 followed by 10500 strikes.
According to Pivot charts, the key support level is placed at 10,436.33, followed by 10,344.37. If the index starts moving upwards, key resistance levels to watch out are 10,580.23 and 10,632.17.
The Nifty Bank index closed at 25,320.8. The important Pivot level, which will act as crucial support for the index, is placed at 25,142.54, followed by 24,964.27.
On the upside, key resistance levels are placed at 25,423.84, followed by 25,526.87.
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.
Wall Street rises, focus turns to earnings from geopolitics
US stocks closed higher on Monday, with the biggest boosts from technology and healthcare sectors as investors were optimistic about earnings season and appeared less worried about US-led missile attacks in Syria, Reuters reported.
The Dow Jones Industrial Average rose 212.9 points, or 0.87 percent, to 24,573.04, the S&P 500 gained 21.54 points, or 0.81 percent, to 2,677.84 and the Nasdaq Composite added 49.64 points, or 0.7 percent, to 7,156.29.
Asia stocks edge up on easing Syria tensions
Asia stocks edged higher on Tuesday, tracking Wall Street gains as the focus shifted to corporate earnings and looming economic data from China amid signs Western-led strikes on Syria weren’t likely to escalate, a Reuters report said.
MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.22 percent. Japan’s Nikkei climbed 0.2 percent. South Korea’s KOSPI gained 0.2 percent and Australian stocks added 0.45 percent.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 22 points or 0.21 percent. Nifty futures were trading around 10,525-level on the Singaporean Exchange.
World Bank forecasts 7.3% growth for India this year
The World Bank on Monday forecasted a growth rate of 7.3 percent for India this year and 7.5 percent for 2019 and 2020, and noted that the country's economy has recovered from the effects of demonetisation and the Goods and Services Tax.
"Growth is expected to accelerate from 6.7 in 2017 to 7.3 percent in 2018 and to subsequently stabilise supported by a sustained recovery in private investment and private consumption," the World Bank said in its twice-a-year South Asia Economic Focus.
IMD predicts normal monsoon
The country will receive "normal" monsoon rainfall this year, the Indian Meteorological Department forecast today, raising hopes for higher farm output and a boost to the rains-dependent rural economy.
Nearly 50 percent of India's cultivable farm area depend on the monsoon, making it lifeline of the country's rural economy and agriculture sector that has been
lagging the overall economic growth rate. The monsoon will be 97 percent of long period average (LPA), which is normal for the season, IMD Director General K G Ramesh told reporters. The error margin in the forecast is plus/minus 5 percent.
India must create 8.1 mn jobs annually: World Bank
India needs to create 8.1 million jobs a year to maintain its employment rate, said a World Bank report which projected the country's growth to accelerate to 7.3 percent in the current financial year.
It has projected the growth rate to increase further to 7.5 percent in the following two years. The report also said that India has recovered from the withdrawal of large denomination bank notes in November 2016 and Goods and Services Tax (GST), rolled out on July 1, 2017.
Rupee dives 29 paise to close at 6-month low against dollar
The rupee on Monday plunged by 29 paise or 0.44 percent to close at a six-month low of 65.49 against the US currency on widening trade deficit concerns amid heightened geopolitical worries. The Indian unit was the biggest loser among Asian currencies which suffered due to a strong US dollar after the strike on Syria by the US, the UK and France.
The home currency drifted sharply in mid-afternoon deals to hit a fresh intra-day low of 65.51 before concluding the day at 65.49, revealing a steep loss of 29 paise, or 0.44 percent.
FY17 sees hike in CSR spend on environment, heritage, and sports: CII
The annual CSR Tracker, compiled by business body Confederation of Indian Industry (CII), revealed that a total of 1,522 BSE-listed companies spent Rs 8,897 crore, or 92 percent of the budgeted Rs 9,680 crore, on CSR activities in FY17 -- an increase of about 9% from the previous year, Mint reported.
The CII survey suggests that the area of environment and ecology saw a 66 percent increase in FY17 as against the previous fiscal. It said the number of BSE-listed companies required to fulfil the mandate has increased to 1,522 in FY17 from 1,270 in FY16 and 1,181 in FY15.
Oil drops as Syria risk seen muted after weekend air strikes
Oil prices dropped on Monday as investor concern waned about escalating tensions in the Middle East following air strikes on Syria over the weekend. Oil prices had risen nearly 10 percent in the run-up to the strikes, as investors bulked up on assets, such as gold or US Treasuries, that can shield against geopolitical risks, Reuters reported.
Brent crude oil futures settled down USD 1.16 at USD 71.42, while US crude futures were down USD 1.17 at USD 66.22 a barrel.
5 stocks under ban period on NSE
Security in ban period for the next day's trade under the F&O segment includes companies in which the security has crossed 95 percent of the market-wide position limit.
For April 17, 2018 Balrampur Chini, IRB, JP Associates Reliance Communications, and TV18 Broadcast are present in this list.
9 companies to report March quarter results
As many as nine companies are likely to report their March quarter numbers today including 5paisa Capital, CRISIL, Gujarat Hotels, International Travel House, Muthoot Capital Services, Onelife Capital Advisors, Orchid Pharma, Schaeffler India and Tata Sponge Iron.