Top 10 things to know before the market opens

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The Indian stock market is expected to open in the red as trends on SGX Nifty indicate a negative opening for the index in India with a 52 points loss.

The BSE Sensex climbed 193.58 points to 53,054.76, while the Nifty50 rose 61.40 points to 15,879.70 and formed a bullish candle on the daily charts.

According to pivot charts, the key support levels for the Nifty are placed at 15,808.43, followed by 15,737.17. If the index moves up, the key resistance levels to watch out for are 15,922.23 and 15,964.77. 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:

US Markets

U.S. Treasuries prices maintained gains on Wednesday, holding down yields, and two stock indexes notched record highs after minutes from the Federal Reserve’s latest meeting largely confirmed market expectations. The dollar remained firm.

The Dow Jones Industrial Average rose 104.42 points, or 0.3 percent, to 34,681.79. The broad S&P 500 gained 14.59 points, or 0.34 percent, to 4,358.13. The Nasdaq Composite added 1.42 points, or 0.01 percent, to 14,665.06.

Asian Markets

Shares in Asia-Pacific were mixed in Thursday morning trade as the coronavirus situation in parts of the region weighed on investor sentiment.

In Japan, the Nikkei 225 slipped 0.4% while the Topix index declined 0.16%. The Kospi in South Korea fell 0.12%.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the index in India with a 52 points loss. The Nifty futures were trading at 15,836 on the Singaporean Exchange around 07:30 hours IST.

Fed keen to be ‘well positioned’ to act on inflation, other risks, minutes show

Federal Reserve officials last month felt substantial further progress on the U.S. economic recovery “was generally seen as not having yet been met,” but agreed they should be poised to act if inflation or other risks materialized, according to the minutes of the central bank’s June policy meeting.

In minutes that reflected a divided Fed wrestling with new inflation risks but still relatively high unemployment, “various participants” at the June 15-16 meeting felt conditions for reducing the central bank’s asset purchases would be “met somewhat earlier than they had anticipated.”

RBI imposes penalties on 14 banks for various rule violations

The Reserve Bank of India (RBI) on July 7 imposed monetary penalties on 14 banks including Bandhan Bank, Bank of Baroda and State Bank of India (SBI) for various rule violations, the central bank said in a press release.

The violations include non-compliance with certain provisions of directions issued by RBI on ‘Lending to Non-Banking Financial Companies (NBFCs)’ ‘Bank Finance to Non-Banking Financial Companies (NBFCs)’ and ‘Loans and Advances – Statutory and Other Restrictions’, the RBI said.

US job openings edge higher in May, hiring slips

US job openings rose slightly to a new record high in May and hiring dipped, a sign that the economy could still be struggling with labor shortages as coronavirus restrictions eased across the country. Job openings, a measure of labor demand, rose by 16,000 to 9.2 million on the last day of May, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS report, on Wednesday.

Hiring also dipped to 5.9 million in May from 6.0 million in the prior month. The government reported last Friday that job growth accelerated in June as US companies hired the most workers in 10 months.

RBI asks banks to reclassify retail and wholesale trade as MSMEs as per revised criteria

Reserve Bank of India on July 7 asked banks, financial institutions and Non banking financial companies (NBFCs) to reclassify retail and wholesale trade as MSMEs as per revised criteria. On July 2, Ministry of Micro, Small & Medium Enterprises (MSME) announced the inclusion of retail and wholesale trades as MSME.

“Ministry of Micro, Small and Medium Enterprises has decided to include Retail and Wholesale trade as MSMEs for the limited purpose of Priority Sector Lending, “the central bank said in a communication to banks, financial institutions and NBFCs.

Results on July 8

Tata Consultancy Services, Gammon Infrastructure Projects, and Shyam Metalics and Energy will release quarterly earnings on July 8.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 532.94 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 231.80 crore in the Indian equity market on July 7, as per provisional data available on the NSE.

Stocks under F&O ban on NSE

Five stocks - Indiabulls Housing Finance, NALCO, NMDC, Punjab National Bank, and SAIL - are under the F&O ban for July 8. 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

Sensex, Nifty jump over a percent each; 4 factors that boosted the market

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After witnessing deep cuts in the previous two sessions, Indian equity benchmarks the Sensex and the Nifty vaulted with gains of over a percent each in intraday trade on July 22 in light of positive global cues.

Sensex jumped 669 points while Nifty touched 15,834.80 in intraday trade on buying across sectors.

At close, Sensex was 639 points, or 1.22 percent, higher at 52,837.21 while the Nifty was at 15,824.05, up 192 points or 1.23 percent.

Mid and smallcaps outperformed their larger peers. BSE Midcap and smallcap indices closed 1.49 and 1.52 percent higher, respectively.

Most sectoral indices were in the green, with BSE Metal, telecom and capital goods jumping 3 percent.

Track Market Updates Here

Here are 4 factors that may have boosted the market:

Positive global cues: Wall Street stocks posted their second-straight daily gain on Wednesday, with robust corporate earnings and renewed optimism about the US economic recovery fueling a risk-on rally.

The Dow Jones Industrial Average rose 286.01 points, or 0.83 percent, to 34,798, the S&P 500 gained 35.63 points, or 0.82 percent, to 4,358.69 and the Nasdaq Composite added 133.0 percent points, or 0.92 percent, to 14,631.95.

Among the Asian peers, Hong Kong’s Hang Seng and Korea’s KOSPI rose by a percent while Japan’s Nikkei and China’s Shanghai Composite Index rose half a percent.

Buying on dips: After two days of healthy correction, the valuation of the market has cooled off to some extent and market participants are using this opportunity to add stock to their portfolio, said experts.

Besides, quarterly numbers are showing there are opportunities in select areas.

“Results declared recently show pressure in financials like banks, insurance firms and NBFCs like Bajaj Finance. But these pressures are likely to be short-lived. Asian Paints’ excellent numbers indicate that there are pockets of business coming out with flying colours in these pandemic times,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Crude oil drops, rupee rises: Indian rupee opened 18 paise higher at 74.43 per dollar against the previous session’s close of 74.61.

The safe-harbour US dollar and yen remained on the back foot on Thursday, after pulling back from multi-month highs amid a recovery in risk appetite as strong earnings lifted Wall Street stocks.

Oil prices slipped on July 22 after an unexpected rise in US crude oil inventories and as rising COVID-19 infections threaten demand, but prices held on to most of their gains from the previous session on expectations that supplies will remain tight through year-end.

Technical factor: Nifty is taking support at the 15,600 level and only a decisive break of this level will trigger a further correction, said experts.

“In the previous session, the index took good support at 15,600 and has bounced from there. 15,800-15,900 is an area of resistance. If we can get past that, the markets should resume their endeavor to scale higher towards 16,000-16,100. Until then we continue to be in a sideways patch with 15,600 at the lower end and 15,900 at the upper end,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

(With inputs from Reuters and other agencies.)

The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

10 things you need to know before the opening bell on July 23

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Market

10 things you need to know before the opening bell on July 23

Updated : July 23, 2021 08:18 AM IST

The Indian equity indices are likely to open flat on Friday following mixed cues from global peers. The trend on SGX Nifty indicates a flat-to-positive start for the broader index in India. The Nifty futures were trading 8.55 points or 0.05 percent higher at the 15,832 level on the Singaporean Exchange at 7:45 am.

CNBCTV18.com

Wall Street: Major indexes edged higher on Wall Street after a day of muted trading, preserving their gains for the week. Even though most stocks in the S&P 500 fell, gains for several tech heavyweights, including Apple and Microsoft, pushed the benchmark index 0.2 percent higher. The Nasdaq and Dow Jones Industrial Average also rose 0.4 percent and 0.1 percent, respectively.
Asian stocks: Shares in Asia-Pacific were mixed in Friday morning trade as investors monitored Chinese tech stocks in Hong Kong after regulatory concerns resurfaced. Hong Kong’s Hang Seng index overall fell 0.37 percent. In mainland China, the Shanghai composite declined 0.23 percent. South Korea’s Kospi rose 0.28 percent. In Australia, the S&P/ASX 200 hovered above the flatline. MSCI’s broadest index of Asia-Pacific shares outside Japan traded largely flat.
Dalal Street: Indian benchmark indices, Sensex and Nifty, closed a percent higher on Thursday led by strong gains across the board, amid positive global cues. The Sensex closed 638 points higher at 52,837 and the Nifty settled 191 points higher at 15,824. Broader markets outperformed benchmarks.
Oil: Oil prices rose about $1.50 a barrel Thursday, extending gains made in the previous three sessions on expectations of tighter supplies through 2021 as economies recover from the coronavirus crisis. Brent crude settled at $73.79 a barrel, up 2.2 percent while US West Texas Intermediate (WTI) settled at $71.91 a barrel, rising 2.3 percent.
Rupee: The rupee strengthened against the US currency for the second straight session Thursday, closing 15 paise higher at 74.46 amid a rally in the domestic stocks. Meanwhile, the dollar index slipped 0.01 percent to 92.74. In the two straight sessions, the rupee has appreciated 42 paise against the American currency.
Gold: Gold on Thursday rose Rs 60 to Rs 47,573 per 10 gram with decline in global precious metal prices and rupee appreciation. In contrast, silver gained by Rs 272 to Rs 67,137 per kilogram. In the international market, gold was trading lower at USD 1,797 per ounce and silver was flat at USD 25.17 per ounce.
Bitcoin: The cryptocurrency market was trading in the green for second straight session on Friday. At the time of writing, the world’s largest cryptocurrency, Bitcoin was trading nearly 2.37 percent higher at $32,729. And Ether was trading nearly 5 percent higher at $2,071.
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Published : July 23, 2021 08:18 AM IST