A list of important headlines from across news agencies that could help in your trade today.
The Nifty recouped losses from intraday lows to close just around its crucial 100-days exponential moving average (DEMA), which is placed around 10,410. On the daily candlestick charts, it made a ‘Hammer’ like the pattern.
A Hammer is a bullish reversal pattern. It consists of no upper shadow, a small body, and long lower shadow which suggests that bulls pushed the index towards its opening levels towards the close of the trade.
The long lower shadow of the Hammer signifies that it tested its support where demand was located and then bounced back. The Nifty tested its 5-DEMA placed around 10,372.
As long as Nifty trades above 10,300 levels on closing basis, bulls have nothing to fear. Hence, for all the long positions, traders should keep a trailing stop loss of 10,300.
India VIX fell down marginally by 0.69 percent at 14.36. The volatility should decline below 13-13.50 to extend its recent bounce back move.
The Nifty closed at 10,410.9 on Wednesday. According to Pivot charts, the key support level is placed at 10,358.03, followed by 10,305.17. If the index starts to move higher, key resistance levels to watch out are 10,442.03 and 10,473.17.
The Nifty Bank closed at 24,851.7 on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 24,594.37, followed by 24,337.03. On the upside, key resistance levels are placed at 25,001.67, followed by 25,151.63.
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 falls amid fears of trade war with China
US stocks fell on Wednesday after President Donald Trump sought to impose fresh tariffs on China, intensifying fears of a trade war that could raise costs and hurt overseas sales for US companies, Reuters reported.
The Dow Jones Industrial Average fell 248.91 points, or 1 percent, to end at 24,758.12, the S&P 500 lost 15.83 points, or 0.57 percent, to 2,749.48 and the Nasdaq Composite dropped 14.20 points, or 0.19 percent, to 7,496.81.
Asian markets slip weighed by trade concerns
Asian markets edged slightly lower on Thursday, with regional stock indexes recording slight losses after Wall Street declined amid concerns over heightened trade tensions. The Nikkei 225 eased 0.18 percent as the yen firmed. The Kospi slipped 0.12 percent, CNBC reported.
SGX Nifty
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 57.5 points or 0.55 percent. Nifty futures were trading around 10,372-level on the Singaporean Exchange.
World Bank pegs India’s FY19 GDP growth at 7.3%
India’s economy will grow at 7.3 percent in 2018-19 and gather pace in the following year, likely expanding at 7.5 percent, World Bank said in new estimates on Wednesday, painting a bullish forecast about Asia’s third largest economy.
The economy is expected to grow at 6.7 percent in the current financial year, it said. “The Indian economy is set to revert to its trend growth rate of 7.5 percent in the coming years as it bottoms out from the impact of the Goods and Services Tax (GST) and demonetisation,” it added.
US pressing China to cut trade surplus by $100 bn: White House
The Trump administration is pressing China to cut its trade surplus with the United States by USD 100 billion, a White House spokeswoman said on Wednesday, clarifying a tweet last week from President Donald Trump, Reuters reported.
The request comes as the Trump administration is said to be preparing tariffs on imports of up to USD 60 billion worth of Chinese information technology, telecoms and consumer products as part of a US investigation into China’s intellectual property practices.
LTCG tax: Govt extends indexation benefit to share sale in unlisted cos
The government extended indexation benefit for computing tax liability on sale of shares listed after January 31, though capital gains arising from such transactions will continue to be taxed at 20 percent.
The indexation benefit- which takes into account the impact of inflation on acquisition cost- will not be available on gains made from sale of listed securities, as per the amendments to the Finance Bill, which was passed by Lok Sabha.
RBI Governor calls for more powers over state lenders in wake of PNB fraud
The Reserve Bank of India chief said on Wednesday that it had “very limited authority” over state-run banks and called for reforms to give the regulator more powers to police such lenders in the wake of a USD 2 billion fraud, Reuters reported.
Patel said there were numerous limitations in the RBI’s powers over state-run lenders, such as its inability to remove directors, replace management, force a merger or initiate liquidation.
Cabinet clears tax pact between India-Iran
The Union Cabinet cleared a double taxation avoidance agreement between India and Iran which will promote investment flow and curb tax evasion. The agreement will stimulate flow of investment, technology and personnel from India to Iran and vice versa, and will prevent double taxation.
World Bank plans to boost India lending by $1 bn/year for next 5 years
The World Bank plans to raise lending to India by about USD 1 billion every year for the next five years from the current USD 3 billion to USD 3.5 billion, its country director to India said on Wednesday. The lending will be mainly for infrastructure projects, country head, Junaid Ahmad said, a Reuters report said.
Ban on LoUs to have disruptive impact: CII
Industry bodies on Wednesday said RBI's decision to ban Letters of Undertaking (LOUs) for trade credit for imports will have a disruptive impact, at least in the immediate term, as small businesses would require higher working capital.
Ajay Sahai, Director General of exporters' body FIEO opined that RBI's move will have limited impact as LoUs are generally used in gems and jewellery sector and that too by large players.
TV commentator Larry Kudlow new Trump eco adviser
US television commentator and conservative economic analyst Larry Kudlow will replace Gary Cohn as President Donald Trump’s top economic adviser, the White House and Kudlow said.
Bandhan Bank raises Rs 1,342 cr, IPO opens today
Bandhan Bank has garnered Rs 1,341.9 crore through anchor investors' portion on Wednesday before the issue opens. The bank raised the amount by issuing 3,57,84,147 equity shares to 65 anchor investors at higher end of price band.
Anchor investors included Abu Dhabi Investment Authority, The Master Trust Bank Of Japan Ltd, Blackrock India Equities (Mauritius), HSBC Global Investment Funds - Indian Equity and National Westminster Bank Plc among others. The initial public offer of up to 11,92,80,494 equity shares will open for subscription on March 15. The price band is fixed at Rs 370-375 per share.
PNB scam: ED seeks Interpol arrest warrant against Nirav Modi, Mehul Choksi
The Enforcement Directorate (ED) has moved the Interpol for issuance of a Red Corner Notice against diamond traders Nirav Modi and Mehul Choksi in connection with the over Rs 120 billion PNB scam.
Officials said the agency had sought issuance of the Interpol (international police) warrant against the two, based on court-issued non-bailable warrants obtained by it in a money laundering case.
Bharat Dynamics IPO subscribed 46% on second day
The initial public offer of defence company Bharat Dynamics was subscribed 46 per cent on the second day of bidding. The IPO to raise Rs 960 crore received bids for 1,02,44,255 shares against the total issue size of 2,24,51,953 shares, data available with the NSE till 1730 hrs showed.
The price band for the offer has been fixed at Rs 413-428. SBI Capital Markets, IDBI Capital Markets & Securities and YES Securities are managing the offer.
Rupee rises 6paise to close at over 2-wk high
The rupee gained 6 paise to close at more than two-week high of 64.83 against the US currency as the dollar weakened against the major currencies following US inflation data and the 'Rexit'. The domestic currency had opened 2 paise higher at 64.87 against the US dollar today at the Interbank Foreign Exchange on selling of the greenback by exporters and banks.
Small towns add Rs 4.36 lakh cr to MF assets in Feb: Report
Smaller towns contributed Rs 4.36 lakh crore to assets under management (AUM) of the mutual fund industry at the end of February 2018, over 41 percent higher than a year-ago period, said an ICRA report.
According to rating agency, AUM of mutual funds from B15 cities (beyond top 15 cities) stood at Rs 3.08 lakh crore at end of February 2017.
8 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.
Securities which are banned for trading include names such as Andhra Bank, Balrampur Chini, Bank of India, BEML, DHFL, IDBI, JP Associates and TV18 Broadcast.
That’s all for today.
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