A list of important headlines from across news agencies that could help in your trade today.
Bulls failed to hold momentum after a strong start on Tuesday as Nifty closed with an indecisive candle ‘Doji’ on the daily candlestick charts. The Nifty took support at its 5-days exponential moving average (DEMA) before bouncing back above its crucial 200-DMA placed at 10,177.
The Nifty index witnessed selling pressure near its crucial resistance levels around 10,200 levels. But, nevertheless, it was a strong day on D-Street as market gains for the 2nd day in a row to close at over 1-week high. More than two shares advanced for every share falling on the BSE.
The index which opened at 10,188 rose to an intraday high of 10207 before bears took and control and pushed the index below 10,200. The Nifty hit an intraday low of 10,139 before closing the day at 10,184, up 53 points.
India VIX moved down by 1.10 percent at 15.02. On the options front, maximum Put open interest is placed at 10,000 followed by 10,100 strikes while maximum Call open interest is at 10,200 followed by 10,500 strikes.
According to Pivot charts, the key support level is placed at 10,146.63, followed by 10,109.07. If the index starts moving upwards, key resistance levels to watch out are 10,214.83 and 10,245.47.
The Nifty Bank index closed at 24,434.2 on Tuesday. The important Pivot level, which will act as crucial support for the index, is placed at 24,301.43, followed by 24,168.67. On the upside, key resistance levels are placed at 24,531.93, followed by 24,629.67.
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 closes sharply lower
Wall Street closed sharply lower Tuesday, with each of the major US indexes suffering their fourth decline in five sessions, fueled by a selloff in the tech sector. Tech stocks, among the best performing sectors of the bull market, have been under pressure recently as concerns about government regulation stemming from their strong growth and privacy questions surrounding Facebook, Reuters reported.
The Dow Jones Industrial Average fell 344.89 points, or 1.43 percent, to 23,857.71, the S&P 500 lost 45.93 points, or 1.73 percent, to 2,612.62 and the Nasdaq Composite dropped 211.74 points, or 2.93 percent, to 7,008.81.
Asian shares slide
Asian stocks posted declines early on Wednesday trade after US stocks fell sharply on the back of declines in technology names. That cut short a rally seen in Europe and Asia's Tuesday session linked to an apparent easing in trade-related tensions, CNBC reported.
The Nikkei 225 fell 2.15 percent in Tokyo, with the stock average reversing most of its gains made in the overnight session. The broader Topix was down 2.04 percent.
SGX Nifty
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 50 points or 0.49 percent. Nifty futures were trading around 10,160-level on the Singaporean Exchange.
North Korean Leader Kim Jong Un visits China: State media
North Korean Leader Kim Jong Un visited China from Sunday to Wednesday on an unofficial visit, China’s state news agency Xinhua reported on Wednesday. The visit was Kim’s first known journey abroad since he assumed power in 2011 and is believed by analysts to serve as preparation for upcoming summits with South Korea and the United States, Reuters reported.
China said on Wednesday it won a pledge from North Korean leader Kim Jong Un to denuclearize the Korean peninsula during a meeting.
US, South Korea agree in principle on new trade deal: White House
Seoul on Monday announced a deal to limit US imports of South Korean steel, while extending high US pickup truck tariffs and increasing US automakers’ access to the Korean market.
IT department freezes Cognizant's bank accounts for alleged tax evasion: Report
The Income Tax (IT) department has frozen the bank accounts and deposits of US-based tech giant Cognizant, on grounds that the firm evaded dividend distribution tax (DDT), reported The Economic Times.
The IT department had sent a notice to the the India unit of Cognizant for evading tax to the tune of Rs 2,500 crore. The company is believed to have not paid 20 percent DDT on dividend paid to its parent company in FY17, an Income Tax official told the paper.
Vinod Rai bats for reducing govt stake in public sector banks
The government cannot own 24 banks, he said, adding it will have to draw down its equity in PSU banks over a period of time.
India overtook Japan, becomes world’s second largest steel maker
India is second on the list of world’s largest steelmakers, following China. Japan’s steel output fell by 0.5 percent to 8.2 million tonne in February, corresponding to India’s staggering 3.4 percent rise to 8.4 mt steel output, making India supersede Japan, reported Financial Express.
India had grown in its steel production in the year 2017 by almost 6.2 percent, and Japan’s steel industry had slumped. India’s chances of becoming 2nd in the list had been high in 2018.
Indian rupee weakens, sheds 10 paise
After retracing the 65-mark towards the fag-end trade, the Indian unit finally settled at 64.97, showing a loss of 10 paise, or 0.15 percent.
Gilt yields drop 29 bps on govt's lower borrowing target for H1FY19
Yields were down in opening trades on the 10-year gilt at 7.44 per cent from the closing levels of 7.33 per cent on Monday, according to data from the Clearing Corporation of India. The government on Monday reduced its overall borrowing target for April-September 2018-19 and lowered the share of longer tenure gilts.
Sebi exempts govt from open offers for 3 PSBs post capital infusion
Markets regulator Sebi on Tuesday exempted the central government from making an open offer for the shareholders of three lenders -- Dena Bank, IDBI Bank and Bank of India -- following capital infusion.
Following the capital infusion, the government's stake would rise by 12.19 percent in Dena Bank, 6.98 percent in IDBI Bank and 10.57 percent in Bank of India.
RBI resumes consultations with stakeholders on policy making
The Reserve Bank of India (RBI) has resumed consultations with stakeholders, including bankers and business associations, to garner their views towards policy making decisions, according to top official sources.
The six-member Monetary Policy Committee (MPC), headed by RBI Governor Urjit Patel, is to meet on April 4 and 5 to decide the first bi-monthly monetary policy of the next fiscal.
Morgan Stanley in its report said that the RBI is expected to keep policy rates on hold and maintain its neutral stance at the ensuing policy review meet early next month.
Lemon Tree Hotels IPO subscribed 44% on Day 2 of bidding
The price band has been fixed at Rs 54-56. Lemon Tree Hotels has raised Rs 311 crore from anchor investors. Kotak Mahindra Capital Company, CLSA India and J P Morgan India are managing the issue.
Hindustan Aeronautics to debut on bourses today
It was an offer for sale by the Government of India. The IPO price band was at Rs 1,215-1,240 per share. The book running lead mangers to the issue are SBI Capital Markets and Axis Capital.
4 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 Balrampur Chini, GMR Infra, IFCI and JP Associates.
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