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What changed for the market while you were sleeping? Top 12 things to know – Moneycontrol

What changed for the market while you were sleeping? Top 12 things to know – Moneycontrol

By on July 15, 2019 0 2 Views

The market is caught in a bear trap and fell to a nearly two-month low in the week ended July 12, dragged by selling across sectors except healthcare, which gained 1.6 percent.The BSE Sensex was down 777.16 points or 1.97 percent at 38,736.23, while the Nifty50 fell 263.45 points or 2.23 percent to close below psychological 11,600 levels at 11,547.70, forming a bearish candle on the weekly charts.For July 12, the index lost a third of a percent and formed a bearish candle, which resembles the Bearish Engulfing Pattern on the daily charts.A Bearish Engulfing Pattern consists of two candles. One candle is usually a small candle, which is followed by a large black or red candlestick pattern that engulfs the short one or the previous candle. The broader markets also traded in line with benchmarks as the BSE Smallcap index fell 2.58 percent and Midcap index was down 1.17 percent.According to the pivot charts, the key support level is placed at 11,514.23, followed by 11,475.97. If the index starts moving upward, the key resistance levels to watch out are 11,615.13 and 11,677.77.The Nifty bank closed at 30,601.45, down 115.10 points on July 12. The important pivot level, which will act as crucial support for the index, is placed at 30,476.17, followed by 30,350.93. On the upside, key resistance levels are placed at 30,798.77, followed by 30,996.13.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.US MarketsAll three major indexes posted record closing highs on Friday as firm expectations for an interest-rate cut from the Federal Reserve continued to propel shares while investors awaited next week’s kickoff of the corporate earnings season. The S&P 500 closed above the 3,000 level for the first time, with the industrial, consumer discretionary and materials sectors each posting gains of at least 1 percent.The Dow Jones Industrial Average rose 243.95 points, or 0.9 percent, to 27,332.03, the S&P 500 gained 13.86 points, or 0.46 percent, to 3,013.77 and the Nasdaq Composite added 48.10 points, or 0.59 percent, to 8,244.14.Asian MarketsAsian shares started the week on a softer note on Monday after posting their first weekly decline since early June, while the dollar was on the defensive ahead of key economic data from China.MSCI’s broadest index of Asia-Pacific shares outside Japan was a shade lower at 524.9 points. It fell a little more than 1 percent last week, snapping five straight weeks of gains. Australian shares slipped 0.8 percent while South Korea’s KOSPI inched 0.3 percent lower.SGX NiftyTrends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 7.5 points or 0.06 percent. Nifty futures were trading around 11,539-level on the Singaporean Exchange.Oil prices edge down ahead of expected weak China dataOil prices edged down on Monday, dragged down by expectations that China, the world’s largest crude oil importer, will post its slowest pace ofeconomic growth in at least 27 years as the Sino-US trade war bites.Brent crude futures for September fell 6 cents to USD 66.66 a barrel by 0022 GMT. US crude for August was down 5 cents at USD 60.16 abarrel, after both contracts last week posted their biggest weekly gains in three weeks.China second quarter GDP rises 6.2% YoY, slowest in at least 27 yearsChina’s second-quarter economic growth slowed to its weakest pace in at least 27 years, in line with expectations, as demand at home and abroad cooled in the face of a bruising trade war with the United States.The economy grew 6.2 percent in the second quarter from a year earlier, slower than 6.4 percent in the first quarter, the National Bureau of Statistics said on Monday. Analysts polled by Reuters had expected the economy to have expanded 6.2 percent, which would be the slowest pace since the first quarter of 1992, the earliest quarterly data on record.Rupee dives 25 paise to 68.69 vs USDThe rupee depreciated 25 paise to close at 68.69 against the US dollar July 12 amid rising crude oil prices and unabated foreign fund outflows. Forex traders said the rupee traded in a narrow range ahead of the release of retail inflation and factory output data.Cautious trading in the domestic equity markets also weighed on the local unit. However, weakening of the greenback vis-a-vis other currencies overseas supported the rupee to some extent, they added. At the interbank foreign exchange (forex) market, the domestic currency opened at 68.48 per dollar, but lost ground during the day and finally settled at 68.69, down 25 paise over its previous close.Retail inflation inches up to 3.18% in June, but well below RBI targetIndia’s retail inflation for June came in at an eight-month high at 3.18 percent from 3.05 percent in May, on the back of an increase in prices of pulse. The latest price data released by the Central Statistics Office showed that CPI-based inflation, which measures changes in shop-end prices, remained comfortably within the Reserve Bank of India’s target level of 4 percent.Food prices, which is a gauge to measure changes in kitchen budgets, grew 2.37 percent in June compared to 1.83 percent in May. Inflation rate in cereals and products stood at 1.3 percent in June as against 1.24 percent in May while vegetables inflation stood at 4.66 percent in June as against 5.46 percent in May.”Uptick in June 2019 inflation originated from food inflation, which was 12 months high at 2.17% and on increasing trajectory in last seven months. Pulses inflation was mainly responsible for spurt in food inflation; it was 33 months high at 5.7% in June 2019,” said Devendra Pant, chief economist, India Ratings and Research.Regulator bound by rules, cannot recommend penalty changes in interconnect case: TRAI officialThe telecom regulator is not in a position to modify its previously recommended penalty on Vodafone India and Idea Cellular (now merged) and Bharti Airtel as it is bound by the provisions of TRAI Act, according to a senior TRAI official. Citing the clauses in the Act, the regulator recently informed the Department of Telecom (DoT) that it is “constrained from offering any further comments” on the matter and the Centre now has to take a final call on the issue.The regulator has already given its views once in response to a back reference in 2017 by DoT, the TRAI official said adding that as per the provisions in the Act there is no scope for any further modification. The Act makes it clear that once a recommendation is referred back to TRAI by DoT, the regulator has to within 15 days, forward to the central government its suggestions after considering the reference made by the government.DPIIT to soon float draft national retail policy to seek stakeholders’ viewsThe Department for Promotion of Industry and Internal Trade will soon float draft national retail policy, aimed at promoting growth of 65 million small traders, to seek views of stakeholders, a top official said. The policy will streamline the retail trade and promote ease of doing business in the sector.The main elements of the policy include promoting ease of doing business, licensing, access to funds, direct selling, and hyper-market related matters. “It will also focus on ways how to promote growth of retail sector, increase in digital payment, reducing infrastructural bottlenecks,” the official said.Buyback of shares to attract Rs 12 cr tax; not Rs 92 crore: BSEQuashing a report which stated that the buyback programme of Bombay Stock Exchange will attract an additional tax of Rs 92 crore, it said that the tax burden will come to around Rs 12 crore. The company issued a clarification to the NSE under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.The annual general meeting of the BSE is scheduled to be held on July 15 and the decision is set to be ratified.Forex kitty soars by $2.23 bn more, hits a new high of $429.9 bnThe forex kitty continued to surge for the fourth successive week to scale a new lifetime high of USD 429.911 billion, after a heavy increase in the value of gold and currency assets during the week to July 5, the Reserve Bank said on July 12.The reserves have jumped by USD 2.23 billion, while in the past reporting week the same had increased by USD 1.262 billion to reach a new high of USD 427.67 billion. During the reporting week, foreign currency assets, which are major component of the overall reserves, increased by USD 906.8 million to USD 400.809 billion, the RBI said.RBI to come out with mobile app for currency notes identificationThe Reserve Bank of India will come out with a mobile application to help visually challenged people in identifying currency notes as cash still remains a dominant mode of transaction. At present, banknotes in the denominations of Rs 10, 20, 50, 100, 200, 500 and 2,000 are in circulation, besides Re 1 notes issued by the Centre.The RBI said that identification of banknote denomination is key to successful completion of cash-based transactions by visually impaired persons.FPIs remain net buyers in July so far, infuse Rs 3,551 cr in Indian marketsForeign investors have remained net buyers in the Indian capital markets this month so far, even as the equity segment saw robust outflows post the Budget.As per the latest depositories data, foreign portfolio investors (FPIs) withdrew a net sum of Rs 4,953.77 crore from equities during July 1-12, but poured in a net Rs 8,504.78 crore into the debt market, translating into a cumulative net investment of Rs 3,551.01 crore.Four stocks under F&O ban period on NSEFor July 15, DHFL, IDBI Bank, Reliance Capital and Reliance Infrastructure are under the F&O ban period.Securities in ban period under the F&O segment include companies in which security has crossed 95 percent of the market-wide position limit.With inputs from Reuters & other agencies
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