A list of important headlines from across news agencies that could help in your trade today.
The bulls failed to continue the winning run on third consecutive day as Nifty formed a bearish candle after three bullish candles on Tuesday. The index closed below its crucial 50-DMA and 50-DEMA placed at 10,623 and 10,559 levels respectively.
The Nifty which opened at 10,615 failed to hold on to the momentum and slipped to its intraday low of 10,537. It closed 28 points lower at 10,554.
According to Pivot charts, the key support level is placed at 10,517.1, followed by 10,479.9. If the index starts to move higher, key resistance levels to watch out are 10,611.6 and 10,668.9.
The Nifty Bank closed at 25,383.6. Important Pivot level, which will act as crucial support for the index, is placed at 25,252.13, followed by 25,120.67. On the upside, key resistance levels are placed at 25,619.33, followed by 25,855.07.
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 markets end lower
US stocks suffered on Tuesday their biggest daily drops since the selloff three weeks ago after comments from Federal Reserve Chairman Jerome Powell revived fears about more interest-rate increases than expected this year.
The Dow Jones Industrial Average fell 299.24 points, or 1.16 percent, to 25,410.03, the S&P 500 lost 35.32 points, or 1.27 percent, to 2,744.28 and the Nasdaq Composite dropped 91.11 points, or 1.23 percent, to 7,330.35, Reuters reported.
Asian shares edge down
Asian markets edged down early on Wednesday after US stocks slid following a congressional testimony from the Federal Reserve's new chief. Still, losses in Asia were slighter than declines of more than 1 percent recorded by US indexes on Tuesday. The Nikkei 225 slipped 0.39 percent in early trade, CNBC reported.
SGX Nifty
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 55.5 points or 0.53 percent. Nifty futures were trading around 10,506-level on the Singaporean Exchange.
North East Elections 2018: Exit polls give BJP a clear lead
Tuesday predicted that the BJP will dethrone the Left front from power in Tripura. According to the exit polls, the BJP will also consolidate its position in two other northeastern states of Meghalaya and Nagaland.
JanKiBaat-NewsX has predicted that the BJP-IPFT alliance in Tripura will win 35-45 seats with a vote share of 51 percent. While another exit poll by AxisMyIndia predicts 44-50 seats for the BJP-IPFT with a vote share of 49 percent and others may get 0-3 seats with a vote share of 11 percent.
GDP, PMI data eyed
The Street will await cues from economic data such as GDP for December quarter and purchasing managers’ index (PMI). The Nikkei manufacturing PMI will be declared on February 28, along with infrastructure output and GDP data.
India’s economy likely grew at its fastest pace in a year in the October-December quarter as consumers, businesses and the government stepped up spending, a Reuters poll predicted
Gross domestic product grew 6.9 percent in the October-December quarter from a year earlier, according to the poll of more than 35 economists, the poll showed.
H G Infra Eng IPO subscribed 44% on Day 2
The initial public offer of H G Infra Engineering was subscribed 44 percent on the second day of bidding on Tuesday. The Rs 462-crore IPO received bids for 53,19,490 shares against the total issue size of 1,21,37,070 shares, data available with the NSE till 1700 hrs showed.
Proceeds of the IPO will be utilised towards purchase of capital equipment, repayment of certain indebtedness, and for other general corporate purposes. SBI Capital Markets and HDFC Bank are the book running lead managers to the issue.
Bank credit growth moves into double-digits in Q2
After five quarters of low growth, bank credit resumed double-digit growth at 10.7 percent in the quarter to December, led by private sector banks, according to the latest RBI data.
In the September quarter, bank credit had grown at 6.5 percent while in the June quarter, it was up by 8 percent. Aggregate deposits of lenders moderated for the second successive quarter at 4.1 percent as against 8.2 percent in September and 12.6 percent in the June quarter.
Nirav Modi's Firestar Diamond files for bankruptcy in US
Firestar Diamond Inc, the flagship company of billionaire Nirav Modi who is at the centre of India's biggest-ever bank scam, has filed for bankruptcy in the United States.
The company has listed assets and liabilities in the range of USD 50 million to USD 100 million, according to a court filing in the Southern District Of New York on Monday, Reuters reported.
GST collection declines marginally to touch Rs 86,318 cr in Jan
Revenue collection from Goods and Services Tax (GST) touched Rs 86,318 crore in January, falling marginally from previous month’s mop-up, data released by Finance Ministry on Tuesday showed. The government total tax kitty was Rs 86,703 crore in December after revenue slipped considerably in November.
A total of 17.65 lakh dealers had opted for composition scheme--for small manufacturers, traders and restaurants paying tax at concessional rate. However, 1.23 lakh taxpayers have opted out of the scheme and will now have to file returns as regular taxpayers.
Fed's Powell nods to stronger economy, backs gradual rate hike path
Federal Reserve Chairman Jerome Powell, in his first public appearance as head of the US central bank, vowed on Tuesday to prevent the economy from overheating while sticking with a plan to gradually raise interest rates.
“The [Federal Open Market Committee] will continue to strike a balance between avoiding an overheating economy and bringing price inflation to 2 percent on a sustained basis,” Powell said, Reuters reported.
EPFO makes online claims must for PF withdrawals above Rs 10 lakh
EPFO has made it mandatory to file online claims for provident fund withdrawals above Rs 10 lakh, taking another step towards becoming a paperless organisation. The Employees Provident Fund Organisation (EPFO) has also made it mandatory to file online claims for withdrawals of above Rs 5 lakh under the Employees Pension Scheme 1995.
The bank account of the subscriber has to be seeded and verified in the system before the online claims can be settled. Moreover, the subscriber should have been issued a universal account number and same must be activated.
Check NPAs above Rs 500 mn for possible fraud, alert CBI: Govt tells banks
The finance ministry on Tuesday directed managing directors of public sector banks to examine non-performing asset (NPA) accounts of more than Rs 500 million for possible fraud and report any cases of wilful default to the Central Bureau of Investigation (CBI).
The ministry also set a 15-day deadline for PSBs to put in place an effective system to address rising operational and technological risks. These directions are part of the reforms that the government had packaged with the recapitalisation plan for banks, Business Standard reported.
Rupee sheds 8 paise to 64.87 against dollar
The rupee remained under pressure for the second straight day and depreciated by 8 paise to end at 64.87 against the American unit on sustained dollar demand from importers and banks amid heavy capital outflows. The Indian currency traded in a tight range in low volumes and hovered between 64.76 and 64.96.
Oil prices fall for second day after stockpiles rise
US oil prices extended declines into a second day on Wednesday as the dollar gained and industry data showed an increase in U.S. crude and gasoline stockpiles, with surging production in the country hampering OPEC attempts to end a global glut.
US West Texas Intermediate crude was down 37 cents, or 0.6 percent, at USD 62.64 by 0142 GMT, after falling 90 cents the previous session. Brent crude was down 40 cents, or 0.6 percent, at USD 66.23 a barrel, Reuters reported.
Dollar hits three-week high
The dollar hit a three-week peak on Tuesday after Federal Reserve Chairman Jerome Powell’s remarks before U.S. lawmakers suggested a willingness to adopt a more hawkish stance if needed to prevent the economy from overheating, even as he said the central bank would stick with gradual interest rate increases, Reuters reported.
3 stocks under ban period on NSE
Security in ban period for the next trade date 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 Fortis, JP Associates and Oriental Bank of Commerce.
