What changed for the market while you were sleeping? 10 things you should know

The Nifty snapped its 9-day winning streak on Wednesday, but managed to close above its crucial support level of 10,500 for the third consecutive day in a row.

The index formed a bearish candle on the daily candlestick charts, after having formed a Hanging Man pattern in the previous session, which suggests that momentum seems to be fading.

However, the Nifty closed above its crucial 5-days exponential moving average (DEMA), which offers some hope to the bulls. But if the index breaches 10,495 in Thursday’s session, chances are that the trend could favour the bears.

The Nifty, which opened at 10,578, rose to an intraday high of 10,594 before beginning its descent. As soon as the bears started dominating, the index slipped to an intraday low of 10,509, before closing 22 points lower at 10,526.

"Finally after 9 consecutive positive close, bulls have given up their hold on the market, at least for the day, as Nifty registered a Bearish Candle around its critical resistance level of 10,600," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.

"In next trading session, if bears succeed in getting a close below 10,495, then the market may come under pressure for a couple of days more,” Mohammad said.

According to Pivot charts, the key support level for the Nifty is placed at 10,492.53, followed by one at 10,458.87. If the index starts moving upwards, key resistance levels to watch out for are 10,577.03 and 10,627.87.

The Nifty Bank index ended Wednesday at 25,102.3. The important Pivot level, which will act as crucial support for the index, is placed at 24,965.14, followed by one at 24,827.97.

On the upside, key resistance levels for the banking sector index are placed at 25,333.14, followed by one at 25,563.97.

Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines and updates from across news agencies.

US markets end mixed

The S&P 500 managed to just about keep its head above the water level, while the Dow Jones Industrial Average declined after a volatile trading session on Wednesday.

All in all, it turned out to be a mixed session, with weakness in sectors like consumer staples and financial services offsetting gains in the energy and industrial indices.

The Dow fell 38.56 points, or 0.16 percent, during the session and ended the day at 24,748.07. The S&P 500, meanwhile, gained 2.25 points, or 0.08 percent, to 2,708.64 and the Nasdaq Composite was up 14.14 points, or 0.19 percent, at 7,295.24.

Asian markets rise

Resource stocks had a field day in Asia on Thursday after crude oil prices hit highs not seen since in over three years.

Japanese index Nikkei Japan's Nikkei gained 0.4 percent, led by a 1.8 percent rise in basic material stocks, while MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.15 percent.

However, rising crude oil prices also spelled a spike in inflation across the globe, which is why Asian fixed income assets traded subdued.

SGX Nifty

Trends witnessed on the Singaporean Exchange indicate a positive opening for the Nifty back home. The SGX Nifty was trading at 10,588.50, up 0.32 percent from its previous close.

US economic growth on track despite tariff concerns: Fed report

Robust business borrowing, rising consumer spending, and tight labor markets indicate the US economy remains on track for continued growth, the Federal Reserve reported on Wednesday, with the risks of a global trade war the one big outlier.

"Contacts in various sectors including manufacturing, agriculture, and transportation expressed concern about the newly imposed and/or proposed tariffs," the central bank said in its report, which covered the period from March to early April.

Oil near late-2014 highs as Saudi pushes for higher prices

Oil prices on Thursday remained close to highs touched the previous day that were last seen in late 2014, buoyed as US crude inventories declined and as top exporter Saudi Arabia is expected to keep withholding supply to prop up the market.

Brent crude oil futures were at USD 73.79 per barrel, up 31 cents, or 0.4 percent, from their last close. US West Texas Intermediate (WTI) crude futures were up 29 cents, or 0.4 percent, at USD 68.76 a barrel.

India claims top spot for 2018 growth among major economies: Reuters poll

India will claim the top spot among the world’s fastest-growing major economies this year, but rising trade tensions between the United States and China may restrain that growth, a Reuters poll of economists showed.

Twenty of 29 economists who answered an extra question said India’s economy will be hurt by the ongoing trade dispute. "India runs the risk of being caught in the middle of the trade spat between the US and China," Hugo Erken, senior economist at Rabobank, was quoted as saying.

No relaxation in new bad loan rules: RBI

The Reserve Bank of India (RBI) seems to have ruled out relaxations in its new bad loan rules. According to a Mint report, RBI deputy governor NS Vishwanathan defended the rules announced in February, saying they were aimed at improving credit culture and nudging lenders to be proactive in tackling early signs of stress.

TCS to report Q4 numbers today

Tata Consultancy Services will announce its fourth quarter and annual results on Thursday, nearly a week after its closest rival Infosys forecast margins that disappointed investors.

Analysts expect TCS to report revenue growth of between 1.1 percent and 2.0 percent in constant currency terms. According to a Reuters poll, analysts on average expect TCS to post fourth-quarter net profit of Rs 6,811.8 crore and revenue of Rs 31,669.2 crore.

Rupee slips 2 paise to end at fresh 7-month low against US dollar

The rupee on Wednesday slipped by 2 paise to settle at a fresh seven-month low of 65.66 against the US currency due to sustained dollar demand and forex outflows, extending its fall for a third day amid surging crude prices.

In the cross currency trade, the rupee recovered against the pound sterling to end at 93.31 from last close of 94.09 and recouped against the Japanese yen to finish at 61.27 per yens from 61.31 yesterday.

8 companies to report March quarter results

As many as eight companies are likely to report their March quarter numbers today including Tata Consultancy Services, IndusInd Bank, Cyient, Reliance Power, RS Software and Infomedia.

5 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.

For April 19, 2018 stocks such as IRB Infra, Jet Airways, JP Associates, Reliance Communications, and TV18 Broadcast are present in this list.