What changed for the market while you were sleeping? 12 things you should know

The Nifty which started with a gap-up failed to hold on to gains and closed near its intraday low forming a bearish candle on the daily charts which also resembles a ‘Dark Cloud Cover’ kind of pattern.

Formation of a Dark Cloud Cover after a bullish candle does not augur well for the bulls and investors should stay on sidelines till a clear trend emerges. A break above 10,785 could open fresh targets towards 10,900 while a break below 10,680 could push the index towards 10,600 levels.

The Nifty which opened at 10, 779 rose to an intraday high of 10,785.55 but then bears took over D-Street and pushed the index towards 10,700 levels. The index bounced back after hitting its 5-DEMA placed at 10,710. It hit an intraday low of 10,705 before closing the day at 10,716.

“The Nifty appears to have registered a ‘Dark Cloud Cover’ kind of bearish formation as it opened higher but went on to close below the mid-point of Wednesday’s candle body. Besides, unless 10,785 is taken off on the upside there remains a possibility of Double Top kind of another bearish formation charts,” Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.

India VIX moved up by 1.09 percent at 14.43. Volatility has been moving upwards from the last eight consecutive sessions from 12.02 to 14.43 levels.

According to Pivot charts, key support level is placed at 10,685.83, followed by 10,655.17. If the index starts moving upwards, key resistance levels to watch out are 10,766.33 and 10,816.17.

The Nifty Bank index closed at 26,131.0. The important Pivot level, which will act as crucial support for the index, is placed at 26,036.67, followed by 25,942.33. On the upside, key resistance levels are placed at 26,245.87, followed by 26,360.73.

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 rally

Wall Street jumped on Thursday, and Apple inched closer to a USD 1 trillion stock market value, as tepid inflation data eased worries of faster U.S. interest rate hikes this year. The Dow Jones Industrial Average rallied 0.8 percent to end at 24,739.53 points, while the S&P 500 gained 0.94 percent to 2,723.07, its highest level since mid-March. The Nasdaq Composite added 0.89 percent to 7,404.98.

Asian stocks near 3-week top

Asian markets started on a firm footing and the dollar eased on Friday as softer-than-forecast US inflation data tempered expectations for faster Federal Reserve interest rate rises this year.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose for a second straight session to near three-week highs. Japan’s Nikkei climbed 0.7 percent while South Korea’s KOSPI added 0.6 percent. Australian and New Zealand shares were both up 0.2 percent.

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 49 points or 0.46 percent. Nifty futures were trading around 10,780-level on the Singaporean Exchange.

Donald Trump says will meet with North Korea's Kim Jong Un on June 12 in Singapore

US President Donald Trump on Thursday announced that he will meet North Korean leader Kim Jong-un on June 12 in Singapore for a historic meeting to discuss the denuclearisation on the Korean Peninsula. "The highly anticipated meeting between Kim Jong Un and myself will take place in Singapore on June 12th. We will both try to make it a very special moment for World Peace!," Trump tweeted.

The summit, which has been in the works since Trump accepted Kim's invitation to meet in March, will be the first ever meeting between a sitting US President and North Korean leader.

SEBI, RBI may extend forex trading time to 8 pm from 5 pm now

The Securities and Exchange Board of India and the Reserve Bank of India are considering extending the closing time for currency derivatives trading to 8:00 pm from 5:00 pm at present, sources told Moneycontrol.

An exchange official told Moneycontrol “Rupee contract is available in four overseas markets, and the volumes there are quite high when the domestic market closes for the day”. Dubai Gold and Commodity Exchange (DGCX), Singapore Exchange Limited (SGX), Intercontinental Exchange (ICE) and Chicago Mercantile Exchange (CME) are the international exchanges where rupee contracts are traded heavily.

Dollar, yields slide on soft US inflation

The dollar and US government debt yields fell on Thursday while equity markets rallied after a modest rise in consumer prices in April eased concerns the Federal Reserve might raise interest rates more than expected this year.

Benchmark 10-year US Treasury notes rose 8/32 in price to push yields down to 2.964 percent after breaching 3 percent on Wednesday. The US Labor Department said its Consumer Price Index rose 0.2 percent last month, less than forecasts for 0.3 percent.

Rupee hits fresh 15-mth low of 67.32

The embattled rupee on Thursday dropped further by five paise to end at a fresh 15-month low of 67.32 against the American currency on steady dollar demand from banks and importers.

Currency traders and speculators also took into account the rise of Middle-East tensions after the decision of US President Donald Trump to withdraw from the nuclear deal with Iran. During the day, the rupee crumbled to a fresh intra-day low of 67.44 in mid-morning deals before staging a spirited recovery.

Oil prices remain near multi-year highs on looming US sanctions against Iran

Oil prices on Friday held multi-year highs reached the previous session as looming US sanctions against major oil producer and OPEC-member Iran threatened to tip an already tight market into undersupply.

Brent crude futures, the international benchmark for oil prices, were at USD 77.47 per barrel, unchanged from their last close. Brent hit USD 78 a barrel, its highest since November 2014, the previous day. US West Texas Intermediate crude futures were at USD 71.42 a barrel, also not far off Thursday’s November 2014 high of USD 71.89 per barrel.

Sebi notifies new governance norms for listed firms, splits CMD post

Sebi on Thursday notified changes in the governance norms for listed companies to enhance governance and transparency. Separately, it issued a circular on the non-mandatory provisions such as disclosures of board evaluation, disclosure of medium and long-term strategy of the company and having an internal group governance committee.

The regulator asked top 500 companies to appoint at least one woman independent director by 1 April, 2019. A change from the current norms which requires one woman director.

Indostar Capital Finance IPO subscribed 69% on Day 2

The initial public offer of non-banking finance company Indostar Capital Finance was subscribed 69 percent on the second day of bidding on Thursday. The Rs 1,844-crore IPO received bids for 1,55,94,982 shares against the total issue size of 2,25,75,438 shares, NSE data showed.

The issue, which is in a price band of Rs 570-572 per share, would close for bidding today. The IPO is of fresh issue of up to Rs 700 crore and an offer for sale of up to 2 crore equity shares (including anchor portion of 9,671,328 equity shares).

57 companies to report March quarter numbers today

As many as 57 companies will be reporting their results for the quarter ended March later today which include names like Allahabad Bank, Canara Bank, Graphite India, Gujarat Gas, Havells India, OFSS, SpiceJet, Sun TV, UCO Bank, and Tata Global Beverages among others.

7 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 May 11, 2018 stocks such as Balrampur Chini, DHFL, IRB, Jet Airways, Just Dial, PC Jeweller, and Wockhardt are present in this list.