What changed for the market while you were sleeping? 15 things you should know

The Nifty which started with a gap down recouped most of its intraday losses and closed above its crucial level of 10,800 for the fourth straight day in a row on Friday. It formed a Hammer like candle on the daily candlestick charts.

The index formed a Hammer like pattern for the second consecutive day in a row which indicates that the decline was bought into. The index bounced near its 13-EMA to close above its 5-EMA placed 10,808.

Investors are advised to remain cautious and await for a breakout or a breakdown before initiating fresh positions. A close above 10,930 would result in a breakout while a break below Friday’s low of 10,755 could bring back bears on D-Street.

According to Pivot charts, its key support is placed at 10,770.73, followed by 10,723.77. If the index starts moving upward, key resistance levels to watch out are 10,849.33 and 10,880.97.

The Nifty Bank index closed at 26,417.4. Important pivot level, which will act as a crucial support for the index, is placed at 26,312.74, followed by 26,208.07. Key resistance levels are placed at 26,554.24, followed by 26,691.07.

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 on trade jitters

Wall Street stocks ended lower on Friday, capping a day of heavy trading with investors mostly pulling back from initial concerns over an escalating trade dispute between the United States and China.

The Dow Jones Industrial Average fell 84.83 points, or 0.34 percent, to 25,090.48, the S&P 500 lost 3.07 points, or 0.11 percent, to 2,779.42 and the Nasdaq Composite dropped 14.66 points, or 0.19 percent, to 7,746.38.

Asian shares slip

Asian markets slipped on Monday as investors digested the escalation in trade tensions between the US and China after both countries announced tariffs last week. Japan's Nikkei 225 declined 0.53 percent while the Kospi slipped 0.17 percent.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 46.5 points or 0.43 percent. Nifty futures were trading around 10,779-level on the Singaporean Exchange.

China to impose 25% tariffs on 659 US goods worth $50 bn

China wiil impose additional 25 percent tariffs on 659 US goods worth USD 50 billion in response to the US announcement that it will levy tariffs on Chinese imports, the Chinese commerce ministry said.

Tariffs on USD 34 billion of US goods including agricultural products such as soybeans will take effect from July 6, the ministry said. Soybeans are China’s biggest import from the United States by value.

Dollar approaches 7-month high

The dollar edged up toward a seven-month high against a basket of its peers on Monday after the market digested a flurry of news, although US-China trade tensions slowed its gains. The dollar index versus a basket of six major currencies crept up 0.1 percent to 94.882.

The index was in reach of 95.131, a seven-month peak scaled on Friday when it soared more than 1 percent last week after the US Federal Reserve gave a hawkish signal on interest rates while the European Central Bank struck a dovish tone.

India set to launch $240 mn retaliatory tariffs on US imports

India is likely to introduce retaliatory tariffs worth USD 240 million next week on a revised list of 30 items imported from the US to counter the American move to unilaterally hike duties on Indian steel and aluminium. The move comes at a time when India has decided to negotiate a “trade package” with the US to ease tensions between the two sides.

India had asked the US government to exempt it from its 25 percent levy on steel and 10 percent on aluminium imposed by President Donald Trump on grounds of national security. However, the US rejected the Indian request.

India’s trade deficit widens to 4-month high of $14.62 bn

India’s trade deficit widened to four-month high of USD14.62 billion in May as imports surged nearly 15 percent, the government said on Friday. Commerce minister Suresh Prabhu said exports in May rose by 20.18 percent to USD 28.86 billion while imports were up 14.85 percent to USD 43.48 billion.

Trade deficit widened to USD 14.62 billion from USD 13.84 billion in May 2017. Oil imports were up 49.46 p[[ercent to USD 11.5 billion on back of surge in international crude prices. Gold imports were dropped by 29.85 percent to USD 3.48 billion in May compared to USD 4.96 billion in May 2017.

Oil prices fall on expectation Russia, Saudi Arabia will raise output

Oil prices fell further on Monday, pulled down by an expectation that producer club OPEC and its allies will increase supplies. Brent crude futures were at USD 73.05 per barrel down 39 cents, or 0.5 percent, from their last close. US West Texas Intermediate crude futures were at USD 64.24 a barrel, down 82 cents, or 1.3 percent, from their last settlement.

Excise duty cut in oil to impact fiscal deficit badly: Moody's

Rating agency Moody's has sounded a note of caution that any reduction in excise duty on petrol and diesel would adversely affect fiscal deficit unless it is matched by a commensurate cut in expenditure.

According to government estimates, every rupee cut in excise duty on petrol and diesel will result in a revenue loss of about Rs 13,000 crore. "Any reduction in revenues, including through the excise duty on petroleum and diesel, would most likely need to be offset by a comparable reduction in expenditure in order to achieve fiscal consolidation," Moody's Investors Service VP & Senior Credit Officer, Sovereign Risk Group, William Foster said.

FPIs withdraw Rs 5,500 cr from markets in June so far

Foreign investors have pulled out more than Rs 5,500 crore from capital markets this month so far due to global trade war worries coupled with hawkish commentary by the US Federal Reserve.

According to latest data available with depositories, FPIs withdrew a net sum of Rs 831 crore from equities and a net amount of Rs 4,683 crore from debt markets during June 1-15, resulting in a total outflow of Rs 5,514 crore.

India’s forex reserves up by $879.5 mn to $413 bn

India’s foreign exchange reserves increased by USD 879.5 million to USD 413.109 billion in the week to June 8, helped by rise in foreign currency assets, the Reserve Bank data showed on Friday.

In the previous week, the reserves had declined by USD 593.7 million to USD 412.230 billion. The reserves had touched a record high of USD 426.028 billion in the week to April 13, 2018.

RBI eases norms for FPIs to invest in debt

The Reserve Bank of India has eased investment norms for foreign portfolio investors (FPIs) in debt, especially into individual large corporates, a move that can help attract more overseas flows and thereby help arrest the recent fall in the rupee on one hand and also lift the recent fall in demand for corporate bonds.

FPIs are allowed to invest in various debt market instruments such as government bonds, treasury bills, state development loans and corporate bonds, but with certain limits and restrictions. The RBI increased the FPIs cap on investment in government security to 30 per cent of the outstanding stock of that security, from 20 per cent earlier.

SGX Nifty trade extended beyond August: Singapore Exchange

The Singapore Exchange (SGX) today said the arbitrator has allowed the bourse to continue the listing and trading of SGX Nifty contracts beyond August 2018.

As part of ongoing arbitration proceedings, SGX and India Index Services and Products Ltd (IISL) were directed by Order dated June 14, 2018, passed by the Learned Arbitrator, to facilitate the continued listing of SGX Nifty products for at least two successive contract month maturations beyond the arbitration's completion date, SGX said in a statement today.

India's exports hit 6-month high of $28.86 bn in May

India's exports grew 20.18 percent to USD 28.86 billion in May -- the highest in six months, even though the trade deficit widened to a four month high of USD 14.62 billion. Imports too rose by 14.85 percent to USD 43.48 billion during the month, according to the data released by the commerce ministry.

Exporting sectors, which helped to push the shipments in May include petroleum products, chemicals, pharmaceuticals and engineering. However, exports of cashew, iron ore, textiles, gems and jewellery, handicrafts and carpet registered negative growth.

States' fiscal deficit steeply falls by 25% in FY18: Icra

Thirteen states have reported an average 25 percent decline in their fiscal deficit primarily due to a contraction in capital outlay, even though their revenue has gone up by 7.5 percent in the fiscal year to March 2018, says a report. However, in FY17, their revenue had gone up by 11.5 percent, says a report by domestic credit rating agency Icra, based on the provisional fiscal data given by the CAG of 13 states.

Fiscal deficit of these 13 states sharply fell by 25.1 per cent to Rs 3.2 trillion in FY18 from Rs 4.3 trillion in FY17, partly on account of the contraction in capital spending.

Rupee dives to 3-week low at 68.01 on macro-liquidity shocks

The rupee on Friday crumbled below the key 68-mark to end at a fresh three-week low of 68.01 against the US currency after the country's trade deficit widened more than expected amid renewed global trade war fears.

Panic dollar buying sent the home currency to a low of 68.04 in day trade before settling the week at 68.01 per dollar, down by 39 paise or 0.58 percent. This is the lowest closing for the rupee since May 24.

3 stocks under ban period on the NSE

Securities in ban period for the next day's trade under the futures and options segment includes companies in which the security has crossed 95 percent of the market-wide position limit.

For June 18, DHFL, Jet Airways and Just Dial are present in the F&O ban list.