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

The Nifty which started on a flat note failed to build on momentum due to weak global cues and slipped towards its crucial support placed around 10,800 on Monday. The index formed a ‘Bearish Belt Hold’ kind of pattern on daily charts.

In Monday’s price action, Nifty opened at 10,830.20 and was also the intraday high for the index which resulted in no upper shadow. The bears took control of D-Street in morning trade and pushed the index below its crucial support placed at 5-exponential moving average (EMA).

Investors are advised to tread with caution and if Nifty fails to reclaim 10,800 in Tuesday’s trading session, then there is a higher probability that it will slip towards its next crucial support, which is placed around 10,755.

According to Pivot charts, its key support is placed at 10,781.33, followed by 10,762.87. If the index starts moving upward, key resistance levels to watch out are 10,824.23 and 10,848.67.

The Nifty Bank index closed at 26,409.3. Important pivot level, which will act as a crucial support for the index, is placed at 26,328.64, followed by 26,247.97.

Key resistance levels are placed at 26,483.74, followed by 26,558.17.

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

The Dow and S&P were modestly lower on Monday, having recovered from earlier lows, as gains in energy shares helped curb declines stemming from trade war concerns after China’s retaliation to US tariffs.

The Dow Jones Industrial Average fell 130.24 points, or 0.52 percent, to 24,960.24, the S&P 500 lost 8.08 points, or 0.29 percent, to 2,771.58 and the Nasdaq Composite dropped 6.67 points, or 0.09 percent, to 7,739.71.

Trump threatens to hit China with new tariffs on $200 bn in goods

US President Donald Trump threatened on Monday to impose a 10 percent tariff on USD 200 billion of Chinese goods, escalating a tit-for-tat trade war with Beijing. In a statement, Trump said he had asked the US trade representative to identify the Chinese products to be subject to the new tariffs. He said the move would be in retaliation for China’s decision to raise tariffs on USD 50 billion in US goods.

“After the legal process is complete, these tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced,” Trump said.

Asian markets trade lower

Asian stocks extended a global downturn on Tuesday, while the safe-haven yen rose as US President Donald Trump threatened new tariffs on Chinese goods in an escalating tit-for-tat trade war between the world’s two biggest economies that has rattled financial markets.

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.1 percent. Japan's Nikkei lost 0.45 percent, South Korea's KOSPI edged down 0.1 percent while Australian stocks added 0.3 percent.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 43 points or 0.40 percent. Nifty futures were trading around 10,748-level on the Singaporean Exchange.

US, South Korea agree to suspend joint military exercise

The United States and South Korea have agreed to suspend a joint military exercise scheduled for August, South Korean and US officials said on Monday, following President Donald Trump’s pledge to end “war games” after his summit with North Korean leader Kim Jong Un last week.

“South Korea and the United States have agreed to suspend all planning activities regarding the Freedom Guardian military drill scheduled for August,” according to a South Korean defence ministry statement.

Oil prices dip on expectations of rising OPEC, Russian supplies

Oil prices fell in early Asian trading on Tuesday on expectations that producer cartel OPEC and key ally Russia will gradually increase output after withholding supplies since 2017.

Brent crude futures were at USD 78.05 per barrel, down 29 cents, or 0.4 percent, from their last close. US West Texas Intermediate crude futures were at USD 65.63 a barrel, down 22 cents, or 0.3 percent.

Bank credit up 3.4% in Dec quarter

Bank credit grew 3.4 percent on a sequential basis in the December 2017 quarter, helped by better performance by private sector banks and an uptick in industrial credit after two successive quarters of declines, show the Reserve Bank data. At the end of the December quarter, bank credit stood at Rs 80.62 trillion compared to Rs 77.95 trillion in the September 2017 quarter, as per the RBI data.

Among bank groups, private sector banks continued to maintain double-digits annual expansion in their loan portfolio and led the overall credit growth. Private banks' credit offtake grew 4.88 percent in the reporting quarter, while public sector banks loans rose much lower by 2.96 percent.

Jaitley hints at no cut in excise on oil, asks citizens to pay taxes honestly

Union Minister Arun Jaitley on Monday urged citizens to pay their due share of taxes "honestly" to reduce dependence on oil as a revenue source, and virtually ruled out any cut in excise duty on petrol and diesel saying it could prove to be counter-productive.

"My earnest appeal, therefore, to political leaders and opinion makers ...would be that evasion in the non-oil tax category must be stopped and, if people pay their taxes honestly, the high dependence on oil products for taxation eventually comes down. In the medium and long run, upsetting the fiscal maths can prove counter-productive," Jaitley said.

Sandeep Bakhshi to take over as ICICI Bank Wholetime Director, COO

appointment as COO will be for a period of five years, subject to regulatory approvals, and his tenure will start on June 19, the bank said in a disclosure to exchanges.

Kochhar, who is the subject of an inquiry into the alleged Videocon loan deal, will be on leave until the inquiry is completed. For as long as she is on leave, Bakhshi will report to the board. Subsequent to Bakhshi's appointment, the bank's board has recommended to the board of ICICI Prudential Life that it appoint NS Kannan as its MD and CEO.

SGX issue: NSE says final decision on arbitration process likely by Feb 2019

The National Stock Exchange yesterday said a final decision is expected by the first week of February 2019 on the arbitration proceedings with Singapore Exchange regarding launch of new derivative products linked to its indices.

"SGX has been restrained from launching or listing any new derivative products linked to IISL Indices or NSE and NSE IFSC equity derivative products for a period of three weeks from the final arbitration award. "The existing license for the SGX Nifty contracts will stand extended for two successive contract months beyond the final arbitration award," the release said.

Govt plans to list railway PSUs RVNL, IRFC in Jul-Sep quarter

The government is planning to list two of its railway PSUs - RVNL and IRFC - in the July-September quarter, a senior official said yesterday. The government is  launching the initial public offering (IPO) of railway consultancy firm RITES on June 20 and has fixed a price band of Rs 180-185 per share. It hopes to mop up as much as Rs 460 crore from the market.

While RVNL IPO could fetch about Rs 500 crore to the exchequer, the government could raise about Rs 1,000 crore from IRFC.

SEBI plans to amend takeover regulations, remove inconsistencies

Sebi is likely to change certain provisions in the takeover regulations, including those pertaining to revision of open offer price, a senior official said. The watchdog's move comes after public consultations on a discussion paper about review of SAST (Substantial Acquisition of Shares and Takeovers) Regulations.

According to the official, the review exercise was aimed at simplifying the language, removing redundant provisions and inconsistencies as well as update references about Companies Act, 2013 in the regulations. It is being proposed that the additional time for the upward revision of open offer price can be extended to only one working day before the commencement of the offer, as per the official.

CreditAccess Grameen gets Sebi nod for IPO

Microfinance firm CreditAccess Grameen has received markets regulator SEBI's go ahead to float its initial public offer. CreditAccess Grameen obtained Sebi's "observation" on June 12. ICICI Securities, Credit Suisse Securities (India), IIFL Holdings and Kotak Mahindra Capital Company are the book running lead managers to the offer.

Vectus Industries files Rs 500-cr IPO papers with Sebi

Vectus Industries, focused water storage and piping solutions provider, yesterday filed draft papers with the Sebi to raise an estimated Rs 500 crore through an initial public offering.

The IPO comprises fresh issue of shares worth Rs 85 crore, besides, an offer for sale of up to 38,98,575 equity shares by the existing shareholders, according to the draft papers filed with Sebi. Private equity firm Latinia Ltd will sell 28,46,829 equity shares through this IPO, 6,57,341 equity shares will be offered by Ashish Baheti and up to 3,94,405 equity shares by Atul Ladha.

Rupee up marginally by 2 paise

The rupee staged a recovery towards the fag-end of the session yesterday and ended with a marginal 2 paise gain at 67.99 against the US dollar even as geopolitical worries continued triggering caution among forex traders. Fag-end dollar selling by some banks and exporters predominantly supported the recovery momentum despite bullish dollar overseas.

The Indian currency plunged to a fresh three-week low of 68.18 in early trade before staging a retrieval. A sharp fall in global crude prices over the last few days also came as a breather for the rupee. Besides, investor sentiments also took a hit by India's trade deficit widening to a four-month high of USD 14.62 billion in May due to higher crude oil prices.

4 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 19, DHFL, Infibeam, Jet Airways and Just Dial are present in the F&O ban list.