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

The Nifty 50 opened above the 11,400-level for the first time and maintained positive momentum throughout the session on August 6. However, it failed to hold on to opening levels, forming a small bearish candle in intraday trade, resembling a Spinning Top kind of a pattern on daily charts.

The index closed higher, but closing value was lower than opening, which indicated that traders preferred to book profits at higher levels. It has to hold 11,400 levels on closing basis, only then strong momentum would be possible, experts said.

The Nifty index opened the gap up and made a new life time high of 11,428 by surpassing recent high of 11,390 levels. However, it failed to hold half of the gains and witnessed some profit booking to decline from higher levels.

The Nifty 50 after opening at 11,401.50 gained more strength to touch an intraday record high of 11,427.65, but it wiped out some gains in afternoon trade to hit the day's low of 11,370.60. The index closed 26.30 points higher at 11,387.10.

India VIX moved up by 3.39 percent to 12.49. Overall, lower volatility suggests that bulls are likely to hold the market on declines near to major support zones.

According to Pivot charts, the key support level is placed at 11,362.57, followed by 11,338.03. If the index starts moving upwards, key resistance levels to watch out are 11,419.67 and 11,452.23.

The Nifty Bank index closed at 27,898.50, up 203 points. The important Pivot level, which will act as crucial support for the index, is placed at 27,778.4, followed by 27,658.3. On the upside, key resistance levels are placed at 28,006.3, followed by 28,114.1.

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.

Wall Street closes higher as strong earnings cheer investors

The three major US stock indexes closed higher on Monday as investors applauded a strong US earnings season with results from Berkshire Hathaway impressing and Facebook lifting Nasdaq after a report it was planning new services.

The Dow Jones Industrial Average rose 39.6 points, or 0.16 percent, to 25,502.18, the S&P 500 gained 10.05 points, or 0.35 percent, to 2,850.4 and the Nasdaq Composite added 47.66 points, or 0.61 percent, to 7,859.68.

Asian stocks flat as trade woes offset earnings-led Wall Street gains

Asian stocks were largely steady on Tuesday, with worries over the US-China trade conflict offsetting support from earnings-led gains on Wall Street. MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat. Australian stocks dipped 0.2 percent, South Korea's KOSPI rose 0.05 percent and Japan's Nikkei added 0.25 percent.

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 14.5 points or 0.13 percent. Nifty futures were trading around 11,444-level on the Singaporean Exchange.

Renewed US sanctions target Iran's economy

President Donald Trump’s top security adviser on Monday urged Iran to take up an offer of talks with the United States or suffer more pain from economic sanctions, but Iran’s president said Washington needed first to prove it can be trusted.

“They could take up the president’s offer to negotiate with them, to give up their ballistic missile and nuclear weapons programs fully and really verifiably,” Bolton told Fox News.

The renewed sanctions were among those lifted under a 2015 deal between world powers and Tehran on curbing Iran’s nuclear program. Trump abandoned the deal in May. Heavier US sanctions, aimed at Iran’s oil sector, are due in November.

EU aims to block US sanctions on Iran

The European Union vowed on Monday to counter US President Donald Trump’s renewal of sanctions on Iran, in a test of the EU’s ability to preserve a deal that saw Iran limit its nuclear ambitions in exchange for removing strict curbs on its economy.

Despite protests from European allies, US Secretary of State Mike Pompeo said Washington would fully enforce the sanctions. EU diplomats said they were awaiting details on Monday on how they will be implemented.

Indra Nooyi to step down as PepsiCo CEO

PepsiCo announced on Monday that Indra Nooyi would step down as chief executive officer (CEO) in October after 12 years at the helm. PepsiCo President Ramon Laguarta will replace Nooyi, the company said in a statement. Laguarta will become the sixth CEO in PepsiCo's 53-year history. While Nooyi steps down the day she completes 24 years with the company, she will remain as the chairman until early 2019.

During her 12-year stint as the CEO, PepsiCo’s net revenue grew from USD 35 billion in 2006 to USD 63.5 billion in 2017, a compound annual growth rate of 5.5 percent, the company has said.

Restore LoUs at the earliest with proper safeguards: Parliamentary panel to RBI

A parliamentary panel on Monday asked the Reserve Bank of India to restore letters of undertaking (LoUs)—banned after their misuse in the Rs 14,000 crore PNB fraud—at the earliest with proper safeguards in order to increase the availability of credit for traders. The Parliamentary Standing Committee on Commerce said in its report that the ban on letters of undertaking and letters of comfort (LoC) resulted in rise in the cost of credit by 2-2.5 percent.

“It is of the considered opinion that LoU/LoC should be restored at the earliest, albeit with proper safeguards. Its restoration assumes more significance in the face of the fact that the content of imports is over 20 percent of India’s total exports,” the parliamentary panel said in its report Impact of Banking Misappropriation on Trade and Industry.

Sembcorp Energy, Montecarlo get Sebi's go-ahead for IPO

Sembcorp Energy India, an independent power producer, and construction company Montecarlo have received capital markets regulator Sebi's go ahead to float an initial public offer. With this, the total number of companies getting Sebi's approval for initial public offer (IPO) has reached 39 so far this year.

Sembcorp Energy's IPO comprises fresh issue of shares worth up to Rs 4,095 crore and an offer for sale (OFS) of up to 14,67,74,194 equity scrips by the existing shareholders. This includes sale of 12,89,41,129 shares by Sembcorp Utilities and up to 1,78,33,065 equity scrips by Gayatri Energy Ventures. Axis Capital Credit Suisse Securities (India), CLSA India, and SBI Capital Markets are global co-ordinators and book running lead managers to the offer, while IndusInd Bank is the merchant banker to the public issue.

Rupee hits fresh 2-week low of 68.88 a dollar

The rupee yesterday skidded to its lowest in two weeks, falling by a staggering 28 paise to end at 68.88 against the US dollar on frantic demand for the US currency from importers and corporates. Widespread concerns about steadily growing country's trade deficit as well as short-term debt liabilities and protectionist tendencies on the global front largely weighed on forex front despite its recent pull back from life lows.

The rupee started the week with a mildly positive tone at 68.57 from last weekend close of 68.60 at the Interbank Foreign Exchange (forex) market. It gained traction to hit a high of 68.54 in early deals before taking a sharp reversal as demand for dollars from importers and banks outweighed inward remittances and conversion of the US currency by exporters.

Oil rises after OPEC sources say Saudi crude output fell

Oil futures gained on Monday after OPEC sources said Saudi crude production unexpectedly fell in July, raising concerns about global oil supplies as the United States prepares to reinstate sanctions against major exporter Iran.

Brent crude futures rose 54 cents to settle at USD 73.75 a barrel, while US West Texas Intermediate (WTI) crude futures rose 52 cents to settle at USD 69.01 a barrel.

138 companies to report June quarter numbers today

Corporate results will be in focus today with as many as 138 companies likely to report their results for the quarter ended June which include names like Adani Enterprises, AU Small Finance, Bombay Dyeing, Prataap Snacks, Inox Wind, Motherson Sumi, Punjab National Bank and PTC India among others.

2 stocks under ban period on NSE

Securities 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 August 7, Adani Power and Jet Airways are present on the list.