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

November 2 was a strong day for the market as the Sensex rallied 580 points and Nifty 50 surpassed critical resistance of 10,450 levels and closed a tad above 10,550. Sharp recovery in the rupee, fall in crude oil prices and rising hope of trade negotiations between the world's largest economies US and China boosted investor sentiments.

After decisively surpassing near-term hurdle of 10,450 levels, the index could be heading towards the next critical resistance of 10,700 levels followed by consolidation, according to experts.

After opening above the 10,450 level, the Nifty 50 witnessed sustained buying throughout the session to extend its gains above 10,600 levels intraday. Finally the index closed 172.55 points higher at 10,553, forming a bullish candle on daily and weekly charts.

India VIX fell by 5.01 percent to 18.23 levels.

Falling VIX from last three sessions suggests some bullish price setup but VIX has to go down below 17-16 zones to confirm the short term reversal and a decent bounce back after the sharp cut of last two months.

According to Pivot charts, the key support level is placed at 10,471.47, followed by 10,389.93. If the index starts moving upwards, key resistance levels to watch out are 10,620.77 and then 10,688.53.

The Nifty Bank index closed at 25,701.65, up 378 points on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 25,515.2, followed by 25,328.7. On the upside, key resistance levels are placed at 25,872.2, followed by 26,042.7.

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 snaps 3-day rally as Apple falls

US stocks snapped a three-day rally on Friday as Apple shares dropped following a disappointing forecast and the White House dampened optimism over

US-China trade talks. Apple Inc tumbled 6.6 percent, sending its market value below $1 trillion at the close, a day after the iPhone maker warned that sales for the crucial holiday quarter may miss expectations. Apple in August had become the first publicly listed US company with a $1 trillion market value.

The Dow Jones Industrial Average fell 109.91 points, or 0.43 percent, to 25,270.83, the S&P 500 lost 17.31 points, or 0.63 percent, to 2,723.06, and the Nasdaq Composite dropped 77.06 points, or 1.04 percent, to 7,356.99.

Asian shares wobble

Asian stocks started the week gingerly amid worries about tense Sino-US trade relations. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent in early trades but was well off a 1-1/2 year trough touched last week.

Japan's Nikkei stumbled 1.3 percent while South Korea's KOSPI index dipped 0.8 percent. Australian shares were in the negative territory too, down 0.5 percent.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 46.5 points or 0.44 percent. Nifty futures were trading around 10,542-level on the Singaporean Exchange.

US reimposes all Iran sanctions lifted under nuclear deal

The Trump administration on Friday announced the reimposition of all US sanctions on Iran that had been lifted under the 2015 nuclear deal. The sanctions will take effect on November 5 and cover Iran's shipping, financial and energy sectors. It's the second batch of penalties that the administration has reimposed since President Donald Trump withdrew from the landmark deal in May.

"He has released a list of 12 demands that Iran must meet if it wants the sanctions lifted. They include ending support for terrorism, ending military engagement in Syria and completely halting its nuclear and ballistic missile development.

Trump says 'I think we'll make a deal with China' on trade

US President Donald Trump said on Friday that he will likely make a deal with China on trade, adding that a lot of progress had been made to resolve the two countries’ differences but warning that he still may impose more tariffs on Chinese goods.

“China very much wants to make a deal,” Trump told reporters in Washington just hours after his top economic adviser expressed caution about talk of a possible US-China trade agreement.

“We’ve had a very good discussions with China, we’re getting much closer to doing something,” Trump said before departing the White House for a campaign event. “I spoke with President Xi (Jinping) yesterday. They very much want to make a deal,” Trump said.

US to allow 8 countries to continue buying Iran oil after sanctions on Nov 5: Mike Pompeo

The US has agreed to temporarily allow eight countries to continue buying Iranian oil after it reimposes crippling sanctions on Tehran on November 5, Secretary of State Mike Pompeo said on November 2, citing significant reduction in imports of oil from the Persian Gulf nation.

India, which is the second biggest purchaser of Iranian oil after China, is willing to restrict its monthly purchase to 1.25 million tonnes or 15 million tonnes in a year (300,000 barrels per day), down from 22.6 million tonnes (452,000 barrels per day) bought in 2017-18 financial year, sources in New Delhi said.

Oil falls as US grants Iran sanction waivers to eight importers

Oil prices dipped on Monday as the start to US sanctions against Iran’s fuel exports was softened by waivers that will allow some countries to still import Iranian crude, at least temporarily.

Front-month Brent crude futures were at $72.53 per barrel at 0030 GMT on Monday, down 30 cents, or 0.4 percent from their last close. US West Texas Intermediate (WTI) crude futures were down 27 cents, or 0.4 percent, at $62.87 a barrel.

Rupee may touch 76/$ in next 3 months: UBS

With global crude prices remaining elevated, the rupee is likely to be under pressure, and may touch the 76 levels against the US currency over the next three months, says a report. The domestic currency has already crossed the 74 mark owing to continued strengthening of the dollar, lack of foreign flows and higher crude oil prices.

The unit lost over 15 percent since the beginning of the calendar year. "Assuming global crude prices stay elevated (slightly above USD80/a barrel), we retain our bearish view on the rupee and see it plumbing to 76 over the next three months," says a weekend report by the Swiss brokerage UBS.

FinMin likely to finalise Rs 54K cr capital infusion in PSBs by Dec 15

The Finance Ministry is likely to finalise the second round of capital infusion for public sector banks (PSBs) towards the end of this month or by the end of the first half of next month, taking into account the latest quarter's performance, sources said.

In this round of fund infusion, most of the banks would be getting growth capital for expanding their lending, particularly to micro, small and medium enterprises (MSMEs). Second quarter result announcements of banks, barring one or two, would be over this week and subsequently the ministry would start discussions with them, sources said.

Rupee logs biggest single-day gain in 5 yrs, leaps 100 paise on crude respite

The Indian rupee on November 2 clocked its biggest single-day gain in over five years, surging by 100 paise to close at 72.45 against the US dollar on easing crude oil prices and possibility that the US might grant waivers to India from sanctions on Iranian oil imports.

Besides, a bullish trend in the equity market and fresh foreign fund inflows provided support to the domestic currency, which has witnessed a massive 150 paise rise in the last two trading sessions.

At the Interbank Foreign Exchange (Forex) market, the domestic unit on November 2 opened on a higher note at 73.14, then gained further ground and touched an intra-day high of 72.43, a jump of 102 paise. It, however, closed at 72.45 against the greenback, showing a rise of 100 paise -- the best day for the Indian unit since September 2013.

RBI allows banks to partially refinance NBFCs via bonds to ease liquidity strain

In a bid to ease the ongoing liquidity conditions, the Reserve Bank of India (RBI) has allowed partial credit enhancement by banks to corporate bonds issued by the important non-banking financial institutions (NBFCs).

“The key mandate of a PCE is to provide credit support in times of distress and also provide project companies time to turn around if they reach a situation of distress,” said India Ratings in a note in October. The central bank said the bonds, not less than three years, will be utilised only for the purpose of refinancing the existing debt of the non-bank lenders.

CIC issues show-cause notice to RBI governor for non-disclosure of wilful defaulters’ list

The Central Information Commission (CIC) has issued a show-cause notice to RBI Governor Urjit Patel for “dishonouring” a Supreme Court judgment on disclosure of the wilful defaulters’ list.

The CIC has also asked the Prime Minister’s Office, the Finance Ministry and the Reserve Bank of India (RBI) to make public the letter of former RBI governor Raghuram Rajan on bad loans.

Forex reserves down by $1.444 bn to $392.078 bn

Continuing its decline, the country's foreign exchange reserves slumped by $1.444 billion to $392.078 billion in the week to October 26 due to a fall in foreign currency assets, according to RBI data. In the previous week, the reserves had declined by $942 million to $393.523 billion.

In the reporting week, foreign currency assets, a major component of overall reserves, fell by $1.426 billion to $367.350 billion, as per the RBI data. The country's reserve position with the IMF also declined by $11.6 million to $2.447 billion, the apex bank said.

FPI outflow hits 2-year high in October

Overseas investors pulled out a massive Rs 38,900 crore (over $5 billion) from the capital markets in October, the steepest outflow in nearly two years, on rising crude oil prices, depreciating rupee and worsening current account deficit. With this, the total outflow from the capital markets (equity and debt together) has reached over Rs 1 lakh crore so far this year.

According to the latest depository data, foreign portfolio investors (FPIs) withdrew a net sum of Rs 28,921 crore from equities in October and Rs 9,979 crore from the debt market, taking the total to Rs 38,900 crore (USD 5.2 billion). This was the highest outflow since November 2016, when FPIs had pulled out Rs 39,396 crore from the capital markets.

205 companies to report Sept quarter numbers today

As many as 205 companies will report their results for the quarter ended September which include names like Allcargo Logistics, Atul Auto, Bosch, Century Plyboard, Exide Industries, Fortis Healthcare, IGL, Inox Wind, Kitex Garments, Orient Cements, PNB Housing Finance, State Bank of India, Timken India, Venky’s India, and Wabco India among others.