What changed for the market while you were sleeping? Top 10 things to know

The market fell for fifth consecutive session and closed below 10,750 levels on the Nifty, dragged by Reliance Industries, HDFC Group and IT stocks on

Thursday.

The 30-share BSE Sensex declined 157.89 points to 35,876.22 while the Nifty50 dropped 47.60 points to 10,746.05 amid consolidation and formed bearish candle on daily scale.

The index traded in a tight range of 10,760-10,730 levels throughout the day, with negative sentiments.

According to Pivot charts, key support level is placed at 10712.3, followed by 10678.6. If the index starts moving upward, key resistance levels to watch out are 10786.2 and then 10826.4.

The Nifty Bank index closed at 26970.6 on February 14. The important Pivot level, which will act as crucial support for the index, is placed at 26849.14, followed by 26727.67. On the upside, key resistance levels are placed at 27061.04, followed by 27151.47.

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 slip as grim retail sales data overshadows trade hopes

The S&P 500 and the Dow slipped while the Nasdaq posted a slim gain on Thursday as investors struggled to square grim retail sales data with hopes that high-level talks in Beijing could resolve the ongoing US-China trade dispute. All three major US stock indexes were held back by rate-sensitive financial stocks as US Treasury yields fell on the weaker-than-expected economic data.

The Dow Jones Industrial Average fell 103.88 points, or 0.41 percent, to 25,439.39, the S&P 500 lost 7.3 points, or 0.27 percent, to 2,745.73 and the Nasdaq Composite added 6.58 points, or 0.09 percent, to 7,426.96.

Asian stocks slip after grim US retail sales data

Asian stocks slipped on Friday after grim US retail sales figures raised fresh doubts about the strength of the US economy, offsetting optimism on trade talks between the United States and China.

Japan’s Nikkei dropped 1.1 percent while MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.25 percent in early trade, with South Korea’s Kospi shedding 1.0 percent.

SGX Nifty

Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, a rise of 12.5 point or 0.12 percent. Nifty futures were trading around 10,794-level on the Singaporean Exchange.

Rupee tumbles 36 paise to 71.16 per dollar

The rupee weakened by 36 paise on Thursday to close at 71.16 per US dollar amid firming crude oil prices and persistent foreign capital outflows. Heavy

dollar demand from banks and importers and strengthening of the greenback against major currencies overseas weighed on the domestic unit, forex traders said.

At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 70.90 and fell further to touch the day’s low of 71.18. It finally ended at 71.16 per dollar, down by 36 paise against its previous close.

Oil rallies as exporters trim production

US oil prices rose on Friday, gaining for a fourth day on hopes of further supply cuts by major exporters, despite uncertainty about US-China trade talks. US West Texas Intermediate (WTI) crude futures were at $54.79 per barrel at 0038 GMT, up 40 cents, or 0.7 percent, from their last settlement. They rose 51 cents, or 0.95 percent, on Thursday.

Brent pushed above $65 per barrel for the first time in 2019, before edging back to $64.91 a barrel by 0143 GMT. That was still 0.5 percent above the last close.

Growth likely to reach 7.5% next fiscal: CEA K V Subramanian

The economic growth is likely to accelerate to 7.5 per cent in 2019-20, from 7.2 per cent projected for the current fiscal, Chief Economic Adviser KV

Subramanian has said. "We have done the projections. All the external agencies and internally our estimates are also 7.5 per cent (2019-20). The nominal rate we are expecting is 11.5 percent and inflation of about 4 percent," he said.

The Reserve Bank of India, in its latest monetary policy review released last week, too projected an economic growth rate of 7.4 per cent for the next fiscal. Talking about average growth in the last four years, he said the GDP growth rate has been 7.3 per cent, highest across all government since liberalisation. This growth rate has been achieved amidst very low inflation.

ONGC third-quarter profit beats estimate

Oil and Natural Gas Corp on Thursday posted a 64.8 percent jump in third-quarter profit, handily beating analysts estimates, boosted by higher revenue from offshore operations. ONGC’s profit stood at 82.63 billion rupees ($1.16 billion) in the quarter ended Dec. 31, compared with 50.15 billion rupees a year earlier, the oil and gas explorer said in a stock exchange filing.

Analysts on average had expected a profit of 73.71 billion rupees, according to Refinitiv data.

Jet Airways approves rescue deal to plug $1.2 billion gap

Jet Airways said on Thursday its board had approved a rescue deal which will make its lenders its largest shareholders and fix a near 85 billion rupee ($1.2 billion) funding gap. With debts of more than $1 billion, Jet has struggled over the last year as competition intensified, the Indian rupee depreciated and high oil prices hurt margins.

The airline said in a regulatory filing that its board has approved the rescue deal by the lenders, led by State Bank of India, which includes an equity infusion, debt restructuring and the sale or sale and lease back of aircraft.

Govt raises minimum sale price of sugar by 6.9%

India, which vies with Brazil as the top sugar producer, increased the minimum selling price of the sweetener by 6.9% to help mills pay farmers on time. The factory-gate selling price for millers was raised to Rs 31 per kilogram from Rs 29 at present, according to a government notification on Thursday. The benchmark price is effective immediately, Food Minister Ram Vilas Paswan said at a press conference in New Delhi.

A rise in the state-controlled price may prompt millers to sell more locally and reduce exports, supporting the global market. Sugar stockpiles in India, where production is set to exceed local demand for a second year, almost doubled to 15.4 million metric tonne as of December 31 from a year earlier following bumper output, according to Indian Sugar Mills Association data.

Seven stocks under ban period on NSE

Securities in ban period for the next day's trade under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

For February 14, Adani Enterprises, CG Power, Jet Airways, PC Jeweller, Reliance Power, Jain Irrigation Systems and IDBI Bank stocks are present in this list.

With inputs from Reuters & other agencies