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

The 30-share BSE Sensex surged 378.73 points to end at 36,442.54 while Nifty50 ended 124 points higher at 10,987.50. The broader markets continued to hogged the limelight with the Midcap and Smallcap indices rallying 2.4 percent and 4 percent respectively, following strong breadth.

According to Pivot charts, the key support level is placed at 10,871.37, followed by 10,755.23. If the index starts moving upward, key resistance levels to watch out are 11,049.27 and 11,111.03.

The Nifty Bank index closed at 27,554.05, up 510.15 points on March 5. The important Pivot level, which will act as crucial support for the index, is placed at 27,147.87, followed by 26,741.63. On the upside, key resistance levels are placed at 27,770.57, followed by 27,987.04.

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 slips as GE swoons, key market level looms

Wall Street’s main indexes dipped in a choppy session on Tuesday as a drop in General Electric shares countered positive retailer earnings and investors eyed a key resistance level for the benchmark S&P 500 after the market’s strong run.

The Dow Jones Industrial Average fell 13.02 points, or 0.05 percent, to 25,806.63, the S&P 500 lost 3.16 points, or 0.11 percent, to 2,789.65 and the Nasdaq Composite dropped 1.21 points, or 0.02 percent, to 7,576.36.

Asia stocks tentative as Wall Street advance stalls

Asian stocks clung to tight ranges on Wednesday, as investors awaited fresh directional cues from US-China trade negotiations and a weaker Wall Street finish capped broader gains, while robust US economic data supported the dollar.

MSCI’s broadest index of Asia-Pacific shares outside Japan was barely changed. Australian stocks added 0.2 percent while Japan’s Nikkei declined 0.5 percent.

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 29.5 points or 0.27 percent. Nifty futures were trading around 11,062-level on the Singaporean Exchange.

China to slash taxes, boost lending to prop up slowing economy

China sought to shore up its slowing economy through billions of dollars in planned tax cuts and infrastructure spending, with economic growth at its weakest in almost 30 years due to softer domestic demand and a trade war with the United States.

The government is targeting economic growth of 6.0 to 6.5% in 2019, Premier Li Keqiang said at Tuesday's opening of the annual meeting of China's parliament, less than the 6.6 percent gross domestic product growth reported last year.

Sources told Reuters earlier this year that China would cut its 2019 growth target to 6.0 to 6.5 percent from the 2018 target of around 6.5 percent as both global and domestic demand ebbed and the U.S. trade war heightened economic risks.

Oil falls as rising US production counters OPEC supply cuts

Oil prices fell more than 0.5 percent on Wednesday as bullish output forecasts by two big US producers outweighed recent OPEC-led efforts to rein in crude production. US West Texas Intermediate (WTI) crude futures were at $56.15 per barrel, down 41 cents, or 0.7 percent. WTI futures closed little changed on Tuesday.

Rupee spurts 43 paise to close at 70.49 against US dollar

The rupee rebounded by 43 paise to close at 70.49 against the US dollar Tuesday largely driven by positive macro data and easing crude prices. Forex traders said heavy buying in domestic equities and sustained foreign fund inflows also propped up the local unit.

At the Interbank Foreign Exchange (forex) market, the domestic unit opened slightly down at 70.95.

US Federal Reserve mulls tighter rules on foreign bank branches: sources

The US Federal Reserve is considering imposing stricter rules on foreign bank branches to tighten what critics say is a loophole that has allowed overseas lenders to shield assets from the toughest US bank rules, three people with knowledge of the matter told Reuters.

The changes being discussed could be a blow for lenders such as Deutsche Bank, Credit Suisse Group AG and UBS Group AG and which have for years held billions of dollars in assets, such as corporate loans, at their New York branches.

India's February jobless rate climbed to 7.2% : CMIE

The unemployment rate in India rose to 7.2 percent in February 2019, the highest since September 2016, and up from 5.9 percent in February 2018, according to data compiled by the Centre for Monitoring Indian Economy (CMIE) that was released on Tuesday.

The unemployment rate has climbed despite a fall in the number of job seekers, Mahesh Vyas, head of the Mumbai-based think tank told Reuters, citing an estimated fall in the labour force participation rate. The number of employed persons in India was estimated at 400 million in February compared with 406 million a year ago, he said.

RBI to infuse Rs. 12,500 cr through OMO on Thursday

The Reserve Bank of India (RBI) on Tuesday said it would infuse Rs12,500 crore into the financial system through open market operations. The central bank said it has decided to purchase certain government securities under Open Market Operations (OMO) for an aggregate amount of Rs 12,500 crore on March 7, 2019 through multi-security auction using the multiple price method.

"There is an overall aggregate ceiling of Rs. 125 billion for all securities in the basket put together. There is no security-wise notified amount," RBI said.

Two 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 March 6, Reliance Power and Wockhardt are present in this list.