A few cues from the market in India and abroad that could help you with your trade today.
The market rebounded and closed higher on April 12, but snapped seven-week winning streak to end the week on a negative note amid caution as March quarter earnings season as well as polling for general elections started during the week.
The 30-share BSE Sensex gained 160.1 points to close at 38,767.11 and Nifty rose 46.75 points to 11,643.45 and formed small bullish candle on daily charts on April 12.
Price set up on daily scale suggests that supports are intact while the same on weekly scale suggests that hurdles are also visible at 11,761 which is restricting its upside momentum, experts said, adding the rangebound trade is expected to continue in coming truncated week.
According to the Pivot charts, the key support level is placed at 11,595.77, followed by 11,548.03. If the index starts moving upward, key resistance levels to watch out are 11,674.27 and 11,705.03.
The Nifty Bank index closed at 29,938.6, up 152.45 points on April 12. The important Pivot level, which will act as crucial support for the index, is placed at 29,763.43, followed by 29,588.27. On the upside, key resistance levels are placed at 30,057.33, followed by 30,176.07.
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.
S&P 500 climbs to near record high as earnings season shifts to high gear
US stocks climbed back to near record highs on Friday after the largest US bank, JPMorgan Chase & Co, soothed worries that the first-quarter earnings season would pour cold water on Wall Street's big rally back from last year's slump.
The S&P 500 has come within a percent of September's record closing high, regaining ground lost after a punishing sell-off in the closing months of the year which brought the benchmark index within a rounding error of bear market territory.
The Dow Jones Industrial Average rose 251.24 points, or 0.96 percent, to 26,394.29, the S&P 500 gained 17.82 points, or 0.62 percent, to 2,906.14 and the Nasdaq Composite added 33.64 points, or 0.42 percent, to 7,981.
Asian shares supported by global growth hopes, eyes on earnings
Asian shares started on a firm footing on Monday and the dollar eased as risk appetite was whetted by better-than-expected data from China that helped boost confidence about the health of the world economy.
MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.1 percent with South Korea’s KOSPI up 0.5 percent. Australian shares slightly weaker. Japan’s Nikkei jumped 1.3 percent to the highest since early December.
SGX Nifty
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 5.5 points or 0.05 percent. Nifty futures were trading around 11,686-level on the Singaporean Exchange.
Oil edges lower, supply concerns check losses
Oil prices edged lower on Monday after international benchmark Brent hit a fresh five-month high in the previous session, but concerns over global supplies provided a floor to losses.
Brent crude oil futures were at USD 71.40 a barrel at 0015 GMT, down 15 cents, or 0.2 percent, from their last close. Brent closed up 1 percent on Friday when prices hit a high of USD 71.87 a barrel, the highest since November 12. US West Texas Intermediate (WTI) crude futures were at USD 63.60 per barrel, down 29 cents, or 0.5 percent, from their last settlement. WTI rose 0.5 percent on Friday.
Retail inflation inches up to 2.86% in Mar; factory output growth in Feb slows to 0.1%
India's retail inflation stood at 2.86 percent in March, higher than previous month's 2.57 percent, on account of increase in prices of food articles and fuel. The latest price data released by the Central Statistics Office on April 12 showed that consumer price index (CPI)-based inflation, which measures changes in shop-end prices, remained comfortably within the Reserve Bank of India's target level of 4 percent.
Food prices continued to fall with consumer food price inflation, which is a gauge to measure changes in kitchen budgets, grew 0.66 percent in March. The headline retail inflation rate, which the RBI tracks for interest rate decisions, is currently above the RBI's lower tolerable limit of 2 percent.
Rupee snaps 3-day rise, slips 25 paise against dollar
Halting its three-day winning run, the rupee Friday closed 25 paise lower at 69.17 to the US dollar as forex traders weighed rising crude oil prices. Besides, as forex dealers said, there was concern in the market after reports surfaced that the Supreme Court Friday restrained Arcelor Mittal from acquiring Essar Steel, which in turn might impact dollar inflows considering the Essar Steel acquisition was worth nearly USD 7 billion.
At the Interbank Foreign Exchange (forex), the domestic currency opened at 69.04 a dollar and fell further to touch the day's low of 69.38. It finally settled at 69.17 per dollar, down 25 paise over its previous close.
RBI net buyer of dollars for third month in a row, snaps up $825 mn in Feb
The Reserve Bank remained a net buyer of the US dollar for the third consecutive month in February, when it bought USD 825 million from the spot market, according to the data from the central bank.
In the reporting month, the central bank bought USD 2.086 billion and sold USD 1.261 billion in the spot market as the rupee was under pressure.The central bank had turned net buyer of dollar for the first time in fiscal 2019 in December 2018 buying USD 607 million.
FPIs stay bullish on India, pour in Rs 11,096 cr in April so far
Foreign investors have pumped in a net sum of Rs 11,096 crore into the Indian capital markets in April so far, driven by global and domestic factors. Foreign portfolio investors (FPIs) were net buyers for the previous two months as well, infusing a net sum of Rs 11,182 crore in February and Rs 45,981 crore in March.
As per depositories data, FPIs invested a net amount of Rs 13,308.78 crore in equities and pulled out Rs 2,212.08 crore from the debt segment during April 1 -12, taking the total net investment to Rs 11,096.70 crore.
Metropolis Healthcare to debut today
Metropolis Healthcare, after receiving a good response for public issue, will make its debut on bourses on April 15. The company has fixed issue price athigher-end of a price band of Rs 877-880 per share. The Rs 1,204-crore public offer was subscribed 5.84 times during April 3-5, driven by a strong
subscription from qualified institutional investors.
Six 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 April 15, DHFL, DLF, IDBI Bank, Jet Airways, Reliance Power and Wockhardt are present in this list.
Out of F&O Ban: Adani Power, PC Jeweller
With inputs from Reuters & other agencies
