A few cues from the market in India and abroad that could help you with your trade today.
The market rallied sharply and touched a historical high in morning trade before reversing all gains later on May 23. This was despite trends indicating a thumping victory for BJP-led NDA in Lok Sabha 2019 elections.
Benchmark indices posted biggest intraday fall in 11 years with the BSE Sensex down 1,314 points and Nifty 384 points from record highs of 40,124.96 and 12,041.15, respectively.
charts.
According to the Pivot charts, the key support level is placed at 11,500.6, followed by 11,344.2. If the index starts moving upward, key resistance levels to watch out are 11,927.3 and 12,197.6.
The Nifty Bank index closed at 30,409.10, down 117.70 points on May 23. The important Pivot level, which will act as crucial support for the index, is placed at 29,899.27, followed by 29,389.43. On the upside, key resistance levels are placed at 31,311.96, followed by 32,214.83.
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.
Trade tensions slam Wall Street as global growth worries mount
US stocks slumped on Thursday as investors dumped shares of companies in growth and cyclical sectors, with energy and technology leading declines, on fears that the escalating US-China trade war would stymie global economic growth.
The Dow Jones Industrial Average fell 286.14 points, or 1.11 percent, to 25,490.47, the S&P 500 lost 34.03 points, or 1.19 percent, to 2,822.24 and the Nasdaq Composite dropped 122.56 points, or 1.58 percent, to 7,628.28.
Asian shares at 4-month low on deepening US-China trade war
Asian shares hobbled near four-month lows on Friday and crude oil plunged on worries the US-China trade spat was developing into a more entrenchedstrategic dispute between the world’s two largest economies, pushing investors to safe-haven assets.
MSCI’s broadest index of Asia-Pacific shares outside Japan stood flat, hovering near its fresh four-month low marked on Thursday, and was on track for a third straight weekly loss, down 0.9 percent so far on the week. Japan’s Nikkei average dropped 0.6 percent.
SGX Nifty
Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 57 points or 0.49 percent. Nifty futures were trading around 11,736-level on the Singaporean Exchange.
Oil prices stabilize after sharp falls earlier in week
Oil markets stabilized on Friday amid OPEC supply cuts and tensions in the Middle East, after posting their steepest falls since the start of the year earlier in the week on the back of a global economic slowdown and swelling fuel inventories.
Brent crude futures, the international benchmark for oil prices, were at USD 68.05 per barrel at 0044 GMT, up 29 cents, or 0.4 percent, from their last close. US West Texas Intermediate (WTI) crude futures were up 36 cents, or 0.6 percent, at USD 58.27 per barrel.
Trump predicts 'fast' trade deal with China
US President Donald Trump on Thursday predicted a swift end to the ongoing trade war with China, although no high-level talks have been scheduled between the two countries since the last round of negotiations ended in Washington two weeks ago.
“It’s happening, it’s happening fast and I think things probably are going to happen with China fast because I cannot imagine that they can be thrilled with thousands of companies leaving their shores for other places,” Trump said during remarks at the White House, providing no evidence of such an exodus.
Japan's key inflation gauge hits 3-year high
An inflation gauge closely watched by the Bank of Japan accelerated at its fastest pace in almost three years as some retailers passed on rising costs tohouseholds, a positive sign for the central bank as it seeks to stoke consumer prices.
Core consumer prices rose 0.9 percent in April from a year earlier, matching a median market forecast and accelerating slightly from the previous month’s 0.8 percent gain, government data showed on Friday.
Rupee falls against dollar as election euphoria fades
The Indian rupee fell against the US dollar on May 23 as stock markets witnessed correction from record highs on hopes that Narendra Modi-led government will return to power in the 17th Lok Sabha elections.
The rupee ended at 70.01 against the dollar, as compared to close of 69.66 in previous close, marking the biggest single session fall since May 13. It touched a high of 69.37 against the greenback in intraday trade.
US-China trade tension can jeopardise global growth in 2019: IMF warns
The escalation of trade tension between the US and China has the potential to disrupt the global supply chains and jeopardise the projected recovery in growth in 2019, the IMF warned Thursday, days after President Donald Trump imposed 25 percent tariff on USD 200 billion worth of Chinese imports.
The world's two largest economies are locked in a trade war since Trump imposed heavy tariffs on imported steel and aluminium items from China in March last year, a move that sparked fears of a global trade war. In response, China imposed tit-for-tat tariffs on billions of dollars worth of American imports.
172 companies to announce their March quarter earnings today
As many as 172 companies will announce their March quarter earnings today including names like Ashok Leyland, Bata India, Coffe Day, Dish TV, Grasim Industries, IDFC, JSW Steel and PAGE Industries mong others.
Two stocks under ban period on NSE
For May 24, Adani Power and IDBI Bank are under a ban period.
Securities in ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
With inputs from Reuters & other agenciesGet Lok Sabha 2019 Live Election Results, constituency-wise tally, news, views and analysis
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