Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 17 points or 0.14 percent.
The BSE Sensex gained 165.94 points to 39,950.46 while the Nifty 50 rose 42.90 points to 11,965.60, forming a 'Doji' kind of pattern on daily charts for the third consecutive session suggesting indecisiveness. The broader markets also closed higher with the Nifty Midcap index rising 0.68 percent and Smallcap index gaining 0.10 percent.
According to the Pivot charts, the key support level is placed at 11,913.17, followed by 11,860.73. If the index starts moving upward, key resistance levels to watch out are 12,009.17 and 12,052.73.
The Nifty Bank index closed at 31,265.45, up 231.45 points on June 11. The important Pivot level, which will act as crucial support for the index, is placed at 31,026.03, followed by 30,786.67. On the upside, key resistance levels are placed at 31,452.03, followed by 31,638.67.
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 treads water after recent rally
US stocks ended near flat and the Dow snapped a six-day winning streak on Tuesday, as investors paused following a run of gains and fresh worries emerged over the US trade war with China.
The Dow Jones Industrial Average fell 14.17 points, or 0.05%, to 26,048.51, the S&P 500 lost 1.01 points, or 0.03%, to 2,885.72 and the Nasdaq Composite dropped 0.60 points, or 0.01%, to 7,822.57.
Asia shares on guard as Trump tilts at China, Fed
Asian share markets got off to a cautious start on Wednesday as the White House took a tough line on a trade deal with China, just as investors were bracing for the latest batch of economic data from the Asian giant.
Early Wednesday, MSCI’s broadest index of Asia-Pacific shares outside Japan was up a slim 0.1%, having climbed 1% the day before. Japan’s Nikkei dithered either side of flat, while Australian shares added 0.3%. E-Mini futures for the S&P 500 were little changed after a flat finish on Wall Street.
SGX Nifty
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 17 points or 0.14 percent. Nifty futures were trading around 11,964-level on the Singaporean Exchange.
Oil falls on weaker oil demand growth, surprise rise in US crude stocks
Oil prices fell on Wednesday, weighed down by a weaker oil demand outlook and a rise in US crude inventories despite growing expectations of ongoingOPEC-led supply cuts.
Brent crude futures, the international benchmark for oil prices, were down 76 cents, or 1.22%, at $61.53 a barrel by 0036 GMT. US West Texas Intermediate (WTI) crude futures were down 79 cents, or 1.3%, at $52.58 per barrel.
Rupee recovers 21 paise against US dollar
The Indian rupee June 11 recuperated by 21 paise to 69.44 to the US dollar in line with strong Asian currencies and rally in domestic equities. The Indian unit opened strong at 69.49 and rose to the day's high of 69.34 at the interbank forex market.
During the day, the local unit touched an intra-day low of 69.65 against the US dollar. The domestic currency finally settled at 69.44, higher by 21 paise from the previous close.
Trump defends tariff strategy, China says 'not afraid' of trade war
US President Donald Trump on Tuesday defended the use of tariffs as part of his trade strategy while China vowed a tough response if the United States insists on escalating trade tensions amid ongoing negotiations.
The United States kicked off a tariff battle with China in 2018, seeking sweeping structural changes from Beijing. But tensions between Washington and Beijing rose sharply in May after the Trump administration accused China of reneging on promises to make structural economic changes during months of trade talks.
“Tariffs are a great negotiating tool,” Trump tweeted, one day after saying he was ready to impose another round of punitive tariffs on China.
RBI net-buys $4.9 billion in April
Having been a net seller of the greenback in FY19, the Reserve Bank turned a net buyer of the US dollar in the first month of FY20, purchasing $4.901 billion in April on a net basis from the spot market, according to the latest data from the monetary authority. During the reporting month, the central bank bought $7.724 billion and sold $2.823 billion in the spot market. As against this, in April 2018, it had net sold $2.483 billion after purchasing $5.536 billion and selling $8.019 billion.
In FY19, the apex bank was a net seller of the dollar offloading as much as $15.377 billion in the market. It had bought $40.804 billion and sold $56.181 billion in the year to March 2019.
Fund transfers via RTGS, NEFT to cost less from July 1
The Reserve Bank of India June 11 said it will waive all charges on fund transfer through popular RTGS and NEFT systems from July 1 and asked banks to pass on the benefits to customers from the same day. The Real Time Gross Settlement System (RTGS) is meant for large-value instantaneous fund transfers while the National Electronic Funds Transfer (NEFT) System is used for fund transfers of up to Rs 2 lakh.
Country's largest bank SBI charges between Re 1 and Rs 5 for transactions through NEFT and between Rs 5 and Rs 50 for RTGS route. Following up on the announcement made on June 6 after the bi-monthly monetary policy review, the RBI said it has reviewed the various charges levied by it on the member banks for transactions processed in the RTGS and NEFT systems.
OPEC nears deal to keep production curbs in place - UAE energy minister
Members of the Organization of the Petroleum Exporting Countries are close to reaching an agreement on extending production cuts, the energy minister of the United Arab Emirates said on Tuesday.
Speaking at the International Economic Forum of the Americas, Energy Minister Suhail bin Mohammed al-Mazroui said that given existing oil inventories the output curbs should remain in place or be extended “at least until the end of the year.” The “right decision will be a rollover,” said al-Mazroui, noting he favours continuing the curbs.
Five stocks under F&O ban period on NSE
For June 12, DHFL, IDBI Bank, PC Jeweller, Reliance Capital and Reliance Infrastructure are under the F&O ban period. Securities in ban period under theF&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
With inputs from Reuters & other agencies
