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

The BSE Sensex was down 173.78 points at 38,557.04 while the Nifty50 fell 57 points to 11,498.90 and formed bearish candle on daily charts as bears are holding a tight grip in the market.

Rising crude oil prices and worries over June quarter earnings pulled the market lower on July 10. The Nifty 50 ended a tad below 11,500 level, for the first time since May 17, 2019.

Experts expect some consolidation to continue at current levels as long as the index holds 11,450 levels, before seeing a strong bounce back.

The broader markets fell more than frontliner indices as the Nifty Midcap index declined 1 percent and Smallcap index slipped 0.7 percent. About two shares declined for every share rising on the NSE.

According to Pivot charts, the key support level is placed at 11,451.83, followed by 11,404.77. If the index starts moving upward, the key resistance levels to watch out are 11,569.83 and 11,640.77.

Nifty Bank closed at 30,522.10, down 47.05 points on July 10. The important Pivot level, which will act as crucial support for the index, is placed at 30,391.03, followed by 30,259.96. On the upside, key resistance levels are placed at 30,690.73, followed by 30,859.37.

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

US stocks ended higher and the S&P 500 index briefly crossed the 3,000-point mark for the first time on Wednesday as remarks by Federal Reserve Chairman Jerome Powell reassured investors about the potential for an interest rate cut later this month.

The Dow Jones Industrial Average rose 76.71 points, or 0.29 percent, to 26,860.2, the S&P 500 gained 13.44 points, or 0.45 percent, to 2,993.07 and the Nasdaq Composite added 60.80 points, or 0.75 percent, to 8,202.53.

Asian Markets

Asian stocks rose and the dollar sagged on Thursday after Federal Reserve Chair Jerome Powell reinforced prospects of a US interest rate cut later this month.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent, while Japan's Nikkei added 0.15 percent. South Korea's KOSPI climbed 0.7 percent while Australian stocks were steady.

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 39 points or 0.34 percent. Nifty futures were trading around 11,533-level on the Singaporean Exchange.

Rupee trips 7 paise to 68.58 vs USD

The rupee declined by 7 paise to close at 68.58 against the US dollar July 10, pressured by persistent foreign fund outflows and firming crude oil prices. A weak trend at the domestic equity markets and global trade tensions also kept sentiment subdued, traders said.

At the interbank foreign exchange market, the domestic unit opened weak at 68.61 and soon slipped to hit the day's low of 68.67. However, it pared some losses to touch a high of 68.48, before finally closing at 68.58, showing a loss of 7 paise over its previous close.

US oil hits highest in over a month amid Gulf of Mexico storm, Iran tensions

US oil futures hit their highest in over a month on Thursday as a potential hurricane threatened crude output in the Gulf of Mexico and as an

incident involving a British tanker in the Middle East highlighted ongoing tensions there.

US West Texas Intermediate (WTI) crude futures were up 11 cents at USD 60.54 a barrel by 0055 GMT, after earlier touching the highest since

May 23 at USD 60.63. Brent crude futures were down 5 cents, or 0.1 percent, at USD 66.96 a barrel, after ending Wednesday up 4.4 percent.

Fed's Powell bolsters rate cut view on trade, global growth concerns

Federal Reserve Chairman Jerome Powell on Wednesday set the stage for the first US interest rate cut in a decade later this month, pledging to ‘act as appropriate’ to defend an economic expansion threatened by trade disputes and a global slowdown.

In testimony to a congressional committee, Powell pointed to “broad” global weakness that was clouding the US economic outlook amid uncertainty about the fallout from the Trump administration’s trade conflict with China and other nations.

Cabinet nod for bill to ban unregulated deposit schemes

The Union Cabinet July 10 approved Banning of Unregulated Deposit Schemes Bill with an aim to tackle the menace of illicit deposit- taking activities in the country. The bill will replace the Banning of Unregulated Deposit Schemes Ordinance, 2019. The proposed legislation is likely to be introduced in Parliament during the ongoing session.

"The bill will help tackle the menace of illicit deposit taking activities in the country, which at present are exploiting regulatory gaps and lack of strict administrative measures to dupe poor and gullible people of their hard earned money," an official release said.

UBS pegs down GDP growth to 6.7%, rules out revival this year

Swiss brokerage UBS has lowered the country's real GDP growth forecast to 6.7 percent from 6.9 percent earlier in FY20 citing the continuing slowdown in consumption demand and warned that a revival is unlikely before FY21. The brokerage expects the Reserve Bank to ease the policy rate by another 75 basis points as against its previous forecast 25 basis points in FY20.

"We expect real GDP growth to remain sluggish in FY20 as well after slowing to a five-year low of 6.8 percent in FY19. We are lowering our FY20 forecast further to 6.7 from 6.9 percent," UBS India economist Tanvee Gupta Jain, said in the report Wednesday.

Fed's Powell says trade, global growth concerns continue to weigh on US economy

Concerns about trade policy and a weak global economy "continue to weigh on the US economic outlook" and the Federal Reserve stands ready to "act as appropriate" to sustain a decade-long expansion, Fed Chairman Jerome Powell said on July 10 in remarks that could bolster expectations of an interest rate cut later this month.

In prepared remarks to a congressional committee, Powell contrasted the Fed's "baseline outlook" of continued US growth against a considerable set of risks - including persistently weak inflation, slower growth in other major economies, and a downturn in business investment driven by uncertainty over just how long the Trump administration's trade war with China and other countries will last and how intense it will become.

FDI rises 3% to $6.95 bn in April: Piyush Goyal

Foreign direct investments (FDI) into the country grew 3 percent to $6.95 billion in April, Parliament was informed July 10. Commerce and Industry Minister Piyush Goyal said that during 2018-19, the country recorded the highest-ever total FDI inflow of USd 64.38 billion, which is 6 percent higher as compared to 2017-18.

"As per data available for April 2019, an amount of USD 6.95 billion has been reported as FDI inflows, which is 3 percent more compared to April 2018 (USD 6.77 billion)," he said in a written reply to the Lok Sabha. He also said 59 FDI proposals were approved in 2018-19 and five in April this fiscal.

With inputs from Reuters & other agencies