The Nifty Bank closed at 29,128.10, down 156.85 points on July 23. The important pivot level, which will act as crucial support for the index, is placed at 29,015.6, followed by 28,903.1.
Dragged by banking and auto stocks, benchmark indices closed lower for the fourth straight session on July 23. Sensex closed 48.39 points lower at 37,982.74 while Nifty slipped 15.20 points to end at 11,331.
The broader markets ended mixed with Nifty Midcap index falling 0.6 percent while Smallcap index gained half a percent.
According to the pivot charts, the key support level is placed at 11,289.8, followed by 11,248.6. If the index starts moving upward, the key resistance levels to watch for out are 11,385.2 and 11,439.4.
The Nifty Bank closed at 29,128.10, down 156.85 points on July 23. The important pivot level, which will act as crucial support for the index, is placed at 29,015.6, followed by 28,903.1. On the upside, key resistance levels are placed at 29,303.2, followed by 29,478.3.
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 ends higher
The S&P 500 and Nasdaq approached record highs on Tuesday, lifted by upbeat quarterly reports from Coca-Cola and United Technologies and on optimism the United States would resolve its trade conflict with China.
Stocks extended gains late in the session after Bloomberg reported that U.S. Trade Representative Robert Lighthizer would travel to Shanghai next week for face-to-face trade meetings with Chinese officials.
Asia stocks cautious on trade talks
Asian shares nudged higher on Wednesday amid hints of progress in the Sino-U.S. trade saga, while the dollar hit two-month highs on the euro as investors wagered on a dovish outcome from the European Central Bank's coming policy meeting.
SGX Nifty
Trends on SGX Nifty indicate a flat opening for the broader index in India, a with 0.50 percent gain. Nifty futures were trading around 11,325.50-level on the Singaporean Exchange.
Rupee settles almost flat at 68.94 against US dollar
The rupee pared most of its initial losses and closed with a marginal 2 paise drop at 68.94 against the US dollar on Tuesday amid strengthening of the greenback against major currencies and sustained foreign fund outflows. A weak trend in domestic equity markets also weighed on investor sentiment.
At the interbank foreign exchange (forex) market, the domestic currency opened at 68.98 a dollar and touched a high of 68.90 and low of 69.05 during the day. The local unit finally closed at 68.94 against the American currency, down 2 paise over its previous close.
IMF projects slower growth rate for India
The IMF on July 23 projected a slower growth rate for India in 2019 and 2020, a downward revision of 0.3 percent for both the years, saying its GDP will now grow respectively at the rate of 7 and 7.2 percent reflecting a weaker-than expected outlook for domestic demand. However, India will still be the fastest growing major economy of the world and much ahead of China, the Washington-based global financial institution said.
This is a downward revision of 0.3 percent for both the years as compared to the IMF's previous projections early this year, it said.
"India's economy is set to grow at 7.0 percent in 2019, picking up to 7.2 percent in 2020. The downward revision of 0.3 percentage point for both years reflects a weaker-than expected outlook for domestic demand," the International Monetary Fund (IMF) said in its World Economic Update.
India's June crude oil imports fall to more than two-year low
India's June crude oil imports fell 13.4% from a year earlier to their lowest since February 2017, government data showed on Tuesday. Crude imports into the world's third-biggest oil importer fell to 16.87 million tonnes, which was also a more than 10% drop from May's 18.87 million tonne.
June's decline came amid the loss of Iranian oil supplies as Washington tightened sanctions on Tehran. Meanwhile, imports of oil products surged by about 20.4% from a year earlier, while year-on-year exports slipped 11.4% last month, the data showed.
NSE to remove Reliance Infra, Reliance Capital from F&O segment
The National Stock Exchange of India, on July 23, decided to bar Reliance Infrastructure and Reliance Capital from trading in the futures and options segment with effect from September 27, 2019.
"Members are requested to note that the contracts for new expiry months in above two securities will not be issued on expiry of existing contract months," NSE said.
47 companies to report June quarter numbers today
As many as 47 companies will report their results for June quarter later today which include names like Asian Paints, Canara Bank, Bharti Infratel, Jubilant FoodWorks, Syndicate Bank, V-Guard etc. among others.
Two stocks under F&O ban period on NSE
For July 24, Dish TV and IDBI Bank are under the F&O ban period. Securities in ban period under the F&O segment include companies in which security has crossed 95 percent of the market-wide position limit.
Crude oil price trade higher
Oil prices rose on Wednesday, extending gains after an industry group reported a much bigger than expected drop in U.S. inventories, while the U.S. Navy said it may have downed a second Iranian drone last week.
With inputs from Reuters & other agencies
