Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 30 points gain or 0.25 percent.
Indian equity benchmarks Sensex and Nifty snapped their losing streak of the last two consecutive sessions on February 11 as investors comforted from the decline in the rate of newly reported cases of Coronavirus in China.
Sensex ended the day with a gain of 237 points, or 0.58 percent, at 41,216.14 while Nifty finished at 12,107.90, up 76 points, or 0.63 percent.
Experts said while hope that the epidemic of coronavirus could come under control soon boosted sentiments, it remains a key monitorable for the markets over the next few days.
According to the pivot charts, the key support level for Nifty is placed at 12,080.5, followed by 12,053.1. If the index continues moving up, key resistance levels to watch out for are 12,153.8 and 12,199.7.
Nifty Bank closed 0.78 percent up at 31,300.60. The important pivot level, which will act as crucial support for the index, is placed at 31,182.37, followed by 31,064.13. On the upside, key resistance levels are placed at 31,462.37 and 31,624.13.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
US Markets
S&P 500 and the Nasdaq inched to their second consecutive record closing highs on Tuesday as Chinese officials said the deadly coronavirus epidemic could be contained by April.
The Dow Jones Industrial Average was flat, the S&P 500 gained 5.66 points, or 0.17%, to 3,357.75 and the Nasdaq Composite added 10.55 points, or 0.11%, to 9,638.94.
Asian Markets
Asian shares and Wall Street futures nudged higher on Wednesday amid hopes the worst of the coronavirus in China may have passed, although prevailing uncertainty about the outbreak has kept investors wary.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1%. Australian shares were up 0.27%, while Japan's Nikkei stock index rose 0.45%.
SGX Nifty
Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 30 points gain or 0.25 percent. The Nifty futures were trading around 12,157-level on the Singaporean Exchange.
Rupee ends nearly flat at 71.28 against US dollar
The Indian rupee on Tuesday settled almost flat at 71.28 (provisional) against the US dollar ahead of release of the key domestic macro-economic data. Forex traders said the rupee continued to consolidate in a narrow range ahead of inflation and industrial production number that will be released on Wednesday.
At the interbank foreign exchange market, the local currency opened on a positive note at 71.23. During the day, it saw a high of 71.19 and a low of 71.33. The Indian currency finally settled at 71.28, higher by 2 paise against its previous close.
Oil prices rise as new virus cases slow, easing Chinese demand concerns
Oil prices rose for a second day on Wednesday amid preliminary signs that new coronavirus cases are slowing in China, easing concerns over the demand impact from the disease in the world’s second-largest oil consumer.
Brent crude was up 73 cents, or 1.3%, at $54.75 per barrel at 0137 GMT. US West Texas Intermediate (WTI) rose 46 cents, or 0.9%, to $50.39.
Deposit rates likely to ease on RBI measures, but concerns on credit pick-up remain
Interest rates on deposits are likely to ease further going ahead after the Reserve Bank of India (RBI) skipped policy rate cut and introduced liquidity boosting measures to support growth. While transmission of the lower cost of funds is expected to bring down lending rates, it may not be enough to revive credit demand.
On February 6, the RBI allowed banks to exempt incremental loans given for housing, auto and MSMEs between a six-and-a-half month window ending July 31 from the calculation of Cash Reserve Ratio (CRR). The move was aimed to bring down banks’ cost of funds so that the benefit can be passed on to borrowers.
NCDEX files DRHP for Rs 500 crore IPO; third bourse to hit D-Street
Life Insurance Corporation of India (LIC) and National Stock Exchange (NSE)-backed multi-commodity exchange National Commodity & Derivatives Exchange Limited (NCDEX) has filed a draft red herring prospectus with market regulator SEBI for an initial public offer. The exchange is looking to raise Rs 500 crore through the IPO and filed the DRHP on February 11, two sources with knowledge of the matter said.
According to the NCDEX website, NSE is the largest shareholder in the exchange with 15 percent stake, followed by LIC (11.10 percent), National Bank For Agriculture & Rural Development (NABARD, 11.10 percent), Indian Farmers Fertiliser Cooperative Limited (IFFCO, 10 percent), Oman India Joint Investment Fund (10 percent), Punjab National Bank (7.29 percent), Canara Bank (6 percent), IDFC Private Equity Fund (5 percent) among others.
SBI Cards IPO gets SEBI nod; launch by February end
The Securities and Exchange Board of India (SEBI) has given its in-principle approval for the initial public offering (IPO) of SBI Cards and Payment Services, a subsidiary of the country's largest lender State Bank of India.
The company is likely to raise approximately Rs 5,500-6,000 crore through its IPO, sources said, adding that the IPO would value the company at approximately Rs 55,000-60,000 crore. SBI Cards is likely to launch its IPO towards the end of February.
India Inc's foreign investment jumps 40% to $2.10 bn in January
Investments by Indian firms in foreign countries in January 2020 rose by nearly 40 per cent to USD 2.10 billion on a yearly basis, according to data by the Reserve Bank. Indian companies had invested USD 1.47 billion in their overseas ventures in the same month a year ago.
Compared monthly, January investments were higher than USD 1.99 billion in December 2019, showed the RBI data on 'Outward Foreign Direct Investment (OFDI)'. Of the total capital invested by the India Inc in January this year, USD 793.82 million was in the form of equity capital, USD 368.55 came in as debt capital, while the rest USD 890.75 million was through the issuance of guarantee.
FII and DII data
Foreign institutional investors (FIIs) sold shares worth Rs 209.39 crore, while domestic institutional investors (DIIs) bought shares of worth Rs 344.63 crore in the Indian equity market on February 11, provisional data available on the NSE showed.
Stock under F&O ban on NSE
Yes Bank is under the F&O ban for February 12. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
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