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

The Indian stock market is expected to open in the red tracking its Asian peers after a gloomy economic projections from the US Federal Reserve. SGX Nifty indicates a 37 points fall.

The Sensex ended the day with a gain of 290 points, or 0.86 percent, at 34,247.05 on JUne 10 while the Nifty settled 70 points, or 0.69 percent, higher at 10,116.15.

According to pivot charts, the key support level for the Nifty is placed at 10,052.4, followed by 9,988.6. If the index moves up, the key resistance levels to watch out for are 10,164.4 and 10,212.6.

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

The Dow and S&P 500 ended a choppy session lower on Wednesday after the Federal Reserve reassured investors of its support for the economy but projected a 6.5% decline in gross domestic product this year.

The Dow Jones Industrial Average fell 282.31 points, or 1.04%, to 26,989.99, the S&P 500 lost 17.04 points, or 0.53%, to 3,190.14 and the Nasdaq Composite added 66.59 points, or 0.67%, to 10,020.35.

Asian Markets

Asian stocks were set to fall on Thursday after gloomy economic projections from the US Federal Reserve sent the greenback and most Wall Street shares lower. Australian S&P/ASX 200 futures were down 1.08%, while Japan's Nikkei 225 futures fell 1.2%. Hong Kong's Hang Seng index futures were 0.31% lower.

Federal Reserve holds interest rates

The US Federal Reserve said that it would keep rates at nearly zero at least as long as the unemployment rate remains above 6.5 percent. It said that it will keep buying bonds to maintain low borrowing rates and support a US economy mired in a deep recession with high unemployment adding that nearly all its policymakers foresee no rate hike through 2022.

The Fed has cut its benchmark short-term rate to near zero. Keeping its rate ultra-low for more than two more years could make it easier for consumers and businesses to borrow and spend enough to sustain an economy depressed by still-widespread business shutdowns.

Fed officials estimate that the economy will shrink 6.5% this year, in line with other forecasts, before expanding 5% in 2021. They foresee sees the unemployment rate at 9.3%, near the peak of the last recession, by the end of this year. The rate is now 13.3%.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the index in India with a 45 points loss. The Nifty futures were trading at 10,096 on the Singaporean Exchange around 07:30 hours IST.

Oil prices slide

Oil prices fell in early trade on Thursday on worries about slow demand growth with coronavirus cases rising, US crude stockpiles hitting an all-time high and the US Federal Reserve projecting recovery from the pandemic would take years.

Brent crude futures fell 2.0%, or 85 cents, to $40.88 a barrel, also giving up gains from Wednesday. US West Texas Intermediate (WTI) crude futures erased gains from Wednesday, falling as low as $38.42 a barrel. The benchmark contract was down 2.2%, or 86 cents, at $38.74 at 0031 GMT.

S&P affirms India's sovereign rating, says outlook stable in long-term

Global rating agency S&P Global Ratings on June 10 affirmed 'BBB-' long-term and 'A-3' short-term unsolicited foreign and local currency sovereign credit ratings on India, dispelling fears that a rating downgrade is on the cards. The agency said the outlook on the long-term rating is stable.

The agency said it sees a strong recovery from India after a deep contraction in FY21, with the GDP growth at 8.5 percent in FY22. It does, however, note that a weak financial sector and rigid labour markets, if not addressed, could hamper the country's recovery.

Moderation in growth could dampen performance of affordable housing finance companies: ICRA

The growth numbers for housing finance companies in the affordable housing space in FY21 could be much lower and would depend on how long novel coronavirus, or COVID-19, persists and the time it takes for companies and end-borrowers to recover from the impact, a report by ICRA stated.

The total portfolio of new housing finance companies (HFCs) in the affordable housing space stood at Rs 52,350 crore as on December 31, 2019, registering a lower year-on-year growth of 18 percent. While this is higher than the industry average of 7 percent, it has significantly moderated from its three-year CAGR of over 35 percent during FY17 to FY19, the rating agency said.

FII and DII data

Foreign institutional investors (FIIs) sold shares worth Rs 919.26 crore, while domestic institutional investors (DIIs) bought shares worth Rs 500.7 crore in the Indian equity market on June 10, provisional data available on the NSE showed.

Allied Digital Services, Banco Products (India), DIC India, Dixon Technologies, EID Parry, Enkei Wheels, Foods & Inns, IIFL Wealth Management, KNR Constructions, KSB, Redington India, Shriram City Union Finance, Sundram Fasteners, Take Solutions and Westlife Development.

6 stocks under F&O ban on NSE

Six stocks including BHEL, Vodafone Idea, Jindal Steel & Power, Just Dial, NCC and PVR are under the F&O ban for June 11. 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.