Trends on SGX Nifty indicate a negative opening for the index in India with a 19 points loss.
The Indian stock market is expected to open on a subdued note following weak global cues ahead of the Chinese economic data. Trends on SGX Nifty indicate a negative opening for the index in India with a 19 point loss.
The Sensex closed 59 points, or 0.15 percent, lower at 38,310.49 on August 13 and the Nifty ended at 11,300.45, with a loss of 8 points, or 0.07 percent. According to pivot charts, the key support level for the Nifty is placed at 11,260.57, followed by 11,220.63. If the index moves up, the key resistance levels to watch out for are 11,349.87 and 11,399.23.
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 S&P 500 ended slightly lower on Thursday after briefly trading above its record closing high level for a second day, and the Dow also fell in the wake of a disappointing forecast from Cisco Systems Inc.
The Dow Jones Industrial Average fell 80.12 points, or 0.29 percent, to 27,896.72, the S&P 500 lost 6.9 points, or 0.20 percent, to 3,373.45 and the Nasdaq Composite added 29.27 points, or 0.27 percent, to 11,041.51.
Asian Markets
Asian shares were set for a largely flat start on Friday as markets weighed a pause in Wall Street’s multi-month stock rebound and awaited the release of Chinese economic data later in the session.
Australian S&P/ASX 200 futures were down 0.05 percent, while Japan's Nikkei 225 futures were up 0.06 percent after the Nikkei 225 index closed 1.78 percent higher at 23,249.61 on Thursday. Hong Kong's Hang Seng index futures were down 0.13 percent.
SGX Nifty
Trends on SGX Nifty indicate a negative opening for the index in India with a 19 point loss. The Nifty futures were trading at 11,315 on the Singaporean Exchange around 07:30 hours IST.
Oil prices rise amid cautious hopes for fuel demand recovery
Oil prices advanced on Friday and were heading for the second week of gains amid growing confidence that demand for fuel is starting to pick up despite the coronavirus pandemic that has slammed economies worldwide.
Brent crude was up 14 cents, or 0.3 percent, at $45.10 by 0043 GMT, heading for a gain of about 1.6 percent this week. West Texas Intermediate had gained 12 cents, or 0.3 percent, to $42.36. The US benchmark is heading for a gain of nearly 3% this week.
India's retail inflation stood at 6.93% in July
India's retail inflation for the month of July stood at 6.93 percent as against 6.23 percent in the month-ago period, National Statistical Office (NSO) data released on August 13 showed. The consumer price index (CPI)-based inflation rate for June has been revised from 6.09 percent to 6.23 percent.
The combined food price inflation (CFPI) for July stood at 9.62 percent, against 8.72 percent a month ago. Inflation in the vegetable basket was 11.29 percent in July, against 1.86 percent in June. In the fuel and light segment, inflation for the same month was 2.80 percent against 2.69 percent in June.
US weekly jobless claims fall below 1 million, but labour market recovery faltering
The number of Americans seeking unemployment benefits dropped below one million last week for the first time since the start of the COVID-19 pandemic in the United States, likely as the expiration of a $600 weekly jobless supplement discouraged some from filing claims.
Initial claims for state unemployment benefits totalled a seasonally adjusted 963,000 for the week ended August 8, compared to 1.191 million in the prior week, the Labor Department said on August 13. That was the lowest level since mid-March when authorities started shutting down the non-essential businesses to slow the spread of coronavirus. Economists polled by Reuters had forecast 1.12 million applications in the latest week.
SC permits registration of BS-IV vehicles sold before lockdown: Report
The Supreme Court on August 13 permitted the registration of the BS-IV compliant vehicles sold before the March lockdown, according to a Mint report. However, the court noted that the registration of such vehicles that were sold after the nationwide lockdown came into effect on March 25 would not be allowed. Also, the apex court has barred the registration of vehicles whose details were not uploaded onto the government's VAHAN portal.
As per a government notification, all automakers were required to switch from BS-IV to BS-VI emission norms by March 31, 2020. The notification had also prescribed that sale and registration of BS-IV vehicles would not be allowed beyond this deadline.
PE funds clock highest buyout deals in 11 months in July 2020: IVCA-EY Report
Private equity (PE) funds have loosened their purse strings and are on the prowl for opportunistic acquisitions across sectors in the current challenging environment triggered by COVID-19 pandemic. The lockdown period in India has seen these players edging out their strategic peers and sealing several majority stake deals with quality targets available at attractive valuations.
According to the IVCA-EY monthly roundup of private equity/ venture capital (PE/VC) investments, July 2020 recorded the highest value and number of buyout deals in the past 11 months. The total number of investments recorded in the month stood at $4.1 billion across 77 deals. However, this represents a 51 percent drop as compared to July 2019 which saw deals worth $8.4 billion, indicating that overall deal activity by PE funds and VC firms is still far below earlier peaks.
Sebi rejects MCX, NCDEX demand for cross margin facility on commodity indices
The Securities and Exchange Board of India (SEBI) has rejected Multi Commodity Exchange (MCX) and National Commodity Derivative Exchange (NCDEX) demand for a cross margin facility on commodity indices, sources told Moneycontrol. This facility allows traders to hedge their positions at the same margin while taking opposite positions on indices.
Results on August 14
Hindalco Industries, NTPC, Glenmark Pharmaceuticals, Berger Paints, Bodal Chemicals, Borosil, Clariant Chemicals, Dilip Buildcon, Dollar Industries, Emkay Global, Finolex Cables, Fortis Healthcare, Greenply Industries, HG Infra Engineering, IIFL Wealth Management, Indian Bank, MRF, Nagarjuna Fertilizers, New India Assurance Company, Ramco Cements, Sun TV Network, United Breweries, Varroc Engineering, Voltas, VRL Logistics, Zuari Global, etc.
FII and DII data
Foreign institutional investors (FIIs) bought shares worth Rs 416.28 crore while domestic institutional investors (DIIs) sold shares worth Rs 763.54 crore in the Indian equity market on August 13, as per provisional data available on the NSE.
12 stocks under F&O ban on NSE
Ashok Leyland, Aurobindo Pharma, Bata India, Bharat Heavy Electricals (BHEL), Canara Bank, Century Textiles, Glenmark Pharmaceuticals, Indiabulls Housing Finance, Vodafone Idea, Muthoot Finance, Steel Authority of India and Vedanta - are under the F&O ban for August 14. 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.
With inputs from Reuters & other agencies