Bonaz Capital | Market Update | 10 things to know


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The Nifty is likely to open higher on Friday tracking positive closing on Wall Street. The index closed above its crucial resistance level of 9,500 at the end of May series.
The index formed a 'long white day' kind of pattern on the daily candlestick charts and crossing of short-term moving averages such as 5-DEMA, 10-DEMA, and 20-DEMA is a positive sign for the bulls.
The momentum will get strengthen once Nifty50 close above its previous record high of 9,532 which would open up further upside towards 9,600. Traders are advised to stay long and a stop can be placed below recent low of 9,341
Stay tuned with BonazCapital 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 hit record highs
US markets hit a fresh record high on Thursday. The S&P 500 and Nasdaq hit record closing highs, led by gains in the consumer discretionary sector after strong earnings reports from Best Buy and other retailers.
Best Buy jumped 21.5 percent, hitting a record high and making it the top gainer on the S&P after its comparable sales unexpectedly rose last quarter, said a report.
The Dow Jones Industrial Average rose 70.53 points, or 0.34 percent, to 21,082.95, the S&P 500 gained 10.68 points, or 0.44 percent, to 2,415.07 and the Nasdaq Composite added 42.23 points, or 0.69 percent, to 6,205.26
SGX Nifty
The Nifty50 futures on the Singapore Stock Exchange were trading 21 points higher at 9,517 indicating a positive opening for the domestic market.
Modi Govt completes 3 years in office
The S&P BSE Sensex rose 26 percent while Nifty50 rallied over 30 percent as Modi-led government completes three years in office today. Narendra Modi was sworn in as India’s 15th Prime Minster on 26 May 2014.
D-Street which has already given a thumbs-up to the Modi government expects it to return to power in the year 2019. The policies implemented by the government in the last three years has a far-reaching impact on Indian economy and the fruits of which investors would only be able to see in the next 2-3 years.
OPEC, non-OPEC extend oil output cut by 9 months
OPEC and non-members led by Russia decided on Thursday to extend cuts in oil output by nine months to March 2018 as they battle a global glut of crude after seeing prices halved and revenues drop sharply in the past three years, said a Reuters report
Oil prices dropped more than 4 percent as the market had been hoping oil producers could reach a last-minute deal to deepen the cuts or extend them further, until mid-2018, it said.
Goldman trims US GDP growth view post macro data
Goldman Sachs economists on Thursday dialled back their view on US economic growth in the first half of this year following advance data that showed a drop in wholesale inventories and a wider deficit in the goods trade balance in April, said a Reuters report.
They downgraded their outlook on the expansion of the US gross domestic product in the second quarter to 2.8 percent from 3.0 percent and their first-quarter GDP estimate to 1.0 percent from 1.1 percent, it said.
NPPA fixes prices of 31 more drug formulations
In a move that will bring relief to patients, the country's drug pricing regulator on Thursday fixed the ceiling price of 31 more drug formulations.
National Pharmaceutical Pricing Authority (NPPA) decided to Morphine 15 mg/ml injection, Coagulation factor VIII, Diclofenac, trivalent paediatric vaccine, clomiphene, paracetamol injection among others.
With the latest additions, the government has brought 761 drug formulations under price control in the National List of Essential Medicines (NLEM) since April 20.
Rupee strengthens against US dollar
The rupee strengthened further by 11 paise to end at 64.62 on Thursday on sustained selling of the US dollar by exporters and banks.
The rupee opened with a gap-up at 64.54 from overnight closing level of 64.73 at the Interbank Foreign Exchange (Forex) market here on adequate dollar supply and gained further ground to hit a high of 64.48.
Commodity currencies dip on OPEC
Oil-linked currencies dip on signs of expected OPEC output cut. The Canadian, Australian and New Zealand dollars all fell solidly on Thursday, tracking a drop in oil prices as OPEC countries meeting in Vienna looked like they would go no further with production cuts than previously expected by markets, said a Reuters report.
The US dollar, which has steadied after its worst week in more than a year, fell 0.1 percent against the index measuring its broader strength while gaining marginally to 111.75 yen and USD 1.1213 per euro respectively.
Airtel, Vodafone, Idea may launch VoLTE by September
Bharti Airtel, Vodafone India and Idea Cellular are likely to launch voice over LTE or VoLTE services by the end of September as part of their efforts to upgrade technology and compete better with the new entrant Reliance Jio Infocomm, said a report.
VoLTE allows an operator to offer both voice and data, with voice being just another application that rides on an LTE data network. The incumbent telcos currently offer calling on the legacy circuit-switch technology.
Over 300 companies to report Q4 results today
As much as 303 companies are scheduled to report their results for the quarter ended March on Thursday which includes names like 3M India, Alkem Laboratories, BEML, Birla Corp, Cox & Kings, Crompton Greaves, DLF, Finolex Industries, HPCL, Indian Hotels, ITC, NBCC, ONGC, Orchid Pharma, Sun TV, Tata Chemicals, Tech Mahindra, Trent, TV Today among others.

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