BonazCapital | What changed for the market while you were sleeping? 12 things to know
The Nifty is likely to open flat on Thursday, tracking positive
closing on Wall Street. The index slipped below its key short-term
support level of 20-days exponential moving average (DEMA) on Thursday
and made a bearish candle on the daily candlestick charts.
The index also fell below its crucial support level of 9,400 for the second day in a row and a close below 9,341 could further exert selling pressure.
There could be a small pullback considering Thursday being the expiry day for May series. Traders should not create fresh long positions instead they should square off any leverage positions in the market.
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:
S&P 500 hits record high close following Fed minutes
US stocks closed higher on Wednesday, with the S&P 500 hitting a record high close after minutes of the Federal Reserve's latest meeting showed policymakers view a rate hike coming soon.
But, according to the May 2-3 meeting minutes, they also agreed they should hold off on raising interest rates until they knew a recent US economic slowdown was temporary, said a Reuters report.
The Dow Jones Industrial Average was up 74.51 points, or 0.36 percent, to 21,012.42, the S&P 500 gained 5.97 points, or 0.25 percent, to 2,404.39 and the Nasdaq Composite added 24.31 points, or 0.40 percent, to 6,163.02.
FOMC minutes suggest rate hike tied to economic rebound
US Federal Reserve policymakers agreed that they should hold off on raising interest rates until it was clear that a recent US economic slowdown was temporary, though most said a hike was coming soon, said a report.
Nearly all policymakers at the May 2-3 meeting also said they favored beginning the wind-down of the U.S. central bank's massive holdings of Treasury debt and mortgage-backed securities this year, it said.
SGX Nifty
The Nifty futures on the Singapore Stock Exchange were trading 16 points higher at 9,389 indicating a flat opening for the domestic market.
Modi government abolishes 25-year-old FIPB
The Cabinet approved dismantling of the two-decade-old Foreign Investment Promotion Board (FIPB) and defined a new mechanism to approve overseas investment applications and hasten fund flows.
FIPB, an inter-ministerial body, is the current nodal agency responsible for the processing of foreign direct investment (FDI) proposals.
The responsibility of handling FDI proposals will now be left only to a single ministry and the concerned sector regulator to handle foreign investment in sectors that need government nod. The move will avoid the need for multiple clearances.
OPEC, non-OPEC set for new oil cut
OPEC and non-member oil producers are set to extend output cuts on Thursday, possibly by as long as 12 months, to help clear a global stocks overhang and prop up crude prices, Reuters said.
The Organization of the Petroleum Exporting Countries (OPEC) is to discuss in Vienna whether to prolong an accord reached in December in which it and 11 non-members agreed to cut oil output by about 1.8 million barrels per day in the first half of 2017.
US dollar slips after Fed minutes
The US dollar slipped after minutes of the latest US Federal Reserve meeting showed that policymakers agreed on holding off policy rates until there is some evidence that the slowdown which they saw in the economy is temporary.
The dollar index, which tracks the greenback against six major rivals, was down 0.17 percent to 97.184, after falling as low as 97.093.
Rupee recovers from 7-week low
The rupee on Wednesday reclaimed some lost ground by rebounding 16 paise to 64.73 following fresh bouts of dollar selling by banks and exporters, said a report.
The domestic currency had slumped by a whopping 34 paise to end at a fresh seven-week low.
The rupee on Wednesday opened lower at 64.91 from Tuesday's closing value of 64.89 at the forex market on sustained dollar demand.
I-T Department unearths 400 Benami deals
The Income Tax Department on Wednesday said it has identified over 400 Benami transactions and attached properties worth Rs 600 crore in about 240 cases.
Keen to implement the new Benami Act to ensure "visible outcomes on the ground", the tax department last week set up 24 dedicated Benami Prohibition Units (BPUs) all over India.
HCL Tech to buyback stock at 17% premium for Rs 3,500 cr
India's fourth largest software services firm HCL Technologies on Wednesday said it will buyback shares at Rs 1,000 apiece, a 17 per cent premium over current trading price.
Moneycontrol had first reported HCL Tech buyback plans on February 22.
The company is proposing an offer for buyback of equity shares for cash at a price of Rs 1,000 per equity shares on a proportionate basis through tender offer process, HCL Technologies said in a regulatory filing.
SBI puts up assets worth Rs 1,500 crore for sale
Country’s largest lender, State Bank of India (SBI) has put up assets worth over Rs 1,471 crore for sale to asset reconstruction companies (ARCs), according to a tender document on its website.
The largest among the loan accounts on sale is the Kolkata-based Adhunik Power & Natural Resources Ltd, where the bank is looking to sell loans worth Rs 807 crore and equity worth close to Rs 200 crore. This is the only high-value account put up for sale.
9 stocks in under ban on NSE on May 24
Security in ban period for the next trade date under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
Securities which are banned for trading today include names like Bank of India, Indiabulls Real Estate, Ujjivan, Infibeam, Jain Irrigations Systems, JP Associates, OBC, Reliance Communications, and Reliance Capital.
Nearly 200 companies to report Q4 results today
As much as 182 companies are scheduled to report their results for the quarter ended March on Thursday which includes names like Adlabs Entertainment, AIA Engineering, Ashok Leyland, Bajaj Hindustan, BF Utilities, Bosch, Britannia, Cipla, LT Foods, Kalyani Steels, NMDC, Page Industries, Repco Home Finance, Subex, Thomas Cook, Timken India, Vadilal Industries, VST Tillers, VA Tech Wabag etc. among others.
The index also fell below its crucial support level of 9,400 for the second day in a row and a close below 9,341 could further exert selling pressure.
There could be a small pullback considering Thursday being the expiry day for May series. Traders should not create fresh long positions instead they should square off any leverage positions in the market.
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:
S&P 500 hits record high close following Fed minutes
US stocks closed higher on Wednesday, with the S&P 500 hitting a record high close after minutes of the Federal Reserve's latest meeting showed policymakers view a rate hike coming soon.
But, according to the May 2-3 meeting minutes, they also agreed they should hold off on raising interest rates until they knew a recent US economic slowdown was temporary, said a Reuters report.
The Dow Jones Industrial Average was up 74.51 points, or 0.36 percent, to 21,012.42, the S&P 500 gained 5.97 points, or 0.25 percent, to 2,404.39 and the Nasdaq Composite added 24.31 points, or 0.40 percent, to 6,163.02.
FOMC minutes suggest rate hike tied to economic rebound
US Federal Reserve policymakers agreed that they should hold off on raising interest rates until it was clear that a recent US economic slowdown was temporary, though most said a hike was coming soon, said a report.
Nearly all policymakers at the May 2-3 meeting also said they favored beginning the wind-down of the U.S. central bank's massive holdings of Treasury debt and mortgage-backed securities this year, it said.
SGX Nifty
The Nifty futures on the Singapore Stock Exchange were trading 16 points higher at 9,389 indicating a flat opening for the domestic market.
Modi government abolishes 25-year-old FIPB
The Cabinet approved dismantling of the two-decade-old Foreign Investment Promotion Board (FIPB) and defined a new mechanism to approve overseas investment applications and hasten fund flows.
FIPB, an inter-ministerial body, is the current nodal agency responsible for the processing of foreign direct investment (FDI) proposals.
The responsibility of handling FDI proposals will now be left only to a single ministry and the concerned sector regulator to handle foreign investment in sectors that need government nod. The move will avoid the need for multiple clearances.
OPEC, non-OPEC set for new oil cut
OPEC and non-member oil producers are set to extend output cuts on Thursday, possibly by as long as 12 months, to help clear a global stocks overhang and prop up crude prices, Reuters said.
The Organization of the Petroleum Exporting Countries (OPEC) is to discuss in Vienna whether to prolong an accord reached in December in which it and 11 non-members agreed to cut oil output by about 1.8 million barrels per day in the first half of 2017.
US dollar slips after Fed minutes
The US dollar slipped after minutes of the latest US Federal Reserve meeting showed that policymakers agreed on holding off policy rates until there is some evidence that the slowdown which they saw in the economy is temporary.
The dollar index, which tracks the greenback against six major rivals, was down 0.17 percent to 97.184, after falling as low as 97.093.
Rupee recovers from 7-week low
The rupee on Wednesday reclaimed some lost ground by rebounding 16 paise to 64.73 following fresh bouts of dollar selling by banks and exporters, said a report.
The domestic currency had slumped by a whopping 34 paise to end at a fresh seven-week low.
The rupee on Wednesday opened lower at 64.91 from Tuesday's closing value of 64.89 at the forex market on sustained dollar demand.
I-T Department unearths 400 Benami deals
The Income Tax Department on Wednesday said it has identified over 400 Benami transactions and attached properties worth Rs 600 crore in about 240 cases.
Keen to implement the new Benami Act to ensure "visible outcomes on the ground", the tax department last week set up 24 dedicated Benami Prohibition Units (BPUs) all over India.
HCL Tech to buyback stock at 17% premium for Rs 3,500 cr
India's fourth largest software services firm HCL Technologies on Wednesday said it will buyback shares at Rs 1,000 apiece, a 17 per cent premium over current trading price.
Moneycontrol had first reported HCL Tech buyback plans on February 22.
The company is proposing an offer for buyback of equity shares for cash at a price of Rs 1,000 per equity shares on a proportionate basis through tender offer process, HCL Technologies said in a regulatory filing.
SBI puts up assets worth Rs 1,500 crore for sale
Country’s largest lender, State Bank of India (SBI) has put up assets worth over Rs 1,471 crore for sale to asset reconstruction companies (ARCs), according to a tender document on its website.
The largest among the loan accounts on sale is the Kolkata-based Adhunik Power & Natural Resources Ltd, where the bank is looking to sell loans worth Rs 807 crore and equity worth close to Rs 200 crore. This is the only high-value account put up for sale.
9 stocks in under ban on NSE on May 24
Security in ban period for the next trade date under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
Securities which are banned for trading today include names like Bank of India, Indiabulls Real Estate, Ujjivan, Infibeam, Jain Irrigations Systems, JP Associates, OBC, Reliance Communications, and Reliance Capital.
Nearly 200 companies to report Q4 results today
As much as 182 companies are scheduled to report their results for the quarter ended March on Thursday which includes names like Adlabs Entertainment, AIA Engineering, Ashok Leyland, Bajaj Hindustan, BF Utilities, Bosch, Britannia, Cipla, LT Foods, Kalyani Steels, NMDC, Page Industries, Repco Home Finance, Subex, Thomas Cook, Timken India, Vadilal Industries, VST Tillers, VA Tech Wabag etc. among others.
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