What changed for the market while you were sleeping; 12 things to know

Image result for What changed for the market while you were sleeping; 12 things to knowThe Sensex and the Nifty rallied over 1 percent each, closing near their day’s high level on May 17. At close, the Sensex was up 537.29 points at 37930.77,

while Nifty was up 150.10 points at 11407.20. About 1,381 shares have advanced, 1,112 shares declined, and 140 shares are unchanged.

Zee Entertainment, Bajaj Finance, Bajaj Finserv, Hero Motocorp and Maruti Suzuki were among major gainers on the Nifty, while losers include Yes Bank, Dr Reddy’s Labs, Vedanta, Hindalco and Infosys.

 

Among sectors, auto and FMCG index gained 2.5 percent followed by bank and Infra, while selling witnessed in IT, metal and pharma sectors.

According to the Pivot charts, the key support level is placed at 11,302.6, followed by 11,198.0. If the index starts moving upward, key resistance levels to watch out are 11,469.0 and 11,530.8.

The Nifty Bank index closed at 29,450.2, up 594.85 points on May 17. The important Pivot level, which will act as crucial support for the index, is placed at 29,017.66, followed by 28,585.13. On the upside, key resistance levels are placed at 29,721.06, followed by 29,991.93.

Stay tuned to Moneycontrol 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 falls as trade anxieties spike

Wall Street ended lower on Friday as continuing trade tensions pulled industrial and tech shares down, and the Dow capped a fourth straight week of losses in its longest weekly losing streak in three years. While all three major US indexes struggled for direction for much of the session, they turned decisively negative following a report from CNBC that US-China trade negotiations have stalled.

The Dow Jones Industrial Average fell 98.68 points, or 0.38 percent, to 25,764, the S&P 500 lost 16.79 points, or 0.58 percent, to 2,859.53 and the Nasdaq Composite dropped 81.76 points, or 1.04 percent, to 7,816.29.

Asian shares steady after steep losses

Share markets in Asia got off to a steady start on Monday as investors tried to catch their breath following another week of escalating trade tensions between the United States and China.

In early trade, MSCI’s broadest index of Asia-Pacific shares outside Japan tacked on 0.6 percent after a steep 3 percent loss the previous week. Australian shares jumped 1.4 percent after the center-right Liberal National Coalition pulled off a shock win in federal elections, beating the left-wing Labor Party. Nikkei stock index added 0.4 percent, after data showed growth in the world’s third-biggest economy unexpectedly accelerated in the first quarter.

SGX Nifty

Trends on SGX Nifty indicate a gap up opening for the broader index in India, a jump of 261 points or 2.28 percent. Nifty futures were trading around 11,695-level on the Singaporean Exchange.

Exit Poll Results 2019: NDA set to form next govt as survey predicts massive victory

The survey of News18-IPSOS exit poll has predicted that the BJP will cross the half-way mark on its own. NDA is likely to get 336 seats while UPA may get 82 seats and others may notch up 124 seats.

SEBI, stock exchanges beef up surveillance mechanism before poll results

Regulator SEBI and stock exchanges have beefed up their surveillance mechanism to check any manipulative activities in the market this week in view of the high-octane election related events lined up. The heightened surveillance and monitoring systems are already in place for Monday, the first trading session after the announcement of exit poll results, while they would be further ramped up on Thursday, when the final results will be declared, a senior official said.

The poll results are likely to have a bearing on trading and increased monitoring helps to keep in check possible manipulations and excessive volatility in the markets.

Oil jumps as Saudi Arabia suggests OPEC+ to keep production cut plan

Oil prices jumped as much as 1 percent on Monday after Saudi Energy Minister Khalid al-Falih indicated there was consensus among OPEC and allied oil producers to continue limiting supplies.

Brent crude futures were at $72.98 a barrel at 0009 GMT, up 77 cents, or 1.1percent, from their last close. Brent closed down 0.6 percent on Friday. US West Texas Intermediate (WTI) crude futures were at $63.39 per barrel, up 63 cents, or 1 percent, from their previous settlement. WTI closed down 0.2 percent in the previous session.

Rupee sheds 20 paise at 70.23 agaisnt US dollar

Snapping its three-session winning streak, the rupee May 17 declined by 20 paise to close at 70.23 against the US dollar as rising crude oil prices and recent foreign fund outflows weighed on investor sentiment. Forex traders said the decline in the local unit was in tandem with the weakness in other major Asian currencies vis-a-vis the US dollar.

At the interbank foreign exchange (forex), the domestic currency opened at 70.22 a dollar and fell further to touch the day’s low of 70.32. It finally settled at 70.23 per dollar, down 20 paise over its previous close.

FPIs withdraw Rs 6,399 crore in May so far

Overseas investors have pulled out a net amount of Rs 6,399 crore from the Indian capital markets in May so far on the back of election-related uncertainty and the US-China trade tensions. Prior to this, foreign portfolio investors (FPI) were net buyers for three consecutive months. They had infused a net Rs 16,093 crore in April, Rs 45,981 crore in March and Rs 11,182 crore in February in the domestic capital markets (both equity and debt).

However, a reversal of the trend has been witnessed in May. As per latest depositories data, FPIs pulled out a net sum of Rs 4,786.38 crore from equities and Rs 1,612.62 crore from the debt market during May 2-17, taking the total net outflow to Rs 6,399 crore.

Forex reserves up by $1.36 bn to $420.05 bn

The country’s foreign exchange reserves rose by $1.368 billion to reach $420.055 billion in the week to May 10 on account of a rise in foreign currency assets, RBI data showed May 17. In the previous week, the reserves had increased by $171.9 million to $418.687 billion.

In the reporting week, foreign currency assets, which are a major component of the overall reserves, swelled by $1.358 billion to $392.227 billion.

86 companies to report March quarter numbers today

As many as 86 companies will declare their results for the quarter ended March later today which include names like Astral Poly, Bharat Forge, BPCL, HEG, Jindal Stainless, Kitex Garments, Tata Motors, Torrent Pharma, United Breweries etc. among others.

RBI’s vision document on payment systems to spur digital economy: Fintech firms

The RBI’s ‘Payment Systems Vision 2021’ document would act as a catalyst for promoting digital economy and instill confidence among the general public, fintech companies say.

Aiming at a ‘cash-lite’ society, the Reserve Bank of India last week released the vision document for ensuring a safe, secure, convenient, quick and affordable e-payment system as it expects the number of digital transactions to increase more than four times to 8,707 crore in December 2021. The RBI has said it will implement the approach outlined in the document during the period 2019 – 2021.

PE inflow in Indian retail real estate doubles to $1.2 bn in 2017, 2018: ANAROCK

Indian retail real estate sector attracted private equity investment worth $1.2 billion during 2017-18 calendar years, double from the previous two years, according to property consultant ANAROCK. The consultant attributed the sharp rise in private equity (PE) inflow to further liberalisation in FDI policies such as 51 percent FDI in multi-brand retail and 100 percent FDI in single-brand retail under the automatic route.

From an investment of $600 million during 2015-2016 calendar years, private equity inflows in retail real estate jumped to over $1.2 billion between 2017 and 2018. Of total $1.84 billion inflow in the last 4 years (2015-2018), tier II and tier III cities attracted nearly 48 percent funds ($880 million) against $960 million in tier 1 cities.

One stock under ban period on NSE

For May 17, Jet Airways is a security under ban. Securities in 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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