Benchmark indices fell for the fifth session in a row on May 7 with Sensex plunging 323.71 points and Nifty50 closing below 11,500. Among sectors, Nifty Bank, Metal and Realty were biggest losers, falling more than a percent each while IT was only gainer with moderate gains.
The broader markets also fell in line with frontline indices. The Nifty Midcap index was down 1.2 percent and Smallcap index declined 1 percent.
According to the Pivot charts, the key support level is placed at 11,435.93, followed by 11,373.97. If the index starts moving upward, key resistance levels to watch out are 11,608.43 and 11,718.97.
The Nifty Bank index closed at 29,288.20, down 330.25 points on May 7. The important Pivot level, which will act as crucial support for the index, is placed at 29,076.43, followed by 28,864.67. On the upside, key resistance levels are placed at 29,667.73, followed by 30,047.27.
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 slides as US-China trade fears rise
US stocks slid on Tuesday as escalating trade tensions between the United States and China triggered global growth fears and drove investors away from riskier assets.
The Dow Jones Industrial Average fell 473.39 points, or 1.79%, to 25,965.09, the S&P 500 lost 48.42 points, or 1.65%, to 2,884.05 and the Nasdaq
Composite dropped 159.53 points, or 1.96%, to 7,963.76.
Asian markets slip, Nikkei down 1.5%
Asian equities tracked Wall Street’s slide on Wednesday as the latest developments in the US-China trade conflict fanned fresh fears about global growth, driving support for safe-haven government bonds.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3 percent, stooping to its lowest level since late March. Australian stocks declined 0.35
percent, South Korea’s KOSPI fell 1 percent and Japan’s Nikkei was down 1.5 percent.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 56 points or 0.49 percent. Nifty futures were trading around 11,482-level on the Singaporean Exchange.
Global oil prices firm amid US sanctions on crude exporters Iran, Venezuela
Oil prices stabilised on Wednesday as markets remained relatively tight amid US sanctions on crude exporters Iran and Venezuela. US West Texas
Intermediate (WTI) crude futures were at $61.56 per barrel at 0057 GMT on Wednesday, 17 cents, or 0.3 percent, above their last settlement. Brent crude oil futures were at $69.94 per barrel, 6 cents, or 0.1 percent, above their last close.
Rupee slips to 69.43 against US dollar
The rupee on May 7 slipped further by 3 paise to close at 69.43 against the US currency due to fag-end dollar demand from banks and importers amid
sustained foreign fund outflows. Losses in the domestic equity market and a strengthening dollar against major currencies overseas amid trade worries also weighed on the local unit, forex traders said.
The rupee opened flat at 69.40 and later rose to the day’s high of 69.29 at the interbank forex market. However, it failed to maintain gains and touched intra-day low of 69.46 against the US dollar. It finally settled at 69.43, down 3 paise from the previous close.
India’s oil imports from Iran down 57% in April: Report
India’s oil imports from Iran fell about 57 percent year-on-year in April, according to tanker arrival data seen by Reuters, the last month when New Delhi was allowed to load Iranian oil ahead of US sanctions stopping purchases of oil from the OPEC member.
India, Iran’s top oil client after China, shipped in about 277,600 barrels per day (bpd) of oil from Tehran in April, down about 31.5 percent from the previous month, preliminary tanker arrival data from shipping and industry sources showed. The United States introduced sanctions in November but gave a six-month waiver to eight nations, including India, which allowed them to import some Iranian oil.
China’s April forex reserves drop for first time in 6 months
China’s foreign exchange reserves unexpectedly fell for the first time in six months in April, despite recent data that suggested the world’s second-largest economy is starting to steady in response to stimulus measures. The decline in China’s reserves, the world’s largest, was modest, however, falling $3.81 billion last month to $3.095 trillion, central bank data showed on May 7.
Economists polled by Reuters had expected reserves would rise $1.24 billion to $3.1 trillion. The small drop in April was due to a firmer US dollar and changes in prices of global assets that China holds, the foreign exchange regulator said in a statement.
43 companies to report March quarter numbers today
As many as 43 companies will declare their results for March quarter which include names like Alembic Pharma, Dhanlaxmi Bank, Gillette India, JK Paper, Titan Company and Tata Communications among others.
Neogen Chemicals to list equity shares on May 8
After an overwhelming response to its initial public offering, Neogen Chemicals will debut on the bourses on May 8. The issue price is fixed at the higher end of the price band of Rs 212-215 per share. The Rs 132-crore public offer that was open from April 24-26, 2019, was oversubscribed 41.18 times.
The reserved category for qualified institutional buyers was subscribed 30.49 times and non-institutional investors 113.88 times. The retail portion was oversubscribed 16.06 times. The IPO comprised of a fresh issue of up to Rs 70 crore and an offer-for-sale of up to 29 lakh equity shares.
One stock under ban period on NSE
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.
For May 8, Jet Airways is in the list for stocks under a ban.