What changed for the market while you were sleeping? 10 things you must know

A collection of important stories from across news agencies.

The market continued to consolidate for another trading session on April 2 with the BSE Sensex closing above the psychological 39,000 levels, driven by auto, technology and select banks stocks.

Nifty 50 maintained a positive momentum but struggled to cross above the all-time high due to profit booking in mid & small caps.

The BSE Sensex Sensex rose 184.78 points to end at record closing high of 39,056.65 while the Nifty 50 gained 44 points to close at 11,713.20 and formed ‘Doji’ kind of pattern on daily charts.

According to the Pivot charts, the key support level is placed at 11,669.57, followed by 11,625.93. If the index starts moving upward, key resistance levels to watch out are 11,743.07 and 11,772.93.

The Nifty Bank index closed at 30,354.25, up 27.75 points on April 2. The important Pivot level, which will act as crucial support for the index, is placed at 30,189.04, followed by 30,023.87. On the upside, key resistance levels are placed at 30,486.14, followed by 30,618.07.

Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a gist of important stories from across news agencies.

Wall Street treads water after rally

The benchmark S&P 500 stock index paused on Tuesday, taking a breather from Monday’s strong quarterly kickoff as a decline in shares of Walgreens Boots Alliance Inc weighed and economic data did little to ease growth concerns.

The Dow Jones Industrial Average fell 79.29 points, or 0.30%, to 26,179.13, the S&P 500 gained 0.05 points to 2,867.24, and the Nasdaq Composite added 19.78 points, or 0.25%, to 7,848.69.

Asian shares near 7-month highs, investors pause for breath

Asian shares hovered near seven-month highs early on Wednesday as global investors paused for breath after the strong rally seen earlier this week, while oil approached the key USD 70 per barrel mark.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up less than 0.1 percent early in the Asian trading day. Australian shares were up 0.6 percent, while Japan’s Nikkei stock index added 0.2 percent.

SGX Nifty

A positive opening is likely as Nifty Futures on Singaporean Exchange were trading over 8.5 points higher. The futures traded around 11,795-odd levels.

Oil rises for fourth day, shrugs off inventory build

Oil prices rose for a fourth day on Wednesday, holding firm despite an industry report showing that US inventories rose unexpectedly last week, with supply cuts and sanctions supporting the market.

Brent futures rose 22 cents, or 0.3 percent, to $69.59 a barrel by 0028 GMT, after earlier reaching USD 69.68, the highest since November 13. US West Texas Intermediate crude rose 6 cents, or 0.1 percent, to USD 62.64 cents a barrel.

Rupee jumps 40 paise to 68.74 against US dollar

The rupee on Tuesday recovered from the day’s low to finally settle at 68.74 against the US dollar with gains of 40 paise amid sustained foreign fund inflows and heavy buying in domestic equities. Forex dealers said foreign fund inflows in the debt and equity markets helped the rupee recover.

At the Interbank Foreign Exchange (forex), the domestic currency opened lower at 69.32 a dollar but recovered the losses during the day and touched the day’s high of 68.70. It finally settled at 68.74 per dollar, up 40 paise over its previous close.

Economists call for at least 25 bps rate cut by RBI

A panel of economists, including former Chief Economic Adviser Arvind Virmani, Tuesday called for at least 0.25 percentage point rate cut in the RBI’s first monetary policy of the current fiscal to be unveiled later this week. Virmani said that it is for the RBI to understand that the real interest rate in India right now is very high.

“It is high time time to ease monetary policy,” Virmani said during a panel discussion on RBI monetary policy organised by Assocham-EGROW Foundation.

Ashima Goyal, Professor of Economics, Indira Gandhi Institute of Development Research and Member, Prime Minister’s Economic Advisory Council, and Upasana Bhardwaj, Senior Economist, Vice President Kotak Mahindra Bank, also participated in the discussion.

Global tensions to force trade slowdown in 2019: WTO

Global trade growth is expected to be lower in 2019 than it was last year, the World Trade Organisation forecast on Tuesday, citing widespread “tensions” and economic uncertainty. The WTO had in its preliminary estimates predicted a 3.7 percent expansion of trade for this year, but has revised that down to 2.6 percent, marking a decline on the three-percent growth recorded in 2018.

“The fact that we don’t have great news today should surprise no one who has been reading the papers over the last 12 months,” WTO director-general Roberto Azevedo told reporters in Geneva.

Sebi issues circular on appointment of administrators

Sebi on Tuesday issued a circular regarding empanelment of insolvency professionals to be appointed as administrators under the regulator’s framework. An administrator has to be a person registered as an insolvency professional with the Insolvency and Bankruptcy Board of India (IBBI) and empanelled with the board from time to tsime.

The IBBI has been set up under the Insolvency and Bankruptcy Code.

Rail Vikas Nigam IPO subscribed 48%

The initial public offer of state-owned Rail Vikas Nigam Ltd was subscribed 48 per cent on the third day of bidding Tuesday. The IPO to raise about Rs 481 crore received bids for 12,04,48,380 shares against the total issue size of 25,34,57,280 shares, as per NSE’s data.

The category reserved for qualified institutional buyers (QIBs) was subscribed 3 per cent, non institutional investors 15 percent and retail individual investors 1.25 times, merchant banking sources said. YES Securities (India) Ltd, Elara Capital (India) Private Ltd, IDBI Capital Markets & Securities Ltd are managing the issue.

Three stocks under ban period on NSE

Securities in ban period for the next day’s trade under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

For April 3, Adani Power, IDBI Bank and Reliance Power are present in this list.

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