A list of important headlines from across news agencies that could help in your trade today.
Bulls continued to dominate Dalal Street for third consecutive session on Wednesday. Despite mixed global cues, the Nifty50 closed above psychological 11,000 levels for the first time since February 7, 2019.
The index rallied 65.55 points to 11,053 and formed bullish candle on the daily charts. The 30-share BSE Sensex climbed 193.56 points to 36,636.10.
The short term trend is expected to be positive after crossing psychological levels, but there could be some consolidation following three-day rally, experts said.
According to Pivot charts, the key support level is placed at 11,013.77, followed by 10,974.53. If the index starts moving upward, key resistance levels to watch out are 11,077.27 and 11,101.53.
The Nifty Bank index closed at 27,625.65, up 71.60 points on March 6. The important Pivot level, which will act as crucial support for the index, is placed at 27,517.97, followed by 27,410.23. On the upside, key resistance levels are placed at 27,707.57, followed by 27,789.43.
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 sinks for third day as healthcare, energy slump
Wall Street’s main indexes fell for a third session on Wednesday, with the S&P 500 posting its biggest one-day decline in a month, as healthcare and energy shares slumped and investors sought reasons to buy after the market’s strong rally to start the year.
The Dow Jones Industrial Average fell 133.17 points, or 0.52 percent, to 25,673.46, the S&P 500 lost 18.2 points, or 0.65 percent, to 2,771.45 and the Nasdaq Composite dropped 70.44 points, or 0.93 percent, to 7,505.92.
Asia shares sluggish as global growth concerns return
Asian shares rose marginally in early trade on Thursday, with caution prevailing as investors awaited some kind of resolution to Sino-US trade negotiations, while the euro remained under pressure ahead of the European Central Bank meeting.Japan’s Nikkei average fell 0.6 percent, while Australian shares added 0.2 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1
percent in early trade. It was not far from its five-month high marked last week and was up 10.4 percent year-to-date.
Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, a rise of 5.5 points or 0.05 percent. Nifty futures were trading around 11,102-level on the Singaporean Exchange.
Oil prices dip as US crude stocks swell amid record production
Oil prices eased on Thursday, dragged down by record US crude output and rising commercial fuel inventories. US West Texas Intermediate (WTI) crude oil futures were at $56.11 per barrel at 0033 GMT, down 11 cents, or 0.2 percent, from their last settlement.
US trade deficit surges to 10-year high in 2018 at $621 bnThe skyrocketing US trade deficit hit the highest level in a decade last year despite President Donald Trump’s global trade offensive, according to a
government report Wednesday.
America’s trade deficit with the world jumped 12.5 percent to $621 billion, the Commerce Department reported, as both imports and exports rose to the highest levels ever.
And the trade gaps with China, Mexico and the European Union also reached at all-time highs even though Washington slapped tariffs on hundreds of billions in imports from its largest trading partners.
China’s Feb exports seen falling most in two years
China’s exports likely contracted in February after a surprise bounce in January, while imports fell for a third straight month, a Reuters poll showed, heightening anxiety over whether Washington and Beijing can resolve deep differences over trade.
China’s exports in February are expected to have fallen 4.8 percent from a year earlier, according to the median estimate of 32 economists in a Reuters poll, following a 9.1 percent rise in January.
OECD cuts global growth forecast over trade, Brexit uncertainty
Trade tensions and political uncertainty including Brexit are weighing on the world’s economy, the OECD warned Wednesday as it again cut its 2019 forecast for global economic growth.
The Organisation for Economic Co-operation and Development lowered its forecast to 3.3 percent for this year, down from the 3.5 per cent it predicted in November, which was itself a downgrade from a previous 3.7 percent.
“High policy uncertainty, ongoing trade tensions, and a further erosion of business and consumer confidence are all contributing to the slowdown,” the OECD said in an interim version of its Economic Outlook.
Rupee rises 21 paise to 70.28 vs USD
The rupee rallied by 21 paise to close at 70.28 against the US dollar Wednesday on easing crude oil prices even as the greenback strengthened vis-a-vis other major currencies. Forex traders said heavy buying in domestic equities and robust foreign fund inflows also propped up the rupee.
This is the second successive session of gain for the domestic currency, during which it has climbed 64 paise. At the Interbank Foreign Exchange (forex) market, the rupee opened on a weak note at 70.60. Intra-day, it fluctuated between 70.67 and 70.25, before finally closing at 70.28, up 21 paise over its previous close.
Nomura sees GDP growth target below 7% in 2019-20
The likelihood of Indian GDP growth coming at below 7 percent in 2019-20 is “very high” despite aiding factors like low oil prices and an expansionary budget, a report said Wednesday. Global slowdown, tight financial conditions and political uncertainty in the election year will be the biggest headwinds for growth, the report by Japanese brokerage Nomura has said.
“These headwinds are likely to keep the growth mix skewed towards consumption and away from investment,” the report said, adding the elections “worsen the outlook” for fresh investment.
The report seemed to suggest that the brokerage is not “too pessimistic” with its estimate of 6.8 percent growth in FY20 made public in December as against around 7 percent in FY19. It can be noted that the RBI has pegged FY20 growth at 7.4 percent.
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 March 7, IDBI Bank, Reliance Power and Wockhardt are present in this list.
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