10 things to know before you start your opening trade on Thursday
The India markets on Wednesday closed at record high levels, with Sensex ending near 60750 level which Nifty above 18150 mark for the first time ever.
The India markets on Wednesday closed at record high levels, with Sensex ending near 60750 level which Nifty above 18150 mark for the first time ever. The surge in the benchmarks is powered by auto stock as Tata Motors and Mahindra & Mahindra surge most in the trade.
As many as 34 stocks advanced and 15 declined and one remained unchanged on Nifty50 index at the market close on Wednesday. Tata Motors spurted over 21 per cent at the market close on Wednesday, followed by M&M up 5 per cent.
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“The Nifty with the gap up opening despite week global cues stand out very strongly during the day, on hourly charts, a continuous higher top higher bottom was seen and only last one hour was seen with profit booking across the market, this indicates that bulls are very much charged but profit booking is taking place at higher levels,” says Rahul Sharma, Co-Founder, Equity99 said in a note .
Nifty has strong support at 18060 then at 18000 levels & on the upside 18200 will act as resistance, if we cross 18200 levels with volume then 18350 levels to watch, he added.
“Similarly, Bank Nifty with its record high gap-up opening and the fresh historical high was seen 38777 levels witnessed consolidation and profit booking as well, while some stocks from the index performed well during the day and by closing above previous day high at 38635 gives us signals that more strength is still there to reach next resistance, levels which are 38900-39000 levels, on the downside Support is placed at 38500-38350 levels.” Sharma said.
Stay tuned to Zeebiz.com to find out what could impact your trade today. We have collated a list of top 10 news points which could impact markets, companies, or economy:
The S&P 500 ended higher on Wednesday (October 13), led by gains in shares of big growth names like Amazon.com and Microsoft, but JPMorgan shares fell and weighed on the index even though the bank beat earnings expectations, said a Reuters report. The S&P 500 gained 13.15 or 0.30% to end at 4,363.80 points, while the Nasdaq Composite gained 105.71 points, or 0.73%, to 14,518.104.22.168 (0.30%) on Wednesday. The Dow Jones Industrial Average declined 0.53 or 0.0015% to 34,377.81
Japanese Nikkei 225 index was trading in the green around 7.20 am on Thursday. The index rose 264 points to 28,404. The index opened at 28,264points. Meanwhile, Hang Sang Index at Hong Kong Exchange remained closed on Thursday too amid Typhoon warning as the last traded day on the exchange showed October 12.
SGX Nifty gained 53 points or 0.29 per cent to 18262.80 in the opening trade on Thursday. SGX Nifty Futures was trading at 18,278.00, up 98 points or 0.54% on the Singaporean Exchange at around 07:08 hours IST
Q2 results on Thursday:
IT heavyweight HCL Technologies to become fourth Nifty company and also Indian IT major to report its second-quarter earnings for the financial year 2021-22 on Thursday. The Majority of the analysts predict that the overall IT sector’s margin would be under pressure as the same was seen during Wipro and Infosys results on Wednesday.
Besides HCL Tech, the other key results that are expected to announced today are Indiabulls Real Estate and Inox Wind, moreover, at least a dozen of companies to come out with their results today.
India’s debt jumps to 89.6% in 2020: IMF
In its 2021 Fiscal Monitor report, the IMF said India's debt increased from 68.9 percent of its GDP in 2016 to 89.6 percent in 2020. It is projected to jump to 90.6 percent in 2021 and then decline to 88.8 percent in 2022, to gradually reach 85.2 percent in 2026.
Constraints on financing are particularly severe for poorer countries, IMF Director of Fiscal Affairs Department Vitor Gaspar said. Noting that in 2020, fiscal policy proved its worth, he said the increase in public debt, in 2020, was fully justified by the need to respond to COVID-19 and its economic, social, and financial consequences. But the increase is expected to be one-off, he said.
Rupee recovers 15 paise
The rupee on Wednesday rebounded by 15 paise to close at 75.37 (provisional) against the US dollar following a rally in domestic equities and weak American currency in the overseas markets.
In addition, lower crude prices also supported the rupee sentiment, forex deals said.
At the interbank forex market, the rupee opened strong at 75.29 against the greenback. During the session, the domestic unit swung between 75.19 and 75.51. On Tuesday, the rupee had closed at 75.52 against the dollar.
Govt cuts import taxes on vegetable oils to calm prices
India on Wednesday slashed various import taxes on palm oil, soyoil and sunflower oil ahead of key festivals as the world`s biggest vegetable oil buyer tries to cool near-record price rises.
The tax cuts could bring down local edible oil prices and spur demand and imports, potentially supporting global palm oil, soyoil and sunflower oil prices.
The south Asian country slashed its base import tax on crude palm oil, crude soyoil and crude sunflower oil to zero from 2.5%, the government said in a notification.
Oil erases losses amid surging power prices
Oil prices were flat on Wednesday after erasing earlier losses as surging fuel costs for power generation offset expectations that demand growth will fall as a result of major economies being under strain from inflation and supply chain issues.
Brent futures fell 9 cents, or 0.1%, to $83.33 a barrel by 11:29 a.m. EDT (1529 GMT), while U.S. West Texas Intermediate (WTI) crude rose 4 cents, or 0.1%, to $80.68.
That puts WTI on track to close at its highest since October 2014 for a fourth day in a row and keeps the U.S. benchmark trading in overbought territory.
Dollar pulls back from 1-yr high after inflation data
The dollar eased back from a one-year high on Wednesday as longer-dated Treasury yields fell after U.S. inflation data that showed prices rose solidly in September, advancing expectations for Federal Reserve tightening.
The consumer price index rose 0.4% last month, versus a 0.3% rise anticipated by economists polled by Reuters. In the 12 months through September, the CPI increased 5.4%, up from a 5.3% year-on-year advance in August.
Excluding the volatile food and energy components, the so-called core CPI climbed 0.2% last month, up from 0.1% in August.
FII & DII Data:
Foreign portfolio investors (FPIs) remained net buyers for Rs 937.31 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net sellers to the tune of Rs 431.72 crore, provisional data showed on the NSE.
Stocks under F&O ban on NSE
Eight stocks – Bank of Baroda, BHEL, Indiabulls Housing Finance, Idea, NALCO, PNB, SAIL & Sun TV - are under the F&O ban. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
(With inputs from PTI, Reuters and other agencies)
(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
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