Top 10 things to know before market opens for trading
Global markets bounced back as fear with regards to collapse of struggling Chinese developer Evergrande Group eased a little, and expectations of continuation of lose monetary policy amid rise in COVID cases on Tuesday
Indian market rose on Tuesday tracking positive global cues. The S&P BSE Sensex rallied over 400 points while the Nifty50 closed above 17,550 levels.
Global markets bounced back as fear with regards to collapse of struggling Chinese developer Evergrande Group eased a little, and expectations of continuation of lose monetary policy amid rise in COVID cases on Tuesday.
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“With global economy slowing down due to rising Delta variant cases, investors are anticipating the central banks would continue with their dovish tone,” Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, said.
“Global cues would continue to influence market this week as all eyes are set on ECB and US Fed MPC outcome where the expectation of continuation of dovish stance is running high,” he said.
On the domestic front, with active cases falling to 6-month low, sentiments continue to be buoyant as the economic recovery continues. With valuations getting stretched, Khemka highlights that there would be bouts of volatility intermittently and hence traders should navigate cautiously.
India VIX fell over 5 per cent from 17.49 to 16.52 levels. Spurt in India VIX in last few sessions have given a volatile swing and now has to cool down below 14 zones to continue the bullish stance in the market.
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:
Overnight on Wall Street the S&P 500 fell 0.1% to sit a little more than 4% below a record peak it made early in the month, a Reuters report said.
Asian stock markets made a cautious start on Wednesday and the dollar held firm amid lingering nerves about the fallout from a looming failure at developer China Evergrande and anticipation the Federal Reserve may move a step closer to tapering, Reuters reported.
Japan`s Nikkei fell 0.5%. Equity, bond and currency markets in China open for the first time on Wednesday since concern over Evergrande`s predicament triggered a wave of selling and contagion worries around the world, this report said.
Trends on SGX Nifty indicate a positive opening for the index in India with a 27 point gain. The Nifty futures were trading at 17,543, down 18 points or 0.11% on the Singaporean Exchange around 07:20 hours IST.
GST panel to consider giving waiver on 1 day interest, late fee
As some taxpayers faced difficulties in filing GST return on Monday, the tax department on Tuesday said the IT grievance redressal committee would consider giving interest and late fee waiver, PTI reported.
Paras Defence’s IPO subscribed 16.57 times on Day 1
Paras Defence and Space Technologies Limited received bids of 11,82,91,695 shares against the offered 71,40,793 equity shares, as per the 5:00 pm data available on the bourses. The Issue was subscribed 16.57 times.
The portion reserved for retail investors was subscribed 31.36 times and the Non-Institutional Investor category was subscribed 3.77 times, While the Qualified Institutional Buyer category was subscribed 0.01 times.
Oil rallies on tight supplies in aftermath of U.S. storm
Oil prices rose on Tuesday as tighter U.S. supplies helped to reverse days of losses triggered by concerns across global markets about the impact on China's economy of a crisis at heavily indebted property group China Evergrande, said a Reuters report.
Oil prices climbed back towards USD 75 per barrel, digesting the latest pandemic hiccups very well. "The bigger picture might be changing. With demand growth slowing, the incremental return of shale and petro-nation supplies suggests that the cycle is mature and the pressure on prices should grow with time," Norbert Rücker, Head Economics and Next Generation Research, Julius Baer, said.
"We see oil prices swinging around the low 70s price levels. Oil prices climbed back towards USD 75 per barrel, with only the very recent China property-related news flow bringing some headwinds," he said.
Rupee recovers 13 paise to close at 73.61
The rupee on Tuesday rebounded by 13 paise to close at 73.61 (provisional) against the US dollar following a firm trend in domestic equities and losses in the American currency in the overseas market. During the session, the domestic unit witnessed an intra-day high of 73.58 and finally settled at 73.61, said a PTI report.
"Rupee traded muted near 73.65 as US dollar prices look for FED meeting inputs in two-day meet from today,” Jateen Trivedi, Senior Research Analyst at LKP Securities, said.
“An update on tapering shall give movement to dollar prices and so to the rupee. The range for rupee can be seen between 73.45-73.75," he said.
Global Events To Track:
FII & DII Data:
Foreign portfolio investors (FPIs) remained net buyers for Rs 1041 cr in the Indian markets while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 2167 cr, provisional data showed on the NSE.
Stocks under F&O ban on NSE
Five stocks – Indiabulls Housing Finance, Idea, IRCTC, PNB, and 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.
PM Modi to visit US from Sept 22-26; Quad, UNGA, talks with Biden on agenda
Prime Minister Narendra Modi and US President Joe Biden are expected to deliberate on ways to bolster bilateral ties in trade, investment and defence and security in their in-person talks in Washington on September 24, Foreign Secretary Harsh Vardhan Shringla said on Tuesday.
(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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