Indian market, which saw mild profit taking on Friday, closed the week with gains of over 1 percent each for the week ended September 17.  

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Both Sensex and Nifty50 hit a fresh record high before closing in the red, but the uptrend is still intact, and traders or investors should avoid any aggressive short positions at this time.  

The S&P BSE Sensex closed above 59000 for the first time on Friday, while the Nifty50 closed just a shade below 17800 levels. Rebalancing as well as profit booking at higher levels weighed on sentiment, suggest experts.  

"While the pace of vaccinations and encouraging export data helped bulls get closer to the 60K mark amidst the FTSE & MSCI rebalancing of flows, profit booking took away all the gains ahead of the GST Council Meet,” S Ranganathan, Head of Research at LKP securities, said. 

“Even as the BFSI biggies held fort on Friday, the cut in the small & midcap indices weakened market breadth as was evident in the advance-decline ratio at close,” he said.  

India VIX moved up by 5.71 per cent from 14.41 to 15.23 levels on Friday. Spurt in India VIX may give a volatile swing to the market. It needs to hold below 13 zones to continue the bullish momentum, say experts.  

“Nifty50 respected its previous day’s low and closed with losses of around 45 points on Friday. It formed a bearish candle on daily scale but still has been forming higher highs - higher lows from the last four sessions,” Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited, said. 

“It made a bullish candle on weekly scale and is forming higher highs from the last seven weeks. Now it has to continue to hold above 17600 zones to extend the move towards 17777, then 18000 zones, while on the downside, support can be seen at 17500 and 17350 levels,” he 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:   

Global Markets: 

World shares fell on Friday after a week of mixed economic data and fears over the stability of growth and Asian markets put the focus on the U.S. Federal Reserve's timeline for tapering asset purchases, said a Reuters report.  

All three major U.S. stock indices lost ground, with the Nasdaq Composite Index weighed down as rising U.S. Treasury yields pressured market-leading growth stocks, added the report.  

The 10-year U.S. Treasury note yield briefly touched 1.3855%, its highest level since July 14, while the dollar hit a three-week high. 

Asian Markets: 

Asian markts opened on mixed note with SGX Nifty getting weaker by 122 points, while Nikkei  gaining 176.71 points or (0.58%) and KOSPI also marginally gained by 10.42 ponts or (0.33%) in the early trade on Monday.The indices opened at 17479.00, 30500.05 and 3140.51, respectively.    

SGX Nifty:  

Trends on SGX Nifty indicate a positive opening for the index in India with a 89-points gain. The Nifty futures were trading at 17,474, down 127 points or 0.72% on the Singaporean Exchange around 07:30 hours IST. 

45th GST Council Meeting Outcome 

The GST Council on Friday extended concessional tax rates on COVID-19 medicines, cut tax on cancer drugs and waived GST on import of highly expensive medicines for muscular atrophy, but will continue to keep petrol and diesel out of the uniform national tax regime. Read full report here 

45th GST Council Meeting Outcome: Top decisions you should know - Check highlights

NHAI a gold mine, will never be in debt trap: Nitin Gadkari 

India's national highways infrastructure is world-class success story and the National Highways Authority of India (NHAI) is a gold mine and will never be in debt trap, Union Minster for Road Transport & Highways Nitin Gadkari said on Sunday, a PTI report said. 

NHAI a gold mine, will never be in debt trap; Centre to earn Rs 1,000 to 1,500 cr from Delhi-Mumbai Expressway, Union Minister Nitin Gadkari says  

Airlines can operate flights at 85 per cent capacity   

Airlines stocks will be in focus after reports suggested that airlines can now operate a maximum of 85 per cent of their pre-COVID-19 domestic flights instead of the 72.5 per cent allowed to date, the Ministry of Civil Aviation stated on Saturday. 

FPIs net buyers at Rs 16,305 cr so far in September 

Foreign portfolio investors (FPIs) remained net buyers in Indian markets so far in September by investing a net sum of Rs 16,305 crore. As per depositories data, overseas investors invested Rs 11,287 crore into equities and Rs 5,018 crore in debt segment on a net basis between September 1-17. 

Rupee to be under tapering fears   

Global anxieties along with rising imports and persistently high crude oil prices will weaken the Indian rupee in this week.   

Any timelines for tapering measures in the US can potentially drive FPIs (Foreign Portfolio Investors) away from emerging markets such as India. The rupee closed at 73.48 to a USD before oscillating between 73.30 to 73.60. 

Currency Outlook: Global anxieties! Rupee to be under tapering fears  

Moratorium on telecom dues allows time to transform, repair: Deloitte India   

The four-year breather from payment of regulatory dues offered as part of the telecom relief package allows operators time to transform and repair, and may cool off price wars, according to a senior analyst at Deloitte India.   

Stocks under F&O ban on NSE   

Eight stocks - Escorts, Exide Industries, Indiabulls Housing Finance, IRCTC, NALCO, PNB, SAIL & Sun TV - are under the F&O ban for September 20. 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/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.