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Sensex: What changed your market while you were sleeping

Domestic equity indices snapped a seven-day losing streak to log gains on Thursday. The rupee, too, recorded gains after a four-day battering. Globally, US stocks ended higher in overnight trade. Is the market ready for recovery?
Let’s check out what might influence Dalal Street through the day:

Singapore trading sets stage for positive opening
At 6.30 am, Nifty50 futures on the Singapore Stock Exchange were trading 32.50 points higher at 9,769, indicating a positive for the domestic market.

Nifty50 forms small bullish pattern on daily chart
Nifty50 on Thursday snapped a seven-day losing streak to settle the September series futures and options (F&O) contracts at 9,768. The index formed a ‘Hammer’ candle on the daily chart, with but many technical indicators still remain bearish. But a recovery from the support level at 9,685 during the day made some analysts believe that the index might have formed a double bottom. But that’s too early to comment, they added. A breach of the 9,770-85 range on a sustainable basis could be a trend reversal for Nifty50, while a fall below 9,735 level may extend the recent slide.

Market-wide rollovers at 80%
Market-wide rollovers for the September series stood at 80 per cent, which was higher than average rollovers of 78 per cent seen in last three series. Nifty rollovers at 70 per cent were slightly higher than 66 per cent, the average for last three month rollovers. “What has caught the street in a bind has been the intensity of the sharp sell-off. But we expect Nifty to move towards 9,930, where it should face some resistance. Looking at the open interest surge and sharp expansion in roll levels towards the end, Nifty appears to be on course for a recovery,” Edelweiss Securities said in a note.

Asian stocks bounce back
Asian shares tried to regain some poise on Friday after a tough week in which the gathering risk of a US rate rise lifted Treasury yields towards nine-year highs and boosted borrowing costs across the region. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1 per cent, but was still down a sizable 2.1 per cent for the week so far. Japan’s Nikkei was off 0.1 per cent, though South Korea managed to recoup 0.4 per cent of gains.

US stocks end higher
The Dow Jones Industrial Average index rose 40.49 points, or 0.18 per cent, to 22,381.2, the S&P500 index gained 3.02 points, or 0.12 per cent, to 2,510.06 and the Nasdaq Composite index added 0.19 point, or 0 per cent, to 6,453.45.

Crackdown on directors puts cos in bind
The government’s bid to clean up corporate India may spread panic in some boardrooms. The National Stock Exchange has asked about 200 companies listed on it to consider whether directors disqualified by the Ministry of Corporate Affairs (MCA) should continue on their boards.

A day of record FPI selling, DII buying
Domestic institutions net bought shares worth Rs 5,197 crore on Thursday, while their foreign counterparts sold shares worth Rs 5,328 crore, according to BSE provisional numbers. While some market participants said the heightened activity by FIIs was on account of reversal of cash-futures arbitrage positions amid expiry of the September derivatives contracts, others said it was due to a bulk deals in some blue chips. The bulk deal data, however, did not reflect such activity.

Rupee logs gains for first time in 4 days
The rupee today finally managed to get back on its feet after a three-session losing spree, recovering from over six-month lows to end 22 paise higher at 65.50 a dollar despite buoyant greenback overseas. Fresh bouts of dollar selling by exporters and banks along with light unwinding of long dollar positions largely helped the rupee to rebound from early plunge.

SBI, Andhra Bank lowers rate
Banks led by the State Bank of India and Bank of Baroda have lowered their Base Rate that would benefit a huge chunk of existing customers who have not migrated to the latest Reserve Bank of India prescribed Marginal Cost Based Lending Rates. SBI has cut base rate by 5 basis points to 8.95% – a move that is likely to benefit a substantial number of bank’s borrower. The new rates will be effective from October 1.

US Q2 GDP growth revised to 3.1%
Data on Thursday showed the U.S. economy expanded a bit faster than previously estimated in the second quarter, but the momentum likely slowed in the third quarter due to the impact of hurricanes Harvey and Irma. The GDP growth has been revised to 3.1 per cent from 3 per cent earlier.

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