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What changed for market while you were sleeping: 12 things you should know

Kshitij Anand

Moneycontrol News

Good Morning Moneycontrol readers,

The Nifty50 is likely to open higher on Wednesday tracking positive handover from Wall Street. The Nifty50 closed 116 points lower at 9,796 on Tuesday.

The index broke below its four crucial support levels in one single day which clearly does not auger well for the bulls. However, given the fact that Nifty closed just around crucial support level, chances of a bounce back could be on cards.

Traders should refrain from creating aggressive fresh short at current levels as the Nifty50 index closed just below its crucial support level of 50-days exponential moving average (DEMA).

If in next one or two trading sessions Nifty50 doesn’t violate 9,740 levels then a small pull back is possible, suggest experts but for the time being, we could conclude that 9948 was the intermediate top for the markets.

If the index sustains below 9775 levels then the selling pressure could drag the index towards 9,720 and then towards 9,685 levels suggest experts. But, the index is still respecting to its rising support trend line by connecting the swings lows of 9075, 9448 and 9685 mark.

Stay tuned with Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies:

US Stocks recover as North Korea jitters abate

US stocks rebounded from a sharply lower open as investors shrugged off concerns over North Korea’s latest missile test.

The dip in risk appetite that dominated most of the trading session and sent benchmark 10-year U.S. Treasury yields lower and gold to a more-than-nine-month peak, said a Reuters report.

Market analysts were relieved that the rift did not escalate further, with Trump’s focus on the devastation caused by Tropical Storm Harvey, the most powerful hurricane to strike Texas in 50 years when it made landfall last week, it said.

The Dow Jones Industrial Average rose 56.97 points, or 0.26 percent, to finish at 21,865.37, the S&P 500 gained 2.06 points, or 0.08 percent, to close at 2,446.3 and the Nasdaq Composite added 18.87 points, or 0.3 percent, to end at 6,301.89.

SGX Nifty

The Nifty50 futures on the Singapore Stock Exchange were trading 65 points higher at 9853 indicating a positive opening for the domestic market.

Murthy attacks ex-board’s ‘poor governance’

Infosys’s founder NR Narayana Murthy raised concerns of “poor governance” of the previous Board of the company, primarily the non-transparent manner in which it addressed issues surrounding the high severance pay of former Chief Financial Officer Rajiv Bansal.

He also said the Co-founder Nandan Nilekani coming back to lead the company as non-executive chairman of the Board would bring back “Achhe Din” to Infosys.

RBI sends the second list of about 40 loan defaulters 

The Reserve Bank of India has sent the second list of over 40 large corporate defaulters that include Videocon, JP Associates, IVRCL and Visa Steel, among others, to be referred to the National Company Law Tribunal (NCLT), reports CNBC-TV18 quoting sources.

Among other loan defaulting companies i.e. Uttam Galva, Castex, Jayswal Neco, Ruchi Soya, Nagarjuna Oil & Orchid Chemicals, East Coast Energy, SEL Manufacturing, Soma Enterprises, Asian Colour, Ispat Coated and Unity Infraprojects  are among the fresh list identified by the central bank to be referred to the NCLT under the Insolvency and Bankruptcy Code (IBC).

U.S. consumer confidence hits five-month high

US consumer confidence surged to a five-month high in August as households grew increasingly upbeat about the labor market while house prices rose further in June, suggesting a recent acceleration in consumer spending was likely to be sustained, said a Reuters report.

The data on Tuesday also supported views that economic growth would accelerate in the second half of the year after a sluggish performance earlier.

The Conference Board said its consumer confidence index increased to a reading of 122.9 this month from 120.0 in July. That was the strongest reading since March when the index hit a 16-year high of 124.9.

Crude oil mixed as storm hits more refineries

US gasoline futures jumped 4 percent while crude prices were mixed after a hurricane shut down more than 19 percent of the country’s refining capacity, curbing fuel production and further bloating crude inventories, said a Reuters report.

Gasoline rose still higher post-settlement after sources told Reuters that Motiva was shuttering the largest U.S. refinery.

U.S. West Texas Intermediate (WTI) crude edged down 13 cents or 0.3 percent to $46.44 a barrel. International Brent crude futures closed up 11 cents or 0.2 percent to $52.00 a barrel.

Donald Trump says ‘All options on table’ after North Korea missile test

US President Donald Trump on Tuesday warned that “all options are on the table” after North Korea fired a ballistic missile that flew over Japan before plunging into the northern Pacific Ocean.

“Threatening and destabilising actions only increase the North Korean regime’s isolation in the region and among all nations of the world. All options are on the table,” he said.

Gold at nine and a half month peak 

Gold jumped to its highest since November extending the prior day’s rally above $1,300 per ounce as investors bought bullion as insurance against falling prices of other assets after North Korea tested a ballistic missile over Japan, said a Reuters report.

Spot gold was up 0.4 percent at $1,314.52 an ounce, after touching $1,325.9399, its highest since Nov. 9. U.S. gold futures GCcv1 for December delivery settled up 0.3 percent at $1,318.90.

Centre collects Rs 92,000 crore through GST in July

Finance Minister Arun Jaitley on Tuesday said that the government has collected Rs 92,283 crore in Goods and Service Tax (GST) for the month of July so far.

The total amount collected includes the Central GST of Rs 14,894 crore, State GST of Rs 22,722 crore and integrated GST of Rs 47,469 crore. He further said that the Integrated GST will be allotted to the states and the Centre.

Within the IGST, the tax collected from imports stands at Rs 20,964 crore. The Rs 92,283 crore includes a compensation cess of Rs 7,198 crore.

Cabinet may consider ordinance on GST cess hike Wednesday

The Cabinet meeting tomorrow is likely to consider issuing an ordinance to increase the cess on mid-size, large cars and SUVs to 25 per cent from 15 per cent under the new GST regime.

Prices of most SUVs were cut between Rs 1.1 lakh and Rs 3 lakh following the implementation of GST, which subsumed over a dozen central and state levies like excise duty, service tax, and VAT from July 1. With the increase in cess, the cuts will be reversed.

Sebi bans Orion Capital, Orion Broking from markets for 10 years

Markets regulator Sebi on Tuesday barred Orion Capital as well as Orion Broking and their partners from the securities markets for 10 years for failing to redress several investor grievances pertaining to non-settlement of funds due to the clients.

The nature of investor complaints received against both the firms are predominantly on non-settlement of the funds and securities and balances due to their clients. The claim amount is more than Rs 6 crore against Orion Capital and over Rs 4 crore against Orion Broking.

Rupee closes weaker against US dollar

The rupee weakened against the US dollar on Tuesday tracking losses in the global markets after North Korea fired a ballistic missile over Japan.

The rupee closed at 64.02 a dollar, down 0.16% from its Monday’s close of 63.91. The rupee opened at 63.94 a dollar and touched a high and a low of 63.93 and 64.04 respectively.

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