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    Market Movers: What changed for D-Street while you were sleeping

    Synopsis

    ​Nifty futures on the Singapore Exchange were trading higher, indicating a positive start for the Nifty50.

    Getty Images
    Asian shares paused near an eight-month peak on Thursday as investors awaited developments on trade talks between the United States and China, who appear closer to signing a deal.
    NEW DELHI: Financial markets are expecting RBI’s monetary policy committee to deliver a 25-50 basis points rate cut at the end of its three-day rate review today. Will such a move take the benchmark indices higher?

    Let’s check out what may move the market all through Thursday:


    TRADE SETUP

    • Singapore trading sets stage for positive start
      Nifty futures on the Singapore Exchange were trading 24 points, or 0.20 per cent, higher at 11,736.50, indicating a positive start for the Nifty50.

    • Tech view: Nifty forms Bearish Engulfing candle
      Nifty50 snapped a four-day winning streak on Wednesday and closed in the red. In the process, it formed a Bearish Engulfing Candle on the daily chart. Yet, analysts said the market bias remains positive, as long as Nifty does not break below the 10,625 level.

    • Asian shares take a pause
      Asian shares paused near an eight-month peak on Thursday as investors awaited developments on trade talks between the United States and China, who appear closer to signing a deal. MSCI's broadest index of Asia-Pacific shares outside Japan took a breather after five straight days of gains. Japan's Nikkei was also flat to stay near a recent one-month top.

    • US stocks end higher
      On Wednesday, the Dow Jones Industrial Average index rose 39 points, or 0.15 per cent, to 26,218.13. The S&P500 index increased 6.16 points, or 0.21 per cent, to 2,873.40. The Nasdaq Composite index rose 46.86 points, or 0.60 per cent, to 7,895.55.

    • Oil prices edge lower
      Oil prices dipped on Thursday, with Brent edging away from the psychologically important $70 level after easing in the previous session on data showing a surprise build in US inventories. Brent futures eased 2 cents to $69.29 a barrel.

    • Metropolis IPO sees 9% bids on Day 1
      The diagnostics company has raised Rs 530 crore on Tuesday by allotting 60.24 lakh shares to 26 anchor investors at 880 per share. The 1,200-crore offer, which will run from April 3 to 5, consists of about 15.3 million shares.

    • RVNL IPO sails through
      Public sector firm Rail Vikas Nigam’s (RVNL) initial public offer was subscribed 1.77 times on the last day of the offer on Wednesday. Qualified institutional buyers (QIBs) quota was subscribed 1.36 times, Non-institutional investors (NII) 0.80 times and retail 2.78 times.

    • FIIs sell Rs 1,040 crore worth of equities
      Foreign portfolio investors (FPIs) sold Rs 10,40 crore worth of domestic stocks on Wednesday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 81 crore, data suggested.


    MONEY MARKETS

    • Rupee up: The rupee surged by 33 paise to close at 68.41 against the US dollar Wednesday amid the greenback's weakness against key rivals overseas, even as oil prices firmed up on supply concerns.

    • 10-yr bond yields: India 10-year bonds' yields remained unchanged at 7.27% on Wednesday over the previous trading session, according to RBI data.

    • Call rates: The overnight call money rate weighted average was 6.19% on Wednesday, according to RBI data. It moved in a range of 4.80-6.35%.

    TOP VIDEO

    RBI will not be done even after April rate cut: Nikhil Gupta, MOFSL

    RBI will not be done even after April rate cut: Nikhil Gupta, MOFSL

    Nikhil Gupta, Chief Economist at Motilal Oswal Financial Services, does not see an end to RBI's rate-cutting cycle even if it delivers another rate cut on April 4. Mr. Gupta argues his case and explains what a rate cut may mean to end consumers in an interview with ETMarkets.com.

    TOP QUOTE

    ‘I wish to be 5% ahead of the index. But right now, I am 5% behind’

    MACROS

    • RBI policy outcome today
      The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) is likely to cut short-term policy rate by 25 basis points in its first bimonthly review of FY20 on Thursday. Analysts believe easing inflation may give RBI room to address growth concerns of the economy.

    • Skymet predicts below-normal monsoon
      Private weather forecaster Skymet has predicted below-normal monsoon rainfall this year (June to September) on account of the El Niño weather phenomenon that is sometimes associated with drought in the subcontinent. This clouds prospects of higher economic growth in a country whose farm sector is significantly dependent on the seasonal rainfall.

    • ADB cuts India’s growth forecast
      The Asian Development Bank downgraded economic growth forecasts for India and Southeast Asia for 2019 as global risks from trade tensions to Brexit mount. Gross domestic product in India will probably increase 7.2% this year, down from a December forecast of 7.6%, according to the ADB’s latest Asian Development Outlook report.

    • SC verdict: Govt in damage-control mode
      Bruised by the Supreme Court’s verdict on RBI’s February 12, 2018, circular on resolving bad debt, the government is planning to authorise the central bank to refer companies to the Insolvency and Bankruptcy Code (IBC) on a case-by-case basis in public interest by invoking Section 35AA of the Banking Regulation Act.

    • 2018-19 saw lowest new investment proposals in 14 yrs
      India saw the lowest number of new investment proposals since 2004-05 during the last fiscal ended March, according to a report by the Centre for Monitoring Indian Economy (CMIE). This lowest figure of new investments recorded in 14 years added up to "a dismal" Rs 9.5 trillion (9.5 lakh crore). The report added that 2018-19 would be the fourth consecutive year of decline in new investment proposals which began in 2015-16.
    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

    1 Comment on this Story

    Krishan Kumar Totlani534 days ago
    All the global cues including SGX nifty which is up over 24 points indicate the positive opening of our markets & any rate cut by RBI will boost the sentiment.
    The Economic Times