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

DIIs were net buyers to the tune of Rs 720 crore, data suggests.|
Last Updated: Jul 12, 2019, 09.08 AM IST|Original: Jul 12, 2019, 07.45 AM IST
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Markets getty
Oil prices gained as US oil producers in the Gulf of Mexico cut more than half their output in the face of a tropical storm and as tensions continued in the Middle East.
Thursday's rebound in stocks may be headed for a premature end as Nifty futures in Singapore traded with a deep cut this morning after Asian shares pulled back as worries over renewed Sino-US trade tensions.

Here is breaking down the pre-market actions.


Singapore trading sets stage for negative start
Nifty futures on the Singapore Exchange were trading 12.50 points, or 0.11 per cent, lower at 11,569.50, indicating a negative start for Dalal Street.

Tech view: Nifty forms small bullish candle
Snapping a four-day losing streak, Nifty50 stayed above the 11,500 mark throughout Thursday’s session, but failed to kiss the 11,600 level by a whisker, suggesting selling pressure at higher levels. The NSE barometer formed a Hammer-like candle on the daily chart and is likely to see consolidation ahead.

Asian stocks fall ahead of China trade data
Asian shares pulled back as worries over renewed Sino-US trade tensions weighed on sentiment ahead of the release of June trade data from China, though expectations of a Federal Reserve rate cut later this month kept losses in check. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.05 per cent in early deals. Japan's Nikkei stock index trimming 0.11 per cent.

Dow hits 27,000 level for first time
The Dow Jones Industrial Average index gained 227.88 points, or 0.85 per cent, to close at 27,088.08 points, while the S&P 500 advanced 6.84 points, or 0.23 per cent, to 2,999.91, also a record close. It was the first time the Dow crossed the 27,000-point threshold and the second consecutive session where the S&P burst through the 3,000-point barrier before retreating at the closing bell.

DIIs buy Rs 720 cr worth equities
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 317 crore on Thursday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 720 crore, data suggests.

FPIs turn bearish on Indian equities
FPIs have turned bearish on the Indian stock market after the Union Budget. They have sold shares worth Rs 2,000 crore in four sessions after the July 5 Budget, while an indicator of their positions in index futures showed build-up of bearish bets in four-and-a-half months.

Oil prices rise on cut in US output
Oil prices gained as US oil producers in the Gulf of Mexico cut more than half their output in the face of a tropical storm and as tensions continued in the Middle East. Brent crude futures were up 37 cents, or 0.6 per cent, at $66.89 per barrel. The international benchmark settled down 0.7% on Thursday after hitting its highest since May 30 at $67.52 a barrel.

Money Markets

  • Rupee: The rupee darted up 14 paise to finish at 68.44 against the US dollar on Thursday after dovish comments by US Fed chair boosted emerging market currencies.

  • Bonds: Yields of India's 10-year bond fell 0.05% to 6.49% on Thursday from 6.54% in the previous session

  • Call Money: Overnight Call money rate weighted average stood at 5.62% on Thursday and it moved in the 4.40-5.85% range

The Day Ahead:

  • India May IIP data

  • India June inflation print

  • India July forex reserve data

  • China June export data

October onwards we will see the best rally in a long time: Sanjiv Bhasin, IIFL


IndiGo CEO downplayed promoters’ tiff? SEBI to probe


Govt seeks to know FPI origins
The government has sought information from Sebi about the origins of those foreign portfolio investors that use the trust structure and the assets that they manage. It has also asked for data on tax liability of each of the structures employed by FPIs — trusts, companies and limited liability partnerships.

SC to hear Ayodhya please from July 25
The Supreme Court said on Thursday that it would begin day-to-day hearing to settle the ownership of the 2.77 -acre Babri Masjid-Ram Janmabhoomi land in Ayodhya if it concludes on July 18 that continuing the four-month-old SCappointed mediation panel’s search for a negotiated solution may not be fruitful.

India, US restart trade talks today
Indian and US trade negotiators will meet on Friday, with little sign of a compromise on a series of protectionist measures taken by the two governments in recent months that have strained ties between the strategic partners. New Delhi expects US to push against India’s efforts to mandate foreign firms to store more of their data locally and seek revisions to foreign investment rules for the e-commerce sector.

Mumbai homes least affordable
An RBI survey has found housing has become less affordable in the last four years amid reports of a slowdown in sales. Mumbai remains the least affordable, while realty in Bhubaneswar is the cheapest among 13 cities studied

No HC relief for Mallya
Bombay high court on Thursday dismissed Vijay Mallya’s application for interim relief from confiscation and sale of his assets until a final decision is taken on his petition challenging the constitutional validity of the Fugitive Offenders Act Act. The owner of the now- defunct Kingfisher Airlines, through his counsel Amit Desai, told the court that the order, which may be passed under the FEO Act, should be made subject to the final outcome of his pending petition.

Yields, issuances fall in corp bond mart
India’s corporate bond issuances fell 31% in June and spreads over government debt rose, even as mutual funds remained cautious buyers after the recent spate of defaults. Volumes fell to Rs 33,547 crore from Rs 48,540 crore in May. Spreads of AAA-rated one-year paper over govt bonds widened by 20 basis points, those of three-year ones by 26 bps, five-year ones by 19 bps and 10-year bonds by 7 bps

Powell may enthuse peer central banks
Federal Reserve Chairman Jerome Powell on Thursday suggested that the central bank has room to ease monetary policy as the tie between the inflation and jobless rates has broken down. This gave emerging market central banks another solid reason to lower interest rates as lower Fed rates would allow monetary authorities in developing markets to ease policies without triggering an exodus of capital.
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