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What changed for the market while you were sleeping? Top 10 things to know



The market recovered from its lows and ended with moderate gains on October 23 as buying in select PSU banks, IT and auto stocks helped Nifty finish above 11,600 and Sensex above 39,000 level. BSE midcap and smallcap indices ended with little change.

At close, the Sensex was up 94.99 points at 39,058.83, while Nifty was up 15.70 points at 11,604.10.

According to the pivot charts, the key support level for the Nifty is placed at 11,555.13, followed by 11,506.17. If the index starts moving up, key resistance levels to watch out for are 11,652.33 and 11,700.57.

Nifty Bank closed with a gain of 48.45 points at 29,459.60 on October 23. The important pivot level, which will act as the crucial support for the index, is placed at 29,234.53, followed by 29,009.46. On the upside, key resistance levels are placed at 29,664.23 and 29,868.87.

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

US Markets

US stocks edged higher on Wednesday as investors shrugged off lackluster quarterly reports from industrial bellwethers Boeing Co and Caterpillar Inc though a lower-than-expected revenue outlook from Texas Instruments Inc sent chipmakers' shares lower.

The Dow Jones Industrial Average rose 45.85 points, or 0.17%, to 26,833.95, the S&P 500 earned 8.53 points, or 0.28%, to 3,004.52 and the Nasdaq Composite added 15.50 points, or 0.19%, to 8,119.79.

Asian markets

Asian shares pulled ahead on Thursday with corporate earnings buffeting trading investors remained anxious about the business impact of the Sino-US trade war while Brexit uncertainties kept overall sentiment in check.

MSCI's broadest index of Asia Pacific shares outside Japan rose 0.2% with Japan's Nikkei up 0.5% at one-year high. Australian shares climbed 0.5% while South Korea's KOSPI inched 0.4% higher.

SGX Nifty

Trends on SGX Nifty indicates a positive opening for the broader index in India, with a 27.5 points gain or 0.24 percent. Nifty futures were trading around 11,666-level on the Singaporean Exchange.

Oil Pairs US Stock Draw Gains on Weak Demand Outlook

Oil prices dipped on Thursday on lingering concerns about a weak demand outlook, after surging more than 2% in the previous session on the back of a surprise draw in US crude stocks.

Brent crude futures fell 39 cents, or 0.6%, to $ 60.78 a barrel by 0111 GMT. West Texas Intermediate (WTI) crude futures dropped 46 cents, or 0.8%, to $ 55.51 per barrel. US crude closed 3.3% higher in the previous session.

IMF sees India FY21 GDP growth rebounding to 7%

The International Monetary Fund (IMF) sections Indian economic growth rebounding to around 7 per cent in the next financial year, supported by measures such as monetary policy stimulus and corporate income tax cuts.

“We see the Indian economy rebounding from our projected 6.1 per cent growth this fiscal year to something like 7 per cent in the next fiscal year (2020). We see the factors that will support growth, including monetary policy stimulus, working their way through the pipeline, ”Jonathan Ostry, Deputy Director, Asia Pacific Department at the IMF, told reporters.

Rupee inches up 3 paise to 70.91 versus USD

The Indian rupee rose 3 paise to close at 70.91 against the US dollar on Wednesday amid lack of triggers and geopolitical uncertainties. Easing crude oil prices propped up the local unit, although fresh capital outflows capped the gains, forex traders said.

Trading in emerging market currencies was subdued after British Prime Minister Boris Johnson lost the crucial Brexit Bill timetable vote.

Investments via P-notes fall for fourth month in a row, stand at Rs 76,611 cr

Dropping for the fourth consecutive month, investments through participatory notes (P-notes) in the Indian capital market stood at Rs 76,611 crore at the end of September. P-notes are issued by registered foreign portfolio investors (FPIs) to overseas investors who wish to be part of the Indian stock market without registering themselves directly after going through a due diligence process.

Investments through P-notes have been steadily declining since June, according to the latest data from markets regulator Sebi. The total value of P-note investments in the Indian markets – equity, debt, and derivatives – declined to Rs 76,611 crore till September-end, from Rs 79,088 crore to August-end, showed the data.

India eases fuel retail rules, allows entry of non-oil firms

India on Wednesday relaxed its rules for setting up fuel stations in the country after a gap of 17 years, opening to non-energy companies a sector long eyed by global oil majors. India has become a lucrative market after the government removed controls on retail pricing of gasoline and gasoil. However, regulations framed in 2002 had made it difficult for new players to obtain a retail license, such as an investment commitment of USD 282 million in the country's oil and gas sector.

Under the new rules, any company with a net worth of Rs 2.5 billion will be eligible for marketing rights, a government statement said, paving the way for convenience stores, shopping malls and hypermarkets to sell fuel.

Japan factory activity shrinks at quickest pace since 2016 in Oct: Flash PMI

Japanese factory activity shrank at the fastest pace in three years in October, largely hurt by slumping new orders and output, yet another sign of broadening economic cracks in the face of slowing global demand and trade frictions.

The Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) in October contracted at the quickest pace since June 2016, slipping to 48.5 on a seasonally adjusted basis from a final 48.9 in the previous month.

87 companies to report Sept quarter numbers today

As many as 87 companies on the BSE will declare their results for September quarter which include names like Alembic Pharma, Aptech, Bandhan Bank, Colgate Palmolive, Cummins India, ICRA, IDFC First Bank, InterGlobe Aviation, ITC, Maruti Suzuki, NIIT Ltd, PNB Housing, Tata Steel, United Spirits etc. among others.

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