What changed for the market while you were sleeping? 10 things to know | Ina000003197
The Nifty is likely to open flat on Thursday, tracking muted handover from Wall Street. The index closed flat, but with a negative bias at 9,621 on Wednesday. But during the session, it hit a fresh record high of 9,649.60.
The index failed to sustain at a higher level and pared most of its intraday gains to close in negative which made a small bearish candle on the daily candlestick charts, after rallying for four straight sessions.
If the index manages to defend 9,600 this week, bullish momentum remains intact, but a close below this level could fuel further profit booking decline. Traders are advised to lighten up long positions if Nifty slips below 9,580-9,600, suggest experts.
Stay tuned with BonazCapital to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.
GDP expands at 7.1% in FY17
The Indian economy grew at 7.1 percent in 2016-17, the government said in new estimates on Wednesday, identical to the expansion projected in February, but slower than the previous year’s 8 percent growth.
A 6.1 percent growth in January-March quarter, however, indicated that the economy is still smarting under the demonetisation shock that the sudden flush out of high-value notes and restricted cash access had caused on household spending and corporate investment.ina000003197
The Nifty futures on the Singapore Stock Exchange were trading 8 points lower at 9,629 indicating a flat opening for the domestic market.
Wall Street ends flat
US stocks closed flat as financials dropped after JPMorgan and Bank of America warned of revenue weakness.
JPMorgan blamed lower volatility for a 15 percent decline in trading revenue in the current quarter compared with last year, while Bank of America said trading revenue in the second quarter was on track to be 10 to 12 percent lower than last year, said a Reuters report.
The Dow Jones Industrial Average fell 20.82 points, or 0.1 percent, to 21,008.65, the S&P 500 lost 1.1 points, or 0.05 percent, to 2,411.81 and the Nasdaq Composite dropped 4.67 points, or 0.08 percent, to 6,198.52.
Petrol price hiked by Rs 1.23/litre, diesel by 89 paise
Petrol price was today hiked by Rs 1.23 per litre and diesel by 89 paise a litre in sync with rising international fuel rates.
Petrol price in Delhi will cost Rs 66.91 per litre as against Rs 65.32 a litre. Similarly, a litre of diesel will be priced at Rs 5.94, as compared to Rs 54.90 at present.
Delhi Assembly passes state GST bill
The Delhi Assembly today passed the state Goods and Services Tax (GST) Bill even as Chief Minister Arvind Kejriwal pitched for capping the tax rate at a maximum of 10 percent, said a report.
A special session of the Assembly, which saw clashes between a few AAP MLAs and sacked minister Kapil Mishra, cleared the bill following an extensive discussion while also adopting a resolution on lowering tax slabs.
Government meets 3.5% fiscal deficit target in 2016-17
The government on Wednesday said it has achieved the fiscal deficit target of 3.5 percent of GDP in 2016-17. For 2017-18, the government aims to further bring down the fiscal deficit gap between expenditure and revenue up to 3.2 percent, said a report.
“Fiscal deficit is 3.51 percent of GDP or Rs 5.35 lakh crore in 2016-17,” the Controller General of Accounts (CGA) said while releasing the provisional accounts for the last financial year.
Dollar wobbles on U.S. political tension
The dollar slid to two-week lows against the yen and a more than one-week trough versus the euro amid growing political tension in Washington said a report.
Against a basket of major currencies, the dollar ended the month with its largest monthly percentage loss since January.
The dollar was down 0.1 percent at 110.67 yen after earlier falling to two-week lows. The euro was up 0.5 percent at $1.1236, while the dollar index fell 0.3 percent to 96.99.
India, Spain sign 7 agreements
India and Spain on Wednesday decided to widen defence partnership, conclude a civil nuclear deal and share best practices to jointly fight terror, said a report.
PM Modi and his Spanish counterpart Mariano Rajoy held talks to strengthen strategic partnership amid signing of seven agreements, including on cyber security and transfer of sentenced persons.
Rupee logs 1st gain in 3 days
The rupee endured a sharp reversal in fortunes against a resurgent US dollar after a two-day fall and recovered by 15 paise to end at 64.51 on fresh selling of the American currency by banks and exporters.
3 stocks under ban period on NSE
Security in ban period for the next trade date under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
Securities which are banned for trading today include names like JP Associates, Reliance Communications, and Reliance Capital.