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What changed for the market while you were sleeping? 12 things to know

The Nifty is likely to open higher on Friday tracking strong handover from Wall Street. The index closed above its crucial psychological level of 9,600 on Thursday despite the wide range of movement on either side.
There was no specific pattern which got formed on the charts in the previous trading session but it looked like a small-bodied bullish candle because the closing level is higher than opening level. A small bodies candle signified muted trading activity.
The 50-share index appears to be in a consolidation mode as it continued its range bound move in a band of 40 points for the session. As long as it holds 9580-9600 market, investors should hold onto their long positions. A breach of same could put further pressure on bulls.

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.

Wall Street rises on economic data bonazcapital

US stocks rallied on Thursday with each major of the US indexes touched record highs, after a batch of economic data suggested the economy was picking up speed.

The ADP private sector employment report showed 253,000 jobs were added in May, well above the 185,000 estimated by economists polled by Reuters.

“The report could signal a strong government payrolls report on Friday that includes hiring in both public and private sectors, which would cement expectations for an interest rate hike by the Federal Reserve in two weeks,” said the Reuters report.

The Dow Jones Industrial Average rose 135.53 points, or 0.65 percent, to end at 21,144.18, the S&P 500 gained 18.26 points, or 0.76 percent, to 2,430.06 and the Nasdaq Composite added 48.31 points, or 0.78 percent, to 6,246.83.

SGX Nifty

The Nifty futures on the Singapore Stock Exchange were trading 37 points higher at 9,670 indicating a positive opening for the domestic market.

Trump says US to quit Paris climate pact

President Donald Trump on Thursday said he will withdraw the United States from the landmark 2015 global agreement to fight climate change. He said that the United States would begin negotiations either to re-enter the Paris accord or to have a new agreement.

“Supporters of the accord condemned Trump’s move as an abdication of American leadership, an international disgrace and a monumental foreign policy blunder,” said a report.

US factory activity edges up

US factory activity ticked up in May after slowing for two straight months and private employers stepped up hiring, suggesting the economy is regaining speed after struggling at the start of the year, which could make a strong case for a rate hike by US Fed, said a report.

The ISM survey’s new orders sub-index increased to 59.5 last month from 57.5 in April. A measure of factory employment jumped to a reading of 53.5 from 52.0 in April.

Traders are currently pricing in an 88.9-percent chance of a quarter-percentage-point rate hike at the US central bank’s June 13-14 meeting, according to Thomson Reuters data.

Slowdown in economy due to global uncertainty: Jaitley

A tepid growth in India’s gross domestic product (GDP) is a result of a slowdown in world markets, coupled with geopolitical uncertainties, and a wave of protectionism, Finance Minister Arun Jaitley said on Thursday.

“There are several factors which can contribute to a GDP (growth) in a particular quarter. There was some slowdown visible given the global situation even prior to demonetisation in the last year,” Jaitley told the reporters here.

More than 60% of India Inc feels July 1 GST rollout unrealistic: Poll

As the government prepares for a smooth rollout of the Goods and Services Tax on July 1, captains of India Inc feel the industry lags in GST readiness.

According to a poll conducted by CNBC-TV18, only 19 percent of India Inc is more than 80 percent ready for a July 1 GST-rollout. Over 45 percent of the industry feels it is 50-80 percent ready for the unified tax regime.

Interestingly, about 62.5 percent feel that the July 1 rollout isn’t realistic given the government’s preparedness. The government has repeatedly been saying that it is ready to implement the game-changing tax reform from July 1.

India and Russia ink key pact for 2 nuclear power units

India and Russia on Thursday concluded a much-awaited pact for setting up the last two units of the Kudankulam nuclear power plant with Moscow’s help in Tamil Nadu after overcoming initial hurdles to finalise the strategic deal, said a report.

The General Framework Agreement (GFA) and Credit protocol for Units 5 and 6 of the Kudankulam nuclear plant are seen as a major outcome of the annual summit talks between Prime Minister Narendra Modi and Russian President Vladimir Putin.

N. Chandrasekaran planning to merge small Tata companies

Tata Sons chairman N. Chandrasekaran is planning to consolidate group firms to weed out duplication and increase efficiency, Mint said in a report highlighting two Tata group executives.

Some of these are underperforming, some are not contributing to profits and in some cases, two or more businesses are doing similar things. These are the ones that Chandrasekaran is expected to take a hard look at, said the first of the two executives.

Rupee closes 3 paise higher against the dollar

The Indian rupee on Thursday closed 3 paise higher against the dollar at 64.48 after briefly depreciating earlier in the session.

Importers looking to partially hedge their June trade positions bought the dollar after USD-INR breached 64.50. As a result, the rupee fell to an intraday low of 64.56.

Dollar bounces back after strong economic data

The US dollar rallied after a report showed the US economy created more private sector jobs than expected in May, bolstering expectations for an interest rate hike this month.

The Dollar hit session highs against major currencies such as the yen, euro, and Swiss franc following the jobs report, although it already traded higher ahead of the data, said a Reuters report.

The dollar index was last up 0.3 percent at 97.18. In late trading, the dollar rose 0.5 percent to 111.29 yen, while the euro fell 0.2 percent to $1.1214.

FPIs buy USD 3 billion of Indian debt in May

Foreign portfolio investors (FPIs) net bought Indian debt securities worth around USD 3 billion in May, taking their total to over USD 10 billion for 2017 so far.

In fact, in the first 2 months of the current fiscal year — April and May – FPIs have already net bought over USD 5 billion of Indian debt. Considering that at the beginning of the fiscal year most analysts expected a total net inflow of around USD 5 billion for the whole year, this level is staggeringly high.

5 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 DLF, Infibeam, JP Associates, Reliance Communications, and Reliance Capital.