Macro triggers that may move the markets on Thursday
In Thursday’s trading session, Nifty closed lower by 9.7 points at 9342 levels. Sensex closed lower by 103 points at 30029 levels. Nifty50 took a breather after a scintillating rally in the last three trading sessions. Now, going forward, Nifty50 needs to hold above the level of 9370 to extend its uptrend towards the level of 9420. On the downside, the level of 9250 is likely to act as a strong support.
Following are the top five macro triggers that may affect the markets on Friday:
CPSEs may takeover NPAs: In another confident move to resolve the issue of stressed assets in the public-sector banks, the government has asked all the banks to list out the top 50 non-performing assets in each sector. The list will be shared with the respective Ministries for faster resolution. The central public sector enterprises (CPSEs) may takeover some of the projects from them.
5G spectrum auction on hold: The telecom companies are fighting the price wars for the 4G network services. The Communications Ministry put the idea of selling 5G airwaves on hold, since it feels that this is not the right time for 5G spectrum auction.
Cement prices rebound to pre-demonetisation levels: Cement and Real Estate sector were the biggest victims of demonetisation. The cement prices were subdued after the demonetisation drive, for few months. However, the cement prices are seen to move back to the pre-demonetisation levels.
Rupee trades lower: After touching fresh 20-months high value, the rupee closed lower in Thursday’s trading session. The rupee closed at 64.15 per USD on Thursday, down by 0.06%.
Crude output in India slides: The crude oil production in India declined for the fifth consecutive year in 2016-17, since the output continued to fall at ageing oil fields. The oil output declined by 2.5% as against the previous fiscal’s numbers to 36 million metric tonnes.