The market started off the F&O expiry week on a negative note and continued its downtrend for the second consecutive session on April 22 with the Nifty closing tad below 11,600 levels. Rising crude oil prices to over five-month high dented traders sentiment.
The BSE Sensex broke the psychological 39,000 level, falling sharply by 495.10 points or 1.26 percent to close at 38,645.18 while the Nifty 50 plunged 158.30 points or 1.35 percent to 11,594.50 and formed ‘Bearish Belt Hold’ pattern on daily charts.
Nifty closed below 20 DMA, an important moving average considered for short term suggesting short term trend reversed to a downtrend, experts said.
According to the Pivot charts, the key support level is placed at 11,543.33, followed by 11,492.17. If the index starts moving upward, key resistance levels to watch out are 11,686.33 and 11,778.17.
The Nifty Bank index closed at 29,687.95, down 535.45 points on April 22. The important Pivot level, which will act as crucial support for the index, is placed at 29,460.37, followed by 29,232.83. On the upside, key resistance levels are placed at 30,102.67, followed by 30,517.43.
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 news agencies.
Wall Street near flat in quiet session ahead of earnings wave
US stocks ended a low-volume trading session little changed on Monday, with the biggest gains in the energy sector as investors otherwise stayed on the sidelines ahead of quarterly earnings. Trading volume – which was the lowest so far in 2019 – was also muted by the fact that some investors were still on vacation after Friday’s market holiday and because markets were closed in parts of Europe and Asia on Monday.
The Dow Jones Industrial Average fell 48.49 points, or 0.18%, to 26,511.05, the S&P 500 gained 2.94 points, or 0.10%, to 2,907.97 and the Nasdaq
Composite added 17.21 points, or 0.22%, to 8,015.27.
Asian shares steady after Easter weekend
Asian shares were little changed on Tuesday, hovering not far from nine-month peaks hit last week, with concerns China may slow the pace of policy easing curbing the market’s enthusiasm.
MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat, while Japan’s Nikkei average eased 0.2 percent. Many markets around the world remained shut on Monday after the long Easter weekend.
Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, a rise of 5 points or 0.04 percent. Nifty futures were trading around 11,621-level on the Singaporean Exchange.
Oil prices hover near 2019 highs after US ends all Iran sanction waivers
Oil prices hovered near 2019 peaks in early trading on Tuesday after Washington abruptly moved to end all Iran sanctions waivers by May, pressuring importers to stop buying from Tehran.
Brent crude futures were at $74.33 per barrel at 0051 GMT, up 0.4 percent from their last close and not far off 2019 highs of $74.52 reached on Monday. US West Texas Intermediate (WTI) crude futures were at $65.79 per barrel, up 0.4 percent from their previous settlement, and also just a notch below their $65.92 2019 peak from Monday.
Rupee drops 32 paise to close at 2-wk low against dollar
The rupee on April 22 plunged by 32 paise to close at a two-week low of 69.67 against the US dollar following a spike in crude oil prices on reports that the US will end waivers on Iranian oil imports. A fall in domestic equity markets also weighed on the rupee.
A weak US dollar against major global currencies capped losses of the domestic currency. At the Interbank Foreign Exchange (forex), the rupee opened sharply lower at 69.78 and touched a low of 69.88 against the dollar in early trade. But it pared early losses later and rose to an intra-day high of 69.50.
Investor wealth plunges Rs 1.92 lakh cr as stocks suffer losses
Investor wealth eroded by Rs 1.92 lakh crore on April 22 in tandem with a weak broader market sentiment where the BSE benchmark plunged nearly 500 points. The 30-share BSE index settled 495.10 points, or 1.26 per cent, lower at 38,645.18.
Following the sharp fall in stocks, the market capitalisation of BSE-listed companies dropped by Rs 1,92,530.74 crore to Rs 1,51,60,885.97 crore. Investor sentiment took a beating amid reports that the US will end sanctions waiver on Iranian oil imports. Reacting to reports, global benchmark Brent crude climbed to a multi-month high of $73.81 per barrel.
BSE ties up with Network Intelligence to provide security services to its members
BSE, India’s largest stock exchange has entered a Memorandum of Understanding (MoU) with Network Intelligence, a global cybersecurity services provider & CERT-IN empanelled vendor to provide cybersecurity services to its members in line with the cybersecurity framework set by SEBI.
In late 2018, SEBI had released its “Cybersecurity & Cyber Resilience framework for Stock Brokers / Depository Participants”. After a detailed assessment and capabilities evaluation by BSE, Network Intelligence India (NII) was selected as one of its partners to provide these services to its members.
Network Intelligence will be using its own developed platform – BlueScope to offer 24×7 cyber security operations to the members. In addition, Network Intelligence, will be using leading technology solutions to provide other services including VAPT, Asset Management, Endpoint Security, Network Security etc. All the activities will be conducted from its state-of-the-art Next Gen Cybersecurity Operations Centre (CSOC) based in Mumbai.
Job creation down 1.7% in Feb to 15.03 lakh: ESIC payroll data
Job creation dropped by 1.73 per cent in February to 15.03 lakh compared to 15.30 lakh in the same month last year, according to the latest payroll data of the Employees State Insurance Corporation (ESIC). The data showed that during September 2017 to February 2019, nearly 3 crore new subscribers joined the ESIC scheme.
According to the data, the gross new subscribers addition remained the highest at 19.81 lakh in July 2018. The data showed that 2.34 lakh women subscribers joined the ESIC scheme in February 2019 while around 12.69 men enrolled under the scheme.
RBI reserves: Bimal Jalan panel may line up Rs 3 lakh crore for transfer
The Bimal Jalan committee on the appropriate capital reserves for the Reserve Bank is likely to identify an excess buffer of up to Rs 3 lakh crore, according to a foreign brokerage. This includes the excess capital in contingency reserves and also revaluation reserves, a report by Bank of America Merrill Lynch said Monday, amid reports that the panel is almost ready with its report.
As of September last, the excess capital with the central bank stood at Rs 9.6 lakh crore. “Our stress tests estimate RBI’s excess capital at Rs 1-3 lakh crore,” the report said.
14 companies to report Q4 numbers today
As many as 14 companies on the BSE will declare their results for the quarter ended March which include names like ACC, Indiabulls Real Estate, ICICI Securities, Tata Global Beverages and Sterlite Technologies among others.
Seven stocks under ban period on NSE
Securities in ban period for the next day’s trade under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
For April 23, Adani Power, DLF, IDBI Bank, Idea Cellular, Jet Airways, PC Jeweller and Reliance Capital are present in this list.