NEW DELHI: Will tepid cues from the US and other Asian markets pull the plug on the four-day rally in domestic indices?
Let us check out what may move market all through Wednesday:
- Singapore trading sets stage for flat start
Nifty futures on the Singapore Exchange were trading 5 points, or 0.04 per cent, higher at 11,792, indicating a positive start for the Nifty50.
- Tech view: Nifty forms Doji candle
There is no sign of trend reversal so far. “We continue with our advice to trade with a positive bias and avoid taking any contrarian bet. The gap formed at start of the week at 11,630 level will be seen as a crucial near-term support and there may be profit-booking if this level is breached,” said Ruchit Jain of Angel Broking
- Asian shares take a pause
Asian shares hovered near seven-month highs early on Wednesday as global investors paused for breath after the strong rally seen earlier this week, while oil approached the key $70 per barrel mark. MSCI’s broadest index of Asia-Pacific shares outside Japan was up less than 0.1 percent early in the Asian trading day.
- US stocks settled mixed
The Dow Jones Industrial Average dropped 0.3 per cent to 26,179.13. The broad-based S&P500 index was flat at 2,867.24, while the tech-rich Nasdaq Composite Index gained 0.3 per cent to 7,848.69. An upbeat forecast from Delta lifting airlines was overshadowed by disappointing Walgreens results.
- Oil prices up for fourth day
Oil prices rose for a fourth day on Wednesday, holding firm despite an industry report showing that US inventories rose unexpectedly last week, with supply cuts and sanctions supporting the market. Brent futures rose 22 cents, or 0.3 per cent, to $69.59 a barrel, after earlier reaching $69.68, the highest since November 13.
- Re jumped 40 paise against dollar
The rupee on Tuesday recovered from the day’s low to finally settle at 68.74 against the US dollar with gains of 40 paise amid sustained foreign fund inflows and heavy buying in domestic equities.
- Metropolis IPO to hit market today
The diagnostics company has raised Rs 530 crore on Tuesday by allotting 60.24 lakh shares to 26 anchor investors at 880 per share. The 1,200-crore offer, which will run from April 3 to 5, consists of about 15.3 million shares.
- RVNL IPO subscribed 48% on Day 3
The initial public offer (IPO) by Rail Vikas Nigam (RVNL) was subscribed 48 per cent on the third day of the bidding process on Tuesday. The IPO was subscribed 9 per cent on Day 1 and 18 times on Day 2 of the bidding process on Friday and Monday, respectively. The issue will close today.
- FIIs buy Rs 543 crore worth of equities
Foreign portfolio investors (FPIs) bought Rs 543.36 crore worth of domestic stocks on Tuesday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 437.70 crore, data suggested.
- Rupee surges: The rupee on Tuesday recovered from the day’s low to settle at 68.74 against the dollar with gains of 40 paise amid sustained foreign fund inflows and heavy buying in domestic equities.
- 10-yr bond yields down: India 10-year bonds’ yields fell 0.08% to 7.27% on Tuesday from 7.35% over the previous trading session, according to RBI data.
SC quashes RBI rules for cos defaulting on loans
- Manufacturing activity slips to 6-month low
The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) fell to 52.6 from a 14-month high of 54.3 in February. A reading above 50 indicates expansion and below that mark, contraction.
- RBI may revise bankruptcy circular
The Reserve Bank of India (RBI) could revise its bankruptcy circular to ensure that an amended version of the directive complies with norms, although the regulator cannot dictate a blanket order for taking all companies above a threshold to insolvency courts, lawyers said.
- SC quashes RBI’s Feb 12 circular on defaulting cos
The Supreme Court has struck down a controversial RBI circular that mandated banks to immediately resolve all bad loans above Rs 2,000 crore or file for insolvency resolution under the IBC. The court also held that reference under IBC has to be on case specific basis and with authorisation of central government.
- FY19 exports may be highest ever at $330 bn
Amid slowing global merchandise trade growth, India’s exports are likely to register an all-time high of $330 billion this fiscal. “The growth is propelled by higher exports of pharmaceuticals, petroleum and engineering,” said an official aware of the details. India’s total outward shipments were $303.5 billion in 2017-18.
- ‘Precarious’ global rebound in late 2019: IMF
Global growth in 2019 should be even slower than previously expected but a “precarious” rebound later this year is likely, IMF chief Christine Lagarde said Tuesday. Lagarde said the IMF next week was due to cut its global growth forecasts even further than it had in January, with more than two thirds of the world economy likely to see slowing growth.