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

Image result for What changed for the market while you were sleeping? Top 12 things to knowThe market fell for fifth consecutive session on July 24 with the Nifty closing below 11,300 level ahead of F&O expiry, as bears seem to be not in a mood to give control of Dalal Street to bulls. Banks, auto, metals, pharma and select technology stocks dragged benchmark indices.

The BSE Sensex was down 135.09 points at 37,847.65 while the Nifty50 declined 59.70 points to 11,271.30 and formed bearish candle on daily charts.

As the index fell below 200-day exponential moving average (11,297), there could be more sellling pressure with a bit of volatility in coming session, experts feel.

The selling pressure was more in broader markets as the Nifty Midcap and Smallcap indices fell 1.5 percent each. About two shares declined for every share rising on the NSE.

According to the pivot charts, the key support level is placed at 11,214.13, followed by 11,156.97. If the index starts moving upward, the key resistance levels to watch for out are 11,344.13 and 11416.97.

The Nifty Bank closed at 28,952.25, down 175.85 points on July 24. The important pivot level, which will act as crucial support for the index, is placed at 28,797.99, followed by 28,643.8. On the upside, key resistance levels are placed at 29,179.39, followed by 29,406.6.

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.

US Markets

Wall Street fell from record highs on Thursday following a flurry of downbeat quarterly results from Ford Motor and other companies and after European Central Bank chief Mario Draghi’s comments disappointed investors hoping for a more dovish stance on monetary policy.

The Dow Jones Industrial Average dipped 0.47% to end at 27,141.05 points, while the S&P 500 lost 0.53% to 3,003.7. The Nasdaq Composite tumbled 1% to 8,238.54.

Asian Markets

Asian share prices opened a tad lower on Friday on mixed US earnings reports and the euro held above two-year lows struck overnight after the European Central Bank held interest rates steady, though officials said a cut was certain in September.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.15% while Japan’s Nikkei dipped 0.3%.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the broader index in India, a with 0.27 percent loss. Nifty futures were trading around 11,270-level on the Singaporean Exchange.

Oil drops after poll points to slower global growth

Oil prices fell on Friday after a Reuters poll showed global economic growth is likely to slow further amid the US-China trade war, although losses were limited by tensions in the Middle East.

Brent crude futures were down 24 cents, or 0.4%, at $63.15 a barrel by 0049 GMT. They rose 0.3% in the previous session. US West Texas Intermediate crude was down 5 cents, or 0.1%, at $55.97 a barrel, after gaining 0.25% overnight.

Rupee skids; settles 6 paise down at 69.04 vs USD

The rupee depreciated by 6 paise to close at 69.04 against the US dollar on Thursday amid sustained foreign fund outflows and firm crude oil prices. Prolonged weakness in the domestic equity markets and a strengthening greenback further weighed on the local unit, forex traders said.

At the interbank foreign exchange market, the rupee opened at 68.99 and went on to touch the day’s high of 68.92 against the US dollar. The local currency, however, failed to sustain the gains and slipped to a low of 69.07, before finally finishing at 69.04, down by 6 paise against its previous close. This is the fourth straight day of fall for the rupee, during which it has lost 24 paise.

India to get above-average monsoon rains in next two weeks: IMD official

India is likely to get above-average rainfall in the next two weeks after receiving below average rains in the past two weeks, a weather department official said on July 25. Monsoon rains are crucial for India’s farm output and economic growth as about 55 percent of the country’s arable land is reliant on rainfall and agriculture forms about 15 percent of a $2.5 trillion economy.

“In the next two weeks, we are likely to get above average rainfall, which will be well distributed across the country,” said an official with the India Meteorological Department.

PMO wants finance ministry to restudy issuing overseas sovereign bond: Sources

The Prime Minister’s Office (PMO) wants the finance ministry to reassess the idea of issuing foreign currency overseas sovereign bonds, two sources with knowledge of the development said on July 25. The office has asked the finance ministry to seek wider consultation from stakeholders before proceeding with any plans, said the sources, who declined to be identified as they were not authorised to speak to the media.

The Ministry of Finance and the PMO declined to comment on the matter. This month, Finance Minister Nirmala Sitharaman said in her budget speech that India would look to issue overseas foreign currency sovereign bonds.

BSE’s India INX daily turnover crosses all-time high of Rs 31,253 cr

BSE-owned India International Exchange (India INX) July 25 registered an all-time high daily turnover of over Rs 31,253 crore ($4.5 billion) on its derivative segment. The average daily trading volumes have crossed over Rs 11,225 crore ($1.63 billion) in 2019 while the cumulative trading turnover has crossed the Rs 27,83,766 crore ($403 billion) mark driven by a substantial jump in market participation, the statement said.

India INX “witnessed an all-time high turnover of over $4.5 billion (Rs 31,253 crore approx) on its derivative segment in daily trading turnover on July 25, 2019,” the exchange said in a statement.

12.66 lakh new jobs created in May: ESIC payroll data

Around 12.66 lakh jobs were created in May, a tad higher than 11.15 lakh jobs in April this year, the Employees’ State Insurance Corporation (ESIC) payroll data showed. Gross enrolments of new subscribers with the ESIC were 1.49 crore during 2018-19, a report released by National Statistical Office (NSO) stated. The NSO report is based on the payroll data of new subscribers of various social security schemes run by ESIC, retirement fund body EPFO and Pension Fund Regulatory and Development Authority (PFRDA).

The NSO has been releasing the payroll data or new subscribers data of these three bodies since April 2018 covering a period starting from September 2017. The report showed that gross new enrolments with the ESIC during September 2017 to March 2018 were 83.32 lakh.

3 of the 7 IBC amendments credit positive for banks: Moody’s

The seven amendments to the bankruptcy law are credit-positive in general and particularly for banks as they restore the primacy of secured creditors, says a report. The proposed seven amendments, cleared by the Cabinet earlier this week, aim at improving the effectiveness of the bankruptcy law, and three of the proposals have credit- positive implications for banks, global ratings agency Moody’s said in a note July 25.

The amendments seek to restore the supremacy of creditors by giving them the explicit authority over distribution of proceeds in a resolution process, it said, pointing out to the recent appellate tribunal judgement in the Essar Steel case which put secured creditors on par with unsecured and operational creditors. The order forced the lenders to move the Supreme Court.

RBI committee recommends increase of loan limits to MSME sector

A Committee constituted by Reserve Bank of India (RBI), headed by former SEBI Chairman UK Sinha, has recommended that the limit for collateral free lending should be increased to Rs 20 lakh for MSMEs and Self-Help Groups (SHGs). The Committee has also recommended revision of loan limit sanctioned under MUDRA to Rs 20 lakh from Rs 10 lakh.

The recommendations also include a proposed Rs 5,000 crore distressed asset fund for MSMEs. The fund may be used to assist units in clusters where large number of entities may have become non-performing due to changes in the external environment.

55 companies to report June quarter numbers today

As many as 55 companies will declare their results for the quarter ended June which include names like ABB India, Bajaj Auto, Force Motors, Vodafone Idea, JSW Steel, KPIT Tech, Maruti Suzuki India, Punjab National Bank, Usha Martin, Vedanta, and VST Industries among others.