The Indian stock market is expected to open in the green following a positive close for the US market. Trends on SGX Nifty indicate a positive opening for the index in India with a 17-point gain.
The Sensex closed 37 points, or 0.1 percent, lower at 38,369.63 on August 12 and the Nifty ended at 11,308.40, with a loss of 14 points, or 0.12 percent. According to pivot charts, the key support level for the Nifty is placed at 11,260.07, followed by 11,211.73. If the index moves up, the key resistance levels to watch out for are 11,339.37 and 11,370.33.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
US Markets
The S&P 500 jumped on Wednesday but finished just short of its February record closing high, in a broad rally led by tech-related stocks.
The Dow Jones Industrial Average rose 289.93 points, or 1.05 percent, to 27,976.84, the S&P 500 gained 46.66 points, or 1.40 percent, to 3,380.35 and the Nasdaq Composite added 229.42 points, or 2.13 percent, to 11,012.24.
Asian Markets
Asian stocks were set for broad gains on Thursday after Wall Street’s S&P 500 index briefly touched record highs, as investors appeared to shrug off worries about stalled U.S. stimulus talks and a shaky economic recovery.
Australian S&P/ASX 200 futures rose 0.69 percent in early trading, while New Zealand's benchmark S&P/NZX 50 index gained about 0.4 percent. Hong Kong’s Hang Seng index futures rose 0.42 percent and Japan’s Nikkei 225 futures were flat.
SGX Nifty
Trends on SGX Nifty indicate a positive opening for the index in India with a 17 points gain. The Nifty futures were trading at 11,328 on the Singaporean Exchange around 07:30 hours IST.
Crude rises 2% after a fall in US oil stocks spur demand hope
Crude prices rose more than 2 percent on Wednesday after government data showed US oil inventories fell across the board, bolstering hopes that fuel demand in the world’s biggest economy will withstand the coronavirus pandemic.
Brent crude settled up 93 cents, or 2.1 percent, at $45.43 a barrel. West Texas Intermediate oil ended $1.06, or 2.6 percent, higher at $42.67 a barrel, having dropped 0.8 percent in the previous session.
SEBI issues showcause notice to Kirloskar Brothers' promoters in connection with fraud case: Report
Market regulator Securities and Exchange Board of India (SEBI) has issued a showcause notice to six promoters of Kirloskar Brothers (KBL) and two others in connection with a 2010 stake sale, Mint reported. It has been conducting a probe into alleged charges of insider trading and unfair trade practices against KBL promoters.
The probe relates to the sale of 10.7 million shares (13.5 percent stake) of KBL to Kirloskar Industries (KIL) on October 6, 2010. SEBI said the promoters are guilty of fraud against minority shareholders as they were aware of the promoter group's financial condition at the time of the stake sale. It has also assessed that the gains from the decade-old deal could be well over Rs 350 crore.
SEBI has charged some of KBL's promoters with having indulged in unfair trade practices, thereby harming the interests of KIL's minority investors.
Japan's wholesale price fall eases further as economy emerges from coronavirus jolt
Japan’s wholesale prices fell at a smaller annual pace in July than in the previous month as global and domestic demand rebounded, a sign the economy was gradually emerging from the damage wrought by the coronavirus pandemic.
The corporate goods price index (CGPI), which measures the price companies charge each other for their goods, fell 0.9 percent in July from a year earlier, Bank of Japan data showed on Thursday, less than a median market forecast for a 1.1 percent drop.
OPEC trims 2020 oil demand
World oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and there are doubts about next year’s recovery, OPEC forecast on Wednesday, potentially making it harder for the group and its allies to support the market.
Oil prices have collapsed as the coronavirus curtailed travel and economic activity. While some countries have eased lockdowns, allowing demand to recover, fear of new outbreaks has kept a lid on prices and OPEC expects this to persist.
Fed policymakers say economic growth will be muted until the virus is contained
The US economic recovery will be slow until the coronavirus is under control, and Americans will have to manage life with the virus for at least the next several months, three Federal Reserve policymakers said on Wednesday.
Consumer spending will probably remain weak as people avoid activities that require high levels of social interaction for health reasons, Boston Fed President Eric Rosengren said during an online event organized by the South Shore Chamber of Commerce in Massachusetts.
Results on August 13
Eicher Motors, Bharat Petroleum Corporation, Hero MotoCorp, Tata Steel, GAIL India, Aditya Birla Fashion, APL Apollo Tubes, Balkrishna Industries, Bharat Bijlee, City Union Bank, DB Corp, Endurance Technologies, Engineers India, Godrej Industries, Grasim Industries, Greaves Cotton, Garden Reach Shipbuilders & Engineers, Kirloskar Industries, PFC, Prestige Estates Projects, Sandhar Technologies, Shankara Building Products, Shoppers Stop, Shriram Transport Finance, Trent, TTK Healthcare.
FII and DII data
Foreign institutional investors (FIIs) bought shares worth Rs 351.15 crore while domestic institutional investors (DIIs) sold shares worth Rs 939.67 crore in the Indian equity market on August 12, as per provisional data available on the NSE.
10 stocks under F&O ban on NSE
Aurobindo Pharma, Bata India, Canara Bank, Century Textiles, Glenmark Pharmaceuticals, Indiabulls Housing Finance, Vodafone Idea, Muthoot Finance, Steel Authority of India and Vedanta are under the F&O ban for August 13. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
With inputs from Reuters & other agencies
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