The Nifty50 which started higher failed to keep the momentum going on Wednesday after the Monetary Policy Committee (MPC) decided to keep the repo rate unchanged at 6 percent but highlighted its cautious view on rising inflation.
The Nifty50, which opened with a gap on the higher side at 10,607, rose marginally higher to hit an intraday high of 10,614. The bulls soon took over D-Street and pushed the index below 10,500 levels in the last 1 hour of the trading session. The Nifty closed 21 points lower at 10,476.
According to Pivot charts, the key support level is placed at 10,410.73, followed by 10,344.77. If the index starts to move higher, key resistance levels to watch out are 10,578.33 and 10,679.97.
The Nifty Bank closed at 25,670, down 0.55 percent. Important Pivot level, which will act as crucial support for the index, is placed at 25,459.27, followed by 25,248.53. On the upside, key resistance levels are placed at 25,979.57, followed by 26,289.13.
US markets end lower after week's wild start
US stocks ran out of steam on Wednesday after an early surge, in a sign that investors are still spooked by the market’s recent retreat and wary more fallout is to come.
The Dow Jones Industrial Average fell 19.42 points, or 0.08 percent, to 24,893.35, the S&P 500 lost 13.48 points, or 0.50 percent, to 2,681.66 and the Nasdaq Composite dropped 63.90 points, or 0.9 percent, to 7,051.98, Reuters reported.
Markets in Asia climb despite softer US lead
Most Asian indexes climbed early on Thursday after last session's rally stalled late in the trading day. The Nikkei 225 jumped 0.74 percent after closing barely in positive territory in the last session while the Kospi gained 0.85 percent after finishing in negative territory on Wednesday, CNBC reported.
SGX Nifty
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 47 points or 0.45 percent. Nifty futures were trading around 10,498-level on the Singaporean Exchange.
Growth to accelerate, but inflation threat looms: RBI
Inflation outlook clouded by several uncertainties on the upside, including higher minimum support price for farmers, and a higher than expected fiscal deficit figure for 2017-18 as well as 2018-19. December quarter average inflation at 4.6 percent, and March quarter estimated at 5.1 percent. This is higher than the 4.3-4.7 percent range for the second half of this fiscal, projected in the previous RBI policy.
Economy is on recovery path, including early signs of a revival of investment activity. Global demand improving, which should help strengthen domestic investment activity.
DoT to seek Cabinet nod on new telecom policy by April: Telecom Secretary
The telecom ministry said it hopes to place the proposed New Telecom Policy before the Cabinet for approval by April. Terming M2M as being a fast-evolving area, the Telecom Secretary said that taking a license heavy approach for it may not be appropriate as it may restrain the growth of the new age technology.
BSE asks MF investors to submit PAN, Aadhaar by March
BSE on Wednesday asked mutual fund investors to submit PAN and Aadhaar by March 31, 2018, failing which their folios would be closed. For new mutual fund's accounts opened from February 15, this year onwards, investors are required to submit their PAN and Aadhaar number, at the time of opening such folio itself, without which no new account would be opened.
Govt amends IBC for better realization of stressed assets
The government has amended regulations under the Insolvency and Bankruptcy Code to introduce the concept of fair value and ensure better realizations for assets undergoing resolution.
Lenders are in the middle of finalizing resolution plans for 11 of the 12 accounts that were referred to the National Company Law Tribunal for early insolvency proceedings, following the Reserve Bank of India’s directive in June 2017, Mint reported.
DBT payments cross Rs 1 lakh cr in ’17-18
Payments made by the government into people's bank accounts through Direct Benefit Transfer (DBT) have crossed Rs 1 lakh crore in this financial year. The government is expected to announce soon that it has saved almost Rs 75,000 crore through DBT since 2014.
DBT payout figure stood at Rs 1,00,144 crore on Wednesday, up from Rs 74,707 crore in 2016-17 and Rs 7,367 crore in 2013-14, when the UPA was in power. A senior government official said that the final DBT payout for 2017-18 could reach Rs 1.2 lakh crore, a 60 percent increase over the previous year, Economic Times reported.
Rupee falls for 5th day to hit 2-month low
The rupee failed to hold onto its early gains and fell back to end at a fresh two-month low of 64.28 after the Reserve Bank sounded a more hawkish tone amid upside risks on inflation.
Earlier, the Indian currency opened higher at 64.12 as compared to Tuesday's close of 64.24 at the Interbank Foreign Exchange (forex) market on fresh bouts of dollar selling by exporters and banks.
Cabinet approves auction of 60 oil and gas fields
The Union Cabinet approved offering of 60 oil and gas fields of ONGC and Oil India Ltd, among others in the second auction of Discovered Small Field round.
Out of the 60 fields, 22 were discovered by Oil and Natural Gas Corp (ONGC), 5 belong to Oil India Ltd and 12 are relinquished fields/discoveries from blocks offered in bids rounds under New Exploration Licensing Policy since 1999, an official statement said.
Galaxy Surfactants to make market debut today
Galaxy Surfactants will make its stock market debut on Thursday after concluding its initial public offer last week. It was subscribed 20 times during January 29-31. ICICI Securities, Edelweiss Financial Services and J M Financial Institutional Securities managed the company's issue.
Mutual funds add Rs 1.06 lakh crore in January
Assets under management for the mutual fund industry rose by Rs 1.06 lakh crore, touching Rs 22.41 lakh crore for the month of January reports industry body AMFI.
Balanced funds saw some moderation in inflows, seeing flows of Rs 7665 crore as compared to Rs 9756 crore in December 2017, as investors turned cautious with valuations soaring, Economic Times reported.
220 companies likely to report Q3 results today
As many as 220 companies are scheduled to report results for the quarter ended December later today which include names like ACC, ABB India, Andhra Bank, Bharat Forge, BHEL, Cadila Healthcare, CESC, LT Foods, Future Consumer, Glenmark Pharma and JBF Industries among others.
