ETMarkets.comNEW DELHI: Benchmark equity indices may open lower on Thursday, tracking weakness in Nifty futures trading on Singapore Exchange. While the overnight release of US Fed minutes of January policy meet signalled a consensus on keeping interest rates unchanged for now, doors are left open for a rate hike later this year, if the economy evolves as per expectations.
Let's check out what all may move market all through the day:
TRADE SETUP
MONEY MARKET
TOP VIDEO
Rafale, Tejas dazzle at Aero India air show in Bengaluru
QUOTE OF THE DAY
'Modi not getting full reins in next election is not a bad thing'
MACROS
Let's check out what all may move market all through the day:
TRADE SETUP
- Singapore trading sets stage for a positive start
Nifty futures on the Singapore Exchange were trading 38 points, or 0.35 per cent, lower at 10,729, indicating a negative start for the Nifty50.
OthersSource: sgxnifty.org
- Tech view: Nifty50 forms Morning Star candle
Rebounding from its crucial support, Nifty50 rebounded on Wednesday to reverse its eight-session losing spell and form a ‘Morning Star’ pattern on the daily chart. The emergence of this pattern a day after the index formed a bullish reversal ‘Inverted Hammer’ raised hopes that the near-term bottom might be in the place.
- Asian shares steady after Fed minutes
Asian shares held near 4-1/2-month highs on Thursday after US Federal Reserve minutes affirmed it would be patient on interest rate rises, Reuters reported. MSCI’s broadest index of Asia-Pacific shares outside Japan were steady in early trade, hovering just off their highest since early October. Japan’s Nikkei was down 0.3 percent after closing at a two-month high during the previous session.
- US stocks settle higher
The Dow Jones Industrial Average rose 63.12 points, or 0.24 percent, to 25,954.44, the S&P 500 gained 4.94 points, or 0.18 percent, to 2,784.7 and the Nasdaq Composite added 2.30 points, or 0.03 percent, to 7,489.07.
- Top FPIs increase India exposure
Top foreign portfolio investors (FPIs) in India are expanding their equity holdings, even as smaller offshore funds are trimming their exposure to the country. Assets under custody (AUC) of India’s top 10 FPIs have increased by Rs 23,000 crore to Rs 3 lakh crore so far in the ongoing financial year, data from Prime Database showed.
- FIIs buy Rs 713 crore worth of equities
Foreign portfolio investors (FPIs) bought Rs 713 crore worth of domestic stocks on Wednesday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 113 crore, data suggested.
- Promoters busy buying shares
When the markets were tumbling and lenders were selling pledged shares, promoters of several companies saw in the decline an opportunity to increase stake in their own companies at lower prices. Since January 1, promoters of nearly 150 mid- and small-cap companies have increased their stake by either buying from the open market or through buybacks and preferential issues.
- Gold nears 10-month high
Gold prices were firm near a 10-month peak on Thursday, with the dollar holding steady in the wake of minutes from the latest US Federal Reserve meeting that rekindled expectations of a possible rate hike later in the year, Reuters reported. Spot gold had gained 0.1 per cent to $1,339.99 per ounce, having touched $1,346.73 per ounce in the previous session, its highest level since April 20.
- Crude prices edge up
Oil prices hovered just below 2019 highs on Thursday, bolstered by OPEC-led supply cuts and US sanctions on Venezuela and Iran, Reuters reported. US WTI crude oil futures were at $57.30 per barrel, up 14 cents, or 0.2 per cent, from their last settlement and not far off their 2019 high of $57.55 reached the previous day.
MONEY MARKET
- Rupee up: Snapping a four-session downturn, the rupee appreciated by 23 paise to end 71.11 against the US dollar on Wednesday amid easing oil prices and a firm greenback.
- 10-yr bond yields down: India 10-year bonds' yields fell 0.03% to 7.55% on Wednesday from 7.58% over the previous trading session, according to RBI data.
TOP VIDEO
Rafale, Tejas dazzle at Aero India air show in Bengaluru
Rafale, Tejas dazzle at Aero India air show in Bengaluru
The 12th edition of the biennial Aero India 2019 air show took off on Wednesday with a dazzling flying display of military and civilian aircraft at the Indian Air Force's (IAF) Yelahanka base here. The multi-role medium combat aircraft Rafale of the French Dassault Aviation was a clear winner, with daring feats at the aerial display visitors' area. In the midst of showcasing Rafale's air power, its French Air Force pilot Captain Nativel paid tribute from the air to IAF pilot Wing Commander Sahil Gandhi, who died here on Tuesday after two Surya Kiran Hawk aerobatic aircraft collided in the air and crashed. The Light Combat Aircraft (LCA) Tejas, Jaguar and Sukhoi-30 fighter also flew in a 'Missing Man' formation as a tribute to Gandhi.
QUOTE OF THE DAY
'Modi not getting full reins in next election is not a bad thing'
MACROS
- Fed flags end to balance sheet runoff
The Federal Reserve on Wednesday signaled they will soon lay out a plan to stop letting go of $4 trillion in bonds and other assets, but policymakers are still debating how long their newly adopted “patient” stance on U.S. rates policy will last.
- Japan’s manufacturing PMI drops in Feb
Japanese manufacturing activity contracted in February for the first time in two-and-a-half years as factories cut output amid shrinking domestic and export orders, a private business survey showed on Thursday, Reuters reported. The Flash Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) fell to a seasonally adjusted 48.5 in February from a final 50.3 in January.
- 12 state-run banks to get fund RS 48K cr infusion
The finance ministry on Wednesday announced a Rs 48,239 crore capital infusion in 12 public sector banks to help them meet regulatory capital requirements and make growth capital available for the stronger lenders.
- India to remain fastest growing economy
India will remain the fastest growing major economy, much ahead of China, in the next decade (2019-28), according to a report prepared by Oxford Economics, which is engaged in global forecasting and quantitative analysis, India is likely to achieve an average growth of 6.5% in 2019-28, the highest among the emerging economies. India will be followed by the Philippines (5.3%) and Indonesia (5.1%).China has been assigned the fourth slot with an average growth rate of 5.1%.
- Rabi crop to fall by nearly 10%
According to the first estimate of rabi production in 2018-19, National Bulk Handling Corporation (NBHC), rabi cereals production is expected to decline by 9.91%, while chana/gram is the most affected pulse seeing 9.92% fall in acreage. The northeast monsoon, between October and December, had been substantially below normal. The cumulative rainfall in the country during the post-monsoon season i.e. 1st October 2018 to 31st December 2018 has been 44 per cent lower than LPA.
- FDI during April-Dec 2018-19 falls 7%
Foreign direct investment (FDI) into India contracted by 7% to $33.49 billion during April-December in the current fiscal, according to commerce and industry ministry data. Foreign fund inflows during April-December 2017-18 stood at $35.94 billion. Sectors to receive maximum FDI during the nine months of the fiscal include services ($5.91 billion), computer software and hardware ($4.75 billion), telecom ($2.29 billion), trading ($2.33 billion), chemicals ($6.05 billion), and auto ($1.81 billion).
- GST Councils puts off realty rate cut
The GST Council deferred a decision on rationalisation of tax rates for real estate and lotteries till February 24 when it will continue the discussion, as some opposition-ruled states sought a meeting where members were physically present in view of the importance of these decisions.
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(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
...moreDownload The Economic Times News App to get Daily Market Updates & Live Business News.
Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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