What changed for the market while you were sleeping? Top 10 things to know
The market continued its rally for the second consecutive session on February 12 after the positive momentum in global peers amid reports that the risk of coronavirus spreading further is fading away.The BSE Sensex climbed 349.76 points to 41,565.90, while the Nifty50 rose 93.30 points to 12,201.20 and formed a bullish candle on daily charts.According…
At a glance:
The market continued its rally for the second consecutive session on February 12 after the positive momentum in global peers amid reports that the risk of coronavirus spreading further is fading away.
The BSE Sensex climbed 349.76 points to 41,565.90, while the Nifty50 rose 93.30 points to 12,201.20 and formed a bullish candle on daily charts.
According to the pivot charts, the key support level for Nifty is placed at 12,153.07, followed by 12,104.93. If the index moves up, key resistance levels to watch out for are 12,240.57 and 12,279.93.
Nifty Bank closed at 31,492.90, up 0.61 percent. The important pivot level, which will act as crucial support for the index, is placed at 31,397.87, followed by 31,302.83. On the upside, key resistance levels are placed at 31,588.27 and 31,683.63.
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:
Wall Street closed at record highs on Wednesday as news that the coronavirus outbreak could be running out of steam kept buyers in the ring.
The Dow Jones Industrial Average rose 274.46 points, or 0.94%, to 29,550.8, the S&P 500 gained 21.63 points, or 0.64%, to 3,379.38 and the Nasdaq Composite added 87.02 points, or 0.9%, to 9,725.96.
Stocks in Asia Pacific edged higher on Thursday morning as investors weighed a spike in the number of new coronavirus cases reported in China’s Hubei province due to a tweak in methodology.
Mainland Chinese stocks gained in early trade, with the Shanghai composite up 0.15% and the Shenzhen component adding 0.2%. The Shenzhen composite was also 0.152% higher. Hong Kong’s Hang Seng index also advanced 0.16%.
Trends on SGX Nifty indicate a flat opening for the broader index in India, with a 1 point gain or 0.01 percent. The Nifty futures were trading around 12,230-level on the Singaporean Exchange.
Oil rises over 3% as demand worries ease
Oil prices rose over 3% on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world’s second-largest oil consumer may begin to recover.
Brent futures gained $1.78, or 3.3%, to settle at $55.79 per barrel, while US West Texas Intermediate (WTI) crude gained $1.23, or 2.5%, to settle at $51.17.
Rupee settles 6 paise down at 71.34 against US dollar
The rupee pared early gains to settle 6 paise down at 71.34 (provisional) against the US dollar on Wednesday ahead of the release of key domestic macroeconomic data. Forex traders said rising crude prices, foreign fund outflows and strengthening of the American currency weighed on the domestic unit.
At the interbank foreign exchange market, the rupee opened at 71.24 per dollar. During the day, it swung between a high of 71.21 and a low of 71.40. The domestic unit finally settled at 71.34, down 6 paise over its previous close.
January retail inflation rises to near 6-yr high of 7.59%
India’s retail inflation rate in January stood at 7.59 percent, according to data released by the Central Statistics Office (CSO) on February 12. Retail inflation for December was seen at 7.35 percent.
Retail inflation has breached the Reserve Bank of India’s medium-term target of 4 percent for the fourth straight month. January core inflation is at 4.8 percent versus 3.7 per cent in December.
FinMin notifies common application form for FPI registration
The finance ministry has notified a common application form for registration of foreign portfolio investors in a bid to enhance operational flexibility and ease of access to the Indian capital market. Last week, markets regulator Securities and Exchange Board of India (Sebi) had come out with a common application form (CAF) for registration of FPIs, allotment of permanent account number (PAN) and carrying out of Know Your Customer (KYC) for opening of bank and demat accounts.
“The finance ministry has notified the revised common application form for foreign portfolio investors which would serve as a single-window platform for the purpose of registration with Sebi, allotment of PAN and opening of bank and demat accounts,” Economic Affairs Secretary Atanu Chakraborty said in a tweet.
SEBI asks NSE to divest entire 37% stake in CAMS
Markets regulator Sebi has asked NSE to divest its entire 37 per cent stake in Computer Age Management Services Ltd (CAMS) within a year. In a letter dated February 4, Sebi said that NSE’s acquisition of shares in CAMS in 2013-14 was done without its approval.
While announcing its December quarter results, the bourse said the regulator has directed it to divest the entire stake in CAMS. NSE, which currently owns a little over 37 per cent shareholding in CAMS, said it has already started the process of offloading the stake. The stake is held through one of the subsidiaries NSE Investments Ltd (NSEIL).
Factory output contracts 0.3% in December 2019
India’s industrial output contracted 0.3 percent in December against a growth of 1.8 percent in November, according to the Index of Industrial Production (IIP) data released by the government on February 12.
Industrial output, or factory output, is the closest approximation for measuring the economic activity of the country’s business landscape. Manufacturing output, which accounts for more than three-fourths of the entire index, fell 1.2 percent against a growth of 2.7 percent in November.
FII and DII data
Foreign institutional investors (FIIs) bought shares worth Rs 48.81 crore, and domestic institutional investors (DIIs) purchased shares of worth Rs 339.19 crore in the Indian equity market on February 12, provisional data available on the NSE showed.
One stock under F&O ban on NSE
Yes Bank is under the F&O ban for February 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