Trade Nivesh | Trade before Tuesday Top 10 Things to Know
Trends on SGX Nifty indicate a positive opening for the index in India with a 38 points gain.
The Indian stock market is expected to open in the green following positive Asian cues. Trends on SGX Nifty indicate a positive opening for the index in India with a 38 points gain.
The BSE Sensex gained 60.05 points to close at 38,417.23 on September 7 while the Nifty50 was up 21.10 points at 11,355. According to pivot charts, the key support levels for the Nifty is placed at 11,277.4, followed by 11,199.8. If the index moves up, the key resistance levels to watch out for are 11,406.9 and 11,458.8.
US stock futures and Asian shares regained some footing on Tuesday following a small bounce in European shares as investors looked to whether high-flying US tech shares could recover from their recent rout.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2% while Japan’s Nikkei gained 0.4%. U.S. financial markets were shut on Monday for a public holiday.
Trends on SGX Nifty indicate a positive opening for the index in India with a 38 points gain. The Nifty futures were trading at 11,419 on the Singaporean Exchange around 07:30 hours IST.
Stay tuned to Trade Nivesh to find out what happens in currency and equity markets today. We have collated a list of important headlines across news platforms that could impact Indian as well as international markets.
Freight loading: Indian Railways registers over 10% jump, earns Rs 129.7 crore more
The Indian Railways on September 7 said freight loading until September 6 was 10.41 percent higher than that of last year for the same period and earnings rose by around Rs 129.68 crore. “Till September 6, the Railways loading was 19.19 million tonnes which is 10.41 percent (1.81 million tonnes) higher compared to last year’s loading for the same period (17.38 million tonnes),” it said.
Oil falls after Saudi cuts prices, China slows imports
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Oil prices fell on Monday after Saudi Arabia made its deepest monthly price cuts to supply for Asia in five months and as uncertainty over Chinese demand clouds the market’s recovery.
Brent crude was trading at $42.03 a barrel, down 63 cents or 1.5%, by 1555 GMT, after earlier sliding to $41.51, its lowest since July 30. West Texas Intermediate US crude fell 67 cents, or 1.7%, to $39.10 per barrel after hitting $38.55, its lowest since July 10.
Japan’s economy shrinks more than expected in Q2
Japan’s economy shrank more than initially estimated in the second quarter as capital expenditure took a hit from the coronavirus crisis, highlighting the challenge policymakers face in averting a deeper recession.
The world’s third-largest economy shrank an annualized 28.1 percent in April-June, more than a preliminary reading of a 27.8 percent contraction, revised gross domestic product (GDP) data showed on Tuesday, suffering its worst postwar contraction.
Kamath panel submits report on resolution framework for COVID-hit assets
An expert panel appointed by the Reserve Bank of India (RBI) has submitted its report to the central bank on the resolution framework for COVID-hit assets. The committee, headed by veteran banker KV Kamath, has recommended financial ratios for 26 sectors which could be factored in by lending institutions while finalizing a resolution plan for a borrower.
The 26 sectors selected by the panel for the resolution framework are Power, construction, iron and steel manufacturing, roads, real estate, trading wholesale, textiles, chemicals, consumer durables/FMCG, non-ferrous metals, pharma, logistics, gems and jewelry, cement, auto components, hotels, mining, plastic products manufacturing, automobile manufacturing, auto dealership, aviation, sugar, port and port services, shipping, building materials, and corporate retail outlets.
SEBI sets March 31 as the cut-off date for re-lodgement of share transfer requests
Capital markets regulator SEBI on Monday fixed March 31, 2021, as the cut-off date for re-lodgement of share transfer requests. Transfer of securities held in physical mode has been discontinued effect from April 1, 2019, but investors have not been barred from holding shares in the physical form.
Now, the Securities and Exchange Board of India (SEBI), has “decided to fix March 31, 2021, as the cut-off date for re-lodgement of transfer deeds,” according to a circular. “Further, the shares that are re-lodged for transfer (including those requests that are pending with the listed company / RTA, as on date) shall henceforth be issued only in Demat mode,” it added.
ICICI Bank-Videocon case: ED arrests Deepak Kochhar on charges of money laundering
The Enforcement Directorate (ED) on September 7 arrested former ICICI Bank CEO Chanda Kochhar’s husband Deepak Kochhar in connection with the ICICI Bank-Videocon money laundering case.
World economy unlikely to re-attain pre-pandemic output levels before 2022: Report
With COVID-19 still dominating major developments globally, the world economy is not likely to re-attain pre-pandemic output levels before 2022, says a report. According to Dun & Bradstreet Country Risk and the Global Outlook, “nothing about the pandemic can be classified as over, despite recoveries in activity levels in some economies in Q3, as evident in PMIs (Purchasing Managers Indices), Google Mobility data and monthly economic data”.
Unemployment will keep rising above the pre-pandemic baseline as government programs are phased out and cease to protect workers, while the pace of what recovery there is may yet weaken in Q4, said Arun Singh, Global Chief Economist, Dun & Bradstreet.
RBI loan restructuring norms could exclude a large number of companies: Report
A large number of companies may be left out of the Reserve Bank of India’s (RBI’s) norms on corporate loan structuring, as bankers expect advances worth only Rs 2-3 lakh crore, or 2-3 percent of overall bank loans, to be eligible for restructuring.
A five-member committee headed by VK Kamath, constituted by the RBO to look into parameters within which restructuring can be allowed, has submitted its recommendations to the central bank, The Times of India reported.
SIP investments jumped 143%, monthly registration doubled in FY20: Paytm Money
Digital financial services firm Paytm Money on Monday said that monthly investment volume in systematic investment plans (SIP) has risen by 143 percent on its platform in 2019-20. The company said that it has completed two years of business and has been able to acquire 66 lakh customers to invest in various financial services out of which 70 percent of users were first-time investors.
“Over the last two years, we have enabled new users from small cities and towns to invest with confidence by providing innovative & personalized services. We strive to become the first step in the investment journey so that every user benefits from technology and financial inclusion,” Paytm Money CEO Varun Sridhar said in a statement.
Earnings on September 8
CESC, Dishman Carbogen Amcis, Future Consumer, Jindal Stainless, Mafatlal Industries, Bal Pharma, Sharon Bio-Medicine, Simplex Projects, SML Isuzu, Spencers Retail, Texmaco Rail & Engineering among 37 stocks will announce June quarter earnings on September 8.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 6.93 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 815.82 crore in the Indian equity market on September 7, as per provisional data available on the NSE.
6 stocks under F&O ban on NSE
BHEL, Canara Bank, Indiabulls Housing Finance, Vodafone Idea, Jindal Steel & Power, and Punjab National Bank are under the F&O ban for September 8. 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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