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The 50-share NSE Nifty also closed lower but managed to hold the 9,900 level on the back of support by Reliance Industries and HDFC Group stocks, down 36 points to 9,916.20. Nifty consolidated in a narrow range of around 30-50 points as bulls and bears both hold their line in the sand amid rising geopolitical tension between North Korea, US, and its allies.The Nifty closed at 9,916.2 on Wednesday. According to Pivot charts, the key support level is placed at 9,888.65, followed by 9,861.1. If the index starts to move higher, key resistance levels to watch out are 9,937.65 and 9,959.1.
The Nifty Bank closed 49 points lower at 24,279.15 on Wednesday. Important Pivot level, which will act as crucial support for the index, is placed at 24,176.43, followed by 24,073.66. On the upside, key resistance levels are 24,356.63, followed by 24,434.07.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies:
Asian shares climb after US debt limit deal
Asia markets rose today, following the stronger lead from Wall Street overnight on political developments out of Washington. Japan's Nikkei 225 rose 0.49 percent while the Kospi jumped 0.84 percent after falling previously. The S&P/ASX 200 gained 0.33 percent on strength in the telecommunication services and utilities sub-indexes, CNBC reported.
Energy shares lead broad rebound on Wall Street
Wall Street climbed on Wednesday, boosted by energy shares and helped by news of an agreement to extend the debt limit, as stocks bounced back from a day-earlier selloff.
The Dow Jones Industrial Average rose 54.33 points, or 0.25 percent, to 21,807.64, the S&P 500 gained 7.69 points, or 0.31 percent, to 2,465.54 and the Nasdaq Composite added 17.74 points, or 0.28 percent, to 6,393.31, according to a report by Reuters.
SGX Nifty
The Nifty50 futures on the Singapore Stock Exchange were trading 26 points higher at 9,971 indicating a flat to positive opening for the domestic market.
Govt blacklists 300,000 directors of shell companies
The government decided to bar 300,000 directors of companies that have defaulted on statutory compliances from serving on the boards of other firms to improve corporate governance and check financial irregularities through the use of shell companies.
The ministry of corporate affairs decided to track down the beneficial owners of suspected shell companies and take penal action against those who divert funds from companies that are struck off the records of the Registrar of Companies.
Shell companies’ directors face up to 10 years imprisonment
The government decided that any director or authorised signatory of any struck off company found to be unauthorisedly siphoning off money from its bank account may attract punishment up to 10 years. If it is found that the fraud involves public interest, the punishment shall not be less than 3 years and fine may also be imposed which would be three times the amount involved.
SEBI-appointed SMAC may discuss extension of trading hours
Sebi may discuss the proposal to extend trading hours at the Secondary Market Advisory Committee (SMAC) this coming Monday. Other topics of discussion include corporate governance at the stock exchange level, rules for dealing with shell companies and extending the timing for block deals.
A source at an exchange told Moneycontrol: “Bigger broking firms are in favour of the extension in trading hours. However, smaller brokerages are resisting the move as it would increase their costs”.
BSE Carbonex index outperforms Sensex in 2017
The BSE Carbonex index has climbed 23.16 percent in comparison with an 18.91 percent jump in the benchmark Sensex so far this year. In the three-year period till September 6, the Carbonex has jumped 26.72 percent and the Sensex gained 17.15 percent, belying the belief that socially responsible investments find it tough to generate long-term performance, according to Livemint.
Equity MFs see record Rs 20,000 crore inflows in August
Equity mutual funds received a staggering Rs 20,000 crore in net investor flows in August, while the overall assets under management topped the Rs 20-lakh crore mark. These are highest-ever monthly equity flows and AUM recorded by the domestic asset management industry.
Diversified equity funds got net flows of Rs 19,515 crore, while tax-saving equity schemes netted another Rs 847 crore, reported Business Standard.
No plans to invest in India at current levels: Marc Faber
Marc Faber of The Gloom, Boom & Doom Report feels that the present deo-political situation might not blow up into a full-fledged war, but it will continue to remain tense. Investors should look to protect against losses, instead of eyeing huge returns right now, according to a report by Business Standard.
SEBI likely to tighten listing norms
Capital market regulator Sebi is likely to propose the tightening of listing criteria on the stock exchanges, at its upcoming board meeting on September 18. The proposal may apply to the main board of stock exchanges as well as the small and medium enterprises (SME) segment, said The Hindu Business Line.
BSE-listed cos' promoters pledged Rs 2.61 lakh crore shares in August
The value of shares pledged by the promoters of BSE-listed companies in the country marginally declined to Rs 2.61 lakh crore at the end of August compared to the preceding month. The value of pledged shares stood at Rs 2.64 lakh crore at the end of July 2017. Till August, pledging of shares was seen in as many as 3,062 of the 5,100 BSE-listed companies.
UN mulls oil embargo on North Korea, textile export ban
The United States wants the United Nations Security Council to impose an oil embargo on North Korea, ban the country’s exports of textiles and the hiring of North Korean laborers abroad, and subject leader Kim Jong Un to an asset freeze and travel ban, Reuters reported.
Fed policymakers signal caution on inflation, rate hikes
The Federal Reserve is getting more dovish in the face of weak inflation data, reducing the likelihood of a third rate hike this year, which traders already see as very unlikely.
Three Fed policymakers expressed doubts about further rate hikes, with one influential policymaker calling for a delay in raising US interest rates until the Fed is confident inflation will rebound.
ITC files Rs 1,000 cr defamation suit against IiAS
ITC has filed a Rs 1,000-crore defamation suit against proxy advisory firm IiAS at the Calcutta High Court for allegedly making 'defamatory' statements against the company and its directors. ITC said Institutional Investor Advisory Services (IiAS) had published two reports that were "false, defamatory and malicious" on its website (www.iiasadvisory.com) in July 2017 before the AGM of the company.
Brokerage biz likely to grow 15-20% in FY'18: ICRA
Revenues of the broking industry are expected to increase to Rs 18,000-Rs 19,000 crore in FY18, clocking a growth of 15-20 percent on the back of healthy volumes and increase in the share of cash segment, a study said. An ICRA note said that volumes are likely to grow by about 20-25 percent in FY'18 supported by positive investor sentiments.
The agency said the initial public offer (IPO) pipeline for FY'18 is likely to further support retail participation on the exchanges.
Rupee ends 2 paise up against dollar at 64.10
The rupee recuperated from early plunge and ended with gains by 2 paise, at 64.10 against the US dollar even as geopolitical worries continued to cast shadow over forex trading, PTI reported.
