17 things you should know | The GRS Solution :-
The Nifty, rose to a record high in opening tick and came under pressure on Tuesday and closed in negative terrain, thus making a bearish candle on the daily candlestick charts. The index which opened at 10,175.60 rose to a record high of 10,178.95 but bears took control of market, which pushed the index towards its intraday low of 10,129. It closed 5 points lower at 10,147.
According to Pivot charts, the key support level for Nifty is placed at 10,125.33, followed by 10.103.17. If the index starts to move higher, key resistance levels to watch out are 10,174.33, followed by 10,201.17. The GRS Solution
The Nifty Bank closed at 25,041.6 on Tuesday. The important Pivot level which will act as crucial support for the index is placed at 24,988.6 followed by 24,935.6. On the upside, the key resistance level is 25,099.0, followed by 25,156.4.
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:
Wall Street edges higher
The three major US stock indexes edged higher on Tuesday, logging closing records, with financial stocks providing the biggest boost a day ahead of the Federal Reserve’s concluding statement from its two-day policy meeting.
The Dow Jones Industrial Average rose 39.45 points, or 0.18 percent, to 22,370.8. The S&P 500 gained 2.78 points, or 0.11 percent, to 2,506.65 and the Nasdaq Composite added 6.68 points, or 0.1 percent, to 6,461.32, Reuters reported.
Asia markets tread water as investors await Fed news
Asian shares edged down slightly on Wednesday as investors awaited monetary policy news coming at the conclusion of the US Federal Reserve's two-day meeting. Nikkei 225 slid 0.05 percent after surging close to 2 percent on Tuesday while the Kospi slipped 0.07 percent and the S&P/ASX 200 lost 0.35 percent, CNBC reported.
SGX Nifty
The Nifty50 futures on the Singapore Stock Exchange were trading 16 points lower at 10151 indicating a flat opening for the domestic market.
Donald Trump warns US may have to 'destroy' North Korea
President Donald Trump warned leaders gathered at the UN General Assembly on Tuesday that the United States may have to destroy North Korea if Kim Jong-Un's nuclear-armed regime threatens its neighbours. "Rocket Man is on a suicide mission for himself and for his regime," he said, using his new nickname for the North Korean leader, Kim Jong Un, PTI reported.
Advance tax: NPA-laden state-run banks crimp mop-up at 10.6%
A steep fall in advance tax payouts by bad loan-saddled state-run banks has led to a muted 10.6 percent growth in overall revenue mop-up from large corporates in the cities in the September quarter, Livemint reported.
TRAI slashes call connection charge to 6 paise
The Telecom Regulatory Authority of India on Tuesday cut termination charge for all mobile to mobile calls to 6 paise per minute from 14 paise. The revised charge, effective October 1, will be reduced to zero from January 1, 2020, CNBC-TV18 reported.
ICICI Lombard IPO oversubscribed 3 times on QIB support
ICICI Lombard General Insurance Company's Rs 5,700-crore initial public offering has been oversubscribed 2.98 times on Tuesday (the final day), as per data available on exchanges. The reserved portion of qualified institutional investors has oversubscribed 8.17 times while the retail category showed a subscription of 1.22 times and non-institutional investors 0.82 times.
SBI Life's $1.3 billion IPO opens on Wednesday
On September 20, the capital market will see India's first billion-dollar initial public offering (IPO) since 2010. SBI Life Insurance, a subsidiary of the country's largest lender SBI, will hit the market on to raise up to Rs 8,400 crore. The IPO, which has a price band of Rs 685 to Rs 700 per share, is expected to be the largest in the insurance space as on Tuesday.
Sebi takes guard against security threats
Sebi plans to rope in third-party agencies to set up a 'network and security operation centre', which will enable it to effectively detect and protect against security threats including from ransomware. To provide these services, Sebi has issued a notice inviting expression of interest (EoI) from the interested parties, PTI reported.
US defence firms want tech control in Make in India plan
US defence firms offering to set up production lines in India to win deals worth billions of dollars want stronger assurances they won't have to part with proprietary technology. These companies are also saying they shouldn't be held liable for defects in products manufactured in collaboration with local partners under Prime Minister Narendra Modi's Make in India's drive to build a military industrial base, as reported by The Times of India.
Airtel, Voda, Idea to move court on IUC cut
The contentious issue of interconnect usage charge (IUC), which the telecom regulator has more than halved to 6 paise a minute, is once again headed to the courts. A majority of the members of the Cellular Operators Association of India are extremely disappointed by the reduction and intend to move court “as it is clearly detrimental,” said Rajan Mathews, director general, The Economic Times reported.
US resumes premium processing of H-1B visas
The US has resumed fast processing of H-1B work visas in all categories subject to a Congress-mandated limit, five months after it was suspended temporarily to handle the huge rush of applications for the work visas popular among Indian IT professionals, Hindu Business Line reported.
Sebi clears decks for a 4th whole-time member on board
The Securities and Exchange Board of India has agreed to appoint one more whole-time member on its board. With this addition, the capital and commodities regulator will have a total of four whole-time members.
Shell companies: Names of disqualified directors made public
The ministry of corporate affairs (MCA) has made public the names of directors whom it disqualified last week for associating with companies that have not filed their financial statements or annual returns for three financial years. The names include some that are similar to prominent politicians, from Arunachal Pradesh to Tamil Nadu, and businessmen, including non-resident Indians, Livemint reported.
Canada Pension Funds may drive in Rs 4K crore to India
Canada-based pension funds PSP Investments and Ontario Teachers’ Pension Plan (OTPP) are in talks to invest Rs 4,000 crore in an investment platform co-promoted by the government of India-sponsored National Investment and Infrastructure Fund (NIIF). The funds could invest in a special purpose vehicle (SPV) floated by NIIF to fund toll and annuity based road projects, as reported by The Economic Times.
Oil rises after Iraq signals possible OPEC cut extension
Oil prices rose on Wednesday after Iraq’s oil minister said OPEC and other crude producers were considering extending or even deepening a supply cut to curb a global glut. Brent crude futures were 24 cents higher at USD 55.38. They settled down 34 cents at USD 55.14 a barrel the previous session, not far off a five-month high of USD 55.99.
Rupee slips to nearly 2-mth low of 64.33 per dollar
The rupee extended its loss for the second straight day by tumbling 20 paise to nearly two-month low of 64.33 a dollar on sustained demand for the American currency from importers amid higher greenback overseas, PTI reported.
