Welcome To Basil

Breaking News

10 things you should know | The GRS Solution

What changed for the market while you were sleeping | The GRS Solution :-

It was a choppy day of trade on the D-Street on Thursday — also the expiry day for August F&O series — as investors looked to book profits post the Wednesday’s surge. The implied volatility ahead of the expiry day also strained the markets through the day.

The Nifty which opened with a slight gap on the upside on Thursday witnessed selling in opening trade but bulls manage to bring back the index near its opening levels making a ‘Hammer’ like pattern on the daily charts.
The Nifty index managed to hold its immediate support of 9,850 and headed towards 9,925 mark which is an important resistance level for the index. The Nifty closed above 9,900 zones and gave a highest daily close in the last 15 trading sessions.
According to Pivot charts, the key support level is placed at 9,874.87, followed by 9,831.83. If the index starts to move higher, key resistance levels to watch out are 9,943.02 and 9,968.13.
Asia markets were subdued in early Friday trade as investors awaited the release of manufacturing activity data from China. Japan's Nikkei 225 rose 0.29 percent in early trade.
Stay tuned with Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news websites.
Wall Street ends higher post economic data
The US stocks closed higher as investors reacted to economic data and took cautious hope from Washington's latest promises for long-waited details of a tax reform plan.
The S&P 500 has been building momentum this week, notching five days of gains for the first time in three months as investors showed confidence a day after the benchmark closed above its 50-day moving average.
The Dow Jones Industrial Average rose 55.67 points, or 0.25 percent, to end at 21,948.1, the S&P 500 gained 14.06 points, or 0.57 percent, to 2,471.65 and the Nasdaq Composite added 60.35 points, or 0.95 percent, to 6,428.66.
SGX Nifty
The Nifty50 futures on the Singapore Stock Exchange were trading 11.50 points higher at 9949.50 indicating a flat opening for the domestic market.
US consumer spending rises modestly
US consumer spending rose slightly less than expected in July and annual inflation advanced at its slowest pace in more than 1-1/2 years, diminishing expectations of an interest rate increase in December, said a Reuters report.
Inflation remains stubbornly low even as the labor market is near full employment, a conundrum for the Federal Reserve. Other data on Thursday showed a small increase in new applications for unemployment benefits last week amid a tightening job market, it said.
Q1 GDP growth slows to three-year low of 5.7%
The Indian economy grew 5.7 percent in April-June, sharply lower than last year’s 7.9 percent expansion in the same quarter as also the previous quarter’s 6.1 percent growth, signs that the country was still reeling from the shock of demonetisation and disruption caused ahead of GST’s rollout.
Data released on Thursday by the Central Statistics Office (CSO) showed that India’s “real” or inflation-adjusted GDP grew at the slowest pace in 13 quarters and is still a long way off from returning to 8 percent growth path, last seen in 2015-16.
PM plans cabinet revamp: sources
Indian Prime Minister Narendra Modi plans to reshuffle his cabinet over the next two days and some mid-level ministers have offered to quit to pave the way for changes, Reuters said quoting sources in the party and aides to the ministers said.
A revamp of the cabinet has been on the cards for months because some ministers are holding multiple portfolios which is seen as a drag on efficiency. Modi is also seeking to improve governance before he seeks re-election in 2019, it said.
Eight core sectors growth slips to 2.4% in July
The growth of eight core sectors slowed to 2.4 percent in July due to contraction in output of crude oil, refinery products, fertiliser, and cement. These eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity -- had witnessed a 3.1 percent growth in July last year.
Rollovers in Nifty is at lowest levels in 2017
Nifty rollovers stood at 58 percent which was significantly lower than last three months' average of 72 percent. The roll cost was under pressure at 37 basis points compared to around 40 bps on Monday, suggesting lower confidence among traders to carry forward positions.
In BankNifty, rollovers (68.26%) are on the lower side in both percentages and open interest terms. At present, positions in Nifty is quite light as the open interest in Nifty is at the lowest level since the start of the calendar year 2017, suggest experts.
Sebi to bourses: Use dynamic price band for currency options
Regulator Sebi today asked stock exchanges to put in place a dynamic price band for cross-currency option contracts while ensuring that any relaxation in these bands takes into account likely impact of all rate-influencing developments.
The regulator also asked the exchanges to ensure that the mechanism for relaxation of dynamic price bands are not misused by market participants for manipulation in options contracts.
"Stock exchanges shall implement a uniform mechanism for computation and relaxation of dynamic price bands for currency options contracts," the Securities and Exchange Board of India (Sebi) said in a circular.
Rupee closes at three-week high against US dollar
The rupee closed at 63.91 a dollar—a level last seen on August 9, up 0.14 percent from its Wednesday’s close of 63.99. The rupee opened at 64 a dollar and touched a high and a low of 63.90 and 64.06, respectively.
Crude falls as flooding from Harvey roils US oil industry
US crude futures fell in early Asian trading on Friday, partly reversing sharp gains from the previous session, amid ongoing turmoil in the oil industry with a quarter of US refining capacity offline.
The new Brent contract for November delivery was down 10 cents at USD 52.76 barrel. The contract for October delivery, which ended trading on Thursday, closed up USD 1.52, or 2.99 percent, at USD 52.38 a barrel.

No comments