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A look at top cues from the domestic and international markets that could have a bearing on D-Street today.
The Nifty50 opened with a mild gap but failed to keep the momentum going and closed below its opening level yesterday. Equity benchmarks started off trade with more than 150 points gains on the Sensex, tracking positive global cues after President Donald Trump's support to a package that included a short-term debt ceiling extension. But indices erased gains as the day progressed, due to selling pressure in ITC, ICICI Bank and Reliance Industries.
The Nifty closed at 9,929.9, up 13.7 points. According to Pivot charts, the key support level is placed at 9,909.79, followed by 9,889.67. If the index starts to move higher, key resistance levels to watch out are 9,957.43 and 9,984.97.
The Nifty Bank closed 25.75 points higher at 24,304.9 on Thursday. Important Pivot level, which will act as crucial support for the index, is placed at 24,230.17, followed by 24,155.43. On the upside, key resistance levels are 24,396.37, followed by 24,487.83.
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:
Asia markets slip as euro surges post-ECB
Equities in Asia searched for direction on Friday as Japan's Nikkei 225 slipped 0.43 percent in early trade. Second-quarter gross domestic product data released earlier in the morning came in at 2.5 percent, below the 4.0 percent initially stated in a preliminary reading. The Kospi edged down 0.15 percent, reported CNBC.

Down Under, the S&P/ASX 200 shed 0.09 percent, with the utilities sub-index leading gains and adding 0.98 percent. Telecommunication and energy stocks traded lower.

SGX Nifty

The Nifty50 futures on the Singapore Stock Exchange were trading 18 points higher at 9,971 indicating a flat opening for the domestic market.

Wall St. ends flat as media stocks slump, healthcare gains

Wall Street ended little changed yesterday after a moderate late-day rally as media stocks, which slumped on negative business updates from Walt Disney and Comcast, were offset by gains in healthcare shares.

The Dow Jones Industrial Average fell 22.86 points, or 0.1 percent, to 21,784.78, the S&P 500 lost 0.44 points, or 0.02 percent, to 2,465.1 and the Nasdaq Composite added 4.56 points, or 0.07 percent, to 6,397.87, said a report by Reuters.

ECB keeps policy, guidance unchanged

The European Central Bank reaffirmed its ultra-easy policy stance on Thursday, even keeping the door open to increasing bond purchases if needed, despite the euro zone's best economic run since the global financial crisis. The ECB also kept its rate on bank overnight deposits, which is currently its primary interest rate tool, at -0.40 percent, as expected, reported Reuters.

Tax evasion through stocks: Sebi revokes ban on 307 entities

Sebi has revoked ban on 307 entities, which had come under scanner between 2014-2016 for alleged manipulation and misuse of stock market platform for tax evasion. However, Sebi would continue its proceedings against 96 remaining debarred entities as multiple violations have been found in their case. These were among the entities that were barred through separate interim orders by Sebi for alleged violation of rules purportedly for misuse of stock exchange platforms for tax evasion and other illicit gains.

Indian retail may grow to Rs 85 lakh crore by 2021: Report

Indian retail industry, growing at 10 percent, may almost double to Rs 85 trillion (lakh crore) by 2021 steered by consumer data and technology disruptions, says a joint report by Ficci and Deloitte.

According to the report, consumer data and technology disruptions will drive retail and FMCG sectors towards a new phase of growth where consumer experience will be the focal concern for all retailers and brands.

RBI sends 2nd list of large NPAs for resolution

Confirming that a new list of stressed accounts has been sent to banks for resolution by the RBI, Deputy Governor Viral Acharya said the insolvency code has changed rules of the game and asked lenders to use it extensively for resolving the stress.

The Reserve Bank has now advised banks to resolve some of the other accounts by December 2017; if banks fail to put in place a viable resolution plan within the timelines, these cases also will be referred for resolution under the Insolvency and Bankruptcy Code, he said.

21k people disclosed Rs 4,900 crore black money under PMGKY: Govt official

Black money worth Rs 4,900 crore was disclosed by 21,000 people under the Pradhan Mantri Garib Kalyan Yojna (PMGKY), the income declaration scheme announced by the government after demonetisation, an official said yesterday.

The government had also termed the PMGKY as the one last window for black money holders to come clean by paying tax and penalty on their undisclosed illicit wealth. The scheme provided for payment of 49.9 percent tax, surcharge and penalty, said a report by Livemint.

SMAC to discuss weekly futures, review stock lending & borrowing

SEBI will review the securities lending and borrowing framework at the Secondary Market Advisory Committee (SMAC) meeting on Monday. Other items on the agenda for discussion include introduction of weekly futures, review of the block deal window, and review of the call auction framework.

Sources told Moneycontrol that the regulator will discuss introduction of weekly futures in single stock futures. The regulator will have to ensure that the rules do not encourage retail investor participation in the derivatives market.

Sebi imposes Rs 2,423 crore penalty on PACL, 4 directors

Yesterday Sebi imposed a penalty of Rs 2,423 crore on PACL and its four directors for illegal mobilisation of funds from the public. Sebi said it was found that directors Tarlochan Singh, Sukhdev Singh, Gurmeet Singh, Subrata Bhattacharya and certain other past directors had mobilised funds from general public via collective investment schemes, without obtaining registration from the regulator, Economic Times reported.

Crackdown on Black Money - Shares of unlisted Cos may have to be dematerialised

The government is planning to make it mandatory for unlisted companies to dematerialise their shares as part of the broader crackdown on black money. It's a large exercise. Initially, the plan is to cover public limited companies. Today it is optional -if an unlisted company wants to dematerialise, they can do it, an official said, reported Economic Times.

SEBI raises concerns as buybacks exceed fresh equity issuances

SEBI has expressed concern about the high amount of share buybacks in the domestic market compared with fresh capital raising. So far this year, companies have bought back shares worth Rs 23,500 crore through 20 buybacks. This was more than 2.3 times the Rs 10,000 crore raised through initial public offerings (IPOs), according to data by Prime Database.

Dixon Technologies IPO oversubscribed 4.25 times on second day

Dixon Technologies Rs 600-crore IPO has been oversubscribed 4.25 times on Thursday, as per data available on the National Stock Exchange. The issue received bids for 1,01,07,632 equity shares against issue size of 23.76 lakh shares (excluding anchor investors' portion that already received good response).

The public issue consists of fresh issue of Rs 60 crore and an offer for sale of upto 30,53,675 equity shares (including anchor portion of 10,18,027 equity shares).

EPFO may pump in Rs 250-300 billion in equities during FY18

Employees Provident Fund Organisation (EPFO) is likely to pump in Rs 250-300 billion in equities in 2017-18 with Rs 57 billion already invested this year so far, says a report.

According to global brokerage Morgan Stanley, besides EPFO, the National Pension Scheme (NPS) is also among the sources for driving the domestic flow surge, which has been positive for the past 17 months.

Bharat Road Network IPO subscribed 70% on Day 2

The initial public offer of Bharat Road Network was subscribed 70 per cent on the second day of the three-day bidding today.

The IPO of Bharat Road Network, a Srei Infrastructure Finance company, received bids for 2,03,69,336 shares against the total issue size of 2,93,00,000 shares, according to NSE's data.

SBI Life Insurance gets Sebi approval for Rs 8,400 crore IPO

SBI Life Insurance has received approval from the Securities and Exchange Board of India for an IPO of up to Rs 8,400 crore with launch targeted for the September 20-22 period. The launch period is subject to approval from the Registrar of Companies, reported Economic Times.

Crackdown on share premiums in unlisted firms won’t hurt fair businesses: Officials

The income tax (I-T) department’s ongoing crackdown on a method used by some politicians to accept bribes—charging a high premium for shares in unlisted companies promoted by them—has raised concerns among several start-ups, but tax officials say genuine companies which get the math right on their worth will be spared, said a report by Livemint.

India Inc raises Rs 2.2 lakh cr in April-July FY18

India Inc had raised more than Rs. 49,000 crore through private placement of corporate bonds in July, taking the total to Rs. 2.2 lakh crore in the first four months of the ongoing financial year.

According to the data available with SEBI, companies had garnered Rs. 49,033 crore in July this year compared with Rs. 36,774 crore raised in the year-ago period, said a report by The Hindu Business Line.

Japan's second-quarter economic growth revised down

Japan’s economic growth in the second quarter was much slower than seen in a stellar preliminary reading, government data showed on Friday, confounding hopes for a long awaited pick-up in domestic demand.

The downgrade was widely expected after data used to revise gross domestic product (GDP) figures showed capital spending in April-June rose at a slower annual pace than the previous quarter.

Over 3 lakh new companies come under tax ambit after GST rollout: Sources

Over 3 lakh new companies have been registered with Goods and Service Tax Network (GSTN) at the central level till September 6 this year, according to a source to Moneycontrol. These companies were not part of any ambit of tax before GST rollout.

The GSTN is expecting that companies which are new entrants under the tax ambit will increase their tax revenue by approximately 10 percent in near future.

Oil mixed, Brent rises as Irma casts shadow over Harvey recovery

Oil futures were mixed on Thursday, with Brent rising to a 5-1/2 month high while US crude slipped on a bigger-than expected crude stock build, as the restart of US refiners after Hurricane Harvey was countered by the threat of Hurricane Irma.

Rupee firms up 5 paise to 64.05 vs US dollar

The rupee today strengthened by another five paise to 64.05 per US dollar following sustained selling of the American currency by exporters and banks. The home currency has appreciated by 7 paise in two days despite prevailing geopolitical uncertainties. Extreme bearish dollar overseas also supported the rupee recovery momentum.

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