The Indian stock market is expected to open on a cautious note as trends on SGX Nifty indicate a flat opening for the index in India with a 7 points loss.
The BSE Sensex rose 145.29 points to 55,582.58, while the Nifty50 climbed 33.90 points to 16,563 and formed bullish candle on the daily charts.
According to pivot charts, the key support levels for the Nifty are placed at 16,499.47, followed by 16,435.84. If the index moves up, the key resistance levels to watch out for are 16,608.07 and 16,653.04.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
US Markets
Wall Street's main indexes fell on Monday, as glum data from China sparked fears of slowing global growth, spurring a risk-off sentiment and a move into defensive stocks amid political turmoil in Afghanistan.
Dow Jones Industrial Average was down 74.12 points, or 0.21%, at 35,441.26. The S&P 500 was down 15.06 points, or 0.34%, at 4,452.94, and the Nasdaq Composite was down 127.02 points, or 0.86%, at 14,695.88,
Asian Markets
Shares in Asia-Pacific were mostly lower in Tuesday morning trade despite gains overnight on Wall Street that took the Dow Jones Industrial Average and S&P 500 to record closing highs.
Nikkei 225 gained 0.18% in morning trade while the Topix index slipped fractionally. South Korea’s Kospi declined 0.57%.
SGX Nifty
Trends on SGX Nifty indicate a cautious opening for the index in India with a 7 points loss. The Nifty futures were trading at 16,555 on the Singaporean Exchange around 07:30 hours IST.
Cabinet likely to take up bill on cryptocurrency soon: FM Sitharaman
The Union Cabinet is soon expected to take up a bill to regulate cryptocurrency and its growing market in India, Finance Minister Nirmala Sitharaman said on August 16.
"Cabinet note is ready on cryptocurrency bill. I am awaiting Cabinet to clear that," Sitharaman said during an interaction with reporters.
FM expects retail inflation to be within MPC's comfort range going ahead
Finance Minister Nirmala Sitharaman said on August 16 that she expects retail inflation to be within the Monetary Policy Committee's (MPC) target range going ahead.
"There has been constant monitoring of essential goods and their supplies and all supply constraints are being dealt with. Going ahead, I expect inflation to remain well within the comfort range," she said.
Oil settles lower, pares losses despite weak economic data
Oil prices settled lower on Monday, paring steep losses on weak Chinese economic data after sources told Reuters that OPEC and its allies believe the markets do not need more oil than they plan to release in the coming months.
Brent crude settled down $1.08, or 1.5%, at $69.51 a barrel after earlier falling to $68.14. U.S. oil fell by $1.15, or 1.7%, to $67.29 after reaching lows of $65.73.
India's overseas listing rules delayed due to tax concerns
India will take around six months to announce rules allowing companies to list overseas, taking longer than some expected as the finance ministry irons out issues related to taxation, two government officials and four industry sources told Reuters.
The delay is likely to dampen hopes of investors like Tiger Global, Sequoia Capital, Lightspeed and many Indian startups who last month urged Prime Minister Narendra Modi to swiftly announce rules governing foreign listings that were given the go-ahead almost a year ago.
Gold holds steady near one-week high on virus woes
Gold prices were steady on Tuesday, hovering near an over one-week peak, as support from safe haven demand amid rising Delta variant cases offset pressure from a firmer dollar.
Spot gold was little changed at $1,787.90 per ounce by 0105 GMT, after hitting its highest since Aug. 6 at $1,788.97 on Monday. U.S. gold futures eased 0.1% to $1,788.40.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,088.32 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 506.21 crore in the Indian equity market on August 16, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Seven stocks - Cadila Healthcare, Indiabulls Housing Finance, NALCO, Punjab National Bank, RBL Bank, SAIL and Sun TV Network - are under the F&O ban for August 17. 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 agenciesTop 10 things to know before the market opens - Moneycontrol.com
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