The Indian stock market is expected to open on a cautious note as trends on SGX Nifty indicate a negative opening for the index in India with a 20-points loss.
The BSE Sensex was down 14.77 points at 55,944.21, while the Nifty50 rose 10.10 points to 16,634.70 and formed small bearish candle on the daily charts as the closing was lower than opening levels.
According to pivot charts, the key support levels for the Nifty are placed at 16,597.33, followed by 16,559.96. If the index moves up, the key resistance levels to watch out for are 16,692.23 and 16,749.77.
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 gained ground again on Wednesday, with chipmakers and financials helping to push the S&P 500 and the Nasdaq to record closing highs as investors look to the upcoming Jackson Hole Symposium for assurances that Federal Reserve’s timeline for policy tightening remains intact.
The Dow Jones Industrial Average rose 39.24 points, or 0.11%, to 35,405.5, the S&P 500 gained 9.96 points, or 0.22%, to 4,496.19 and the Nasdaq Composite added 22.06 points, or 0.15%, to 15,041.86.
Asian Markets
Asia-Pacific stocks were mixed in early trade on Thursday, as US markets again surged to record highs. Meanwhile, South Korea’s central bank hiked interest rates.
Japan’s Nikkei 225 rose 0.36%, while the Topix edged up 0.14%. In Australia, the S&P/ASX 200 fell 0.31%.
SGX Nifty
Trends on SGX Nifty indicate a cautious opening for the index in India with a 20-points loss. The Nifty futures were trading at 16,603 on the Singaporean Exchange around 07:30 hours IST.
NSE bans members from selling digital gold after Sebi flags concerns
National Stock Exchange (NSE) has directed its members, including stockbrokers, to discontinue the sale of digital gold on their platforms by September 10. The direction came after capital markets regulator Sebi said that certain members are providing a platform to their clients for buying and selling digital gold.
Centre may relax caps on airfares, flight operations: Report
Aviation minister Jyotiraditya Scindia has started discussion on the possibility of removing the existing caps on the number of flights and the minimum and maximum fares that airlines can charge in the domestic sector.
In a 90-minute long meeting with top airline executives earlier this week, Scindia discussed the issue of relaxing or abolishing these restrictions. However, no decision was taken, reported The Economic Times citing people familiar with the matter.
According to the report, the meeting was attended by Vistara chairman Bhaskar Bhat, IndiGo CEO Ronojoy Dutta, and AirAsia India chief executive Sunil Bhaskaran, besides top executives of SpiceJet and GoAir.
South Korea lifts policy rate off record low as demand heats up
South Korea’s central bank raised its policy rate on Thursday, becoming the first major Asian economy to do so in the pandemic amid concerns record-low monetary settings are overheating demand.
The Bank of Korea’s monetary policy board raised the benchmark interest rate by 25 basis points to 0.75%, as expected by 16 of 30 analysts surveyed by Reuters.
Sebi orders defreezing of bank, demat accounts, mutual fund folios of Rana Kapoor
Markets regulator Sebi on Wednesday ordered de-freezing of bank accounts as well as share and mutual fund holdings of Rana Kapoor, former MD and CEO of Yes Bank.
The release order came after Supreme Court, on August 2, stayed the Securities Appellate Tribunal (SAT) order which had upheld a penalty of Rs 1 crore on Kapoor. The stay was subject to payment of Rs 50 lakh by Kapoor.
Sebi asked all banks in the country and depositories - NSDL and CDSL - "to release the bank accounts /locker, demat accounts and mutual fund folios of defaulter (Kapoor) attached if any pursuant to... the notice of attachment".
Sebi asks depositories to use distributed ledger technology to monitor security creation
Markets regulator Sebi on Wednesday asked depositories to use distributed ledger or blockchain technology to record and monitor security creation as well as covenants of non-convertible securities.
The distributed ledger technology has the potential to provide a more resilient system than traditional centralised databases. It offers better protection against different types of cyber-attacks because of its distributed nature, which removes the single point of attack, Sebi said in a statement.
The regulator said that a platform for 'security and covenant monitoring system' hosted by depositories is being developed.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,071.83 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 151.39 crore in the Indian equity market on August 25, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Four stocks – Vodafone Idea, NALCO, NMDC, and SAIL – are under the F&O ban for August 26. 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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