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Market Movers: What changed for D-Street while you were sleeping

Nifty futures on the Singapore Exchange were trading 15 points lower at 10,917.

ETMarkets.com|
Aug 22, 2019, 08.08 AM IST
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The Indian rupee clawed back some lost ground to close at 71.55, up 16 paise against the US dollar in line with stronger emerging market currencies.
NEW DELHI: Sebi has taken a number of steps to address FPI concerns. It remains to be seen if that’s enough to win back the trust of FPIs, who have been on a selling spree of late.

Here is breaking down the pre-market actions.

Singapore trading sets stage for negative start
Nifty futures on the Singapore Exchange were trading 15 points, or 0.14 per cent, lower at 10,917, indicating a negative start for Dalal Street.

Tech view: Nifty forms bearish candle
Nifty50 on Wednesday slipped for the second day in a row, as it failed to breach the crucial resistance at 11,050. The index, though, respected the 10,900 level, but analysts expect it to eventually breach this level unless it reclaims 11,000 level.

Asian shares, S&P futures edge higher
Asian shares edged ahead on Thursday after Wall Street got a boost from strong retail results. Japan's Nikkei added 0.4 per cent and Australian shares 0.3 per cent, while E-Mini futures for the S&P500 rose 0.2 per cent.

US stocks gain on strong results
In overnight trade, US stocks closed higher on strong results from retailers, AP reported. The S&P500 index rose 23.92 points, or 0.8 per cent, to 2,924.43. The Dow Jones Industrial Average index gained 240.29 points, or 0.9 per cent, to 26,202.73. The Nasdaq Composite index added 71.65 points, or 0.9 per cent, to 8,020.21.

Oil price rises after US crude stocks draw
Oil prices rose on Thursday following a drawdown in US crude inventories but gains in fuel inventories and persistent concerns over the global economy and future demand outlook capped gains. Brent crude futures climbed 27 cents, or 0.5 per cent, to $60.57 a barrel

Sebi eases registration process for FPIs
Sebi has removed the broad-based eligibility criteria. The market regulator reduced the number of overseas investor categories to two from three. This along with a raft of decisions such as tweak in buyback norms and tightening of rules for credit rating agencies among others were taken at Sebi’s board meeting on Wednesday.

FPIs sell Rs 771 cr worth equities
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 771 crore on Wednesday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 354 crore, data suggests.

MONEY MARKETS

Rupee: The Indian rupee clawed back some lost ground to close at 71.55, up 16 paise against the US dollar in line with stronger emerging market currencies.

10-year bonds: India 10-year bond yield fell 0.29 cent to 6.57, after trading in 6.54-6.59 range.

Call rates: The overnight call money rate weighted average was 5.28 per cent, according to RBI data. It moved in a range of 4.00-5.42 per cent.

The Day Planner

  • Jackson Hole Symposium kicks off
  • ECB July policy meet minutes
  • US weekly jobless claims

MACROS

IMF slams Trump’s trade policy
In unusually blunt language, the IMF has warned that US President Donald Trump's policy moves are counterproductive, won't achieve the desired results, and will slow the global economy, IMF chief economist Gita Gopinath said in a blog titled 'Taming the Currency Hype.'

CBI arrests P Chidambaram
CBI arrested senior Congress leader and former Union Finance Minister P Chidambaram from his residence late Wednesday evening in connection with the INX Media corruption and money laundering case hours after the Supreme Court refused to grant immediate hearing on his plea for interim protection from arrest and listed the matter for Friday.

Fed did discuss bigger rate cut
The US Fed debated cutting interest rates more aggressively at its last meeting, although central bankers were united in wanting to avoid the appearance of being on a path to more rate cuts, records from the meeting showed. Minutes for the meeting published on Wednesday showed a couple of participants indicated that they would have preferred a 50 basis points cut.

Weak growth top focus for RBI

Fixing India’s weak growth has become the highest priority while a benign inflation outlook has given the central bank room to cut rates although transmission remains inadequate, monetary policy committee meeting minutes showed. “Given the current and evolving inflation and growth scenario at this juncture, it can no longer be a business as usual approach. The economy needs a larger push,” Governor Shaktikanta Das said in the minutes, released on Wednesday.

Sebi eases registration rules for FPIs
The Securities and Exchange Board of India on Wednesday relaxed several requirements for foreign portfolio investors (FPIs) in India in a bid to address some of their key concerns. The registration process for FPIs has been simplified by doing away with the broad-based eligibility criteria. The market regulator also reduced the number of overseas investor categories to two from three. This along with a raft of decisions such as tweak in buyback norms and tightening of rules for credit rating agencies among others were taken at Sebi’s board meeting on Wednesday.

Performance pressure on India Inc
The pressure on the occupants of India Inc’s corner offices seems to be growing, if exits of CEOs and MDs at listed companies are any indication. As many as 58 MDs or CEOs who were also on the boards quit in the first seven months of 2019 due to stress across sectors, declining tolerance for underperformance at the highest level and increased scrutiny of performance and ethics

No deadline for shift to EVs: Gadkari
Minister for road transport and highways Nitin Gadkari on Wednesday said there will be no deadline for the transition to electric vehicles (EVs), or a ban on petrol and diesel-run vehicles. The clarification is a huge relief for the automobile industry, which is awitnessing its worst slowdown in nearly two decades.

Growth to slow down further: Nomura
India's economic growth is set to slow further in the April-June quarter of this year to 5.7 per cent amid contraction in consumption, weak investments and an under-performing service sector, says a Nomura report. According to the global financial services major, even though growth is set to slow further in Q2 (April-June) the economy is expected to see some recovery in the July-September quarter. The report added that some indicators are showing early signs of bottoming out.
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