What changed your market while you were sleeping
Global cues are tepid and, back home, technical charts of major indices are reflecting a possible top for the market. Can the equity benchmarks still take winning streak to the fourth consecutive session on Tuesday?
Let’s check out what all might influence Dalal Street all through the day:
Singapore trading sets stage for flat start
At 7.45 am, Nifty futures on the Singapore Stock Exchange were trading 3 points, or 0.03 per cent, higher at 10,753, indicating a flat start for the Nifty50 in India.
Nifty50 makes Shooting Star candle
A ‘Shooting Star’ is a reversal pattern wherein day’s open, low and close are roughly the same. “This is clearly suggesting some sort of nervousness on the part of market participants as what appears to be a strong day ended up with weak structure on the charts with negative advance decline ratio. The index may come under pressure if it slips below 10,713 levels. A weakness will be confirmed on a close below 10,690. Contrary to this, if Nifty50 manages to sustain above 10,782, the rally shall get extended till 10,870,” said Mazhar Mohammad of Chartviewindia.in.
Asian shares down in early trade
Asian shares slumped on Tuesday, as miners were pressured by weaker Chinese iron ore prices, while the euro stood near a 3-year peak on rising expectations that the European Central Bank could pare its monetary stimulus. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.2 percent in early trade. Japan’s Nikkei was slightly higher in early trading, Reuters reported.
US markets shut for public holiday
US markets were closed on Monday for a public holiday. The Dow Jones gained 228.46 points, or 0.89 per cent, to 25,803 on Friday. The S&P500 index advanced 18.68 points, or 0.67 per cent, to 2,786. The Nasdaq Composite index added 49.29 points, or 0.68 per cent, to 7,261.
Newgen IPO kicks off today
Delhi-based Newgen Software Technologies will raise funds from the primary equity market mainly to offer exit to private equity investors. It will also use Rs 84.3 crore from the IPO proceeds to purchase and furnish office premises. While the company has some of the marquee customers in India and abroad, the IPO looks aggressively priced considering the smaller size of operations, longer working capital cycle, and intense competition from large global companies. This may prompt investors to avoid it.
A dozen cos to report Q3 nos
Den Network, MCX, Network 10, ICICI Lombard General Insurance Company and Reliance Nippon Life Asset Management are among companies that will announce their quarterly earnings today.
Jhunjhunwala, Damani team up
Billionaires Rakesh Jhunjhunwala and D-Mart promoter Radhakishan Damani teamed up to bid for Binani Cement, two senior executives in the know of the matter said, intensifying the race for the company which is facing bankruptcy proceedings from its lenders.
Diesel prices hit record high
Diesel prices have soared to a record in many cities while petrol is at three-year high as international crude prices hover around $70 a barrel. The rise in global prices in recent months has raised concerns about inflation and a higher import bill. “As falling oil prices helped the government in the last few years, the rising prices can hurt the government.
STCG tax on GIFT derivatives may go
The government is considering a proposal to waive short-term capital gains tax on derivatives trade at the Gujarat International Finance Tech-City’s International Financial Services Centre (IFSC), to help prevent more of the business from moving offshore.