What changed for the market while you were sleeping? Top 12 things to know

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A list of important headlines from across news agencies that could help in your trade today.

Global concerns and rupee volatility dragged the market near seven-month low on October 23. After a sharp gap down opening the Nifty 50 traded lower throughout the session and closed near its starting point of the day.

The index made a small bullish candle and formed ‘Long Legged Doji’ pattern on the daily candlestick charts.

The Nifty50 after the gap down opening traded range bound and extended losses in the second half of the session to hit an intraday low of 10,102.35. The index managed to recover some losses in late trade but still closed 98.50 points lower at 10,146.80.

India VIX fell sharply by 10.87 percent at 19.03. During the session volatility index made a high of 22.35 and witnessed a cool off even after the overall weakness in the Nifty index which suggests an early sign of consolidation in the market. However, VIX has to go down below 17-16 zones to rescue the bulls after the sharp cut of last two months.

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.

Wall Street extends recent fall but ends well off day’s lows

US stocks fell on Tuesday after worries about the earnings outlook added to recent selling pressure, though major indexes ended well off the day’s lows as investors snapped up beaten-down shares late in the session. Along with worries over profit growth, concerns over the upcoming US mid-term elections and Italy’s budget have also sent investors scrambling out of stocks.

The Dow Jones Industrial Average fell 125.98 points, or 0.5 percent, to 25,191.43, the S&P 500 lost 15.19 points, or 0.55 percent, to 2,740.69 and the Nasdaq Composite dropped 31.09 points, or 0.42 percent, to 7,437.54.

Asia stocks edge up as Wall St. shows resilience, oil near 2-month lows

Asian stocks edged up on Wednesday as a late round of buying helped Wall Street indexes pare most of their earlier panic-driven losses, although crude oil struggled near two-month lows after Saudi Arabia flagged possible supply increases.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 percent following a decline of more than 2 percent the previous day. South Korea’s KOSPI added 0.5 percent and Japan’s Nikkei climbed 0.25 percent.

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 55 points or 0.54 percent. Nifty futures were trading around 10,227- level on the Singaporean Exchange.

Oil extends declines as Saudi Arabia commits to meet demand

Oil prices on Tuesday extended falls from the previous day, when crude slumped as much as 5 percent, after Saudi Arabia said it would make up for supply disruptions from US sanctions targeting Iran’s petroleum exports from next month.

Front-month Brent crude oil futures were at $76.37 a barrel at 0031 GMT, 7 cents below their last close. US West Texas Intermediate (WTI) crude futures were at $66.31 a barrel, 12 cents below their last settlement.

RBI to infuse liquidity in OMO purchase of G-secs worth Rs 12K cr on Oct 25

The Reserve Bank will infuse liquidity into the market by purchasing government bonds of around Rs 12,000 crore in an auction on October 25. “Based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the Reserve Bank has decided to conduct purchase of the government securities under Open Market Operations for an aggregate amount of Rs 120 billion on October 25, 2018,” RBI said in a release.

The purchase will happen through multi-security auction using the multiple price method, it said. As part of the OMOs, the RBI will purchase government securities maturing in 2020 bearing interest rate of 8.12 percent, 2022 (8.20 percent), 2024 (8.40 percent), 2026 (6.97 percent) and 2031 (6.68 percent).

NSE gets SEBI nod to launch copper large futures contract

National Stock Exchange of India (NSE) said it has got regulatory approval to launch copper large futures contract with a trading unit of 25 tonne. In the international commodity markets, the 25-tonne copper futures contract is one of the highest traded contracts and is considered as the global benchmark, a release said.

With the introduction of a similar large size futures contract, NSE aims to provide an onshore hedging platform to big Indian corporates, refiners and various users in the value chain.

Rupee closes flat at 73.57 against dollar

The rupee bounced back from the day’s low level to settle almost flat at 73.57 against the US currency October 23 helped by easing crude oil prices and increased dollar selling by banks and exporters. The rupee opened weak at 73.74 and later fell to the day’s low of 73.82 due to steady capital outflows amid deep losses in stock markets due to growing geopolitical concerns.

The rupee settled at 73.57 per dollar, showing a loss of just 1 paise over the previous close. On October 22, the rupee had settled 24 paise lower at 73.56 against the US dollar.

PE investments ease to $14.60 bn in Jan-Sept: Report

Private Equity (PE) investments moderated to USD 14.60 billion during January-September period, owing to macroeconomic concerns, market volatility and valuations of companies, a report said on Tuesday. According to Grant Thornton’s latest PE Dealtracker, 621 PE investments worth USD 14.60 billion were announced in the reported nine-month period of 2018. In the year-ago period, the value stood at USD 15.60 billion.

“India’s rupee has slumped to an all-time low amid an investor exodus from emerging markets, which threatened to dent business confidence, cautioning PE investors,” the report said. Meanwhile, the July-September quarter marked 217 PE investments worth USD 5.20 billion, registering 41 per cent growth in terms of number of deals, even as the value dipped by 28 percent.

Gold ETFs see Rs 274-cr outflow in Apr-Sept FY19

Gold exchange-traded funds (ETFs) continued to lose steam with investors pulling out Rs 274 crore from the instrument in the April-September period of the current fiscal.

In comparison, 14 gold-linked ETFs had witnessed a withdrawal of Rs 388 crore in the first half of 2017-18, latest data with industry body Amfi showed. The assets under management (AUM) of gold funds plunged 14 per cent to Rs 4,434 crore at the end of September this year, from Rs 5,148 crore a year ago.

RBI cancels licences of 31 NBFCs

The Reserve Bank of India (RBI) has cancelled the Certificate of Registration of 31 non-banking financial companies (NBFCs). The move comes days after the central bank eased liquidity norms for banks in order to release additional funding for NBFCs.

HCL Tech sees 5.7% sequential rise in Q2 net profit

HCL Technologies reported their Q2 FY 19 results on October 23, which were above analysts’ estimates, helped by growth across verticals. The Noida-based company reported a 5.7 percent sequential rise in the quarter’s net profit to Rs 2,540 crore. Its rupee revenue was up 7.1 percent at Rs 14,861 crore.

Analysts polled by Reuters, on average, expected the company to post revenue of Rs 14,701.6 crore and profit of Rs 2,440.3 crore. HCL Technologies has maintained its annual constant currency revenue growth guidance at 9.5 to 11.5 percent, and chief executive C Vijayakumar said the company expects to meet the mid-point of its own forecast.

48 companies to report Sept quarter numbers today

As many as 48 companies are scheduled to report their results for quarter ended September later today which include names like Bajaj Auto, Bharat Financial Inclusion, Indiabulls Real Estate, IDFC Bank, InterGlobe Aviation, Jubilant FoodWorks, Kotak Mahindra Bank, L&T Finance Holdings, Sterlite Technologies, Syngene International, TTK Prestige and Wipro among others.

2 stocks under ban period on NSE

Securities in ban period for the next day’s trade under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

For October 24, Adani Enterprises and Adani Power are present in this list.