What Changed For The Market While You Were Sleeping? 15 Things You Should Know

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Moneycontrol News

Weak global cues and muted earnings past week led to a sharp selloff on D-Street. The index made a strong bearish candle on the daily candlestick charts after a ‘Doji’ type pattern. The index went up in a straight line after it hit a low of 9,685 recorded on September 28 to a record high of 10,251 hit on October 17, just a few days before Diwali.

The Nifty closed down 64.40 points at 10,146.50 on Thursday, the first day of Samvat 2074. According to Pivot charts, the key support level is placed at 10,109.2, followed by 10,071.9. If the index starts to move higher, key resistance levels to watch out are 10,197.9 and 10,249.3.

The Nifty Bank closed at 24,009.75 on Thursday, down 304 points. Important Pivot level, which will act as crucial support for the index, is placed at 23,870.56; followed by 23,731.33. On the upside, key resistance levels are 24,202.16, followed by 24,394.53.

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 hits record highs

US stocks hit record closing highs on Friday and the S&P 500 posted a sixth week of gains after the US Senate passed a budget resolution, lifting hopes that President Donald Trump’s tax-cut plan may move forward.

The Dow Jones Industrial Average rose 165.59 points, or 0.71 percent, to end at 23,328.63, the S&P 500 gained 13.11 points, or 0.51 percent, to 2,575.21 and the Nasdaq Composite added 23.99 points, or 0.36 percent, to 6,629.05, Reuters reported.

Japan shares at two-decade top on Abe win

Japanese shares jumped on a weaker yen on Monday as an election win for Shinzo Abe’s ruling bloc gave a green light for more super-easy policy stimulus. Japan's Nikkei raced up 1 percent to its highest since 1996, Reuters reported.

SGX Nifty

The Nifty futures on the Singaporean stock exchange were trading higher by around 34.50 points at 10202, a rise of around 0.34 percent. While this does not lead to a sure-shot similar move in India, but it does reveal the overall sentiment that the Street is likely to witness.

Linking Aadhaar number to bank accounts mandatory: RBI

The Reserve Bank of India (RBI) on Saturday clarified that linking bank accounts to Aadhaar is mandatory under the Prevention of Money Laundering Act, dismissing media reports which suggested that such a linkage is not mandatory. The government had notified under PMLA that every bank account should be linked to Aadhaar by 31 December, failing which the accounts will become inoperative, Livemint reported.

Shinzo Abe sweeps to resounding victory in Japan vote

Japanese Prime Minister Shinzo Abe swept to a resounding victory in a snap election today and immediately vowed to "deal firmly" with threats from North Korea that dominated the campaign, PTI reported.

New India Assurance's Rs 10K-crore IPO to hit market in first week of Nov

New India Assurance (NIA) is set to hit the capital markets with around Rs 10,000 crore IPO in the first week of November. The offer comes soon after the Rs 11,370 crore IPO of GIC Re, which will be listed on October 25. It has already been oversubscribed by over 1.35 times, The Economic Times reported.

GST rate structure needs complete overhauling to ease SME woes: Hasmukh Adhia

With the new GST regime firmly entrenched, a complete overhaul of the tax rates is now required to reduce the burden on small and medium businesses, Revenue Secretary Hasmukh Adhia has said. He said the GST, which amalgamates more than a dozen central and state levies like excise duty, service tax and VAT, will take about a year to stabilise, PTI reported.

MFs pump $12 billion in equities

Investment by mutual funds in domestic equities touched a staggering USD 12 billion in the April-September period on strong retail investor interest, even as foreign investors trimmed their exposure. Moreover, fund houses are upbeat over the investments in the stock markets for the remainder of the current fiscal. Fund managers bought shares worth a net Rs 76,906 crore in the first half of the ongoing financial year, while foreign portfolio investor pumped in just Rs 5,278 crore in equities during the period, PTI reported.

Banking sector stares at additional Rs 40K cr NPAs

The banking sector fears accretion of more than Rs 40,000 crore of bad loans to its books following recent classification of eight consortium accounts of Axis Bank as non-performing assets by the RBI, PTI reported.

Indian Energy Exchange to debut on Oct 23

Indian Energy Exchange will make its debut on exchanges on Monday, October 23. The issue price is fixed at Rs 1,650 per share, the higher end of price band. The Rs 1,001 crore initial public offer has received good response from investors, with the issue getting oversubscribed 2.28 times.

India's GVA growth may rise to 6.3% in Sept quarter: Nomura

The Indian economy is expected to see a rebound in the July-September quarter of this year with a GVA growth rate of 6.3 percent, says a Nomura report. Nomura's proprietary indices suggest that growth bottomed out in the second quarter and a recovery is underway in the third quarter, largely because consumption and investment indicators have improved in the third quarter, PTI reported.

20 companies to report results for quarter ended Sept

As many as 20 companies to report results for quarter ended September including the likes of Havells India, Hindustan Zinc, Indiabulls Housing Finance, NOCIL, Oriental Hotels, Tinplate Company, Zuari Agro and Wendt among others.

Lenders see OTSs boosting pace of NPA resolution

Banks are betting on one-time settlements (OTSs) to boost bad loan recoveries as cleaning up their balance sheets through modes such as sale of bad loans and restructuring are not yielding anticipated results. State Bank of India, Punjab National Bank and smaller lenders such as Bank of Maharashtra, among others, have seen improvement in recoveries through OTS, according to senior officials of these banks, Livemint reported.

Sebi to tighten listing norms as part of crackdown on shell firms

Sebi is looking to tighten listing norms to prevent fly-by-night operators from getting listed on stock exchanges, said four people aware of the development. In August, Sebi had imposed a partial trading ban on 331 firms termed as shell firms by the ministry of corporate affairs, Livemint reported.

NSE bans 8 companies from F&O trading

The derivative contracts of Bharat Earth Movers, Dewan Housing Finance, Housing Development and Infrastructure, Indiabulls Real Estate, Infibeam Incorporation, Jaiprakash Associates, JSW Energy and Reliance Capital has crossed 95 percent of the market-wide position limit and are currently in the ban period.

Global oil demand will pass 100 million barrels per day by 2020: OPEC

OPEC General Secretary Mohammad Barkindo said that oil markets are rebalancing at "an accelerating rate" and that he foresaw "no peak" for oil demand for "the considerable future." "We expect global oil demand to surpass 100 million barrels per day by 2020," Barkindo said, CNBC reported.

India's largest companies cut hiring by 45% in FY17

The increase in net employees at India’s largest companies slowed down to 66,000 people in the 2016-17 financial year compared with 123,000 people a year earlier. At the end of FY17, a total of 3.25 million people were on the rolls of 241 companies of the BSE 500 index versus 3.19 million at the end of FY16, Business Standard reported.

Donald Trump pledges biggest tax cuts ever as Senate paves way

Donald Trump promised tax cuts today "which will be the biggest in the history of our country!" following Senate passage of USD 4 trillion budget that lays the groundwork for Republicans' promised tax legislation. Republicans hope to push the first tax overhaul in three decades through Congress by year's end, an ambitious goal that would fulfill multiple campaign promises but could run aground over any number of disputes, PTI reported.

Gold falls to 2-week low as dollar rallies against yen

Gold prices hit their lowest in over two weeks early on Monday, as the dollar climbed to a more than three-month high versus the yen after Japan's ruling bloc scored a big win in Sunday's election.

Oil prices rise on tightening supply, strong demand

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