Benchmarks indices closed rangebound session on a flat note on February 22, but the broader markets outperformed as Nifty Midcap index rose 0.4 percent.
The 30-share BSE Sensex fell 26.87 points to 35,871.48 whereas the Nifty50 gained 1.8 points to close at 10,791.65. The index formed small bullish candle on the daily chart and ‘Hammer’ like a pattern on weekly scale.
For the week, the index rose 0.6 percent. It started the week on a negative note followed by recovery from around 10,600. The immediate resistance placed around 10,810 remained intact.
Chart pattern along with the position of leading indicators is pointing that the Nifty is unlikely to find an escape route out of the prolonged range 10,600-11,000, experts said.
According to Pivot charts, the key support level is placed at 10,766.23, followed by 10,740.77. If the index starts moving upward, key resistance levels to watch out are 10,809.33 and then 10,826.97.
The Nifty Bank index closed at 26,867.55, down 184.85 points on February 22. The important Pivot level, which will act as crucial support for the index, is placed at 26,811.17, followed by 26,754.73. On the upside, key resistance levels are placed at 26,960.67, followed by 27,053.73.
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.
US markets end higher, S&P 500 posts highest close since Nov 8
The S&P 500 posted its highest closing level since Nov. 8 on Friday as investors clung to signs of progress in the ongoing trade talks between the United States and China. Investors assessed a slew of headlines on the talks, with top trade negotiators from the two countries meeting to wrap up a week of discussions on some of the thorniest issues in their trade war.
The Dow Jones Industrial Average rose 181.18 points, or 0.7 percent, to 26,031.81, the S&P 500 gained 17.79 points, or 0.64 percent, to 2,792.67 and the Nasdaq Composite added 67.84 points, or 0.91 percent, to 7,527.55.
Asia relieved as Trump pushes out tariff deadline
Asian share markets looked well set on Monday after US President Donald Trump confirmed he would delay a planned increase on Chinese imports as talks between the two sides were making “substantial progress”.
MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.2 percent to the highest since October, and is up 10 percent for the year so far. Japan’s Nikkei climbed 0.5 percent to levels last seen in mid-December. E-Mini futures for the S&P 500 edged up 0.3 percent, while Treasury futures slipped.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 16 points or 0.15 percent. Nifty futures were trading around 10,823-level on the Singaporean Exchange.
Trump delays tariff increase on Chinese goods after trade talk progress
President Donald Trump said on Sunday he would delay an increase in US tariffs on Chinese goods thanks to “productive” trade talks and that he and Chinese President Xi Jinping would meet to seal a deal if progress continued.
Trump had planned to raise tariffs to 25 percent from 10 percent on $200 billion worth of Chinese imports into the United States if a deal between the world’s two largest economies were not reached by Friday.
The president said in a tweet that progress had been made on a host of divisive areas including intellectual property protection, technology transfers, agriculture, services and currency.
Oil hits 2019 highs on US-China trade hopes, but US output weighs
Oil prices touched their highest since mid-November on February 22 and posted weekly gains for the second week in a row, boosted by hopes that US-China trade talks would soon produce a deal, although new record US oil supply limited gains.
Brent crude futures briefly reached $67.73 a barrel, their 2019 high. The global benchmark fell 5 cents to settle at $67.12 a barrel. Brent gained 1.2 percent on the week.
US West Texas Intermediate (WTI) crude futures gained 30 cents to settle at $57.26 per barrel, after hitting $57.81 earlier on Friday, also their highest for the year. WTI recorded a 3-percent weekly rise and reached its strongest settlement price of 2019.
RBI bundles NBFCs into 1 type, offering operational flexibility
To provide greater operational flexibility to non-banking lenders, the Reserve Bank on Friday created a single category for them by bundling their present three-tier structure. The central bank also decided that exposures to all NBFCs, excluding core investment companies, will be risk weighted as per credit ratings.
“It has been decided that to provide NBFCs with greater operational flexibility, harmonisation of different categories of NBFCs into fewer ones shall be carried out based on the principle of regulation by activity rather than regulation by entity,” the RBI notification said.
FPIs pour Rs 6,311 cr into domestic capital markets
Foreign investors on Friday pumped in a huge net of Rs 6,311 crore into the Indian capital markets, the highest inflow in a single day this month so far,
exchange data showed. According to the latest data from the BSE, foreign portfolio investors (FPIs) bought securities worth Rs 10,437.99 crore and sold securities amounting to Rs 4,126.98 crore, translating into a net inflows of Rs 6,311 crore.
The data includes FPI trading activity on exchanges such as the BSE, the National Stock Exchange and the Metropolitan Stock Exchange of India in the capital market segment, according to the BSE.
Rupee recovers 10 paise to 71.14 vs dollar, posts 2nd weekly gain
The rupee on Friday gained 10 paise to close at 71.14 against the US dollar on heavy foreign capital inflows after growing expectations that the Federal
Reserve would keep interest rate on hold this year. A strengthening dollar ahead of the US-China trade talks and surging crude oil prices, however, restricted the rupee gains. Foreign portfolio investors pumped in a huge Rs 6,311.01 crore into capital markets Friday, provisional exchange data showed.
Jet Airways gets shareholders nod for resolution plan
Shareholders of distressed airline Jet Airways have approved the resolution plan to rescue the airline, with over 97 percent approval for each of the items. The voting was held on February 21.
The approval was important to take forward the rescue plan for the airline, which has defaulted on loan repayments and further faces a stiff payment schedule.
Seven 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 February 25, Adani Enterprises, Adani Power, Allahabad Bank, IDBI Bank, Jet Airways, PC Jeweller and Reliance Power stocks are present in this list.