Tuesday, June 25, 2024

Stock Market Today: Top 10 things to know before the market opens today

The market is expected to open in the green as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 45 points.

The BSE Sensex rose 418 points to 63,100, while the Nifty50 jumped 140 points to 18,758 and formed a bullish candle on the daily charts with higher highs formation for the sixth straight session.

As per the pivot charts, the key support level for the Nifty is placed at 18,654, followed by 18,607 & 18,531. If the index moves up, the key resistance levels to watch out for are 18,806 followed by 18,854 and 18,930.

Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:

Markets in the Asia-Pacific traded higher, carrying on the optimism behind Wall Street’s rally as Federal Reserve Chair Jerome Powell confirmed smaller rate hikes could start in December.

The Nikkei 225 in Japan rose 1.13% while the Topix rose 0.25%. In South Korea, the Kospi gained 0.77% and the S&P/ASX 200 in Australia rose 0.82% in Asia’s morning trade.

SGX Nifty

Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 45 points. The Nifty futures were trading around 18,961 levels on the Singaporean exchange.

Fed’s Powell: Rate hikes to slow, but adjustment just beginning

Federal Reserve Chair Jerome Powell on Wednesday said it was time to slow the pace of coming interest rate hikes while also signaling a protracted economic adjustment to a world where borrowing costs will remain high, inflation comes down slowly and the United States remains chronically short of workers.

In an hour-long session of prepared remarks and questions at the Brookings Institution think tank – his last scheduled appearance before the central bank’s next meeting in two weeks – Powell gave a short-term message that sent markets soaring: The Fed was “slowing down” from the breakneck pace of three-quarter percentage point rate hikes that have prevailed since June, and would feel the way towards the peak interest rate needed to slow inflation to the Fed’s 2% target.

“We wouldn’t…try to crash the economy and then clean up afterward,” Powell said, with policymakers hoping not to “overtighten…because we think that cutting rates is not something we want to do soon. That’s why we’re slowing down and going to try to find our way to what that right level is” that lowers inflation over time.

GDP growth falls to 6.3% in July-September, meets expectations

India’s GDP growth more than halved to 6.3 percent in July-September from 13.5 percent in April-June, data released on November 30 by the Ministry of Statistics and Programme Implementation showed. At 6.3 percent, the latest quarterly growth number is in line with the consensus estimate – and the Reserve Bank of India’s (RBI) own forecast – of 6.3 percent, as per a Moneycontrol poll.

In terms of Gross Value Added, or GVA, the growth in July-September was 5.6 percent, down from 12.7 percent in April-June and 8.3 percent in the same quarter last year. In nominal terms, India’s GDP grew by 16.2 percent last quarter.

Centre’s April-October fiscal deficit widens to Rs 7.58 lakh crore, 45.6% of FY23 aim

The Central government’s fiscal deficit widened to Rs 7.58 lakh crore in April-October, accounting for 45.6 percent of the full-year target, data released on November 30 by the Controller General of Accounts showed. The fiscal deficit for April-October 2021 had accounted for 36.3 percent of the FY22 target.

The fiscal deficit in the first seven months of the last financial year was Rs 5.47 lakh crore. As such, the fiscal deficit in April-October of the current financial year is 39 percent higher on a year-on-year basis. The Centre is targeting a fiscal deficit of Rs 16.61 lakh crore for FY23, or 6.4 percent of GDP.

India’s core sector output growth slows to 20-month low of 0.1% in October

The growth rate in the production of eight key sectors slowed down to a 20-month low of 0.1 percent in October on account of contraction in the output of crude oil, natural gas, refinery products, and cement, according to the official data released on Wednesday.

The growth rate in the production of coal, steel and electricity slowed down to 3.6 percent, 4 percent and 0.4 percent respectively. These numbers have implications on the IIP (index of industrial production) data. The IIP data for October is expected to be released by the government in the second week of December.

GDP data shows continued momentum, on track for 6.8-7% growth in FY23: CEA Nageswaran

The Indian economy’s performance in July-September shows it has maintained its momentum and the country is on track to grow by 6.8-7 percent in the current financial year, Chief Economic Adviser V Anantha Nageswaran said.

Speaking to reporters on November 30 following the release of GDP data for July-Sepember, Nageswaran said while a fall in the growth rate was expected due to the fading away of the base effect, the numbers show the economic recovery from the coronavirus pandemic has continued.

“This data confirms that the economic recovery continues and most components of economic growth are stabilising at a moderate pace and we are on track to deliver 6.8-7 percent GDP growth for the current financial year,” Nageswaran said.

FII and DII data

Foreign institutional investors (FIIs) have net bought shares worth Rs 9,010.41 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 4,056.40 crore on November 30, as per provisional data available on the NSE.

Stocks on F&O ban list on NSE

The National Stock Exchange has retained Punjab National Bank, BHEL, Delta Corp, and Indiabulls Housing Finance, on its F&O ban list for December 1. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.

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