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    What changed for D-Street while you were sleeping

    Synopsis

    Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 209 crore on Tuesday, data available with NSE suggested.

    stock-market-2---APAP
    Market-participants would be eyeing the data of Consumer Price index (CPI) and Index of Industrial Production (IIP) data, which is scheduled to be released today.
    NEW DELHI: Hopes that the worst of the coronavirus in China may have passed and US Fed Chair Jerome Powell’s comments on the resilience of the US economy eased markets' concerns about a global economic slowdown.

    But for India, a recovery in oil prices is a worrying sign. Here’s breaking down the pre-market actions.


    TRADE SETUP

    Singapore trading sets stage for positive start
    Nifty futures on the Singapore Exchange traded 29.50 points, or 0.24 per cent, higher at 12,156.50, indicating a positive start for Dalal Street.

    Tech view: Nifty forms Gravestone Doji
    Nifty on Tuesday snapped a two-session losing run, but the gains failed to instill confidence, as the index formed an indecisive Gravestone Doji candle on the daily chart. The formation of this candle suggests that the traders turned indecisive at higher levels, dragging the index back to the opening zone. There was absence of follow-up buying at higher levels, said Chandan Taparia of Motilal Oswal Securities.

    Asian stocks edge higher
    Asian shares and Wall Street futures nudged higher on Wednesday amid hopes the worst of the coronavirus in China may have passed, although prevailing uncertainty about the outbreak has kept investors wary. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent. Australian shares were up 0.27 per cent, while Japan's Nikkei stock index rose 0.45 per cent.

    Oil prices rise in early trade
    Oil prices rose for a second day amid preliminary signs that new coronavirus cases are slowing in China, easing concerns over the demand impact from the disease in the world's second-largest oil consumer. Brent crude was up 73 cents, or 1.3 per cent, at $54.75 per barrel.

    US stocks eke out new closing highs
    The S&P500 and the Nasdaq inched to their second consecutive record closing highs in overnight trade as Chinese officials said the deadly coronavirus epidemic could be contained by April. The Dow Jones Industrial Average was flat, the S&P500 index gained 5.66 points, or 0.17 per cent, to 3,357.75 and the Nasdaq Composite index added 10.55 points, or 0.11 per cent, to 9,638.94.

    IRCTC, Hindalco to report Q3 earnings today
    IRCTC, Hindalco, Ashok Leyland, ABB, Info Edge, Power Finance Corporation, PI Industries, IPCA Labs, Torrent Power, VIP Industries and Natco Pharma are among a few companies which will report their quarterly results today.

    DIIs buy Rs 345 crore worth of stocks
    Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 209 crore on Tuesday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 345 crore, data suggests.

    MONEY MARKETS

    Rupee: The Indian rupee settled unchanged at 71.28 against the US dollar on Tuesday ahead of the release of key domestic macroeconomic data.

    10-year bonds: India 10-year bond yield rose 0.40 per cent to 6.47 after trading in 6.43-6.47 range.

    Call rates: The overnight call money rate weighted average stood at 5.02 per cent, according to RBI data. It moved in a range of 3.70-5.30 per cent.

    MACROS

    Fed’s Powell says US economy resilient
    Federal Reserve Chairman Jerome Powell said Tuesday that the U.S. economy appears durable, with steady growth and unemployment near a half-century low but faces risks from the broadening viral outbreak that began in China. Powell also said that the Fed is content with where interest rates are, suggesting that no further rate cuts would be contemplated unless economic conditions were to change significantly.

    CPI, IIP data to be out today
    Market-participants would be eyeing the data of Consumer Price index (CPI) and Index of Industrial Production (IIP) data, which is scheduled to be released today. The factor output growth for December is likely to remain flat at 1.8 per cent YoY on a higher base, said Nirmal Bang Securities. CPI inflation for January is seen at 7.32 per cent, broadly unchanged from the previous month.

    Economy showing signs of green shoots: FM
    Finance minister Nirmala Sitharaman Tuesday said the economy was set to turn around, citing seven “green shoots,” including higher foreign direct investment and goods and services tax (GST) collections. “It’s not in trouble — I am giving you green shoots,” Sitharaman said in the Lok Sabha, strongly defending the government’s management of the economy and the budget. The other five indicators of economic revival that the finance minister cited were foreign portfolio inflows, industrial growth in November, the purchasing managers’ index (PMI) for January, foreign exchange reserves and buoyant stock markets.

    Growth set to bounce back: govt adviser
    Indian economic growth is poised to bounce back after slipping to a more than six-year low of 4.5% in the July-September quarter as the government has taken measures to prop up investments and consumer demand, a top government adviser said.

    Would sign Indian trade pact if it was right: Trump
    US President Donald Trump said on Tuesday he would sign a trade deal with Indian Prime Minister Narendra Modi if it was the right one. Trump is scheduled to make his first visit as president to the world’s largest democracy later this month. The two countries have been trying to reach a limited trade pact with lower tariffs, but talks have run into problems over issues with data privacy and e-commerce controls.

    Govt overdraft from RBI hints at finance worries
    For most out-of-town students, the last few days of the month are rather trying. They rely on a combination of hostel loans and credits at the messing facilities to tide over the month-end cash crunch. North Block appears to be relying lately on similar arrangements with the central bank to tide over its own cash-flow mismatches. The Ways and Means Advances, or WMA, is a facility not dissimilar in its utility to the month-end cash crunch at the individual level. It allows the Centre to borrow from the Reserve Bank of India (RBI) and meet payment obligations in the event of cash-flow mismatches.

    Sugar output for 2019-20 unlikely to see big revision
    Indian sugar production estimates for the 2019-20 are unlikely to be revised significantly upwards from 26 million tonnes when the Indian Sugar Mills Association (ISMA) meets to review figures, the trade body said on Tuesday.

    WHO warns of ‘very grave’ global threat
    The death toll from the novel coronavirus outbreak surged past 1,000 in China on Tuesday as the World Health Organization warned that the epidemic poses a “very grave” global threat. The WHO is holding a conference in Geneva on combatting the virus as Beijing struggles to contain a disease that has now infected more than 42,000 and reached some 25 countries.

    Virus hits China’s gold jewelry demand
    Sales of gold jewelry in China are set to plummet this year as the economic damage from the deadly coronavirus crisis widens. The death toll from the outbreak has topped 1,100 and shoppers are staying away from public places to avoid infection, while also limiting their spending to basic necessities such as groceries. Jewelry retailers such as Luk Fook Holdings International Ltd. are shortening business hours and managing time off for employees in an effort to prevent the disease from spreading.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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