Let us check out what all may move market all through Wednesday.

ETMarkets.com|

Mar 13, 2019, 07.59 AM IST

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Oil prices edged higher on Wednesday, supported by planned cuts to Saudi exports and a reduced forecast for US crude output.
NEW DELHI: Risk appetite is falling globally, and technical charts suggest domestic indices are already in the overbought zone. Can subdued Asian cues put the brakes on the ongoing rally in domestic stocks?

Let us check out what all may move market all through Wednesday:


  • Singapore trading sets stage for flat start
    Nifty futures on the Singapore Exchange were trading 9.50 points, or 0.08 per cent, lower at 11,322.50, indicating a flat-to-negative start for the Nifty50.

  • Tech view: Nifty50 in overbought zone
    Tuesday was the second straight session when the Nifty50 had a gap-up start. The NSE barometer made the most of it, as it has now rallied almost 300 points from the Friday’s low of 11,008.95. The 14-day relative strength index has moved above the 70 level, suggesting the index is in overbought territory. It is also moving above all of its key moving averages.

  • Asian shares off to subdued start
    Asian share markets got off to a subdued start on Wednesday after a mixed finish on Wall Street, while a frazzled pound awaited its fate ahead of yet another make-or-break parliamentary vote on Brexit. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1 percent in slow trade. Japan’s Nikkei dipped 0.3 percent and Australia’s main index slipped 0.4 per cent.E-Mini futures for the S&P500 index were off 0.08 per cent.

  • US stocks settle mixed
    The Dow Jones Industrial Average fell 96.22 points, or 0.38 per cent, to 25,554.66, the S&P500 index gained 8.22 points, or 0.30 percent, to 2,791.52 and the Nasdaq Composite added 32.97 points, or 0.44 percent, to 7,591.03.

  • Risk appetite falls on Brexit concerns
    Risk appetite had been dampened after British lawmakers crushed Prime Minister Theresa May’s European Union divorce deal, forcing parliament to decide within days whether to back a no-deal Brexit or seek a last-minute delay, Reuters reported.

  • Oil prices gain as Saudi trims output
    Oil prices edged higher on Wednesday, supported by planned cuts to Saudi exports and a reduced forecast for US crude output. International Brent crude oil futures were at $66.93 a barrel, up 26 cents, or 0.4 per cent, from their last close. Brent touched $67.39 a barrel on Monday, its highest since February 25.

  • MSTC IPO to kick off today
    The IPO by miniratna MSTC hit the primary market on Wednesday. The government proposes to offload 1.76 crore shares or 25 per cent of total paid-up equity of the largest B2B e-commerce company in India. The issue by the Kolkata-headquartered firm will close on March 15.

  • HDFC Life OFS receives strong investor response
    The two-day offer for sale (OFS) by HDFC Life Insurance Company saw a strong response from non-retail investors on Tuesday, as the issue was subscribed 2.60 times of the base issue size and 1.83 times of the total issue on first day.

  • FPIs buy Rs 2,478 crore worth of equities
    Foreign portfolio investors (FPIs) bought Rs 2,477.72 crore worth of domestic stocks on Tuesday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 990.48 crore, data suggested.

MONEY MARKETS

  • Rupee up: The rupee on Tuesday gained 18 paise to close at more than two-month high of 69.71 against the US dollar propelled by foreign capital inflows and a weaker greenback in overseas markets.
  • 10-yr bond yields unchanged: India 10-year bonds’ yields remained unchanged at 7.51% on Tuesday over the previous trading session, according to RBI data.
  • The overnight call money rate weighted average was 6.16% on Tuesday, according to RBI data. It moved in a range of 4.80-6.30%.

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MACROS

  • Parliament crushes May’s EU deal again
    MPs crushed Prime Minister Theresa May’s European Union divorce deal on Tuesday, thrusting Britain deeper into crisis and forcing parliament to decide within days whether to back a no-deal Brexit or seek a last-minute delay. MPs voted against May’s amended Brexit deal by 391 to 242 as her last-minute talks with EU chiefs on Monday to assuage her critics’ concerns ultimately proved fruitless. Tomorrow, MPs will vote on whether Britain should quit the world’s biggest trading bloc without a deal.

  • IIP slips to 1.7% in Jan, inflation at 2.57% in Feb
    India’s factory growth dragged while retail inflation saw an uptick in the data released on Tuesday. Retail inflation rose to a three-month high of 2.57 per cent in February from 2.05 per cent last month on the back of modest spike in food and fuel prices. Industrial production slipped to 1.7 per cent in January 2019 from 2.4 per cent in December 2018, manufacturing index was at 1.3 per cent per cent v/s 2.7 per cent month-on-month.

  • Export index for states on the anvil
    Government think tank Niti Aayog and the commerce ministry are working on an index to rank states on their readiness for exports and promote a healthy competition among them, senior officials said.

  • Angel Tax: Scheme to accredit investors mulled
    India is eyeing a new framework for recognising investors so that they won’t be subject to the so-called angel tax provisions on their funding of startups. The Department for Promotion of Industry and Internal Trade (DPIIT) is looking to put in place such a regime so that investors will be able to fund startups without any limit.

  • India grounds Boeing 737 MAX till further orders
    India has grounded Boeing 737 MAX being operated by airlines in the country after about 15 countries banned the aircraft due to two deadly accidents within a span of five months. The grounding of these 12 aircraft will lead to cancellations and increase fares further in the domestic sector. Fares in the domestic sector are already high on account of flight cancellations by Jet Airways and IndiGo.

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