Market Today
The benchmark Sensex and Nifty indices are likely to open higher on April 10 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 55 points.
The Indian benchmarks failed to hold on to their record levels and ended with marginal losses amid volatile trade on April 9. At close, the Sensex was down 58.80 points or 0.08 percent at 74,683.70, and the Nifty was down 24.50 points or 0.11 percent to 22,641.80.
The pivot point calculator indicates that the Nifty 50 may face resistance at the 22,657 level, followed by the 22,771 and 22,831 levels. On the lower side, the index may take immediate support at the 22,615 level, followed by 22,578 and 22,518 levels.
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.
GIFT Nifty
Trends in the GIFT Nifty indicate a firm start for the broader index in India, with a gain of 55 points or 0.24 percent. The Nifty futures were trading around the 22,814.50 level.
Trade setup for today: Top 15 things to know before the opening bell
US Markets
The Nasdaq and S&P 500 posted modest gains on Tuesday, a day ahead of major inflation data, weighed down by financial stocks as investors braced for major U.S. banks to kick off earnings reporting season on Friday.
The Dow Jones Industrial Average fell 9.13 points, or 0.02 percent, to 38,883.67. The S&P 500 gained 7.52 points, or 0.14 percent, at 5,209.91 and the Nasdaq Composite added 52.68 points, or 0.32 percent, at 16,306.64.
Asian Markets
Asian markets mostly fell as of Japan’s corporate inflation climbed in March and rate decisions are awaited from New Zealand and Thailand’s central banks.
Govt extends deadline for comments on draft digital competition bill till May 15
The government has extended the deadline for submitting stakeholder comments on the draft digital competition bill by one month to May 15. It has also extended the deadline for submission of comments by stakeholders on the report of Committee on Digital Competition Law (CDCL).
The initial deadline is to end on April 15. Earlier, the Ministry of Corporate Affairs (MCA) had invited comments of stakeholders on the report of CDCL as well as draft digital competition bill under e-consultation module by April 15.
Hinduja Group’s IIHL acquires 60% stake in Invesco India Asset Management
IndusInd International Holdings Limited (IIHL), a Mauritius-based investment holding company with several investments in banking and financial assets, and Invesco Ltd announced on April 9 that they have entered into a definitive agreement to form a joint venture and IIHL will acquire a 60 percent stake in Invesco Asset Management India Limited.
On April 2, Moneycontrol was the first to report that Hinduja Group’s IIHL was in advanced talks to acquire 60 percent stake in Invesco MF.
Dollar
The dollar was little changed on Tuesday, trading in narrow ranges, with investors cautious ahead of US inflation data, even as the yen hovered near multi-decade lows, keeping traders on alert for any possible action from Japan to prop up its currency.
Gold Prices
Gold extended its record run on Tuesday fuelled by buying momentum and geopolitical risks, while the spotlight shifted to the Federal Reserve’s policy meeting minutes and U.S. inflation data for insights into US rate cut timeline.
Spot gold was up 0.1 percent at $2,341.85 per ounce after hitting a record high of $2,365.09. U.S. gold futures gained 0.4 percent to $2,360.70.
Crude
Oil prices dipped for a second straight day on Tuesday, as talks for a ceasefire in Gaza continued, but losses were limited to less than a dollar a barrel as Egyptian and Qatari mediators met resistance in their search to find a way out of the war.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 593.20 crore, while domestic institutional investors (DIIs) bought Rs 2,257.18 crore worth of stocks on April 9, provisional data from the NSE showed.
Stock under F&O ban on NSE
The NSE has added Exide Industries, Hindustan Copper, Vodafone Idea, and India Cements to the F&O ban list for April 10, while retaining Bandhan Bank, SAIL, and Zee Entertainment Enterprises to the said list.
With inputs from Reuters and other agencies
