Index Trend & Conditions
Major Resistance at 11,960 for Nifty50
Major Resistance at 24,600 for Bank Nifty
For Monday, Oct 12, Support at 11,650 and 11,800 with Resistance at 11,960 12,100 12,157 for Nifty50
Trends on SGX Nifty indicate a positive outlook for Nifty50 in India with a 44 points gain. The Nifty futures were trading at 12,005 on the Singaporean Exchange at 08:00 IST
S&P500 and Nasdaq futures trading in green territory, a near positive Asia-Pacific early morning market and Indian benchmark indices at overbought level together with the dollar under pressure indicate a stable-to-positive open for India
India Markets
| Nifty50 on Friday | Open 11,852 | High 11,938 | Low 11,805 | Close 11,914 |
Nifty50 on Friday advanced for seventh day in a row with 80 points or 0.67% to 11,914
The index closed the session with a decent gain of around 800 points, and formed a spinning top candle on the daily scale. It also tested the 11,900 level during the day. Nifty has to hold above 11,800 level to witness a further bounce towards 11,900 and 12,000 levels
With the current weekly close above 11,800 Nifty has dragged its support levels significantly higher and has held the support zone of 50-week moving average and 100-week moving average re-enforcing the credibility of this zone as a strong support
Both PSU and private banks were at the vanguard of the rally while Realty and Pharma faltered the most
On the up side, crucial level or resistance is seen at 11,960 12,100 and 12,157 levels for the week starting 12th
While, on the downside, support is seen at two points 11,650 and 11,800 for Monday
The S&P BSE Sensex added more than 320 points or 0.81% to close at 40,509 on Friday
Bank Nifty closed higher following a strong move at 23,846 with gains of 2.8% or 655 points
The overnight call money rate weighted average stood at 3.43% according to RBI data. It moved in a range of 1.80 – 3.90% as on Oct 08
As per the Grey or unlisted market, listing gain of 80% over the issue price is indicated for Magazon Dock Shipbuilders, whereas a discount of Rs 5-11 below the issue price is expected for UTI AMC on their debutant listing day, Oct 12, 2020
Americas
Wall Street closed in the green on Friday to extend the rally and book its best week since August, as chaotic stimulus talks continue
The Dow Jones added 161 points or 0.6% to 28,587, posting its biggest one-week gain since August
The Nasdaq jumped 159 points or 1.4% to 11,580, booking biggest weekly gain since July
The S&P 500 gained 30 points or 0.9% to 3,477, posting its biggest weekly gain since July
Russel 1000 Index rose 0.88% on the day, touching 1,943
Canada’s S&P/TSX Composite Index added 28 points or 0.17% to 16,563
Today in derivatives market, Dow futures slipped 6 points or -0.02%, S&P 500 futures added 0.06% and Nasdaq 100 futures added 0.36%
According to CNBC, the Trump administration will increase its coronavirus stimulus offer to $1.8 trillion or $400 billion less than the $2.2 trillion bill Democrats previously passed, yet $200 billion more than the $1.6 trillion proposed by the White House
Asia-Pacific Markets
Stocks in Japan fell for the second session in a row on Monday, as investors await an update on the US stimulus package as well as the start of the third-quarter corporate earnings season
The Nikkei 225 dropped 78 points or -0.33% to 23,542 in early Monday trade
Topix 500 dropped nearly 3 points or -0.21% to 1,268
South Korea’s Kospi added 14 points or 0.56% in morning trade at 2,405
Hong Kong’s Hang Seng Index added 310 points or 1.30% in morning trade to 24,433
In China, Shanghai Composite added 58 points or 1.80% to 3,329 with including industrials, technology, consumer discretionary, basic materials, and financials at the vanguard of the rally
China’s CSI 300 Index climbed 83 points or 1.76% to 4,763 in early trade
Market participants monitor the Chinese yuan’s movements, after the People’s Bank of China Saturday announced that financial institutions now no longer need to set aside cash when conducting some foreign exchange forwards trading, with effect from Monday
Previously, financial institutions had to set aside 20% of the previous month’s yuan forwards settlement amount as foreign exchange risk reserves
Australia’s S&P/ASX 200 added 12 points or 0.20% to 6,114 in early trade
Singapore’s Straits Times Index added 12 points or 0.46% to 2,545
Overall, MSCI’s broadest index of Asia-Pacific shares outside Japan, is up 0.18%
EU Markets
European stocks cut some gains to close mixed on Friday
The pan-European Stoxx 600 index added 0.44% at 369, with the market closing above 200-day EMA on Friday
Stoxx 50 added 17 points or 0.53% to close at 3,273
Germany’s DAX30 added 9 points or 0.07% at 13,051
London’s FTSE 100 added 39 points or 0.65% to close at 6,016
France’s CAC40 added 30 points, or 0.61% to end at 4,947
Denmark’s OMX Copenhagen 20 Index added 21 points or 1.52% at 1,410
Luxembourg’s LuxX Index dropped 13 points or -1.15% at 1,075
Sweden’s OMX Stockholm 30 Index added 1 point or -0.07% at 1,840
A resurgence in coronavirus cases across Europe and its impact on the region’s economic recovery continued to worry investors
Both France and the UK reported weaker-than-expected industrial production in August, while Italy’s output beat expectations. On the global front, investors cheered upbeat data on China service sector activity and the prospect of more fiscal stimulus in the US. For the month, the DAX 30 gained almost 3% as the ECB signaled readiness to act to support the Eurozone economy, including by slashing interest rates deeper into negative territory and changing the conditions of the TLTROs
Oil & Natural Gas Markets
WTI crude settled 1.4% lower at $40.6 a barrel on Friday as an oil-workers strike over pay in Norway finally ended
WTI crude notched a weekly gain of 9.6%
Brent crude futures settled 1.1% lower at $42.85 a barrel on Friday
Brent crude booked a weekly gain of over 9%
Norwegian oil firms have struck a wage bargain with labour union officials, ending a dispute that began on September 30th that had threatened to cut the country’s oil and gas output by close to 25% next week
Natural Gas futures added 4.13% on Monday 12th to $3.177 per mmbtu
On MCX-India, Crude oil futures dropped -2.15% on Monday to 2960
On MCX-India, Natural gas futures added 4.29% on Monday to 202
Oil is struggling to break free of its narrow trading range near $40 as fiscal stimulus talks in Washington have yet to result in any concrete action and while flagging demand has kept prices in check
Gold & Silver Markets
Gold settled 1.9% higher at an over two-week high of $1,929 per ounce on Friday, and posting a second weekly gain of 1.6% helped by a weaker dollar amid renewed optimism over a new US coronavirus relief package
Silver settled 5.2% higher at an over two-week high of $25.1 an ounce on Friday, and notching a second weekly rise of about 6%, the largest gain since August
The gold and silver markets also found support on lingering concerns over a prolonged pandemic crisis after the WHO reported a record one-day increase in global virus cases on Thursday, led by a surge of infections in Europe
US Gold futures (Comex) strengthened 0.29% to $1,931 an ounce on Monday 12th
US Spot Gold dropped 0.18% to $1,927 an ounce
Silver futures (Comex) added 1.30% to $25.44 an ounce
In India, Spot Gold dropped -0.17% to INR 50,246 per 10 grams
India – NCDEX Agridex
Agricultural futures index tracking the performance of the 10 liquid commodities, was up 0.48% trading at 1,167.05 ; with major gains in Soy Bean and Ref Soya Oil futures on Friday
Currency Markets
USD drops to 2-week lows on Friday’s trading session, with currency index losing -0.54% against its G-10 peers, at 93.07, signalling improvement is investors’ risk appetite amid $1.8 trillion stimulus talks
INR strengthened 0.15% with USD-INR at 73.1325
JPY strengthened 0.35% with USD-JPY at 105.660
CNY strengthened 1.42% with USD-CNY at 6.6947
EUR strengthened 0.55% with EUR-USD at 1.1824
GBP strengthened 0.75% with GBP-USD at 1.3035
SEK strengthened 0.82% with USD-SEK at 8.7905
Bond Markets
Americas : 10-Year Govt Bond Yields
United States : Flat at 0.78%
Canada : Up 1 basis points to 0.62%
Brazil : Flat at 7.95%
Mexico : Down 10 basis points to 6.05%
Europe, Middle East & Africa : 10-Year Govt Bond Yields
Germany : Flat at -0.53%
United Kingdom : Down 1 basis point to 0.28%
France : Down 1 basis points to -0.27%
Netherlands : Down 1 basis points to -0.44%
Asia Pacific : 10-Year Govt Bond Yields
India : Down 8 basis points to 5.94%
Japan : Down 1 basis points to 0.02%
Australia : Down 2 basis points to 0.85%
Hong Kong : Flat at 0.35%
Singapore : Down 1 basis points to 0.88%
South Korea : Flat at 1.53%
Fund Flows on NSE, BSE and MSEI – Oct 09, 2020 (source NSE)
FII Net Sell Rs 39.39 Cr in Cash Market
DII Net Buy Rs 126.61 Cr in Cash Market
