Thursday, June 29, 2017

Morning Cues 30th June 2017

FII DII Activity

FII extremely negative
DII negative

US Markets

Us markets also closed negative with Nasdaq down by almost 1.44%

Global Markets

SGX Nifty

SGX Nifty indicates gap down opening of 40-45 points

Other news that could impact markets today
The Nifty50 is likely to open flat on Friday tracking a muted handover from Wall Street. The Nifty closed 12 points higher at 9,504 on Thursday.
The index came under pressure in afternoon trade and slipped below its crucial short-term moving averages such as 5-days exponential moving average (DEMA), 10-DEMA, and 20-DEMA. It made an inverted hammer kind of pattern on daily charts.
For last three trading sessions, Nifty50 appears to have made an attempt to consolidate around 9470 levels which is close to its 50-day Exponential moving average.
Traders can safely assume that as long as 9,470 holds on the Nifty positive momentum is likely to continue while a close above 9,600-9,615 would resume the uptrend.
Stay tuned with Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies:
Wall Street ends lower
US stocks ended lower on Thursday with the S&P 500 and the Dow industrials suffering their worst daily percentage drops in about six weeks largely weighed down by technology stocks.
The technology sector, which has led the S&P 500's 8-percent gain for the year, dropped 1.8 percent, and were the worst-performing major group, said a Reuters report.
The Dow Jones Industrial Average fell 167.58 points, or 0.78 percent, to 21,287.03, the S&P 500 lost 20.99 points, or 0.86 percent, to 2,419.7 and the Nasdaq Composite dropped 90.06 points, or 1.44 percent, to 6,144.35.
SGX Nifty
The Nifty50 futures on the Singapore Stock Exchange were trading 2 points higher at 9,504 indicating a flat opening for the domestic market. Economists polled by Reuters had expected GDP growth to be unrevised at 1.2 percent in the first quarter.
The economy tends to underperform in that period relative to the rest of the year due to perennial issues with the calculation of the data. The government has said it is working to resolve those issues.
US first quarter economic growth revised up
The US economy slowed less than feared in the first quarter due largely to a jump in consumer spending. Gross domestic product increased at a 1.4 percent annual rate instead of the 1.2 percent reported last month, the Commerce Department said in its final assessment for the period on Thursday, said a report.
US dollar falls, bond yields edge higher
The euro and sterling rose on Thursday and US bond yields spiked as hawkish comments from central banks signalled an end to ultra-loose monetary policy on both sides of the Atlantic, said a Reuters report.
The dollar index touched its lowest since October before Donald Trump was elected US president. The dollar index fell 0.46 percent, with the euro up 0.55 percent to USD 1.1439.
Oil extends gains to the sixth day
Oil futures ended slightly higher, extending crude's rally to a sixth straight session after a decline in weekly US crude production temporarily eased concerns about deepening oversupply, said a Reuters report.
US crude futures settled up 19 cents at USD 44.93 a barrel after hitting a two-week high of USD 45.45 in late-morning trading. Brent crude futures ended up 11 cents at USD 47.42 a barrel, after touching a two-week high of USD 48.03 earlier in the session.
Fed to release monetary policy report on July 7
The Federal Reserve said on Thursday that it would release its semiannual monetary policy report on July 7, five days before Fed Chair Janet Yellen testifies before Congress, said a Reuters report.
Historically, the report on the US economy and central bank policy has been released along with testimony from the Fed chief. Yellen is scheduled to testify before the House Financial Services Committee at 10 a.m. (1400 GMT) on July 12, the panel said earlier on Thursday.
Aadhaar card-PAN link deadline expires in two days
The linking of Aadhaar card and PAN card is compulsory for taxpayers from July 1. To file income tax returns, a taxpayer holding both the documents must link both the documents before Saturday. This step has been taken to keep a check on tax evasion.
The Supreme Court recently said that it is mandatory only for those who hold both the documents. The court granted partial relief to those only having the PAN card -- striking down the government decision that any PAN card will be made invalid if not linked to an Aadhaar by July 1.
CDSL to make stock market debut on June 30
After the overwhelming response to issue price, Central Depository Services (CDSL) is all set to make its debut on exchanges on Friday, June 30. The final issue price is fixed at Rs 149, the higher end of the price band.
According to sources, the grey market premium for the stock is around Rs 90-100, which indicated that the listing may be around Rs 225-250 per share.
Rupee closes at one-month low
Indian rupee closed at a one-month low against the US dollar weighed down by weakness in equity markets after a sharp rally earlier in the session. The rupee closed at 64.63 a dollara level last seen on 30 May, down 0.12 percent from its Wednesdays close of 64.55.
HDFC Life to decide on IPO in July
HDFC Life, one of the countrys leading private sector life insurance companies, will decide on the initial public offering (IPO) in its Board meeting in July, confirmed a senior official of the company.
The meeting of the Board of Directors of Housing Development Finance Corporation (HDFC) is scheduled to be held on Wednesday, July 26, 2017, while its subsidiary HDFC Life's Board of Directors will be meeting on July 17.
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