NEW DELHI: Global growth concerns have re-surfaced, with IMF lowering its global growth forecast. US stocks ended lower in overnight trade, Asian shares have had a weak start, signalling a gap-down opening for Dalal Street.
Let us check out what may move market all through the day:
- Singapore trading sets stage for negative start
Nifty futures on the Singapore Exchange were trading 38.50 points, or 0.33 per cent, lower at 11,711.50, indicating a negative start for Dalal Street.
- Tech view: Nifty forms Inside Bar
The trading range on Tuesday did not expand and was within the previous session’s high-low range. With the advance-decline ratio still in favour of the bears, upsides, in any, remained vulnerable to selloffs. The index may need to move past the 11,710-61 range to instil confidence, said analysts.
- Asian shares fall on IMF growth worries
Asian shares stepped back from eight-month highs on Wednesday as the IMF lowered its global growth outlook and as tensions over tariffs between the United States and Europe escalated. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.1 per cent, a day after it hit eight-month highs while Japan’s Nikkei lost 0.9 per cent.
- US stocks settled lower
The Dow Jones Industrial Average fell 190.44 points, or 0.72 per cent, to 26,150.58, the S&P500 index lost 17.57 points, or 0.61 per cent, to 2,878.2 and the Nasdaq Composite index dropped 44.61 points, or 0.56 per cent, to 7,909.28.
- FPIs buy Rs 1,212 crore worth of equities
Foreign portfolio investors (FPIs) bought Rs 1,212.35 crore worth of domestic stocks on Tuesday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 688.65 crore, data suggested.
- Polycab IPO sets a record
The IPO of Polycab India was subscribed 51.77 times on the final day of the bidding process on Tuesday, the biggest in terms of demand since HDFC AMC IPO received a staggering 82.99 times bids in July last year.
- Rupee up: The rupee on Tuesday strengthened by 37 paise to close at 69.30 against the US dollar in line with firming Asian currencies and sustained foreign fund inflows, halting its three-day losing streak.
- 10-yr bond yields down: India 10-year bonds’ yields fell 0.03% to 7.37% on Tuesday from 7.40% over the previous trading session, according to RBI data.
- Call rate: The overnight call money rate weighted average was 5.98% on Tuesday, according to RBI data. It moved in a range of 4.40-6.10%.
Markets climb a wall of worry and throw out weaker players: Ramesh Damani
‘Not looking at applying for a banking licence now’
- IMF cuts global growth outlook to lowest since 2009
The International Monetary Fund cut its outlook for global growth to the lowest since the financial crisis in 2009 amid a bleaker outlook in most major advanced economies and signs that higher tariffs are weighing on trade. The world economy will grow 3.3% this year, down from the 3.5% the IMF had forecast for 2019 in January, the fund said Tuesday in its latest World Economic Outlook. This is the third time IMF has downgraded its outlook in six months.
- India’s growth forecast pared for 3 years
International Monetary Fund (IMF) has pared India’s growth forecast for the just-concluded fiscal and the next two years, citing softer recent growth and weaker global outlook, but expects the country to retain its place as the fastest growing major economy. According to IMF estimates, India’s economy grew 7.1% in FY19 and is expected to accelerate to 7.3% growth this fiscal and to 7.5% in FY21. All estimates are 0.2 percentage points less than previous assessment in January.
- Govt meets FY19 fiscal deficit goal of 3.4%
The government has met the fiscal deficit target of 3.4% of the gross domestic product (GDP) in FY19, by reducing spending and higher borrowings from small savings funds. The target was met on savings on expenditure and small savings corpus. The government missed the tax collections target by over 1 lakh crore, including about Rs 50,000 crore shortfall in direct tax and Rs 65,000 crore in indirect tax receipts.
- I-T Raids: EC unhappy with CBDT, revenue dept
The Election Commission of India is learnt to have conveyed its displeasure to CBDT chairman PC Mody and revenue secretary AB Pandey that the poll panel machinery was not informed about the recently conducted income tax raids in good time. It has also expressed disappointment over the revenue department’s official response to the poll panel’s advisory to enforcement agencies on maintaining neutrality.
- Oil rises amid OPEC supply cuts
Oil prices edged back towards five-month highs on Wednesday, supported by ongoing supply cuts by producer club OPEC and US sanctions against oil exporters Iran and Venezuela. International benchmark Brent futures were at $70.83 per barrel, up 22 cents, or 0.3 percent, from their last close.