Market Movers: What changed for D-Street while you were sleeping

Check out what all might matter on Dalal Street all through the day.

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Net-net, foreign portfolio investors (FPIs) were net sellers of domestic stocks to the tune of Rs 29 crore on Thursday, data available with NSE suggested.
NEW DELHI: The Union Budget, which will be unveiled in a few hours from now, may make domestic equity indices to decouple from global trends and chart their own course on Friday. Markets in rest of Asia did look upbeat this morning.

Here is breaking down the pre-market actions.

TRADE SETUP
Singapore trading sets stage for flat start
Nifty futures on the Singapore Exchange were trading 2 points, or 0.02 per cent, lower at 11,978, indicating a flat start for Dalal Street.


Tech view: Nifty forms small bullish candle
Each of the four sessions this week, Nifty had a gap-up start but margins were not big, said Sameet Chavan of Angel Broking. “On Thursday, some small swings were seen in the final hour, but it was certainly not a notable movement. All eyes will be on the Finance Minister. The 12,000 level remains to be a sturdy wall. The 11,900 level may act as key support,” Chavan said.

Asian stocks near 2-month highs
Asian shares hovered near two-month highs on Friday, holding recent gains as investors awaited US employment data. MSCI's broadest index of Asia-Pacific shares outside Japan was set for its fifth straight weekly rise. It opened a tick higher at 534.40, a level not seen since early May. Japan's Nikkei was unchanged at 21,695.9.

Oil prices flat on global growth concerns
Crude oil prices fell on Friday, pressured by concerns over the outlook for global economic growth. US West Texas Intermediate (WTI) crude futures were down 1.1 per cent at $56.71 per barrel. Front-month Brent crude futures were down 0.1 per cent at $63.23 per barrel, after closing down 0.8 per cent on Thursday.
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Wall Street closed for public holiday
US stock market was closed on Thursday on account of Independence Day. On Wednesday, the S&P500 index rose 22.81 points, or 0.8 per cent, to close at 2,995.82. The Dow Jones Industrial Average index also reached a record, gaining 179.32 points, or 0.7 per cent, to close at 26,966.

DIIs buy Rs 59 cr worth equities
Net-net, foreign portfolio investors (FPIs) were net sellers of domestic stocks to the tune of Rs 29 crore on Thursday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 59 crore, data suggests.

MONEY MARKETS

  • Rupee up: The Indian rupee Thursday furthered its gains by another 39 paise to 68.50 a US dollar, tracking firmer emerging market currencies, lower crude oil prices, even as participants keenly awaited the Union Budget to be unveiled on Friday

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  • 10-year bonds: India 10-year bond yields fell 0.06% to 6.77% on Thursday, from 6.83% in the previous session, according to RBI data.

  • Call rates: The overnight call money rate weighted average was 5.65% on Thursday, according to RBI data. It moved in a range of 4.40-5.90%.

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Swaminathan Aiyar's take on Economic Survey 2019


TOP QUOTE

'Strong mandates may or may not translate into very strong economic growth'

MACROS

Nirmala Sitharaman's maiden Budget today
Finance Minister Nirmala Sitharaman will announce her first budget today, outlining the priorities of Prime Minister Narendra Modi in his second term after a massive election victory. Nirmala Sitharaman, India's first full-time woman finance minister, is widely expected to boost spending and provide tax relief in the much-anticipated Union Budget. According to economists the Finance Minister needs to announce measures that spur growth without straining expenditure much.

Eco Survey: Aiming for 8% growth
The Economic Survey, written by Chief Economic Adviser Krishnamurthy Subramanian and tabled in Parliament by Finance Minister Nirmala Sitharaman, has set a target of achieving a sustained 8 per cent growth rate on the back of investments to support exports-led growth to achieve the Prime Minister’s goal of making India $5 trillion economy by 2024-25. Subramanian in his maiden Economic Survey for 2018-19, released on Thursday, outlined a model based on constant disequilibrium and complementariness in investments, savings, job creation, demand, exports, and economic growth. For the current fiscal year (2019-20 or FY20), he pegged growth at 7 per cent.

LS nod to Aadhaar Bill
The Lok Sabha on Thursday passed the Aadhaar and Other Laws (Amendment) Bill which will make the use of Aadhaar for opening bank accounts and procuring mobile phone connections voluntary. While introducing the bill in the house, Union law minister Ravi Shankar Prasad said the bill was brought in compliance with the Supreme Court’s ruling on privacy and in the nation’s interest.

US drags India to WTO over duty hike on 28 US goods
The US on Thursday dragged India to the WTO by filing a complaint against New Delhi’s move to increase customs duties on 28 US goods, alleging the decision is inconsistent with global trade norms. As per a communication of the Geneva-based World Trade Organization (WTO), the US said that the additional duties imposed by India “appears to nullify or impair the benefits accruing to the US directly or indirectly,” under the GATT 1994.

Ban on petrol, CNG two and three-wheelers by 2025?
The government is mulling a ban on all petrol and CNG-operated two and three wheelers by 2025 to promote electric vehicles. Auto companies have opposed the move at a recent meeting held by Niti Aayog on the issue. Road transport and highways minister Nitin Gadkari said in Lok Sabha on Thursday that for EV promotion, the Department of Heavy Industry has notified Rs 10,000 crore phase-II of the FAME India Scheme [Faster Adoption and Manufacturing of Electric (& Hybrid) Vehicles in India] for a period of three years commencing from April 1, 2019.

Retirement age set to rise in future
Retiring at 70 may be a reality. The possibility seems inevitable due to increase in life expectancy, says the Economic Survey. India's population is expected to grow under 0.5 per cent during 2031-41 due to decline in fertility rate and increase in life expectancy, the survey stated. It may be worthwhile signalling this change well in advance – perhaps a decade before the anticipated shift – so that the workforce can be prepared for it," the Economic Survey said.
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