What changed your market while you were sleeping

Global cues have been strong but lack of domestic triggers has made traders turn indecisive on the indices at higher levels. Can the domestic indices move out of the consolidation phase on Thursday?
Let’s check out what all might influence Dalal Street through the day:

Singapore trading sets stage for positive start
At 6.30 am, Nifty futures on the Singapore Stock Exchange were trading 16 points, or 0.15 per cent, higher at 10,495, indicating a positive start for the Nifty50 in India.

Nifty forms small bearish candle

The bulls on Wednesday turned indecisive at the 10,500 level of the Nifty50 and later capitulated to the pressure from the bears, as the index settled flat for the second consecutive session. The index formed a small bearish candle on the daily chart. In a sense, this itself can be construed as slightly advantageous to the bulls as follow up selling to Monday’s consolidation breakdown down was missing during the day, suggesting that for the time being the bulls successfully managed to absorb the selling pressure after the breakdown, said Mazhar Mohammad of Chartviewindia.in.

Factory activity up in US
US factory activity increased more than expected in December, boosted by a surge in new orders growth, in a further sign of strong economic momentum at the end of 2017. The economy’s robust fundamentals were also underscored by other data on Wednesday showing construction spending rising to a record high in November amid broad gains in both private and public outlays.

US stocks settled higher
The Dow Jones Industrial Average rose 98.67 points, or 0.4 per cent, to 24,922, the S&P 500 gained 17.26 points, or 0.64 per cent, to 2,713 and the Nasdaq Composite added 58.63 points, or 0.84 per cent, to 7,065, Reuters reported.

Banks told not to move NCLT against JPA
The Reserve Bank of India has ordered banks not to initiate bankruptcy proceedings against Jaiprakash Associates, possibly in anticipation of legal complications after a Supreme Court ruling barred its promoters from selling or transferring assets, said bank executives. The ruling was aimed at safeguarding the interests of buyers of homes built by the company.

Govt targets 90 reforms
With four months left to implement reforms to make doing business easier, India is targeting 90 measures including quicker construction permits, simpler registration of new companies and Aadhaar-based identification of directors to achieve a higher ranking in the World Bank’s annual listing.

GDP to grow slower than 7% in FY18
India’s economy is likely to grow 6.4-6.7 per cent in the current financial year, down from 7.1 per cent in 2016-17, independent experts said ahead of the release of first official estimate on Friday. The national economy expanded 6 per cent in the first half of the year, with growth improving to 6.3% in July-September from a three-year low of 5.7 per cent in the previous quarter.

Rs 12,178 cr infra projects cleared
The government has approved Rs 12,178 crore worth of infrastructure projects and an AIIMS in Bilaspur in Himachal Pradesh to be constructed at a cost of Rs 1,351crore.

Goldman bullish on steel, JSW Steel
Goldman Sachs is bullish on the Indian steel sector, as it believes the sector is in the middle of a multi-year upcycle due to higher spreads, rising domestic capacity and improving iron ore supply. The investment bank has initiated coverage on the sector with a buy rating on JSW Steel and a target price of Rs 315. Goldman has assigned a neutral rating on Tata Steel with target price of Rs 780.