The Indian equity market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 46 points.
On February 16, the BSE Sensex was down 145 points at 57,997, while the Nifty50 fell 30 points to 17,322 and formed a bearish candle on the daily charts as the closing was lower than the opening levels.
As per the pivot charts, the key support levels for the Nifty are placed at 17,223 and 17,124. If the index moves up, the key resistance levels to watch out for are 17,456 and 17,590.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms that could impact Indian as well as international markets:
Wall Street bounced off session lows Wednesday, with the S&P 500 crossing into positive territory by the closing bell after the US Federal Reserve released meeting minutes, which said that while the central bank intends to begin raising interest rates to combat inflation, its decisions would be made on a meeting-by-meeting basis.
The Dow Jones Industrial Average fell 54.57 points, or 0.16%, to 34,934.27, the S&P 500 gained 3.94 points, or 0.09%, to 4,475.01 and the Nasdaq Composite dropped 15.66 points, or 0.11%, to 14,124.10.
Stocks in Asia-Pacific were mixed in Thursday's trade as investors continued to monitor the situation surrounding Ukraine. The Nikkei 225 in Japan declined 0.36% in morning trade while the Topix index shed 0.42%.
Trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 46 points. The Nifty futures were trading at 17,364 levels on the Singaporean exchange.
Readout of January meeting shows Fed not wed to particular pace of rate hikes.
According to the minutes of the Jan. 25-26 policy meeting, Federal Reserve officials last month agreed that, with inflation tightening its grip on the economy and employment strong, it was time to raise interest rates, but also that any decisions would depend on a meeting-by-meeting analysis of inflation and other data.
"Most participants noted that, if inflation does not move down as they expect, it would be appropriate for the (Federal Open Market) Committee to remove policy accommodation at a faster pace than they currently anticipate," the minutes stated.
Oil slides after France and Iran say they are closer to a nuclear deal.
Oil slid more than 2% in early Asian trade on Thursday after both France and Iran said parties are closer to an agreement to salvage Iran's 2015 nuclear deal with world powers, offsetting ongoing concerns over the situation in Ukraine.
U.S. West Texas Intermediate (WTI) crude was trading down $2.50, or 2.7%, at $91.16 a barrel at 0058 GMT, after it ended up 1.7% the previous day. Brent crude was trading down $2.43, or 2.6%, at $92.38 after the contract closed up 1.6% in the previous day's trade.
Gold prices are near an 8-month high as dovish Fed minutes weigh on the dollar and yields.
Gold steadied on Thursday near an eight-month high touched earlier this week, as the U.S. dollar and Treasury yields dipped on less hawkish-than-feared Federal Reserve minutes, and as the Ukraine crisis boosted demand for the safe-haven metal.
Spot gold held its ground at $1,868.36 per ounce, as of 0123 GMT. Bullion hit its highest level since June at $1,879.48 on Tuesday.
Ambuja Cements, Nestle India, and Veritas (India) will release quarterly earnings on February 17.
FII and DII data
On February 16, foreign institutional investors (FIIs) sold a net of Rs 1,890.96 crore worth of shares, whereas domestic institutional investors (DIIs) bought a net of Rs 1,180.14 crore worth of shares in the Indian equity market on February 16, as per provisional data available on the NSE.
RBI becomes net seller of US dollars in December; sells $2.92 billion.
The Reserve Bank of India (RBI) turned net seller of the US currency in December 2021 after it sold $2.917 billion on a net basis in the spot market. In the reporting month, the RBI bought $7.475 billion and sold $10.392 billion in the spot market, the RBI Bulletin for February 2022 released on Wednesday showed.
In November 2021, the RBI purchased $8.489 billion from the spot market and sold a similar amount in the market. In December 2020, the central bank had net purchased $3.991 billion of the US currency from the spot market.
Stocks under F & O ban on NSE
Three stocks-Escorts, Indiabulls Housing Finance, and SAIL-are under the F & O ban for February 17. Securities in the ban period under the F & O segment include companies in which the security has crossed 95 percent of the market-wide position limit.