Stock Market Today: Top 10 things to know before the market opens on 19th july
The market may see a muted start as the GIFT Nifty indicates a flat opening for the broader index, with a gain of 4.5 points at 19,808.
On July 17, the Sensex was up 205.21 points or 0.31 percent at 66,795.14, and the Nifty was up 37.80 points or 0.19 percent at 19,749.30.
The pivot point calculator suggests that the Nifty may get support at 19,704 followed by 19,673 and 19,624.
In case of an upside, 19,802 can be a key resistance area followed by 19,833 and 19,882.
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, which could impact Indian as well as international markets.
GIFT Nifty
The GIFT Nifty indicates a flat start for the broader index with a gain of 4.5 points on Wednesday.
The futures stood at 19,808.
US Markets
US stocks advanced on Tuesday, partly boosted by a round of solid bank earnings which helped put the Dow on track for its longest streak of daily gains in more than two years.
Morgan Stanley shares jumped 6.45%, their biggest one-day percentage climb since Nov. 9, 2020 after topping expectations as growth in the bank’s wealth management business offset lower trading revenue.
Bank of America (BAC.N) gained 4.42% after its profit beat expectations by earning more from customers’ loan payments, while investment banking and trading fared better than expected.
Shares of other banks also rose on Tuesday, with Bank of New York Mellon (BK.N) up 4.11%, and PNC Financial (PNC.N) up 2.51%, after they reported quarterly results.
The S&P 500 banks index (.SPXBK) ended 1.90% firmer at 317.02, its highest closing level since March 8, when the start of a mini-bank crisis created a sharp sell-off in the sector.
The KBW regional banking index (.KRX) also climbed 4.10% to 96.25 , its highest close since March 21.
Asian Markets
Asia-Pacific markets all rose on Wednesday as investors digest better-than-expected results from Wall Street.
Overall, the earnings season was off to a strong start. Of the S&P 500 companies that have reported, 84% exceeded profit estimates, according to FactSet.
In Japan, the Nikkei 225 popped 1%, while the Topix was up 0.94%.
Business sentiment among manufacturers in Japan declined for the first time in six months in July, according to the Reuters Tankan survey, which measures confidence among large Japanese companies.
South Korea’s Kospi climbed marginally, and the Kosdaq was up 0.31% after reaching its highest level in over 15 months on Tuesday.
European Markets gain
European stock markets ended the day cautiously higher on Tuesday, as investors focused on earnings and U.S. data.
The benchmark Stoxx 600 index closed up 0.6%, with sectors mostly in positive territory.
Telecom stocks led losses with a 0.9% dip, while chemicals and retail stocks each saw a 1.3% increase.
US retail sales miss expectations; underlying sales strong
US retail sales rose less than expected in June amid declines in receipts at service stations and building material stores, but consumers boosted or maintained spending elsewhere, which likely kept the economy afloat in the second quarter.
Retail sales increased 0.2% last month, the Commerce Department said on Tuesday.
Data for May was revised higher to show sales gaining 0.5% instead of 0.3% as previously reported.
Economists polled by Reuters had forecast retail sales gaining 0.5%.
Retail sales are mostly goods and are not adjusted for inflation.
Dollar Updates
The U.S. dollar rose from a 15-month low against a basket of currencies on Tuesday after core retail sales saw strong gains in June, as investors wait on the Federal Reserve’s interest rate decision next week.
Headline U.S. retail sales rose less than expected in June, with a 0.2% increase during the month.
Data for May was also revised higher to show sales gaining 0.5% instead of 0.3% as previously reported.
Crude Price gain
Global oil prices rose on Wednesday, boosted by China’s pledge to support economic growth, tighter supply from Russia and on lower weekly U.S. crude oil inventories.
Brent futures rose 9 cents, or 0.1%, to $79.72 a barrel at 0010 GMT, while U.S. West Texas Intermediate (WTI) crude was steady at $75.75 per barrel.
Gold Price Updates
Gold scaled more than a one-month high on Tuesday, bolstered by a softer dollar and lower Treasury yields, while investors focused on the outlook for the Federal Reserve’s monetary policy path beyond its July 25-26 meeting.
Spot gold was up 1% to $1,974.99 per ounce by 10:03 a.m. EDT (1403 GMT), the highest level since June 2. U.S. gold futures advanced 0.9% to $1,973.40.
The dollar index wobbled near more than a one-year low, making bullion more affordable to buyers holding other currencies. Benchmark Treasury yields ticked lower for the second straight day.
FIIs and DIIs
Foreign institutional investors (FII) have bought shares worth Rs 2,115.84 crore, whereas domestic institutional investors (DII) sold shares worth Rs 1,317.56 crore on July 18, provisional data from the National Stock Exchange (NSE) shows.
Stocks under F&O ban on NSE
The NSE has retained Delta Corp, Indiabulls Housing Finance, Manappuram Finance, and RBL Bank on its F&O ban list for July 19. Securities banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
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