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What changed for the market while you were sleeping? Top 10 things to know

Trends on SGX Nifty indicate a negative opening for the index in India with a 48 points loss.
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The Indian stock market ended the week ended June 19 on a positive note as the equity benchmarks Sensex and Nifty rose almost 3 percent week-on-week. According to pivot charts, the key support level for the Nifty is placed at 10,120.6, followed by 9,996.8. If the index moves up, the key resistance levels to watch out for are 10,320.3 and 10,396.2.

Stay tuned to Moneycontrol to find out what happens in 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:

US Markets

The S&P 500 ended lower on Friday after an up-and-down session as investors weighed spiking cases of COVID-19 and Apple Inc’s announcement of fresh store closures against anticipated stimulus and continued economic recovery. The Dow Jones Industrial Average fell 208.64 points, or 0.8%, to 25,871.46, the S&P 500 lost 17.53 points, or 0.56%, to 3,097.81 and the Nasdaq Composite added 3.07 points, or 0.03%, to 9,946.12.

Asian Markets

Stocks in Asia were trading flat on Monday morning as the number of coronavirus cases stateside soared again. Nikkei 225 was up 0.1 percent while the Topix index traded flat. South Korea’s Kospi stood little changed.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the index in India with a 48 points loss. The Nifty futures were trading at 10,198 on the Singaporean Exchange around 08:41 hours IST.

Oil edges up on tighter supply, but demand concerns check gains

Oil prices nudged higher on Monday on tighter supplies from major producers, but concerns that a record rise in global coronavirus cases could curb a recovery in fuel demand checked gains. Brent crude rose 9 cents, or 0.2%, to $42.28 a barrel by 0009 GMT, while US crude was at $39.76 a barrel, up 1 cent.

Hetero, Cipla get nod to manufacture, market antiviral drug remdesivir

India’s Drug Regulator on June 20 gave permission to Hetero and Cipla to manufacture and market antiviral drug remdesivir for “restricted emergency use” on hospitalised COVID-19 patients, official sources said. This comes a day after the Drug Controller General of India (DCGI), considering the emergency and unmet need for medicines in light of the coronavirus outbreak, granted domestic firm Glenmark Pharmaceuticals the permission to manufacture and market favipiravir for “restricted emergency use” in mild to moderate cases.

“The approval to Hetero and Cipla was given on Saturday,” a source said. Hetero’s generic version of remdesivir will be marketed under the brand name ‘COVIFOR’ in India, as per the company’s press release.

Gold hits one-month high as fears over rising virus cases lift demand

Gold prices rose on Monday to their highest in a month as surging coronavirus infections intensified concerns over a delay in global economic recovery and prompted investors to seek the safe-haven metal.

Spot gold was up 0.4% at $1,749.54 per ounce as of 0030 GMT after hitting its highest since May 20 at $1,751. US gold futures rose 0.6% to $1,763.80 per ounce.

India INX plans to offer more products to investors; seeks Sebi’s approval to list REITs, InvITs

BSE-promoted India International Exchange (India INX) on June 21 said it has sought Sebi’s approval for listing emerging investment vehicles — REITs and InvITs — and GDR on its platform. Currently, equity and commodity derivatives are traded on the exchange. It launched rupee-dollar futures and options contract in May to enable participants to hedge, trade and settle in dollar. The launch of rupee-dollar derivatives contract is expected to bring rupee trading home from other international financial centres.

“We have sought Sebi’s permission for listing of global depository receipts (GDRs), real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) at India INX,” said the exchange’s managing director and CEO V Balasubramaniam.

Bank credit grows 6.24%, deposits rise 11.28% in fortnight ended June 5

Bank credit and deposits grew 6.24 per cent and 11.28 per cent to Rs 102.54 lakh crore and Rs 139.55 lakh crore, respectively, in the fortnight ended June 5, according to the latest data from the Reserve Bank of India. In the fortnight ended June 7, 2019, bank loans had stood at Rs 96.51 lakh crore and deposits at Rs 125.40 lakh crore.

On a fortnightly basis, bank advances grew 0.3 per cent or Rs 32,022.49 crore to Rs 102.54 lakh crore in the week to June 5 as against Rs 102.22 lakh crore in the week ended May 22, 2020. Deposits grew 0.9 per cent, or Rs 1.25 lakh crore, on a fortnightly basis, the RBI data showed.

India’s forex reserves up by $5.94 billion to hit record $507.64 billion

India’s forex reserves rose substantially by $5.942 billion to touch a life-time high of $507.644 billion in the week to June 12, helped by a significant jump in the foreign currency assets (FCA), RBI data showed. In the previous week ended June 5, the foreign exchange reserves had crossed the half-a-trillion mark for the first time after it surged by a massive $8.22 billion and reached $501.703 billion, according to the weekly data released by the Reserve Bank of India.

In the reporting week, the foreign currency assets, a major component of the overall reserves, rose by $5.106 billion to $468.737 billion. The gold reserves in the reporting week rose by $821 million to $33.173 billion, the RBI data showed.

SEBI again eases compliance norms for brokers

SEBI on Friday extended the deadline for brokers to submit reports on client funding and daily margin till July 31, in the wake of the COVID-19 crisis. Besides, the markets regulator has given more time for submitting compliance certificate on margin trading, risk-based supervision, internal audit report as well as net worth certificates of brokers for half year ended March 31, 2020.

This is the third instance when the regulator has extended the deadline for compliance. The decision comes after receiving a representation from stock exchanges, the Securities and Exchange Board of India (SEBI) said in a circular.

Results on June 22

Aegis Logistics, AIA Engineering, Balaji Amines, Dhanlaxmi Bank, Kirloskar Industries, Morepen Laboratories, OnMobile Global, Skipper, Sudarshan Chemical Industries, The Investment Trust Of India, UFO Moviez.

FII and DII data

Foreign institutional investors (FIIs) bought shares worth Rs 1,237 crore, while domestic institutional investors (DIIs) sold shares worth Rs 880.66 crore in the Indian equity market on June 19, provisional data available on the NSE showed.

Stock under F&O ban on NSE

Eight stocks – Adani Enterprises, BHEL, Escorts, Jindal Steel, Just Dial, NCC, Punjab National Bank and SAIL – are under the F&O ban for June 22. 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.

With inputs from Reuters & other agencies

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