OPENING BELL
SENSEX UP + 107.41 @ 28520.30, NIFTY FUTURE UP 34.50 @ 8808.00, BANK NIFTY FUTURE UP + 92.30 @ 20030.50, USD/INR – 66.87.
Equity benchmarks rallied sharply with the Nifty reclaiming 8800 level in early trade after two-day consolidation. The 30-share BSE Sensex was up 207.37 points or 0.73 percent at 28620.26 and the 50-share NSE Nifty up 60.80 points or 0.70 percent at 8803.35. The market breadth remained strong as about five shares advanced for every share falling on the Bombay Stock Exchange. HDFC Bank, ITC, Tata Motors, Axis Bank, SBI and Maruti gained more than 1 percent whereas HDFC was the only loser on Sensex. The Indian rupee gained in the early trade. It has opened higher by 16 paise at 66.86 per dollar versus 67.02 Thursday. Best Advisory Company | Future & Options Calls
BSE to start mock trading for international exchange in Oct Leading stock exchange BSE said it has decided to begin mock trading sessions for its international stock exchange in Gujarat International Finance Tec-City (GIFT) from October 3.
BSE had signed a pact with GIFT SEZ Ltd in January last year to set up BSE International Exchange and BSE International Clearing Corporation at the GIFT city -India's first International Financial Services Centre (IFSC).
"BSE has already commenced the process for setting up the exchange and clearing corporation and incorporated two companies viz BSE International Exchange (IFSC) Ltd and BSE International Clearing Corporation (IFSC) Ltd," the exchange said in a notice. "As part of the process the exchange intends to start mock trading with effect from October 3, 2016," it added. Stock Cash Premium | MCX HNI Tips The details of mock trading environment, along with connection and trading parameters, shall be communicated subsequently by the exchange. BSE in its IPO papers has said that following the requisite regulatory approvals, the international exchange will provide an electronic trading platform that facilitates domestic companies to raise capital in foreign currency by issuing foreign currency denominated bonds and providing a trading platform to trade in such securities. It will also help Indian startups to raise equity from foreign investors by getting listed as well as provide companies incorporated outside India to raise money in foreign currencies by the issuance and listing of their equity shares, on the international exchange.
Oil prices drop on returning Libya, Nigeria supplies
Oil prices fell on Friday on worries that US rig counts would continue to rise and that returning Libyan and Nigerian exports would stoke a global supply glut. Brent crude futures were trading at USD 46.32 per barrel at 0107 GMT, down 27 cents, or 0.6 percent, from their last settlement. US West Texas Intermediate futures were down 24 cents, or 0.6 percent, at USD 43.67 a barrel.
Returning supply from Libya and Nigeria will hamper a rebalancing of the global crude market, weighing on sentiment, traders said.
MCX Gold MCX Gold prices are trading in a falling channel formation on hourly time frame. For now we expect prices should move lower towards 30550 levels in the coming trading sessions.
MCX Crude Oil MCX Crude Oil prices have completed Bullish AB = CD pattern at 2926 levels on hourly time frame. For now we expect prices to move higher towards 3015 levels in coming trading sessions.
Fundamental News: Gold held mostly steady in Asia on Thursday with central bank meetings in the U.S. and Japan next week setting a high-stakesstage for markets.
Gold prices struggled near the lowest level in nearly two weeks during Europe's session on Thursday, as investors focused on the next set of U.S. data to see whether it supports expectations that the Federal Reserve will raise interest rates before the end of the year.
Gold prices sank to fresh two-week lows during North America's session on Thursday, as investors digested the release of a host of U.S. economic data. Oil prices rose on Thursday after falling around 3 percent in the previous session, supported by an unexpected fall in U.S. crude inventories. Recent developments in the OPEC universe have fueled speculation that oil producers might actually be able to agree on something at the informal talks in Algiers, Algeria, set for September 26-28. Oil prices fell to a new two-week low during European hours on Thursday, adding to steep overnight losses amid mounting concerns over a global supply glut. Oil prices wobbled near a two-week low during North American hours on Thursday, as a planned resumption of oil exports by Libya and Nigeria added to concerns over a global supply glut. U.S. natural gas futures trimmed losses on Thursday morning, after data showed that natural gas supplies in storage in the U.S. rose less than forecast last week.