For the second straight session, the Indian market concluded Tuesday’s sessions on a negative note, as Sensex fell by 166 points, Nifty50 settled below 17350-mark, dragged by FMCG and financials.   

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Rohit Singre, Senior Technical Analyst at LKP Securities said, “Nifty open gap down and showed a very sideways move throughout day with given close at 17325 with minimal & formed a Doji sort of candle pattern on daily chart represents indecision in the markets.”  

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“The overall range for nifty is coming at 17500 on the higher side & 17000 on the lower side right now nifty is trading in between so one can expect a sideways moment in coming sessions and final direction will be clear once we see either side breakout from mentioned range, immediate support is coming near 17250-17200 zone & resistance is coming near 17400-17500 zone.” Singre added  

Stay tuned to Zeebiz.com to find out what could impact your trade today. We have collated a list of top 10 news points which could impact markets, companies, or economy:      

Global Markets:  

The US markets witnessed yet another weak closing on Tuesday as major Wall Street indices closed in the red. Dow Jones ended 107 points or 0.30% lower, Nasdaq Composite closed 176 points or 1.14% down and S&P 500 slipped by 0.75% or 35 points. 

Asian Markets:  

Asian markets were trading mixed this morning. Japanese Nikkei 225 was up 0.13%, Hang Seng Index at the Hong Kong Exchange was also trading marginally higher by 0.09%, while Shanghai Composite Index started 0.18% lower around 7.10 am on Wednesday.  

SGX Nifty:  

SGX Nifty hinted at flat to negative opening for the Indian markets as the futures index was trading lower by 20 points to 17,313.  

Oil edges up towards $75 as Omicron concerns dominate  

Oil prices edged higher towards $75 a barrel on Tuesday after the International Energy Agency (IEA) said that the new Omicron coronavirus variant was set to dent the global demand recovery.  

Brent crude oil futures rose 27 cents, or 0.36%, to $74.66 a barrel by 1231 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 23 cents, or 0.32%, to $71.52.  

"The surge in new COVID-19 cases is expected to temporarily slow, but not upend, the recovery in oil demand that is underway," the Paris-based IEA said in its monthly oil report.[IEA/S]  

Governments around the world, including most recently Britain and Norway, have tightened restrictions to stop the spread of the Omicron variant.  

NSE Indices launches Nifty India Digital Index  

Leading stock exchange NSE's subsidiary, NSE Indices Limited, on Tuesday launched a digital index that will track the performance of companies exposed to the digital theme.  

The Nifty India Digital Index aims to track the performance of a portfolio of stocks that broadly represent the digital theme within basic industries like software, e-commerce, IT-enabled services, industrial electronics, and telecom services companies, according to a statement.  

The largest 30 stocks from eligible basic industries are chosen based on their 6-month average free-float market capitalisation as on the cutoff dates at the end of January and July.  

Rupee drops by 10 paise to close at 75.88   

The rupee on Tuesday declined by 10 paise to close at an 18-month low level of 75.88 against the US dollar due to persistent foreign fund outflows and concerns over inflation.  

Muted domestic equities and the dollar demand from corporates also weighed on the local unit, analysts said.  

At the interbank foreign exchange market, the local currency opened at 75.94 against the greenback. During the day, the local unit witnessed an intra-day low of 75.95 and a high of 75.83 against the US dollar. The rupee closed at 75.88 against the dollar, a level not seen since June 22, 2020.  

RBI brings NBFCs on par with banks in new PCA framework  

To further strengthen the supervision on non-banking entities (NBFCs), the Reserve Bank on Tuesday issued revised guidelines on a Prompt Corrective Action (PCA) framework for such companies, excluding government-owned ones, effective from October 1, 2022, on the lines of what it had introduced for banks in 2002.  

The RBI came up with stricter supervisory norms under the PCA framework for banks after their bad loans mounted and balance-sheets bled badly. This involved restricting them from fresh lending, brand opening and, hiring, among others.  

The RBI said the revised PCA framework is also applicable to all deposit-taking non-banking financial companies (NBFCs), all non-deposit taking NBFCs in the middle, upper and top layers, including investment and credit companies, core investment companies, infrastructure debt funds, infrastructure finance companies and microfinance institutions.  

Metro Brands IPO subscribed 3.64 times on last day of subscription  

The initial public offer of footwear retailer Metro Brands Limited was subscribed 3.64 times on the last day of subscription on Tuesday. The Rs 1,367.5-crore IPO received bids for 6,96,12,480 shares against 1,91,45,070 shares on offer, according to NSE data.  

The category for Qualified Institutional Buyers (QIBs) garnered 8.49 times subscription, while those for non-institutional investors 3.02 times and Retail Individual Investors (RIIs) 1.13 times.  

The company, which is backed by ace investor Rakesh Jhunjhunwala, on Thursday raised over Rs 410 crore from anchor investors.  

Govt invites global bids for strategic divestment of PDIL, HLL Lifecare  

The finance ministry on Tuesday invited global bids for strategic sale of Projects & Development India Limited (PDIL) and HLL Lifecare Limited (HLL) as part of the disinvestment process. The last date for submission for bids is January 31 for both the state-owned entities.  

"GoI invites Expression of Interest (EoI) for Strategic Disinvestment/Privatisation of Projects & Development India Limited (PDIL). Last date for receiving EoIs:31.01.2022," DIPAM said tweet.  

PDIL is a Miniratna Category-1 public sector undertaking under the administrative control of Department of Fertilizers, Ministry of Chemicals & Fertilizers, Government of India.  

FII & DII Data:  

Foreign portfolio investors (FPIs) remained net sellers for Rs 763.18 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 425.43 crore, provisional data showed on the NSE.  

Stocks under F&O ban on NSE    

Three stocks: Indiabulls Housing Finance, Escorts, Idea are placed under the F&O ban on Wednesday. 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 PTI, Reuters and other agencies) 

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)