First bell: Key triggers for today’s market session

Wall Street surged to record closing highs on Tuesday, led by sharp gains in bank stocks

Hey there! Here’s your morning briefing on possible market drivers for the day.

Nifty looked bullish in Singapore
Nifty futures on the Singapore Stock Exchange were trading 22 points, or 0.21 per cent, up at 10,3914, indicating a good start for Nifty50 on Dalal Street.

US stocks on a high
Wall Street surged to record closing highs on Tuesday, led by sharp gains in bank stocks and boosted by progress for a tax cut bill, strong consumer confidence data and encouraging comments from President Donald Trump’s nominee to lead the Federal Reserve. The Dow rose 255.93 points to 23,836.71, the S&P500 index 25.65 points to 2,627.07 and the Nasdaq 33.84 points to 6,912.

Asian markets steady
Asian stocks shrugged off North Korea’s latest missile launch on Wednesday, instead followed the lead from Wall Street. Japan’s Nikkei 225 was up 0.53 per cent and the Kospi index 0.37 per cent.

Rupee at a two-month high
The Indian currency gained further ground against the US currency and finished at a new two-month high of 64.41, appreciating by 9 paise after sustained dollar unwinding by exporters and companies.

Crude oil prices ease
Oil prices slipped on Tuesday, weighed down by uncertainty over the outcome of an Opec meeting this week at which an extension to its price-supporting oil output cuts will be discussed. Brent crude oil ended the session down 23 cents, or 0.4 per cent, at $63.61 a barrel, while WTI crude settled 12 cents lower at $57.99

F&O rollovers strong
Market-wide rollover of F&O positions till Tuesday stood at 41 per cent compared with average rollover of 36 per cent on the comparable day in last three series. Rollover of Nifty futures stood at 39 per cent, which is also high compared with the average rollover of 30 per cent seen in last three series.

Sebi framing algo trading rules
The market regulator plans to introduce rules on the participation of retail investors in algorithmic trading, a system widely regarded as giving its sophisticated institutional practitioners an edge.

Bitcoin zooms past $10,000
Virtual currency bitcoin soared to an all-time high above $10,000 on Tuesday on some smaller exchanges and digital currency indexes, but remained just below that milestone in major trading platforms such as Luxembourg-based BitStamp, reports Reuters..

North Korea flexes muscles
North Korea shattered a two-month period of relative quiet by test-firing a missile that analysts say may put the US east coast in range. Japan said the intercontinental ballistic missile flew for 53 minutes on a lofted trajectory and may have reached an altitude of more than 4,000 km before landing in waters about 250 km from its northwest coast. US Secretary of Defense James Mattis said that it flew higher than any previous North Korean launch.

Govt desperate for rate cut
Impatient for faster economic growth, India’s government is lobbying for a reduction in official interest rates in coming months as it expects inflation to stay close to a 4 percent target, finance ministry officials said.

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