Nifty to reclaim or 18700 or bears to drag index below 18400- 7 things to know before share market opens
时间:2024-05-18 12:29:54 阅读（143）
Indian benchmark indices are likely to open in green amid strong global cues. SGX Nifty hinted at a positive start for domestic equities as Nifty futures were trading 84 pts or 0.45% up at 18785 level on the Singapore Exchange. In the previous session, BSE Sensex fell 51 points to 62,130, while the NSE Nifty 50 gained 0.60 points at 18,497. “Traders are advised to focus on stock-specific actions; because even if we are not witnessing bigger moves in moves, a lot of thematic moves have started to cut loose. In fact, taking a glance at the Nifty Midcap50 index, we reiterate that stocks from the cash segment are providing excellent opportunities. Hence, identifying such key movers is the key for momentum traders,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One.Key things to know before share market opens
Global market watch: Asia-Pacific markets traded higher on Wednesday, tracking gains in Wall Street indices. Japan’s Nikkei 225 gained 0.26% while the Topix was 0.24% higher. South Korea’s Kospi also rose 0.7%. In Australia, the S&P/ASX 200 was just above the flatline. US stocks rose overnight after an unexpectedly small consumer price increase buoyed optimism that the Federal Reserve could soon dial back its inflation-taming interest rate hikes, but concerns remained thar Fed could stay aggressive. The Dow Jones Industrial Average rose 0.3%, the S&P 500 gained 0.73%, and the Nasdaq Composite added 1.01%.
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Levels to watch: “Bears remain in trap as 18350 levels are sustained. Volume profile indicates these levels are strong support for the coming days and stock-specific action would drive the market. On the derivatives front, the highest call OI is at 18700 strike price, followed by 18800 strike prices. While on the put side, highest OI remains at 18500, followed by 18400 strike price. On the other hand, Bank Nifty has support at 43300 levels while resistance is placed at 44600. As December comes to a close, the Indian equities market continues to be the strongest among its international counterparts thanks to multi-month highs in the Bank Nifty. Auto ancillaries and Metal may outperform in the near term,” said Om Mehra, Technical Associate, Choice Broking.
FII and DII data: Foreign institutional investors (FIIs) net bought shares worth Rs 619.92 crore, while domestic institutional investors (DIIs) net bought equities worth Rs 36.75 crore on 13 December, according to the provisional data available on the NSE.
Stocks under F&O ban on NSE: BHEL, Delta Corp, and GNFC are the three stocks under the NSE F&O ban list for 14 December. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95% of the market-wide position limit.
US inflation subsides: US consumer prices rose less than expected for a second straight month in November, resulting in the smallest annual increase in inflation in nearly a year and giving the Federal Reserve cover on Wednesday to start scaling back the size of its interest rate increases. The consumer price index increased 0.1% last month after advancing 0.4% in October. Gasoline prices dropped 2.0% after rising 4.0% in October. The cost of natural gas fell as did prices for electricity.
US Fed meet: After four consecutive mega-hikes of 75 basis points, the market is expecting Fed Chair Jerome Powell to moderate the pace of hikes to 50 bps amid early signs of moderation in inflation. The outcome of the two-day meeting of the Federal Open Market Committee (FOMC). last meeting of 2022, would be known today midnight. “Any upside surprises to the November US CPI inflation print, due just before the FOMC, would trigger a more hawkish bias to the Fed Chairs’ statement in the press conference. The robust labour market and other activity indicators continue to point towards a possibility of a higher terminal Fed rate in the coming FOMC,” Kotak Mahindra Bank said in a note.
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- AMC”.
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In its consultation paper, Sebi has suggested that trustees of mutual funds should focus on market abuse by AMC, its employees and mis-selling by the AMC to increase the asset base.
Also, trustees should be responsible for fairness of fees and expenses charged by the AMC, compare its performance with peers and ensure that AMC’s sponsor is not getting any undue advantage.
In addition to the core areas, the trustees should be responsible for periodically reviewing the steps taken by AMCs for the folios which do not contain all KYC attributes with bank details.
Further, Sebi has suggested that trustees and their resource persons should independently evaluate the extent of compliance by AMC and not merely rely on AMC’s assurances.
To facilitate trustees’ supervision, AMCs should provide them with analytical information.
Presently, the trustees primarily rely on the AMCs for ensuring compliance with the applicable rules.
Under the rules, trustees hold the property of the mutual fund in trust for the benefit of the unitholders. The trustees appoint an AMC to float schemes for the mutual fund and manage the funds mobilised under various schemes, in accordance with the investment objectives.
“In view of the increasing scale and reach of the mutual fund industry, trustees’ role in respect of unitholders’ protection assumes even greater significance,” Sebi said on Friday.
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Over the past decade there has been a five-fold increase in the size of the mutual fund industry. The assets under management (AUM) has surged from Rs 7.93 lakh crore in November 2012 to Rs 39.89 lakh crore in December 2022.
To ensure that trustees devote time and attention to their core responsibilities, Sebi has suggested that for fulfilling other responsibilities, trustees may rely on professional firms such as audit firms, legal firms, merchant bankers for carrying out due diligence on their behalf.
The Sebi also listed some duties trustees can delegate to AMCs. This include ensuring that all systems are in place prior to the launch of any scheme by the AMC, and calculating any income in the mutual fund due to the fund and any income received in the mutual fund for unitholders.
The regulator has proposed to provide a one year time to existing trustees with board of trustee structure to convert into a trustee company, from governance point of view.
Presently, two structures for trustees are permitted — corporate and board of trustees structure. Moreover, there are a few mutual funds which have the board of trustees structure while the trustees of all other mutual funds have adopted the structure of a trustee company.
Considering the enhanced role of trustees over the period of time, Sebi has suggested to increase the minimum number of trustees to adequately perform their functions. Presently, the minimum number of trustees prescribed is four.
Also, it has been proposed that the chairperson of the trustee company should be an independent director.
Sebi has suggested that apart from the meeting of the audit committee of AMCs and trustees (which mostly comprises of independent directors), the board of AMCs and the board of trustees may be mandated to meet at least once a year to discuss the issues concerning the mutual funds.
The regulator proposed that the existing MF Regulations on AMC and its obligations may be amended to include additional clauses with respect to the obligations of the board of AMC.
The proposed amendment may include a clause which casts an obligation on the board of AMC to ensure that all the activities of the asset management company are in accordance with the provisions of these regulations.
The Securities and Exchange Board of India (Sebi) has sought comments from public till February 24 on these proposals.