Markets indicating tepid start to the F&O expiry week;

Markets indicating tepid start to the F&O expiry week;

Benchmark indices closed sharply higher as the Sensex was up 469.87 points or 1.44 percent at 33,066.41 and the Nifty gained 132.65 points or 1.33 percent at 10,130.70 for today.

SGX Nifty is currently trading flat up 6 points. Indian markets are expected to trade range bound with a negative bias as traders await more clarity on the trade war, which has currently affected the global equities. In stock, specific news RIL has forged a deal to combine music platform Saavn with its own entity Jio Music for a deal worth nearly $1bn. India Bulls real-estate has divested 50% stake in India Bulls Properties and India Bulls Real Company for an enterprise value of Rs9,500cr.

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Global Market:
·       Major Asian markets are trading in the red at present Nikkei is down 0.54%, Hang Seng is down 0.26% while Shanghai Composite is trading 1.11% lower.

·       US Markets: Stocks witnessed a continuation of the selling pressure witnessing yet another volatile session. The Dow dipped 1.8% to 23,533.20, the Nasdaq plunged 2.4% to 6,992.67 and the S&P 500 fell 2.1% ending at 2,588.26. All the major indices closed at multi-month lows. A concern over the escalating trade war was the major reason for the selloff on Wall Street.

·       European markets also closed in the red on Friday with FTSE closing 0.44% lower, CAC dipped 1.41% while DAX ended 1.80% lower.

Major Headlines of the day:

·        GST: Firms fear income tax dispute over input tax credits- Indian companies fear that input tax credit claimed for GST paid on raw materials may be disputed by tax officials later and are considering setting aside funds to cover risks arising from rejection of their claims.
·        IndiGo, SpiceJet report smooth transition to T2 of Delhi airport- IndiGo and SpiceJet shifted partial operations to Terminal 2 (T2) of the Indira Gandhi International Airport in the national capital, with both airlines reporting on time departure of flights and smooth operations.
·        PNB plans to stake claim in bankruptcy proceedings of Nirav Modi’s Firestar Diamond- Punjab National Bank (PNB) plans to take part in the bankruptcy proceeding of Firestar Diamond, a group company of jewelry designer Nirav Modi who has been accused of defrauding the state-run bank of nearly Rs13,000 crore..

Trend in FII flows:  The FIIs were Net Value of Rs 1628.19 the cash segment Friday while the DIIs were Net Value of Rs -935.41 as per the provisional figures.

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