The Indian stock market is expected to open flat following mixed Asian cues. Trends on SGX Nifty indicate a flat opening for the index in India with a 19 points loss.

The BSE Sensex closed above 39,000 levels, up 287.72 points at 39,044.35 on September 15 while the Nifty50 jumped 81.80 points to end above the crucial 11,500 mark, at 11,521.80.

According to pivot charts, the key support levels for the Nifty is placed at 11,464, followed by 11,406.2. If the index moves up, the key resistance levels to watch out for are 11,557.8 and 11,593.8.

U.S. stocks rose on Tuesday as investors hoped the Federal Reserve would stick with its supportive policy stance as the central bank’s two-day meeting got under way.

The Dow Jones Industrial Average rose 2.27 points, or 0.01%, to 27,995.6, the S&P 500 gained 17.66 points, or 0.52%, to 3,401.2 and the Nasdaq Composite added 133.67 points, or 1.21%, to 11,190.32.

Asian Markets

Asian shares were set for a mixed open on Wednesday as investors awaited the Federal Reserve’s view on the economy at the end of its policy meeting, although upbeat Chinese and U.S. economic data is likely to give sentiment a tailwind.

Australian S&P/ASX 200 futures rose 0.75% in early trading. Japan’s Nikkei 225 futures slid 0.13%. Hong Kong’s Hang Seng index futures rose 0.33%.

SGX Nifty

Trends on SGX Nifty indicate a flat opening for the index in India with a 19 points loss. The Nifty futures were trading at 11,512 on the Singaporean Exchange around 07:30 hours IST.

Oil gains as hurricane shuts U.S. output, stockpiles fall

Oil prices rose on Wednesday, extending gains from the previous session, as a hurricane disrupted U.S. offshore oil and gas production and an industry report showed a big drop in U.S. crude stockpiles.

Brent crude was trading up 15 cents, or 0.4%, at $40.68 a barrel by 0055 GMT, while U.S. crude gained 18 cents, or 0.5%, to $38.46 a barrel. Both contracts rose by more than 2% on Tuesday.

LTCG exemption, lower tax for domestic investors to boost startup ecosystem: Govt panel

A government panel recommended that long term capital gains from investment in startups should be abolished, at least for the next two years, in the wake of the COVID-19 pandemic. The government’s Standing Committee on Finance released a report on September 15 outlining its views on the startup ecosystem, opportunities and challenges.

The report suggested a number of measures to boost the domestic startup investment scene, including fixing the difference in tax rates between domestic and foreign funds, benefits between investing in listed and unlisted securities, exempting domestic fund managers from GST, and mobilising domestic funds to pool into funds of funds, more common in foreign countries.

RBI issues draft rupee interest rate derivatives

The Reserve Bank on September 15 proposed allowing foreign portfolio investors (FPIs) to undertake exchange-traded rupee interest rate derivatives transactions subject to an overall ceiling of Rs 5,000 crore. Interest Rate Derivatives (IRD) are contracts whose value is derived from one or more interest rates, prices of interest rate instruments, or interest rate indices.

The proposed Rupee Interest Rate Derivatives (Reserve Bank) Directions, 2020 are aimed at encouraging higher non-resident participation, enhance the role of domestic market makers in the offshore market, improve transparency, and achieve better regulatory oversight, according to the RBI.

India's August exports fall 12.66%, imports contract 26%; trade deficit narrows to $6.77 billion

Contracting for the sixth straight month, India's exports slipped 12.66 percent to $22.7 billion in August, on account of decline in the shipments of petroleum, leather, engineering goods and gems and jewellery items, according to the government data released on September 15.

The country's imports too declined 26 percent to $29.47 billion in August, leaving a trade deficit of $6.77 billion, compared to a shortfall of $13.86 billion in the same month last year, as per the data. Oil imports declined by 41.62 percent to $6.42 billion in the month under review.

Gold imports jumped to $3.7 billion in August this year as against $1.36 billion in August 2019. During the April-August period, exports declined by 26.65 percent to $97.66 billion, while imports fell 43.73 percent to $118.38 billion.

Multiplex association appeals to govt to reopen cinemas

Appealing to the government to allow theatres to reopen on an urgent basis, the Multiplex Association of India on Tuesday said the movie exhibition sector that provides employment to lakhs of people had lost an estimated Rs 9,000 crore in the last six months. The cinema body, which represents all the multiplex chains, including, PVR, INOX and Cinepolis, said the sector directly employs more than two lakh people and provides employment to lakhs indirectly.

Describing movies as the soft power of India and cinemas the main form of entertainment for millions of Indians, the association said close to 10,000 cinema screens across the country had been shut for close to six months.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 1,170.89 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 895.63 crore in the Indian equity market on September 15, as per provisional data available on the NSE.

10 stocks under F&O ban on NSE

Adani Enterprises, Bank of Baroda, BHEL, Canara Bank, Escorts, Indiabulls Housing Finance, Vodafone Idea, Jindal Steel & Power, Tata Chemicals and Vedanta are under the F&O ban for September 16. 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.