The market is expected to open in the green as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 78 points.
The BSE Sensex rallied 92 points to 61,511, while the Nifty50 rose 23 points to 18,267 and formed bearish opening Marubozo kind of pattern on the daily charts. This pattern indicates profit booking or selling pressure at higher levels which is a cause of concern in the short term.
As per the pivot charts, the key support level for the Nifty is placed at 18,249, followed by 18,230 & 18,200. If the index moves up, the key resistance levels to watch out for are 18,310 followed by 18,329 and 18,359.
Market Minutes | All you need to know ahead of the opening bell
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
Wall Street's main indexes ended Wednesday with solid gains after the Federal Reserve's November meeting minutes showed interest rate hikes may slow soon.
The Dow Jones Industrial Average rose 95.96 points, or 0.28%, to 34,194.06, the S&P 500 gained 23.68 points, or 0.59%, at 4,027.26 and the Nasdaq Composite added 110.91 points, or 0.99%, at 11,285.32.
Markets in the Asia-Pacific traded higher as the US Federal Reserve said they expect to switch to smaller rate hikes “soon", according to minutes released on Wednesday.
The Bank of Korea opted for a smaller 25 basis point hike, widely in line with expectations. The Kospi rose 0.56%. The S&P/ASX 200 in Australia rose 0.35% after stocks on Wall Street rose mildly following the Fed minutes release. The Nikkei 225 rose 1.34% and the Topix also traded 1.29% higher.
Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 78 points. The Nifty futures were trading around 18,332 levels on the Singaporean exchange.
'Substantial majority" of Fed officials see rate hikes slowing 'soon,': Minutes
A "substantial majority" of policymakers at the Federal Reserve's meeting early this month agreed it would "likely soon be appropriate" to slow the pace of interest rate hikes as debate broadened over the implications of the U.S. central bank's rapid tightening of monetary policy, according to the minutes from the session.
Oil slides over 3% on Russian price cap talks, US gasoline build
Oil prices fell more than 3% on Wednesday, continuing a streak of volatile trading, as the Group of Seven (G7) nations considered a price cap on Russian oil above the current market level and as gasoline inventories in the United States built by more than what analysts expected.
Brent futures for January delivery fell $2.95, or 3.3%, to settle at $85.41 a barrel. US crude fell $3.01, or 3.7%, to $77.94 per barrel. In early trade, both contracts had risen by over $1 a barrel.
US unemployment claims rise to 240,000, highest since August
The number of Americans applying for unemployment benefits rose to the highest level since August but still remains low by historic standards. The Labor Department reported Wednesday that 240,000 people applied for jobless aid last week, up by 17,000 from the week before. The four-week moving average of claims, which smooths out week-to-week volatility, rose by 5,500 to 226,750.
Applications for unemployment benefits are a proxy for layoffs and the current low levels shows that American workers enjoy extraordinary job security.
New weekly applications for unemployment benefits were extremely low early this year -- staying below 200,000 for much of February, March and April. They began to tick up in late spring and hit 261,000 in mid-July before trending lower again.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 789.86 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 413.75 crore on November 23, as per provisional data available on the NSE.
Japan Nov factory activity shrinks at quickest pace in 2 years
Japan's manufacturing activity contracted at the fastest pace in two years in November as demand worsened due to strong inflationary pressures, a business survey showed on Thursday. The contraction in factory activity also marked the first monthly decline in 22 months and raised a question mark over Japan's economic outlook as the country relies heavily on trade with China and other nations for its growth.
The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) slipped to a seasonally adjusted 49.4 in November from a final reading of 50.7 in the previous month.
Goldman Sachs sees Nifty hit 20,500 by 2023-end
Goldman Sachs sees the Nifty50 hitting 20,500 by the end of 2023, which is a 12 percent price return led by earnings growth. Going into 2023, the brokerage firm is of the view that Indian equities are less likely to outperform for the third successive year. That’s thanks to expensive valuations and lingering cyclical issues like slowing growth in the first half, sticky core inflation, RBI policy hikes, and a weak rupee.
China and other globally cyclical North Asian markets, notably Korea, could perform better on China reopening catalysts and global recovery expectations in 2024, which is another reason, according to Goldman Sachs.
Stocks on F&O ban list on NSE
The National Stock Exchange has added Punjab National Bank to its F&O ban list for November 24. Securities banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.With inputs from Reuters and other agencies