The Indian stock market is expected to open in the red as trends on SGX Nifty indicate a negative opening for the index in India with a 58-points loss.
The BSE Sensex dropped 396.34 points to 60,322.37, while the Nifty50 closed tad below crucial 18,000 mark, falling 110.30 points to 17,999.20, and formed bearish candle on the daily charts.
According to pivot charts, the key support levels for the Nifty are placed at 17,927.77, followed by 17,856.33. If the index moves up, the key resistance levels to watch out for are 18,101.66 and 18,204.13.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets on November 17. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
US Markets
U.S. stocks closed higher on November 16 as earnings from Home Depot and retail sales data signaled solid consumer health and eased worries about a Federal Reserve that may have to become more aggressive in the face of rising inflation.
The Dow Jones Industrial Average rose 57.34 points, or 0.16 percent, to 36,144.79. The S&P 500 gained 17.68 points, or 0.40 percent, to end at 4,701.44 points, while the Nasdaq Composite was up 118.68 points, or 0.75 percent, to 15,972.52.
Asian Markets
Asia-Pacific stocks started mixed on November 17 before trending lower, as markets in the U.S. were lifted on the back of stronger-than-expected retail sales data.
Japan's Nikkei 225 fell nearly 0.3 percent after trading in positive territory earlier, while the Topix traded 0.4 percent lower. South Korea's Kospi was down 0.81 percent.
SGX Nifty
Trends on SGX Nifty indicate a negative opening for the index in India with a 58-points loss. The Nifty futures were trading at 17,947 on the Singaporean Exchange around 07:30 hours IST.
SEBI issues consultation paper, seeks monitoring on tech firms using funds for acquisitions
Market regulator Securities and Exchange Board of India (SEBI) on November 16 issued a consultation paper seeking more monitoring on how new age tech firms are using funds for acquisitions. Apart from this, SEBI also sought comments whether additional disclosures on fund utilisation is needed or if the market regulator needs longer lock-in for anchor investors.
Among other details, SEBI also proposed that all ESG schemes must define its objective and policy in clear terms as to what it aims to achieve by following an ESG – focused strategy and how it would materially make a difference.
RBI's low interest rates will continue to support demand in Indian economy: CLSA
The Reserve Bank of India’s low interest rates will continue to boost demand in the Indian economy, even if the government scales back pandemic support, CLSA India Economist Indranil Sen Gupta has said. "Of course, RBI will tighten, but rates are so low that lending rates will take some time to react to that. That will be a major driver of consumption demand going into next year," Bloomberg quoted Gupta as saying.
According to a survey by CLSA, over 70 percent of the respondents said lending rates as the “key reason” for availing loans. Gupta expects the central bank to retain the accommodative stance, for now, and continue to withdraw surplus liquidity.
PE, VC investments touch all-time high of $12.9 billion in October: Report
Private equity (PE) and venture capital (VC) investments touched an all-time high of $12.9 billion in October, on the back of high-value deals, a report said on November 16. The investments were 71 per cent higher as compared with October 2020’s $7.5 billion and 2.5 times the $5.2 billion value recorded in September this year, the report by consultancy firm EY and industry lobby IVCA said.
By the number of transactions, the 127 deals in October were higher than the 92 in last October but lower when compared with September’s 134.
RBI likely to hike rates next year, full-fledged recovery on right path: Morgan Stanley
Maintaining a constructive view on the Indian economy, Morgan Stanley expects a full-fledged growth recovery with all drivers firing, LiveMint reported on November 16. According to Morgan Stanley economists Upasana Chachra and Bani Gambhir, the consumption recovery is most likely to pick up pace from the first quarter of FY22 and private capital expenditure recovery to follow in H22.
Among other things, the economists expect inflation to be sticky around the 5 percent mark in 2022, which is likely to remain within the RBI’s target band of 2-6 percent.
Go Fashion IPO opens on November 17
Go Fashion, the operator of women's bottom-wear brand Go Colors, would be the fifty-third public issue launched this week, after Tarsons Products. The initial share sale of the company will open for subscription on November 17 and the offer will close on November 22. The closing date has been extended because of the market holiday on November 19 for Gurunanak Jayanti.
The offer price band has been fixed at Rs 655 to Rs 690 per equity share. The public issue comprises a fresh issuance of shares worth Rs 125 crore, and an offer for sale of more than 1.28 crore equity shares by promoters and investors.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 560.67 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 577.34 crore in the Indian equity market on November 16, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Seven stocks - BHEL, Indiabulls Housing Finance, IRCTC, NALCO, Punjab National Bank, SAIL and Sun TV Network - are under the F&O ban for November 17. 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.
With inputs from Reuters & other agencies
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