The Indian stock market is expected to open in the red amid weak global markets. However, SGX Nifty indicates a flat to positive opening for the index in India with a 37 points gain.
On November 26, the BSE Sensex tanked 1,687.94 points, or 2.87 percent, to close at 57,107.15, while the Nifty50 fell 509.80 points, or 2.91 percent, to 17,026.50 and formed large bearish candle on the daily charts. The index corrected more than 4 percent for the week, forming bearish candle on the weekly scale.
According to pivot charts, the key support levels for the Nifty are placed at 16,889.6, followed by 16,752.8. If the index moves up, the key resistance levels to watch out for are 17,259.3 and 17,492.2.
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:
US stocks closed lower on Friday, with the Dow and S&P 500 suffering their biggest one-day percentage drops in months, and pandemic-hit sectors that had gained from a reopening falling sharply after a new coronavirus mutation was found.
The Dow Jones Industrial Average fell 905.04 points, or 2.53%, to 34,899.34; the S&P 500 lost 106.84 points, or 2.27%, to 4,594.62; and the Nasdaq Composite dropped 353.57 points, or 2.23%, to 15,491.66.
Asian markets are trading lower with Straits Times, Taiwan Weighted down over 1 percent each, while Shanghai Composite, Kospi and Hang Seng down 0.5 percent each.
Trends on SGX Nifty indicate a flat to positive start for the broader index in India, with a gain of 37 points or 0.32 percent. The Nifty futures were trading around 17,080.50 level on the Singaporean Exchange.
FPIs net buyers in November, invest Rs 5,319 crore
Foreign portfolio investors (FPI) have pumped in a net sum of Rs 5,319 crore in Indian capital markets despite a massive correction seen in equities over the last fortnight. In October, they were net sellers to the tune of Rs 12,437 crore.
As per depositories data, overseas investors put in a net Rs 1,400 crore into equities and Rs 3,919 crore into the debt segment between November 1-26. This translated into total net investment of Rs 5,319 crore.
The Reserve Bank of India 26 accepted 21 out of 33 recommendations of an internal working group on the ownership guidelines and corporate structure of private sector banks.
For non-banking financial companies (NBFCs) looking to convert into a universal bank, minimum requirement on the track record of the experience of promoting entity, including for a converting NBFC, may continue at ten years for universal banks, the RBI said.
On the eligibility of promoters, the RBI said it may, as part of the framework for scale-based regulation of NBFCs, consider putting in place a tighter, bank-like regulatory framework for large NBFCs.
The initial recommendations by the internal working group were - allowing well-run large NBFCs with an asset size of Rs 50,000 crore and above, including those owned by corporate houses, may be permitted to convert to banks provided they complete 10 years of operations and meet the due diligence criteria.
Oil plunges 10% on new coronavirus variant concerns
Oil prices plunged more than 10 percent on Friday, the largest one-day drop since April 2020, as a new COVID-19 variant spooked investors and added to concerns that a supply surplus could swell in the first quarter.
Oil fell with global equities markets on fears the variant could dampen economic growth and fuel demand. Britain and European countries have restricted travel from southern Africa, where the variant was detected. Brent crude fell $8.77, or 10.7%, to $73.45 a barrel by 10:59 a.m. EDT (1459 GMT).
India's forex kitty increases by $289 million to $640.40 billion
Indias forex exchange reserves increased by USD 289 million to USD 640.401 billion for the week ended November 19, the Reserve Bank said on Friday. The overall reserves had declined by USD 763 million to USD 640.112 billion in the previous reporting week.
Expressed in dollar terms, the FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. The value of the gold reserves continued their journey north, increasing by USD 152 million to USD 40.391 billion in the reporting week, the data showed. Reliance Jio hikes prepaid tariffs by 20% effective December 1
India's largest telecom operator Reliance Jio announced on November 28 an increase in prepaid mobile tariff rates by 20 percent, following similar actions by competitors Bharti Airtel and Vodafone Idea (Vi) earlier this month. The revised tariff rates will be effective from December 1, Jio said in a press release.
The plans, all offering unlimited voice calls, now start from Rs 155 for 2 GB data per month with a validity of 28 days, against Rs 129 earlier and goes up to Rs 2,879 that offers 2 GB/day of data with a validity of 365 days, from Rs 2399 earlier.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 5,785.83 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 2,294.11 crore in the Indian equity market on November 26, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
One stock – Indiabulls Housing Finance – is under the F&O ban for November 29. 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.
Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.With inputs from Reuters & other agencies