Positive global cues, MSCI rejig, consistent buying by foreign investors, as well as some bit of short coverings ahead of F&O expiry, are the factors, experts said, that kept the market in the higher territory.
After the consolidation phase of the last three weeks, Nifty managed to close above its immediate hurdle of 12,035. It is now eyeing to touch a new record high.
According to the pivot charts, the key support level for Nifty is placed at 11,967.57, followed by 11,861.33. If the index continues moving up, key resistance levels to watch out for are 12,132.27 and 12,190.73.
Nifty Bank closed 1.43 percent up at 31,555.90. The important pivot level, which will act as crucial support for the index, is placed at 31,206.6, followed by 30,857.3. On the upside, key resistance levels are placed at 31,748.4 and 31,940.9.
Stay tuned to Moneycontrol to find out what happens in 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:
Each of Wall Street’s three major averages kicked off the trading week with record closes on Monday as signs pointed to progress between the United States and China on a trade truce, while a round of merger deals also helped buoy sentiment.
The Dow Jones Industrial Average rose 189.77 points, or 0.68%, to 28,065.39, the S&P 500 gained 23.29 points, or 0.75%, to 3,133.58 and the Nasdaq Composite added 112.60 points, or 1.32%, to 8,632.49.
Asian stocks rose on Tuesday as an apparent olive branch from Beijing in trade talks with Washington added to other recent signs of progress, fuelling a rally in Wall Street’s main benchmarks to record highs.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%. Australian shares were up 0.59%, while Japan's Nikkei stock index rose 0.78%.
Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 17.5 points gain or 0.14 percent. The Nifty futures were trading around 12,124-level on the Singaporean Exchange.
Oil prices steady amid hopes for US-China trade deal
Oil prices were steady on Tuesday, holding onto gains from the previous session, after positive comments from the United States and China kept alive hopes that the world’s two largest economies are soon to agree an end their trade war.
Brent crude futures were down 1 cent at $63.64 at 0121 GMT, after rising 0.4% in the previous session. West Texas Intermediate crude was down 3 cents at $57.98, having risen 0.4% on Monday.
Rupee slips against US dollar
The Indian rupee on November 25 slipped 3 paise to close at 71.74 against the US dollar due to fag-end dollar buying by banks and importers. Rising crude prices and strengthening dollar overseas also weighed on the rupee sentiment, forex dealers said.
At the interbank foreign exchange, after positive opening at 71.68, the rupee pared all its gains to slip in negative territory against the dollar.
Subhash Chandra resigns as Zee Entertainment Chairman
Zee Entertainment Enterprises' board has accepted the resignation of Chairman Subhash Chandra, the company said in a BSE filing on November 25. Chandra had expressed his intention to resign as the chairman in light of the changes in shareholding, the company said.
“The Board accepted his resignation and noted that this is in line with the requirements of Regulation 17 (lB) of SEBI Listing Regulations, which inter alia mandates that the Chairperson of the Board shall not be related to the Managing Director or the Chief Executive Officer of the Company,” the company said in its stock filing.
PSBs collect Rs 1,996 cr in minimum balance penalty in FY19
Public sector banks collected Rs 1,996.46 crore in penalty from customers for not keeping minimum monthly balance in savings account in 2018-19, Parliament was informed on November 25. In 2017-18, the 18 public sector banks collected Rs 3,368.42 crore by levying minimum balance penalty. This amount was sharply higher than Rs 790.22 crore collected in 2016-17.
"The reduction in the amount through levy of charges by PSBs during 2018-19 include reduction in charges for non-maintenance of balance by State Bank of India, with effect from October 1, 2017," Minister of State for Finance Anurag Singh Thakur said in a written reply to the Lok Sabha.
Stocks to be impacted by MSCI Global Standard Index rejig
MSCI has rejigged its Global Standard Index and the changes will be effective from November 26. As many as eight stocks have been added to the MSCI Standard Index while 4 have been deleted. In terms of inflows, ICICI Bank would be the biggest stock to watch out for as there is likely to be buying of close to USD 1 billion in the stock. Reliance Industries and HDFC Ltd are likely to see selling of close to USD 185 million and USD 150 million respectively.
Other stocks that are likely to see inflows are SBI Life, ICICI Pru Life, Info Edge, HDFC AMC, Siemens, Berger Paints, DLF and Colgate. Infosys, Yes Bank, TCS, Axis Bank, Indiabulls Housing, HUL and Vodafone Idea are likely to witness selling.
MSCI will drop Bharat Heavy Electricals, Glenmark Pharma, Indiabulls Housing Finance, L&T Finance Holdings, Vodafone Idea and Yes Bank from the MSCI India Domestic Index. These stocks will be included in the MSCI India Domestic Small Cap Index.
Central GST collection at Rs 3.26 lakh cr in FY20
The Central GST collection so far this fiscal stood at Rs 3.26 lakh crore, which is around half the government's target for 2019-20, Parliament was informed on Monday. "The Budget Estimates for Central Goods and Services Tax (GST) for 2019-20 has been fixed at Rs 6,63,343 crore.
The actual net GST collection for the Centre till October 2019 in current fiscal year is Rs 3,26,490 crore," Minister of State for Finance Anurag Singh Thakur said in a written reply to the Lok Sabha. On direct taxes, the minister said that for 2019-20, the budget estimate is Rs 13,35,000 crore.
4 stocks to be excluded from from F&O: NSE
NSE on November 26 announced exclusion of Dish TV, NBCC, Tata Motors DVR and Castrol India from the futures & options segment. These stocks will not be a part of F&O from the February series. No contracts will be available for trading in these stocks from January 31, 2020, the exchange said.
However, the release said that the existing contracts of expiry months November, December and January will continue to be available for trading till their respective expiries, and new strikes will also be introduced in the existing contract months, it added.
FII & DII data
Foreign institutional investors (FIIs) bought shares worth Rs 960.9 crore while domestic institutional investors (DIIs) sold shares of worth Rs 213.66 crore in the Indian equity market on November 25, provisional data available on the NSE showed.With inputs from Reuters & other agencies