Sensex and Nifty settled with mild losses on November 26, due to some profit-taking after the indices scaled their fresh record highs. Bulls were gung-ho and pushed the index to all-time highs in today's session, but indices could not close on a strong note.
BSE Sensex hit a record high of 41,120 before closing 68 points lower at 40,821 while the Nifty 50 surged to a life high of 12,132 before closing 36 points lower at 12,037.70.
According to the pivot charts, the key support level for Nifty is placed at 11,985.17, followed by 11,932.63. If the index starts moving up, key resistance levels to watch out for are 12,111.37 and 12,185.03.
Nifty Bank closed 0.51 percent up at 31,718.35. The important pivot level, which will act as crucial support for the index, is placed at 31,505.97, followed by 31,293.63. On the upside, key resistance levels are placed at 31,890.47 and 32,062.63.
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:
US stocks crawled higher on Tuesday, and all three major Wall Street indexes notched record levels, as upbeat comments by President Donald Trump on trade talks eclipsed some softer-than-anticipated economic data.
The Dow Jones Industrial Average rose 55.21 points, or 0.2%, to 28,121.68, the S&P 500 gained 6.88 points, or 0.22%, to 3,140.52 and the Nasdaq Composite added 15.45 points, or 0.18%, to 8,647.93.
Asian shares ticked higher on Wednesday as more upbeat signals from Sino-US trade talks fanned hopes of an imminent end to tariff hostilities, which helped offset concerns about a slowing US economy.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.14%. Australian shares added 0.46% and Japan's Nikkei rose 0.41%.
Trends on SGX Nifty indicate a flat opening for the broader index in India, with a 4 points loss or 0.03 percent. The Nifty futures were trading around 12,083-level on the Singaporean Exchange.
Oil dips after US stock build
Oil fell on Wednesday after an industry report showed an unexpected build in US crude inventories, but optimism around the signing of the first phase of a US-China trade deal capped a deeper slide in prices.
International benchmark Brent crude futures dropped 19 cents, or 0.3%, to $64.08 a barrel by 0145 GMT on Wednesday. Brent rose about 1% on Tuesday. West Texas Intermediate (WTI) crude futures fell 17 cents, or 0.29%, to $58.24 per barrel.
China's industrial profits fall 9.9% year-on-year in October
Profits of China’s industrial firms fell 9.9% in October from a year earlier to 427.56 billion yuan ($60.74 billion), compared with a 5.3% decline in September, the National Bureau of Statistics said on Wednesday.
For January-October, profits fell 2.9% from a year earlier to 5.02 trillion yuan, compared with a decline of 2.1% for the first nine months of the year. Industrial firms’ liabilities increased 4.9% from a year earlier to 66.74 trillion yuan at end-October, compared with a 5.4% increase at end-September.
Rupee spurts 24 paise to 71.50 against US dollar
The Indian rupee on November 26 appreciated by 24 paise to close at 71.50 against the US dollar, buoyed by persistent foreign fund inflows and hopes about US-China trade logjam breakthrough.
At the interbank foreign exchange market, the rupee opened stronger at 71.67 a dollar. During the session, the rupee traded in the range of 71.49 and 71.68, before settling at 71.50 - showing a gain of 24 paise over its previous close.
US goods trade deficit narrows sharply in October
The US goods trade deficit fell sharply in October as both exports and imports declined, pointing to a continued reduction in trade flows that has been blamed on the Trump administration' "America First" policy. The Commerce Department said on November 26 the goods trade gap dropped 5.7 percent to $66.5 billion last month.
Exports fell 0.7% after decreasing 1.3% in September. Exports were depressed by a drop in shipments of foods and feeds, likely soybeans. Automobile exports also declined and were probably weighed down by a 40-day strike at General Motors , which undercut motor vehicle production.
China trade deal close, sticking points remain: White House adviser
The United States and China are close to a trade agreement, White House adviser Kellyanne Conway said on November 26, but three of the biggest sticking points remain.
"We're getting really close," she said in an interview with Fox News. "We continue to negotiate. But those forced technology transfers, the theft of intellectual property, the trade imbalance of a half a trillion dollars a year with the world's second largest economy, China -- this makes no sense to people."
RBI revises framework on currency swap arrangement for SAARC countries
The Reserve Bank on November 26 said it has put in place a revised framework on currency swap arrangement for SAARC countries for 2019-2022. The SAARC currency swap facility came into operation on November 15, 2012 with an intention to provide a backstop line of funding for short-term foreign exchange liquidity requirements or balance of payment crises till longer-term arrangements are made.
"Based on the terms and conditions of the framework, the RBI would enter into bilateral swap agreements with SAARC central banks, who want to avail swap facility," the central bank said in a circular. Under the framework for 2019-22, the RBI will continue to offer a swap arrangement within the overall corpus of $2 billion.
FII & DII data
Foreign institutional investors (FIIs) bought shares worth Rs 4,677.75 crore, whereas domestic institutional investors (DIIs) sold shares of worth Rs 4,242.01 crore in the Indian equity market on November 26, provisional data available on the NSE showed.
Stock under F&O ban on NSE
Yes Bank is under the F&O ban for November 27. 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