Positive momentum continued for the second consecutive session helping the market end at record closing high on November 28, the day of expiry for the month's futures and options contracts.
Buying in banks, technology and index heavyweight Reliance Industries -- which became the most valued company by crossing market capitalisation of Rs 10 lakh crore -- pushed the market higher.
The BSE Sensex rose 109.56 points to 41,130.17 while the Nifty 50 climbed 50.50 points to 12,151.20, forming a small bullish candle resembling a Hanging Man kind of pattern on daily charts.
According to the pivot charts, the key support level for Nifty is placed at 12,114.53, followed by 12,077.87. If the index continues moving up, key resistance levels to watch out for are 12,173.33 and 12,195.47.
Nifty Bank surpassed 32,000 for the first time, fueled by ICICI Bank. The index closed 0.77 percent higher at 32,122.95 on November 28. The important pivot level, which will act as crucial support for the index, is placed at 31,966.83, followed by 31,810.77. On the upside, key resistance levels are placed at 32,218.03 and 32,313.17.
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:
Global shares ticked up on Friday, but hesitated to test an all-time peak as investors worried a new US law backing Hong Kong protests could derail Washington’s and Beijing’s efforts to end their trade war.
MSCI All Country world index which tracks shares in 49 countries, were up 0.05% at 549.62. MSCI’s broadest index of Asia-Pacific shares outside Japan also ticked up 0.05% in early Friday trade while Japan's Nikkei gained 0.27%.
Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, with a 9 points loss or 0.07 percent. The Nifty futures were trading around 12,177-level on the Singaporean Exchange.
Oil ends mixed, pressured by US tensions with China over rights bill
Oil prices ended mixed on Thursday, with US prices rebounding modestly from concerns that arose from U.S. President Donald Trump signing into law a bill backing protesters in Hong Kong, fuelling tensions with China.
Brent crude lost 14 cents, or 0.2%, at $63.92 a barrel, paring earlier losses. West Texas Intermediate crude reversed losses to close up 13 cents, or 0.2%, at $58.24.
Rupee declines by 27 paise to a week's low on fresh trade concerns
The rupee dropped by 27 paise to close at 71.62 against the US currency on November 28, ending its two-day winning run due to month-end dollar demand from oil importers and growth concerns ahead of release of GDP data on Friday. Fresh trade concerns after China said it was ready to take firm counter-measures against the US which passed a law supporting Hong Kong protestors also weighed on the domestic currency.
Foreign fund inflows, weak crude prices and losses in the dollar against global currencies capped the rupee losses. At the interbank foreign exchange market, the local currency opened on a positive note at 71.33 but lost ground during the day to touch a low of 71.67. It finally settled at 71.62, lower by 27 paise against its previous close.
Sebi allows clearing corporations to invest in overnight funds
Markets regulator Sebi on November 28 allowed clearing corporations to make investments in overnight funds. Overnight funds are open-ended debt mutual fund schemes that invest in securities with a maturity of one day. However, the combined investments made by clearing corporations in liquid funds and overnight funds should not exceed a limit of 10 per cent of the total investible resources held by them, the Securities and Exchange Board of India (Sebi) said in a circular.
Further, the investments in overnight funds shall also be considered as liquid assets for the purpose of calculation of net worth of a clearing corporation. The move comes following a review of investment avenues available for clearing corporations and based on the feedback received from various stakeholders.
Japan's factory output posts largest fall in almost two years
Japan’s industrial output slipped at the fastest pace since early last year in October, exposing widening cracks in the economy which faces a decline in domestic and foreign demand.
Factory output fell 4.2% in October from the previous month, trade ministry data showed on Friday, below the median market forecast for a 2.1% fall and swinging from a 1.7% rise the previous month.
PE investments see robust growth in Oct despite muted M&A activity: Report
Private equity investments witnessed a robust yearly growth in October with 72 PE deals garnering around USD 3.7 billion, even as merger and acquisition activity saw a downtrend, a report said on Thursday. According to Grant Thornton's monthly PE Dealtracker, private equity/venture capital transactions reported 22 per cent and 25 percent increase in deal volumes and values, respectively as compared to October 2018.
The rise in PE deal values was largely driven by the corporate tax rate cut, which has improved both investor sentiment and confidence.
Japan's retail sales slump the most since 2015 as tax hike hits demand
Japan’s retail sales tumbled at their fastest pace in more than 4-1/2 years in October as a sales tax hike prompted consumers to cut spending, raising a red flag over the strength of domestic demand.
The Japanese government increased the nationwide sales tax to 10% from 8% on October 1, in a bid to fix the industrial world’s heaviest public debt burden, which is more than twice the size of the country’s gross domestic product.
FII & DII data
Foreign institutional investors (FIIs) bought shares worth Rs 1,008.89 crore, whereas domestic institutional investors (DIIs) sold shares of worth Rs 155.47 crore in the Indian equity market on November 28, provisional data available on the NSE showed.
Sebi exempts govt from making open offer to Canara Bank's shareholders
Markets regulator Sebi on November 28 exempted the government from making open offer to the shareholders of Canara Bank following the proposed equity infusion that would hike its stake in the lender by 7.9 per cent. The directive comes after the bank filed an application in November on behalf of its promoter-- Government of India -- seeking exemption from the applicability of SAST (Substantial Acquisition of Shares and Takeovers) or Takeover Regulations.
The central government has proposed to infuse capital worth Rs 6,571 crore in the lender against allotment of equity on preferential basis in favour of it. The capital infusion is part of government's programme to shore up the banks capital base for meeting Basel norms.With inputs from Reuters & other agencies