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Bulls kept tight control on Dalal Street for the third consecutive session on November 19 as the Nifty 50 decisively closed above the 200-DMA, which is placed around 10,700 levels, forming bullish candle on the daily charts.
The 50-share NSE Nifty gained 81.20 points to close at 10,763.40 while the 30-share BSE Sensex climbed 317.72 points to 35,774.88. Appreciation in the rupee, fall in crude oil prices and positive Asian cues helped the market rally.
Experts said the index needs to break the next critical resistance of 10,840 levels to surpass psychological 11,000 levels which could be possible before state elections results.
India VIX moved up by 3.56 percent to 19.00 levels. Volatility moved up even after the upmove in the Nifty index and now it has to cool down below 17-16 zones to get the next leg of smooth upside rally in the market.
According to Pivot charts, the key support level is placed at 10,709.90, followed by 10,656.4. If the index starts moving upwards, key resistance levels to watch out are 10,795.80 and then 10,828.20.
The Nifty Bank index closed at 26,300.70, up 55.15 points on Monday. The important Pivot level, which will act as crucial support for the index, is placed at 26,210.29, followed by 26,119.9. On the upside, key resistance levels are placed at 26,385.09, followed by 26,469.50.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.
Wall Street tumbles as Apple, internet stocks plunge
US stocks dropped and the Nasdaq fell 3 percent on Monday as investors dumped Apple, internet and other technology shares, further shaking confidence in a group of stocks that has propelled the long bull market. Conflicting signals over the state of play between the United States and China on their trade dispute added to caution in the market.
The Dow Jones Industrial Average fell 395.78 points, or 1.56 percent, to 25,017.44, the S&P 500 lost 45.54 points, or 1.66 percent, to 2,690.73 and the Nasdaq Composite dropped 219.40 points, or 3.03 percent, to 7,028.48.
Asia down as Wall Street knocked by tech sell-off
Asian stock markets slipped on Tuesday, extending sharp overnight losses on Wall Street as technology firms bore the brunt of worries about slackening demand, while the dollar sagged after weak US data further sapped confidence in the currency.
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.3 percent. Australian stocks lost 0.7 percent and tech-heavy South Korean shares dropped 0.9 percent.
SGX Nifty
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 23.5 points or 0.22 percent. Nifty futures were trading around 10,758-level on the Singaporean Exchange.
RBI board meet outcome: Relaxation in PCA norms, stressed MSME loan recast on the cards
The nine-hour marathon meeting of the Reserve Bank of India's central board saw mutual agreement being reached on several issues amid the ongoing rift between the government and the central bank.
According to a post-meeting release by the central bank, the board discussed the Basel regulatory capital framework, a restructuring scheme for stressed
MSMEs, bank health under Prompt Corrective Action (PCA) framework and the Economic Capital Framework (ECF) of RBI. The Board decided to constitute an expert committee to examine the ECF, the membership and terms of reference of which will be jointly determined by the government and the RBI.
It also advised that the RBI should consider a scheme for the restructuring of stressed standard assets of MSME borrowers with aggregate credit facilities of up to Rs 25 crore, subject to conditions of ensuring financial stability.
Oil stable amid expectations OPEC will cut supply to prevent glut forming
Oil prices were stable on Tuesday on expectations that producer club OPEC will soon cut supply to prevent oversupply amid slowing demand growth and a surge in output from the United States.
US West Texas Intermediate (WTI) crude futures were at $57.21 per barrel at 0117 GMT, 1 cent above their last settlement. Front-month Brent crude oil futures were at $66.75 a barrel, down 4 cents from their last close.
Rupee rises 26 paise to end at 10-week high
The rupee on November 19 rose by 26 paise to close at a 10-week high of 71.67 against the US currency, extending its winning streak for the fifth straight day helped by steady forex inflows amid a crucial RBI board meeting.
The rupee has gained around 1.68 percent to scale 10-week high levels in the five-day rally since November 13 as foreign funds returned to capital markets and oil prices retreated.
The dollar index, which measures the US currency's strength against major currencies, came under pressure as the pound rebounded on weakening prospects of a no-confidence vote in the UK.
TRAI to meet telcos, others next month to finalise 2019 agenda
TRAI is expected to meet telecom industry players next month, to deliberate on the issues that will be taken up during 2019, its Chairman RS Sharma said. The discussion - now an annual feature - is however expected to entail a wider set of players in the telecom space this time, spanning operators, infrastructure providers and others.
"The meeting will take place next month. We will talk to them and ask them about the items they think, should be taken up in the next calendar year," Sharma said on the sidelines of an interactive session on 'New Regulatory Framework for Broadcasting and Cable Services'.
Offshore India funds, ETFs see net outflow of $1.8 bn in Sept quarter
Fund outflow from India-focused offshore funds and exchange-traded funds (ETFs) narrowed to $1.8 billion in July-September this year against net withdrawal of $2.2 billion in the previous quarter, says a Morningstar report.
With this, the net outflow has reached to $3.8 billion from such funds in the first nine months of the year (January-September).
Bitcoin breaches $5,000, hits fresh 13-month low
Bitcoin fell below $5,000 on November 19 for the first time in over a year, slumping to a fresh 13-month low on the Bitstamp platform as a broad sell-off in cryptocurrencies sparked last week gathered momentum.
As of 1645 GMT, the original cryptocurrency was down 8.7 percent at $5,100, after breaching the landmark for the first time since October 12, 2017. Traders said selling was largely sentiment-driven and cited fears that Thursday's "hard fork" in bitcoin cash, where the smaller coin split into two separate currencies, could destabilise others.
RBI to inject Rs 8,000 cr liquidity on November 22
The Reserve Bank said it will inject Rs 8,000 crore into the system through purchase of government securities on November 22. The eligible participants should submit their offers in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on November 22.
"Based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the RBI has decided to conduct purchase of the following government securities under Open Market Operations for an aggregate amount of Rs 80 billion on November 22, 2018," it said in a statement.
4 stocks under ban period on NSE
Securities in ban period for the next day's trade under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
For November 20, 2018, Adani Enterprises, Adani Power, Jet Airways and PC Jeweller are present in this list
With inputs from Reuters & other agencies
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