The market is expected to open in the red as trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 67 points.
The BSE Sensex rose 108 points to 61,981, while the Nifty50 gained 6 points at 18,410 and formed Doji kind of pattern on the daily charts, indicating indecisiveness among bulls and bears about future market trend.
As per the pivot charts, the key support level for the Nifty is placed at 18,361, followed by 18,338 and 18,301. If the index moves up, the key resistance levels to watch out for are 18,436 followed by 18,459 and 18,497.
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 Markets
Wall Street's main indices ended lower on Wednesday as a grim outlook from Target spurred fresh concerns about retailers heading into the crucial holiday season, while semiconductor shares slid after Micron's supply cut.
The Dow Jones Industrial Average fell 39.09 points, or 0.12 percent, to 33,553.83, the S&P 500 lost 32.94 points, or 0.83 percent, to 3,958.79 and the Nasdaq Composite dropped 174.75 points, or 1.54 percent, to 11,183.66.
Asian Markets
Shares in the Asia-Pacific traded mixed as a number of economic data is released in the region. Japan reported a trade deficit of $15.5 billion, more than economists’ expectations of $11 billion forecasted in a Reuters poll.
Australia’s S&P/ASX 200 gained 0.21 percent in its first hour of trade, as the country awaits its latest unemployment data later in the day. The Nikkei 225 shed 0.28 percent, while the Topix gained 0.2 percent.
SGX Nifty
Trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 67 points. The Nifty futures were trading around 18,413 levels on the Singaporean exchange.
SoftBank looks to offload $200 million worth of stake in Paytm as lock-in ends
SoftBank looks to sell $215 million worth of shares in Paytm as the fintech's lock-in for pre-IPO investors ends later this week, according to Bloomberg. The Japanese investor is offering to sell 29 million shares in the company at Rs 555 to Rs 601.45 apiece, at a discount of up to 7.72 percent to the current market price.
SoftBank’s investment in Paytm is in the red. It had made a total investment of $1.6 billion in the fintech major and taken out around $220-250 million in the company’s IPO last November. With the fintech’s shares trading 70 percent below its IPO price, SoftBank’s remaining stake of around 17.5 percent in the company is currently worth $900 million.
US retail sales increase solidly in October
US retail sales increased more than expected in October as households stepped up purchases of motor vehicles and a range of other goods, suggesting consumer spending picked up early in the fourth quarter, which could help to support the economy.
Retail sales rose 1.3 percent last month after being unchanged in September. Economists polled by Reuters had forecast sales rising 1.0 percent. Retail sales are mostly goods and are not adjusted for inflation. They increased 8.3 percent year-on-year in October.
Oil falls as Druzhba pipeline reopens, China COVID worries stay at the fore
Oil prices settled more than a dollar lower on Wednesday after Russian oil shipments via the Druzhba pipeline to Hungary restarted and as rising Covid-19 cases in China weighed on sentiment.
Brent crude futures settled a dollar lower at $92.86 a barrel, down 1.1 percent. US West Texas Intermediate (WTI) crude futures slid by $1.33, or 1.5 percent, to settle at $85.59 a barrel.
UK inflation hits 41-year high as Hunt readies tough budget
Surging household energy bills and food prices pushed British inflation to a 41-year high, data showed a day before finance minister Jeremy Hunt announces "tough but necessary" tax hikes and spending cuts to control price growth.
Consumer prices rose 11.1 percent in the 12 months to October, the most since October 1981 and a big jump from 10.1 percent in September, the Office for National Statistics said on Wednesday.
FII and DII data
Foreign institutional investors (FIIs) have net sold shares worth Rs 386.06 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,437.40 crore on November 16, as per provisional data available on the NSE.
Dollar steadies as US spending points to rate hikes
The dollar caught its footing on Thursday as strong US retail data cast doubt on market bets that inflation is in retreat and US interest rates need not rise too much further. The Japanese yen hovered at 139.25 per dollar, while the Chinese yuan nursed losses at 7.1033 per dollar after China's central bank promised to keep local liquidity ample and to guide commercial loan growth.
Stocks under F&O ban on NSE
The National Stock Exchange has added Balrampur Chini Mills and Indiabulls Housing Finance, and retained BHEL, Delta Corp, Sun TV Network, and Gujarat Narmada Valley Fertilizers and Chemicals under its F&O ban list for November 17. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
With inputs from Reuters and other agencies
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