What changed for the market while you were sleeping? Top 10 things to know

The Indian stock market is expected to open in the green following global cues after Dow Jones closed at record high. Trends on SGX Nifty indicate a positive opening for the index in India with a 63 points gain.

The BSE Sensex surged 445.87 points or 1.01 percent to 44,523.02 on November 24 while the Nifty50 climbed 128.70 points or 1 percent to 13,055.20. According to pivot charts, the key support levels for the Nifty is placed at 12,995.77, followed by 12,936.33. If the index moves up, the key resistance levels to watch out for are 13,096.87 and 13,138.53.

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 Markets

U.S. stocks rallied on Tuesday and the Dow breached the 30,000 level for the first time, as investors anticipated a 2021 economic recovery on coronavirus vaccine progress and the formal clearance for President-elect Joe Biden’s transition to the White House.

The Dow Jones Industrial Average rose 454.97 points, or 1.54%, to 30,046.24, the S&P 500 gained 57.82 points, or 1.62%, to 3,635.41 and the Nasdaq Composite added 156.15 points, or 1.31%, to 12,036.79.

Asian Markets

Asian stocks made early gains on Wednesday, following a world rally overnight that saw the Dow Jones benchmark crack 30,000 for the first time as investors cheered a dramatically improved global outlook.

Australia’s S&P/ASX 200 rose 0.77% and Japan’s Nikkei 225 gained 1.16% in early trading. Hong Kong’s Hang Seng index futures rose 0.24%. E-mini futures for the S&P 500 rose 0.17% and MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.36%.

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the index in India with a 63 points gain. The Nifty futures were trading at 13,146 on the Singaporean Exchange around 07:30 hours IST.

Oil takes breather

U.S. oil edged lower on Wednesday, after an industry report showed crude stockpiles in the United States rose against expectations, tempering a rally driven by news that another vaccine against COVID-19 had proved effective in trials.

West Texas Intermediate crude was down 14 cents, or 0.3%, at $44.77 a barrel by 0035 GMT, after rising more than 4% on Tuesday. Brent crude was yet to trade, having risen almost 4% in the previous session.

IATA says global airlines' losses to hit $118.5 billion in 2020; travel curbs to hamper recovery

Global airlines' losses are expected to hit $118.5 billion in 2020 and $38.7 billion in 2021, which are deeper than the losses forecast in June as the second half of this year has been very disappointing, a top official of the International Air Transport Association (IATA) said on November 24.

“This crisis is devastating and unrelenting. Airlines have cut costs by 45.8 percent, but revenues are down 60.9 percent. The result is that airlines will lose $66 for every passenger carried this year for a total net loss of $118.5 billion. This loss will be reduced sharply by $80 billion in 2021. But the prospect of losing $38.7 billion next year is nothing to celebrate. We need to get borders safely re-opened without quarantine so that people will fly again. And with airlines expected to bleed cash at least until the fourth quarter of 2021 there is no time to lose,” said Alexandre de Juniac, IATA’s Director General and CEO.

US consumer confidence falls in November: survey

US consumer confidence fell more than expected in November likely as a widespread surge in new COVID-19 infections and business restrictions outweighed encouraging news on vaccines. The Conference Board’s consumer confidence index dropped to a reading of 96.1 this month from 101.4 in October. Economists polled by Reuters had forecast the index falling to a reading of 98 in November. The index was at 132.6 in February.

China economic activity can return to reasonable range in 2021: Premier Li

China’s premier Li Keqiang said on Tuesday he expects economic activity in the country can return to a reasonable range next year, after the impact of the coronavirus pandemic on GDP growth in 2020.

“China’s economy this year can achieve positive growth, and we expect next year (economic) operations can recover to a reasonable range,” Li told a news conference with leaders of six major international economic and financial organisations, including the World Bank and International Monetary Fund.

NBFCs cautious on RBI working group proposals on banking entry

Non-banking finance companies (NBFCs) are highly cautious in responding to the recent proposals from an RBI-working group on the conversion of large NBFCs into banks. One of the recommendations of the RBI working group was that well-run large NBFCs, with an asset size of Rs50,000 crore and above, including those which are owned by a corporate house, may be considered for conversion into banks.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 4,563.18 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 2,522.11 crore in the Indian equity market on November 24, as per provisional data available on the NSE.

5 stocks under F&O ban on NSE

Adani Enterprises, Federal Bank, NALCO, SAIL and Tata Motors are under the F&O ban for November 25. 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.