The Indian stock market is expected to open on a cautious note as trends on SGX Nifty indicate a flat opening for the index in India with a 10-point loss.
On November 17, the BSE Sensex fell 314.04 points to close at 60,008.33, while the Nifty50 was down 100.50 points at 17,898.70 and formed bearish candle on the daily charts as the closing was lower than opening levels.
According to pivot charts, the key support levels for the Nifty are placed at 17,844.37, followed by 17,790.03. If the index moves up, the key resistance levels to watch out for are 17,987.87 and 18,077.03.
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 benchmarks ended Wednesday lower on inflation fears and supply chain concerns stemming from retailers’ earnings, with investors betting the Federal Reserve will raise interest rates sooner than expected to tame rising prices.
The Dow Jones Industrial Average fell 211.17 points, or 0.58%, to 35,931.05, the S&P 500 lost 12.23 points, or 0.26%, to 4,688.67 and the Nasdaq Composite dropped 52.28 points, or 0.33%, to 15,921.57.
Asian Markets
Asia-Pacific shares traded mixed on Thursday, following overnight losses on Wall Street. Japan’s Nikkei 225 extended losses from the previous session, the benchmark index was down 0.43% while the Topix fell 0.28%.
SGX Nifty
Trends on SGX Nifty indicate a cautious opening for the index in India with a 10-points loss. The Nifty futures were trading at 17,873 on the Singaporean Exchange around 07:30 hours IST.
UBS revises India's GDP forecast to 9.5% from 8.9% for FY22
Citing faster-than-expected recovery, rising consumer confidence and the resultant spending spike, Swiss brokerage UBS Securities has revised upwards its growth forecast for the current fiscal to 9.5 per cent from 8.9 per cent in September.
The brokerage also sees the economy clipping at 7.7 per cent in FY23 but moderating to 6 per cent in FY24, as it expects the benefit of the low-interest rate regime to end by the end of FY23, and it sees the central bank hiking policy rates by 50 bps in the second half of the next fiscal.
SEBI releases investor charter, lays down dos and don'ts of investing in Indian securities market
The investor charter that was proposed in the Union Budget 2021-2022 with the aim of protecting investors from misselling of financial products, was released by the Securities and Exchange Board of India (SEBI) on November 17, 2021.
The charter has been published to protect the "interests of investors by enabling them to understand the risks involved and invest in a fair, transparent, secure market, and to get services in a timely and efficient manner".
It will also ensure that SEBI-registered intermediaries/ regulated entities adhere to their investor charters, including the grievance redressal mechanism.
Oil slumps, hits six-week lows on revived supply concerns
Oil prices slumped on Wednesday, driving major benchmarks to their lowest settlement levels since early October, after OPEC and the International Energy Agency warned of impending oversupply, while rising COVID-19 cases in Europe increased downside risks to demand recovery.
Brent crude futures fell $1.36, or 1.7%, to $81.05 a barrel by 12:18 p.m. EST (1718 GMT). U.S. West Texas Intermediate (WTI) crude futures settled at $78.36, down $2.40, a 3% decline.
The listing of Paytm operator One97 Communications that is set to take place on November 18 is an event that is being keenly watched, especially after witnessing tepid response from investors against sky-high expectations before the offer opened for subscription.
Overall, experts anticipate a muted listing for the leading digital payments platform on Thursday given the lukewarm initial public offering or IPO subscription, falling grey market premium, high valuations and tough competition going ahead, despite it having a high brand recall and a strong service network.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 344.35 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 61.14 crore in the Indian equity market on November 17, as per provisional data available on the NSE.
Fed's Evans says taper to take until mid-2022 to complete
Chicago Federal Reserve President Charles Evans on Wednesday reiterated that it will take until the middle of next year to complete the Fed’s wind-down of its bond-buying program, even as the central bank remains ‘mindful’ of inflation.
“We’re going to be looking to see how much additional accommodation is boosting inflation; if indeed that is the case, we’ll be thinking about when the right time to start raising rates will be,” Evans said at a virtual conference by the Mid-Size Bank Coalition of America.
Stocks under F&O ban on NSE
Six stocks - BHEL, Indiabulls Housing Finance, IRCTC, NALCO, SAIL and Sun TV Network - are under the F&O ban for November 18. 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