The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the index in India with a 50-points gain.
The BSE Sensex rose 198.44 points to 58,664.33, while the Nifty50 was up 86.80 points at 17,503.30 and formed bullish candle on the daily charts as the closing was higher than opening levels.
According to pivot charts, the key support levels for the Nifty are placed at 17,295.03, followed by 17,086.77. If the index moves up, the key resistance levels to watch out for are 17,632.63 and 17,761.96.
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
The Nasdaq ended lower for the second straight session on Tuesday, while the S&P 500 rose, as rising Treasury yields prompted investors to sell Tesla and other Big Tech names and buy stocks with lower valuations.
The Dow Jones Industrial Average rose 0.55% to end at 35,813.8 points, while the S&P 500 gained 0.17% to 4,690.7. The Nasdaq Composite dropped 0.5% to 15,775.14.
Asian Markets
Shares in Asia-Pacific were mixed in Wednesday trade as investors monitor moves in US Treasury yields. Nikkei fell 0.65% while the Topix index declined 0.35%. South Korea’s Kospi advanced 0.23%.
SGX Nifty
Trends on SGX Nifty indicate a positive opening for the index in India with a 50-points gain. The Nifty futures were trading at 17,559 on the Singaporean Exchange around 07:30 hours IST.
Oil rises 3% to one-week high after U.S. taps emergency reserves
Oil prices rose to a one-week high on Tuesday after a move by the United States and other consumer nations to release tens of millions of barrels of oil from reserves to try to cool the market fell short of some expectations.
The United States said on Tuesday it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ producers repeatedly ignored calls for more crude.
Brent futures rose $2.61, or 3.3%, to settle at $82.31, while U.S. West Texas Intermediate (WTI) crude rose $1.75, or 2.3%, to settle at $78.50.
Govt to introduce Cryptocurrency Bill in Winter Session of Parliament: Report
The Government of India will introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in the Winter Session of Parliament, which is slated to begin on November 29, reported NDTV.
The central government will be introducing 26 bills in Parliament in the Winter Session, of which India’s first Bill to regulate crypto will be one. Some of the other noteworthy discussions that have been listed by the Centre are on the amendments to banking laws with regard to privatisation of two PSBs, amendment to Banking Companies Acts, 1970 and 1980, and “incidental” amendments to Banking Regulation Act with regard to privatisation.
Fed to hike in Q4 next year; inflation to remain above target until 2024: Reuters poll
The Federal Reserve will raise interest rates late next year, earlier than expected just a month ago, in a landmark shift from the emergency measures it took to backstop the U.S. economy during the COVID-19 pandemic, according to a Reuters poll.
Most respondents said the Fed should move even sooner to combat inflation, which hit a 30-year high last month and economists say it will stick above the central bank's target until at least 2024.
SEBI defers 50:50-margins rules for F&Os in new circular
Securities and Exchange Board of India (SEBI) has postponed the implementation of the 50 percent cash-margin rule for futures and options (F&O) traders and credit-default swaps (CDS) segment to February 28, 2022, from the earlier deadline of December 1, 2021.
The regulator cited investor interest, and market regulation and development as reasons for the deferment, in its recently issued circular.
Rakesh Jhunjhunwala-backed Star Health IPO opens on November 30, closes on December 2
Ace investor Rakesh Jhunjhunwala-backed Star Health and Allied Insurance Company is set to launch its maiden public offer on November 30, 2021. The offer closes on December 2. The company will disclose the information about price band and lot size on November 24.
The initial public offering comprises a fresh issue of shares worth Rs 2,000 crore, and an offer for sale of up to 5,83,24,225 equity shares by 11 selling shareholders.
Promoter Safecrop Investments India LLP will offload 3,06,83,553 equity shares via offer for sale, and KONARK Trust & MMPL Trust, which are part of promoter group, will sell 1,37,816 equity shares and 9,518 shares, respectively via OFS.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 4,477.06 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,412.05 crore in the Indian equity market on November 23, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Two stocks – Escorts, and Vodafone Idea – are under the F&O ban for November 24. 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