A few cues from the market in India and abroad that could help you with your trade today.
Benchmark indices ended marginally lower after rangebound trade on November 21 with Nifty failing to hold above 12,000 level. At close, the Sensex was down 76.47 points at 40,575.17, while Nifty was down 30.70 points at 11,968.40.
According to the pivot charts, the key support level for Nifty is placed at 11,940.8, followed by 11,913.2. If the index continues moving up, key resistance levels to watch out for are 12,012.1 and 12,055.8.
Nifty Bank closed flat at 31,349.9. The important pivot level, which will act as crucial support for the index, is placed at 31,240.87, followed by 31,131.83. On the upside, key resistance levels are placed at 31,461.07 and 31,572.23.
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 stock indexes moved slightly lower on Thursday as investors moved to the sidelines with mixed messages and no concrete signs of progress on US-China relations.
The Dow Jones Industrial Average fell 54.80 points, or 0.2%, to 27,766.29, the S&P 500 lost 4.92 points, or 0.16%, to 3,103.54, and the Nasdaq Composite dropped 20.52 points, or 0.24%, to 8,506.21.
Asian equities rose on Friday, bouncing from a three-week low touched a day earlier, but gains were capped by persistent worries over the status of trade negotiations between China and the United States.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.12%. The index had fallen as much as 1.41% on Thursday, hitting its lowest level since October 30. Australian shares were up 0.52% and Japan’s Nikkei gained 0.1%.
Trends on SGX Nifty indicate a flat opening for the broader index in India, with a 7 points loss or 0.06 percent. The Nifty futures were trading around 11,970-level on the Singaporean Exchange.
Rupee settles 5 paise up at 71.76 against USD
The rupee pared initial losses and settled 5 paise up at 71.76 against the US currency on November 21 amid softening crude oil prices and weakening of the greenback vis-a-vis other currencies overseas. Forex traders said the rupee rebounded after China said it will strive to reach ‘phase one’ trade deal with the US.
At the interbank foreign exchange market, the rupee opened at 71.83 against the US dollar. During the day, the domestic unit fluctuated between a high of 71.72 and a low of 71.89 and finally ended the day at 71.76 against the US dollar.
Oil rises to 2-month high on hopes of longer OPEC cuts, US-China trade deal
Oil prices rose more than 2% on Thursday to the highest in nearly two months following a Reuters report that OPEC and its allies are likely to extend output cuts until mid-2020 and fresh signs that China had invited US trade negotiators for a new round of talks.
Brent crude ended the session up $1.57, or 2.5%, at $63.97 a barrel, while West Texas Intermediate (WTI) crude settled up $1.57, or 2.8%, to $58.58.
PSU banks disburse Rs 2.52 lakh cr loans in October
Public sector banks disbursed a record Rs 2.52 lakh crore of loans during the festive month of October, the Finance Ministry said on November 21. An amount of Rs 1.05 lakh crore was fresh lending, the Department Financial Services said in a statement.
An amount of Rs 46,800 crore was given as working capital loan, it said. The government in September had asked state-run banks to step up lending and hold outreach programmes or loans melas in 400 districts to lend to desirable shadow banks and retail borrowers.
India Inc’s M&A deal value slips 45% to $1.5 bn in Oct: Report
Corporate India witnessed merger and acquisition deals worth USD 1.5 billion through 28 transactions in October, registering a 45 percent decline over the same month last year, a report said on Thursday. According to Grant Thornton’s latest M&A Dealtracker, there were 28 M&A deals worth USD 1.5 billion in October this year, while in the same period last year 47 such deals were announced worth USD 2.8 billion.
While the overall M&A deal value and volume in October declined as compared to the year-ago period, on a month-on-month basis, there was an increase, showing signs of improved sentiments.
Puranik Builders files fresh IPO papers with Sebi; plans to raise Rs 1,000cr
Realty firm Puranik Builders has filed fresh papers with markets regulator Sebi to raise an estimated Rs 1,000 crore through its initial share-sale.
The IPO comprises fresh issue of shares worth Rs 810 crore, besides, an offer for sale up to 18,59,620 equity shares by the company’s promoters and existing shareholders, according to the draft papers filed with Securities and Exchange Board of India (Sebi).
CSB Bank mops up Rs 184 cr from anchor investors
Kerala-based lender CSB Bank on November 21 raised Rs 184 crore from anchor investors, ahead of its initial share sale commencing on Friday. CSB Bank, which aims to raise up to Rs 410 crore, has fixed a price of Rs 193-195 per share for the initial public offer. According to a regulatory filing, CSB Bank has finalised the allocation of 94,54,080 shares at Rs 195 apiece to 24 anchor investors, including five mutual funds. Based on the price, the total proceeds would be a little over Rs 184 crore.
Omers Administration Corporation OAC Custody Account (SCV6), ICICI Prudential MF, SBI MF, Aditya Birla Sun Life Trustee, Axis MF, Sundaram MF, HSBC, and Ashoka India Opportunities Fund are among the anchor investors.
SBI Cards to file DRHP next week for around Rs 9000 cr IPO, FY20’s biggest
SBI Cards & Payment Services, the country’s second-largest credit card provider, is all set to file its draft red herring prospectus (DRHP) early next week and move towards launching the first domestic initial public offer (IPO) by a pure-play credit card company, sources with knowledge of the matter told Moneycontrol. The Gurgaon-headquartered firm is a subsidiary of the State Bank of India and its IPO is all set to raise around Rs 9000 crore, making it the biggest listing yet in FY20, they added.
State Bank of India holds a 74 percent stake in the company while private equity giant Carlyle holds the remaining 26 percent. The issue is likely to be a combination of primary and secondary issues of shares, with a partial exit by both SBI and Carlyle.
“State Bank of India will sell 4 percent stake and Carlyle will sell 10 percent stake. The primary portion of the issue may be reduced to Rs 500 crore from the originally planned Rs 1000 crore. The management plans to hit the markets before March 2020. A board meeting is scheduled over the weekend to approve the fine-print,” a source added.
FII & DII data
Foreign institutional investors (FIIs) bought shares worth Rs 5,023.54 crore, while domestic institutional investors (DIIs) sold shares of worth Rs 247.74crore in the Indian equity market on November 21, provisional data available on the NSE showed.