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NSE Intra-day chart (22 November 2018)
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Market Commentary 26 November 2018
Markets to make optimistic start amid firm Asian cues


Southward rally continued on Dalal Street on the last trading day of the week, with the Sensex and Nifty finishing in red for the third straight session. The markets made a positive start of the day, supported by the private report stating that the Reserve Bank of India's (RBI) move to extend the deadline for meeting the capital conservation buffer (CCB) norms by one year would help increase lending capacity of banks by over Rs 3.5 lakh crore. The additional amount will help provide much-needed fund for micro, small and medium enterprises (MSMEs) and non-banking financial companies (NBFCs) that are facing cash crunch. The street took note of a report that European Union has unveiled a strategy paper outlining the broad roadmap for stepping up cooperation with India in a range of key sectors, including trade, investment, Defence and security, innovation, and on dealing with various global challenges. Meanwhile, India is keen to ink a trade agreement with Mauritius before Mauritian prime minister's visit in January next year. Negotiations are under way at present and Mauritius wants duty cuts on its exports of textiles and marine products to India. However, in the second half of the session, the indices erased all of their losses to dive in red terrain,  as RBI has revealed that the top 20 defaulters of public sector banks account for Rs 2.36 lakh crore, or 20%, of total bad loans in India, though it is yet to reveal their names. The total bad loans in the Indian banking system are Rs 10.2 lakh crore as of March 31, 2018. Domestic sentiments also got hit with a private report that India could see two rate hikes in the initial monetary policies of next financial year. The market participants failed to get any sense of relief with a private report showing that India is now the second-fastest growing innovator after China among major Asian countries, with patent publication nearly doubling in a decade. In late noon deals, traders even overlooked Commerce and Industry Minister Suresh Prabhu's statement that the government is preparing an integrated logistics plan to fast-track movement of goods and cut transactions cost of businesses. Finally, the BSE Sensex plunged 218.78 points or 0.62% to 34937.98, while the CNX Nifty was down by 73.30 points or 0.69% to 10526.75.


The US markets ended lower on Friday on account of lingering concerns about the global economic outlook. Further, weakness too prevailed in the markets due to falling oil prices, which drove the indexes to weekly loses of more than 3.5% -the second straight week of declines. Crude oil's bear market deteriorated on Friday, as investors grappled with growing output from the US, President Donald Trump's entreaties to key producers to keep prices lower, and generally rising inventories, despite a recent cold snap in many oil-consuming regions. The fall in oil prices weighed heavily on energy stocks, as 9 of the 10 of the biggest losers in the S&P 500 on Friday were from shares of companies with links to the energy complex. For the week, the Nasdaq tumbled 4.3%, the Dow ended the week 4.4% lower, while the S&P 500 notched a week-on-week decline of 3.8%. A continued decline by shares of Apple (AAPL) also weighed on the markets, with the tech giant slumping by 2.5 percent to its lowest closing level in well over six months. Apple extended a recent downtrend after a report from the Wall Street Journal said the company is moving to offer subsidies to mobile-network operators in Japan, effectively cutting the price of its recently released iPhone XR. Besides, investors also keyed in on developments in European politics, after the U.K. and European Union both announced progress on Thursday in outlining their future relationship after Britain exits the EU. Dow Jones Industrial Average plunged by 178.74 or 0.73 percent points to 24285.95, S&P 500 dropped 17.37 points or 0.66 percent to 2632.56 and Nasdaq was down 33.27 points or 0.48 percent to 6938.98.


Crude oil futures deeply ended lower on Friday, with the contract nicking a seventh straight weekly fall, as investors increasingly focused on supply worries ahead of an important Organization of the Petroleum Exporting Countries (OPEC) gathering, which is scheduled  on December 6. Prices remained under pressure despite noises from some OPEC countries, most notably Saudi Arabia, about another possible coordinated production cut at the next meeting in two weeks. Meanwhile, investors were looking at a report this week that showed record Saudi Arabia oil production of near 11 million barrels a day, as customers tried to prepare for a disruption in Iran supplies from the Trump administration's imposition of fresh sanctions on Tehran on November 4. Benchmark crude oil futures for January dropped $4.21 or 7.7 percent to settle $50.42 a barrel on the New York Mercantile Exchange. January Brent crude plunged $3.80 or 6.1% percent to settle at $ 58.80 a barrel on London's Intercontinental Exchange.


Indian rupee continued its stellar rally for the seventh straight day and ended near three-month high against US dollar on Thursday, on frantic selling of the US currency by exporters and banks. Muted show by the greenback against other currencies overseas as well as the recent fall in prices of crude oil added momentum to the rupee. Traders also took note of a private report showing that India is now the second-fastest growing innovator after China among major Asian countries, with patent publication nearly doubling in a decade. On the global front, dollar was broadly lower in Asian trade on Thursday as demand for safe haven currencies declined after a rebound in global equities and the euro strengthened on hopes for a resolution of Italy's budget dispute. Finally, the rupee ended at 70.69, 77 paise stronger from its previous close of 71.46 on Tuesday.


The FIIs as per Thursday's data were net sellers in equity and debt segments both. In equity segment, the gross buying was of Rs 4038.93 crore against gross selling of Rs 8886.58 crore, while in the debt segment, the gross purchase was of Rs 1069.39 crore with gross sales of Rs 1106.03 crore. Besides, in the hybrid segment, the gross buying was of Rs 11.41 crore against gross selling of Rs 7.89 crore.


The US markets slipped on Friday as oil prices tumbled to their lowest levels in more than a year, dragging shares of energy companies lower. Asian markets were trading mostly in green on Monday, though investors were cautious as plunging oil prices fanned worries about a dimming outlook for the global economy. Indian markets gave up all of their early gains to settle in red territory for the third straight session on Thursday, as global growth worries persisted. Markets were dragged down mainly by metal, power and banking stocks. Indian markets remain closed on Friday on account of Gurunanak Jayanti. Today, the markets are likely to make positive start of the Future and Options (F&O) series expiry week, following firm trade in other Asian markets coupled with sharp fall in crude oil prices. Traders will be getting encouragement with the Organization for Economic Cooperation and Development's (OECD) statement that India's economy will grow close to 7.5% in 2019 and 2020. India's gross domestic product (GDP) grew 6.7% in 2017-18. Traders also will be getting some support with SBI Research report stating that following decline in oil prices, the country's current account deficit (CAD) is expected to touch 2.6% of GDP in the current fiscal against an earlier expectation of 2.8%. Traders will be reacting to the Reserve Bank of India's (RBI) report that the country's foreign exchange reserves rose by $568.9 million to $393.580 billion in the week to November 16, mainly due to a spurt in foreign currency assets. Traders may take note of a private report that the RBI is expected to keep the key policy rates unchanged at its ensuing policy review meet next month, amid easing global crude oil prices and robust agriculture production. Meanwhile, the Union Cabinet is expected to consider this week the proposed agriculture export policy, which aims at doubling outbound shipments of farm products and increasing their share in the world market. There will be some reaction in aviation industry stocks with a report that the Goods and Services Tax (GST) Council is likely to bring in two petroleum products - natural gas and aviation turbine fuel (ATF) - under the ambit of the new indirect tax system soon. There will be some buzz in the gems and jewellery sector related stocks with Commerce and Industry Minister Suresh Prabhu's statement that he has taken up with the finance ministry the issue concerning credit to the gems and jewellery sector to ensure adequate availability of funds for them.


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  • UltraTech Cement has received an approval for the proposal to incorporate Binani Cement as it a wholly-owned subsidiary. 
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  • Infosys' product subsidiary EdgeVerve Systems has implemented ProximityPayEdge Digital Payments solution in RCB Bank.
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