Indian equity bourses scaled fresh record closing highs on Thursday. After a positive start, indices remained in green for the most part of the session, taking support with Finance Minister Nirmala Sitharaman's statement that the growth may have slowed down but the economy will never slip into recession. She added that steps taken by the government post her maiden budget have started bearing fruits and some sectors such as automobiles have shown signs of recovery. Traders got some relief amid report that the rise of Asia on the back of its rapid industrialisation will lead to a shift in the balance of global economic power by 2050. However, volatility witnessed over the street, after global credit rating agency, Moody's Investors Service in its latest report said that rated companies' credit profiles are unlikely to improve significantly over 2020-2021 due to elevated debt levels, weakening profitability and the continued economic slowdown, which is pressuring both investment and consumption. But, markets gained traction in the last leg of the trade to settle higher, aided with Union Minister Piyush Goyal's statement that the Centre has chalked out a plan envisaging an investment of Rs 100 lakh crore in the infrastructure sector over the next five years. Finally, the BSE Sensex surged 109.56 points or 0.27% to 41,130.17, while the CNX Nifty was up by 50.45 points or 0.42% to 12,151.15.

The US markets were closed on Thursday for Thanksgiving Day.

Snapping its two-day winning streak, Indian rupee ended considerably weaker against dollar on Thursday, following bouts of month-end dollar demand from banks and importers. Traders remain concerned with report indicating that a majority of economy watchers were quick to point out that Q2FY20 growth rate will be lower than the 5 per cent rise seen in April-June quarter, especially due to the havoc caused by Monsoon rains across India. Dollar weakened against some currencies overseas coupled with positive trend in the local equity market failed to cast any impact on the rupee. On the global front, safe-haven yen rose and risk-sensitive currencies fell on Thursday after US President Donald Trump's formal endorsement of Hong Kong's anti-government protesters, seen as potentially derailing recent Sino-US progress on trade. Finally, the rupee ended at 71.62, 27 paise weaker from its previous close of 71.35 on Wednesday.

The FIIs as per Thursday's data were net sellers in equity segment, while they were net buyers in debt segment. In equity segment, the gross buying was of Rs 3475.00 crore against gross selling of Rs 4528.51 crore, while in the debt segment, the gross purchase was of Rs 1113.87 crore with gross sales of Rs 607.28 crore. Besides, in the hybrid segment, the gross buying was of Rs 4.08 crore against gross selling of Rs 14.28 crore.

The US markets were closed on Thursday on account of Thanksgiving Day. Asian markets are trading in red on Friday as investors continue to watch for developments on US-China trade following a recent escalation in tensions over Hong Kong. Indian markets extended their record-breaking run for second straight session on Thursday led by gains in ICICI Bank, Reliance Industries, IndusInd bank. Today, the markets are likely to make flat-to-negative start ahead of the September quarter (Q2) Gross Domestic Product (GDP) number slated to be released later in the day, amid weakness in Asian peers. As per a report, India's economic growth is expected to have declined below 5 percent in the second quarter of the financial year 2019-20 on the back of weak consumer demand, slowing factory activities and negative impacts of the prolonged monsoon. Besides, the shift to a new base year for calculating India's national accounts maybe delayed as a committee of experts has recommended 2020-21 as the new base year, instead of the earlier recommendation of adopting 2017-18 as the base year. Also, there will be some cautiousness with CRISIL's report that for states, balancing the fiscal math while continuing to spend on infrastructure capital expenditure (capex) will be challenging. However, traders may take note of a report that Bain Capital, the US-based private equity investor, is looking to invest around $1 billion in the country in the next three years. The development reveals the investor's confidence in the Indian economy despite the ongoing slowdown. Meanwhile, markets regulator SEBI has allowed clearing corporations to make investments in overnight funds. Overnight funds are open-ended debt mutual fund schemes that invest in securities with a maturity of one day. There will be some buzz in the NBFCs stocks with a private report that the Reserve Bank of India (RBI) may give mutual funds and non-banking finance companies (NBFCs) access to Central Repository of Information on Large Credits (CRILC). Infrastructure stocks will be in focus with report that private investment to the tune of Rs 98,100 crore was roped in for construction of highways during the last five years. Also, there will be some reaction in metal stocks with report that steel makers expressed hope that the sector will achieve the target of 300 million tonne production by 2030, if certain impediments on raw materials, finance and logistics are addressed.

                              Support and Resistance: NSE (Nifty) and BSE (Sensex)

                                                             Nifty Top volumes

• Reliance Industries has invested Rs 1 lakh to acquire 10,000 equity shares of Rs 10 each at par of the WOS namely Jio Platforms. 
• TCS has become the official technology partner of the Standard Chartered Singapore Marathon for the sixth year running. 
• Axis Bank has made the tags free for vehicle-owners for the first few months, in a sign of competition on bagging the Fastag-related business hotting up among lenders. 
• Tata Motors has rolled out the first unit of its premium hatchback Altroz, scheduled for commercial launch in January 2020, from the Pune plant.