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Global cues to influence equity indices’ movements



Global Influence on Indian Stock Market

Mumbai, Nov 19: Major global cues — crude oil price fluctuations, tensions in the Middle East and a likely US interest rate hike — are expected to influence the movement of key Indian equity indices in the upcoming week.

According to market observers, the flow movement of foreign funds will also play a critical role in giving direction to equity markets’ trajectory.

“For the week ahead, with Q2 results out of the way, global cues will be the key driver for the markets, with underlining trend expected to be positive,” predicted Vinod Nair, Head of Research at Geojit Financial Services.

“However, investors will closely monitor the crude prices and US Fed rate hike (decision) which are expected to bring some volatility.

Devendra Nevgi, Founder of Delta Global Partners said: “Markets next week would keep a close watch on local bond yields (especially for the banking sector) given the RBI actions on liquidity and supply dynamics.”

“Markets would look to support again from domestic investors given the fact that non-IPO buying from FPI remains subdued. Global risks need to be closely monitored especially crude prices.”

Last week’s provisional figures from the stock exchanges showed that foreign institutional investors purchased stocks worth Rs 2,791.2 crore, while the domestic institutional investors bought scrips worth Rs 2,913.41 crore.

Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) invested in equities worth Rs 4,637.75 crore, or $708.59 million, during November 13-17.

Nevgi cautioned that any sharp INR (rupee) movement would “hit the market prices of the relevant sectors such as IT”.

On the currency front, the rupee is expected to strengthen further. It had strengthened by 15 paise to close at 65.01-02 against the US dollar from its last week’s close at 65.16-17.

“With US dollar on backfoot against major currencies on the back of falling US yields, we can see rupee to strengthen against USD towards 64.80-85 levels on spot. A range of 64.80 to 65.10 can unfold on spot,” Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS.

On a technical basis, Nifty is expected to be in the “intermediate uptrend” zone with its next resistance level seen at 10,344 points.

“Technically, with the Nifty rebounding sharply from the lows of 10,094 points, the intermediate uptrend remains intact despite the correction seen in the last two weeks,” said Deepak Jasani, Head of Retail Research for HDFC Securities.

“Further upsides are likely early next week once the immediate resistance of 10,344 points is taken out sustainably. Crucial supports to watch in the near term are at 10,232 points.”

The key Indian equity indices — the BSE Sensex and the NSE Nifty — closed last week on a flat note as weak domestic macro-data, along with geopolitical tensions in the Middle East marred sentiments.

However, some gains were made last Friday after US credit rating agency Moody’s gave a sovereign ratings upgrade to the Indian government’s bonds.

Consequently, the barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) closed on a flat note — higher by just 28.24 points, or 0.08 per cent, at 33,342.80 points.

On the other hand, the broader Nifty50 of the National Stock Exchange (NSE) slipped by 38.15 points, or 0.37 per cent, to close at 10,283.60 points.



Amazon Quiz Answers Today, November 25, 2020: Answer and Win Rs 5000 Pay Balance

Amazon quiz Answers Today, November 25, 2020: The Amazon Quiz for November 25, 2020, is live and today you have the chance to Win Rs 5000 Pay Balance.




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Congress opposes move to let corporates enter banking sector





New Delhi: The Congress on Tuesday opposed the proposal to allow corporates and business houses enter the banking sector, contending that this move will leave the depositors at their mercy as it happened in the case of Yes Bank and Laxmi Vilas Bank.

Addressing a press conference, former Finance Minister P. Chidambaram said: “The Congress party condemns the proposal and demands that the government, unequivocally and forthwith, declare that it has no intention of pursuing the proposal.”

“We call upon all the people of India and all political parties and trade unions to join us in resolutely opposing the retrograde idea of allowing corporates and business houses to enter the banking sector and set up banks,” he added.

The Congress alleged that the proposal, ostensibly based on a report of an RBI Internal Working Group, has the fingerprints of the Modi government written all over it.

This proposal, along with some other recommendations, is part of a deeper game plan to control the banking industry, it said, claiming that the proposal, if implemented, will completely reverse the enormous gains made in the last 50 years of retrieving the banking sector from the clutches of business houses.

Noting that all over the world, especially in developed economies, three principles govern banking — broad-based shareholding reflecting shareholder democracy, strict separation of ownership and management with ownership with shareholders and management in professional hands, and prohibition of connected lending, Chidambaram said that all three will be thrown out of the window if corporates and business houses are allowed to set up banks.

“Bank funds belong to the depositors who are the people of this country. As a proportion of total deposits, the equity of a bank is minuscule. The total deposits in the banking industry is of the order of Rs 140 lakh crore… If business houses are allowed to own banks, they will, with a small equity investment, control very large amounts of the nation’s financial resources. This must not happen and the Congress will strive its utmost to ensure that this will not happen,” Chidambaram said.

He said that it “is shocking that such an idea should have been presented to the people as though it has the imprimatur of experts and the endorsement of the RBI”.

“Just as the RBI was the cat’s paw of the government in the saga of demonetisation, the RBI is being used by the government to push through its dangerous agenda,” he said.

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Brent hits highest since March, spurred by coronavirus vaccine hopes

This follows positive trial results from Pfizer/BioNTech and Moderna.




Brent Crude Oil

SINGAPORE: Brent crude prices hit their highest levels since March as news of a third promising coronavirus vaccine candidate spurred hopes of a quicker recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his leadership transition.

Brent crude futures rose 43 cents, or 0.9%, to $46.49 a barrel by 0522 GMT, while U.S. West Texas Intermediate crude added 45 cents, or 1.1%, to $43.51 a barrel.

Brent rose to a session high of $46.56 earlier on Tuesday, the highest level traded since early March before Saudi Arabia initiated a price war with Russia, which sent oil prices crashing. Both oil benchmarks settled up about 2% on Monday after gaining about 5% last week.

“Progress on developing and distributing a vaccine de-risks the path back to normal for oil markets,” said Stephen Innes, chief global markets strategist at financial services firm Axi.

“If mobility data is a measure of oil price sentiment, in the not too distant future, the vaccine will get people back on airplanes and cruise ships.”

AstraZeneca said on Monday its COVID-19 vaccine was 70% effective in pivotal trials and could be up to 90% effective, giving the world’s fight against the global pandemic a third new weapon that can be cheaper to make, easier to distribute and faster to scale-up than rivals.

This follows positive trial results from Pfizer/BioNTech and Moderna.

Also helping to ease uncertainty in financial markets, President Donald Trump on Monday allowed officials to proceed with a transition to Joe Biden’s incoming administration, giving his rival access to briefings and funding even as he vowed to persist with efforts to fight the election results.

U.S. crude oil inventories likely edged lower last week, while distillate stockpiles were seen decreasing for a 10th straight week, a preliminary Reuters poll showed on Monday, ahead of reports from the American Petroleum Institute and the Energy Information Administration (EIA).

Traders also focused on a week of technical meetings by OPEC and its allies to prepare the ground for next week’s ministerial gathering, which is set to discuss extending oil output curbs into next year due to weak demand amid a second wave of COVID-19.

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