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Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 31 points loss or 0.26 percent.
The market started the week on a positive note on November 18 led by supportive global cues but closed flat after range bound intraday trade.
The BSE Sensex closed 72.50 points lower at 40,284.19 while the Nifty 50 fell 11 points to 11,884.50 forming a small bearish candle on daily charts.
Experts expect trade to continue to remain range bound over the coming days due to lack of domestic and global cues and 11,800 to remain crucial support in the near term.
Amongst the broader markets, the Nifty Midcap index rose 0.76 percent and Smallcap index gained 0.23 percent, outperforming benchmarks. Mixed trend was witnessed amongst the sectoral indices as telecom, metals and healthcare were the top gainers while FMCG, auto and capital goods witnessed selling pressure and closed in the red.
US Markets
Global equity markets edged higher on Monday, lifting prices of US government debt, as a new 90-day extension allowing US companies to do business with China’s Huawei eased the latest spike in investor angst over US-Sino trade tensions.
The Dow Jones Industrial Average rose 28.14 points, or 0.1%, to 28,033.03. The S&P 500 gained 2.04 points, or 0.07%, to 3,122.5 and the Nasdaq Composite added 14.29 points, or 0.17%, to 8,555.12.
Asian Markets
Asian shares started Tuesday softer as another day awaiting clearer news on the progress of US-China trade negotiations weighed on jaded investors’ sentiment.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.1%. Japan's Nikkei was 0.2% lower in early trade. Australia's S&P/ASX 200 index was flat and trading volumes were light.
SGX Nifty:
Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 31 points loss or 0.26 percent. The Nifty futures were trading around 11,892-level on the Singaporean Exchange.
Oil prices fall more than 1% on trade talks uncertainty
Oil prices fell more than 1 percent on Monday, erasing much of last week’s gains and tumbling alongside US stocks on uncertainty over a trade deal between the United States and China.
Brent crude futures settled at $62.44 a barrel, down 86 cents, or 1.4 percent. West Texas Intermediate (WTI) crude ended 67 cents, or 1.2 percent, lower at $57.05 a barrel.
PNB, Union Bank get in-principal nod from govt for proposed merger
Punjab National Bank and Union Bank of India on Monday said they have received in-principal approval from the government for their amalgamation with other public sector banks. "Bank has received a letter dated November 13, 2019 from Department of Financial Services, Ministry of Finance vide which bank has been advised that Alternative Mechanism (AM), has accorded in-principle approval to proposed amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank," Punjab National Bank said in a regulatory filing.
Punjab National Bank is the transferee bank and Oriental Bank of Commerce and United Bank of India as transferor banks. In a separate filing, Union Bank of India said, "The bank has received a communication from ministry of finance on November 16, 2019 stating that the alternative mechanism has accorded in-principle approval to proposed amalgamation of the Andhra Bank and Corporation Bank into Union Bank of India".
India's finished steel exports fall 34% to 6.36 MT in 2018-19
India's finished steel exports dipped 33.9 per cent to 6.36 million tonne (MT) in 2018-19, amid the government's efforts to keep the country as the net exporter of the metal. The country produced 110.92 MT of crude steel during the same year, a rise of 7.6 per cent as against 103.13 MT in 2017-18, Minister of Steel Dharmendra Pradhan said while replying to a question in the Lok Sabha on November 18.
The minister also said the country exported 6.36 MT of finished steel during 2018-19, registering a fall of 33.9 per cent as compared with 9.62 MT in the previous year.
Rupee settles 6 paise down at 71.84 vs USD
The rupee pared early morning gains to settle down by 6 paise at 71.84 against the US currency on Monday due to continued forex outflows and gains in the dollar in global markets. Forex traders said investor traded cautiously after domestic equity market also shed its morning gains and witnessed selling pressure during the day.
The 30-share index, which opened on a firm note, turned negative in the afternoon session before ending 72.50 points, or 0.18 percent, down at 40,284.19. Similarly, the broader NSE Nifty slipped 10.95 points, or 0.09 percent, to end at 11,884.50. At the interbank foreign exchange market, the rupee had opened at 71.67 against the US dollar. Later, the local unit lost ground and fell to the day's low of 71.86.
Global growth to pick up next year, US to struggle: Morgan Stanley
Global financial services major Morgan Stanley expects US markets to underperform peers in 2020 as the dollar weakens and growth outside the United States to pick up amid monetary easing and receding trade tensions. In a report dated November 17, it predicted that real GDP growth in the US, which is "clearly in late-cycle", will slow from 2.3 percent in 2019 to 1.8 percent in 2020.
In the report, Morgan Stanley noted that the 75 basis point rate cut by the US Federal Reserve this year did stabilise the slowdown by lifting private demand but most of its benefits have already been absorbed. "In 2020, the economy will grow more slowly as the bulk of the positive lift from lower interest rates will have been absorbed and households balance higher income with higher prices from tariffs," it said.
Foreign PEs pour in $14 bn into real estate from 2015 to September 2019: Report
The Indian real estate attracted nearly $14 billion of foreign private equity (PE) between 2015 and the third quarter of 2019 out of which nearly $8.8 billion went into commercial realty, followed by $1.7 billion in the retail sector and $1.5 billion into the housing sector, according to a new report.
The logistics and warehousing drew over $1 billion and the remaining investments went into mixed-use developments, as per data released by ANAROCK. As much as 63 percent (approximately $8.8 billion) of the total foreign investments backed commercial real estate. The residential sector attracted just $1.5 billion of foreign PE in the same period, trailing behind even the retail sector which saw cumulative inflows of $1.7 billion.
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