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MARKET COMMENTARY

( As on Nov-21-2019 08:39 )
Indian benchmarks are expected to start the day on a negative note today. Investors will look at global cues, key Cabinet decisions, stock-specific developments, and oil price movement for market direction today.

The Cabinet Committee on Economic Affairs yesterday approved the strategic disinvestment of the Centre’s entire stake in Bharat Petroleum, Shipping Corp, THDC India, and NEEPCO, and most of its stake in Container Corp while giving up management control in these companies.

Meanwhile, for the telecom sector, the Union Cabinet approved a two-year moratorium on payment of pending spectrum auction instalments. The latest move is expected to give more legs to the rally in the telecom sector which has been going on for the last four trading sessions after Bharti Airtel, Vodafone Idea, and Reliance Jio all announced they will soon raise their tarrifs. On Wednesday, the 30-share benchmark index ended at 40651.64 up by 181.94 points or by 0.45 % and then NSE Nifty was at 11999.1 up by 59 points or by 0.49 %. The rupee on Wednesday closed at 71.82 against the US dollar.

On the global front, on Wednesday, Dow Jones fell 0.41 per cent, the S&P 500 lost 0.38 per cent, and the Nasdaq Composite dropped 0.51 per cent. While, oil prices surged more than 2 per cent on Wednesday after a better-than-expected U.S. crude inventories report. Brent crude futures settled at $62.40 a barrel, gaining $1.49.

Asian shares slid on Thursday as a fresh row between Washington and Beijing over U.S. bills intended to support protesters in Hong Kong could complicate their trade negotiation. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.16 per cent while Japan's Nikkei dropped 0.25 per cent.

Back home, Top traded Volumes on NSE Nifty – YES Bank Ltd. 229215332.00, Bharti Airtel Ltd. 55644344.00, Zee Entertainment Enterprises Ltd. 32195266.00, State Bank of India 29972583.00, Bharti Infratel Ltd. 24039955.00, On NSE, total number of shares traded was 37.64 Crore and total turnover stood at Rs. 43896.29 Crore.

On NSE Future and Options, total number of contracts traded in index futures was 273418 with a total turnover of Rs. 20602.02 Crore. Along with this total number of contracts traded in stock futures were 1027760 with a total turnover of Rs. 57195.37 Crore.

Total numbers of contracts for index options were 15735859 with a total turnover of Rs. 1136186.50 Crore. and total numbers of contracts for stock options were 1127648 with a total turnover of Rs. 68527.44 Crore.

The FIIs on 20/11/2019 stood as net buyer in equity and debt. Gross equity purchased stood at Rs. 7848.93 Crore and gross debt purchased stood at Rs. 1059.84 Crore, while the gross equity sold stood at Rs. 8475.32 Crore and gross debt sold stood at Rs. 1430.85 Crore. Therefore, the net investment of equity and debt reported were Rs. -626.39 Crore and Rs. -371.01.