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MARKET COMMENTARY

Nov-20-2019 08:37

Indian benchmarks are expected to start the day on a negative note on Wednesday. Global cues, stock-specific action, and foreign fund flow will be the top factors that will give direction to the markets today. On Tuesday, US President Donald Trump threatened to impose even higher tariffs on China if Beijing failed to sign a trade deal.

The rally in telecom stocks could continue for the fourth straight session after Reliance Jio joined rivals Vodafone Idea and Airtel in announcing an increase in tariffs over the next few weeks. The share price of Vodafone Idea has surged 130 per cent while Bharti Airtel has gained 25 per cent in the last three trading sessions after announcing tariff hikes.

In the commodities market, a far larger than expected rise in crude stocks led to decline in prices. Brent crude futures stood at $60.91 a barrel early on Wednesday, after sliding 2.6 per cent overnight and Indian rupee on Tuesday settled 12 paise lower at 71.72 against the US dollar.

On Tuesday, the 30-share benchmark index ended at 40469.7 up by 185.51 points or by 0.46 % and then NSE Nifty was at 11940.1 up by 55.6 points or by 0.47 %.

On the global front, after moving modestly higher over the course of the previous session, U.S. stocks showed a lack of direction during trading on Tuesday. The major averages spent most of the day bouncing back and forth across the unchanged line. On Wall Street, the Dow Jones ended 0.36 per cent, while the S&P 500 lost 0.06 per cent during the overnight trade on Tuesday. The Nasdaq Composite added 0.24 per cent.

Meanwhile, Asian shares lumbered lower on Wednesday. MSCI's broadest index of Asia-Pacific shares outside Japan was off 0.25 per cent, Japan's Nikkei eased 0.2 pe cent, and South Korea 0.4 per cent. Whereas, SGX Nifty, the Singaporean Exchange for Nifty Futures was down 25.5 points, or 0.21 per cent, at 11,956 level.

Back home, Top traded Volumes on NSE Nifty – YES Bank Ltd. 239228500.00, Bharti Airtel Ltd. 62786851.00, State Bank of India 41372145.00, ICICI Bank Ltd. 27939336.00, Bharti Infratel Ltd. 25783702.00,

On NSE, total number of shares traded was 27.12 Crore and total turnover stood at Rs. 42296.01 Crore.

On NSE Future and Options, total number of contracts traded in index futures was 274429 with a total turnover of Rs. 20053.61 Crore. Along with this total number of contracts traded in stock futures were 825621 with a total turnover of Rs. 46298.94 Crore. Total numbers of contracts for index options were 12184066 with a total turnover of Rs. 863031.60 Crore. and total numbers of contracts for stock options were 924953 with a total turnover of Rs. 56540.44 Crore.

The FIIs on 19/11/2019 stood as net buyer in equity and debt. Gross equity purchased stood at Rs. 4371.79 Crore and gross debt purchased stood at Rs. 573.35 Crore, while the gross equity sold stood at Rs. 4900.65 Crore and gross debt sold stood at Rs. 1471.44 Crore. Therefore, the net investment of equity and debt reported were Rs. -528.86 Crore and Rs. -898.09.

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