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Market Movers: What changed for D-Street while you were sleeping

The index has lost momentum of late and any further selling may open up the doors for 11,700 level in the coming days, analysts said.

Nov 14, 2019, 08.24 AM IST
NEW DELHI: US Fed Chair Jerome Powell says the US economy is growing at a steady pace, but weak data in China released earlier in the day suggested trade war continues to weigh on global growth.

Here’s breaking down the pre-market actions.


Singapore trading sets stage for negative start
Nifty futures on the Singapore Exchange traded 25.50 points, or 0.21 per cent, higher at 11,890.50, indicating a negative start for Dalal Street.

Tech view: Nifty starts losing momentum
Nifty50 on Wednesday saw selling pressure around its immediate resistance at 11,950. It eventually ended up falling below the 11,850 mark. The index has lost momentum of late and any further selling may open up the doors for 11,700 level in the coming days, analysts said.

Asian shares rangebound
Asian stocks clung to tight ranges on Thursday as investors awaited key Chinese data for clues on how much the 16-month trade war between Beijing and Washington has hit growth in the world's second-largest economy. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.01 per cent. Australian shares were up 0.12 per cent, while Japan's Nikkei stock index fell 0.02 per cent.

US stocks ended mixed
US stocks ended mixed in overnight trade. The Dow increased 0.33 per cent to 27,783.59, and the S&P 500 rose 0.07 per cent to 3,094.04, while the Nasdaq decreased 0.05 per cent to 8,482.10. Earlier in the day, the stocks traded higher as investors digested Federal Reserve Chairman Jerome Powell's latest testimony.

Oil prices rise on decline in US stock
Oil prices rose on Thursday, extending gains from the previous session, as an industry report showing a fall in US crude stockpiles last week added to positive comments by the U.S. Federal Reserve head on the US economy. Brent futures were up 17 cents, or 0.3 per cent at $62.54 a barrel, having risen 0.5% in the previous session.

Airtel, Voda Idea Q2 today
Bharti Airtel, ONGC, Vedanta, Vodafone Idea, Grasim Industries, Power Finance Corporation, Page Industries, Union Bank of India, Future Retail, Mphasis, GMR Infra and CESC will be among companies that will disclose quarterly results on Thursday.

DIIs sell Rs 890 crore worth stocks
Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 584.92 crore on Wednesday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 890.03 crore, data suggests.


Rupee: The domestic currency ended sharply lower on Wednesday over weak macro numbers and soft capital market sentiments. The rupee slipped to its lowest in two months at Rs 72.09 a dollar from its previous close of Rs 71.46.

10-year bonds: India 10-year bond yield fell 0.03 cent to 6.53, after trading in 6.53-6.55 range.


China factory Oct output growth at 4.7%
China's industrial production growth slowed sharply in October, rising 4.7 per cent year-on-year, official data showed on Thursday, missing forecasts of 5.4 per cent and showing persistent pressure from weak global and domestic demand on the economy.

Fed’s Powell sees steady growth for US
Federal Reserve Chairman Jerome Powell said that the Fed is likely to keep its benchmark short-term interest rate unchanged in the coming months, unless the economy shows signs of worsening, AP reported. But for now, in testimony before a congressional panel, Powell expressed optimism about the US economy and said he expects it will grow at a solid pace, though it still faces risks from slower growth overseas and trade tensions, the report added.

First hearing of Trump impeachment concluded
The US House launched the first public hearing Wednesday of Donald Trump’s impeachment investigation, the extraordinary process to determine whether the 45th president of the United States should be removed from office, AP reported. Rep. Adam Schiff, the Democratic chairman of the House Intelligence Committee, immediately outlined the question at the core of the impeachment inquiry -- whether the president used his office to pressure Ukraine officials for personal political gain.

India’s CPI hits 16-month high, breaches RBI target
India's retail inflation for the month of October breached the Reserve Bank of India's (RBI) medium-term target of 4% for the first time since July 2018 due to higher food prices even though RBI had predicted that food prices "are likely to moderate as winter supplies enter the market". Inflation touched 4.62%, according to the data released by the statistics office on Wednesday, compared to 3.99% in the month of September.

China think tank predicts 2020 growth to fall below 6%
A Beijing-based think tank has become the first Chinese economic research institute linked to the government to predict that China’s economic growth rate will slow below 6% next year, reports South China Morning Post. The National Institution for Finance and Development (NIFD) on Wednesday said that China’s economic growth rate will slow to 5.8 per cent in 2020 from an estimated 6.1 per cent this year

Pay AGR dues as per SC order: DoT to telcos
The Department of Telecommunications (DoT) has asked telcos and internet service providers to pay up license fees and spectrum usage charges after doing their individual assessments on the wider definition of adjusted gross revenue (AGR), as decided by the Supreme Court last month. In its first official step towards realising additional AGR dues after the October 24 apex court order, DoT Wednesday issued notices to all telcos, ISPs, virtual network operators and their associations to pay up and submit compliance documents within three months of the ruling, as mandated by the court.

Birlas may let Voda Idea go insolvent if govt doesn’t help
Aditya Birla Group will not infuse any fresh equity into Vodafone Idea Ltd, its telecom joint venture with Vodafone Group of UK, and let it opt for insolvency if the government does not provide substantial relief, including on the telco’s adjusted gross revenue (AGR)-based dues, which could be over ?39,000 crore, reports ET. A group official said the Indian conglomerate agreed with the comments of Vodafone Group CEO Nick Read on Tuesday.

Moratorium on soft loan to sugar mills extended
As the Rs 15,000 crore soft loan scheme for sugar mills is moving at a snail's pace, the government has extended the moratorium period for repayments by six more months, according to sources. Now, the moratorium period is one-and-a-half years. The Centre had announced the loan package in two tranches -- first in June 2018 amounting to Rs 4,440 crore and the other in March 2019 of Rs 10,540 crore Of 418 applications for the loan, the food ministry has found 282 eligible. Of this, 114 applications have been cleared for loans amounting to Rs 6,139.08 crore, as per official data.However, banks have sanctioned loan to 45 applicants and disbursed Rs 900 crore to 33 applicants till September-end, the data showed
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