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

The bias for the index remains negative until it decisively breaches the 11,950-12,000 zone, said analysts.|
Nov 19, 2019, 07.44 AM IST
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 271 crore on Monday, data available with NSE suggested.
NEW DELHI: Lack of directional cues is weighing on the benchmark equity indices, which have drifted towards the lower end of their trading ranges, a breach of which could intensify selling pressure.

Here’s breaking down the pre-market actions.


Singapore trading sets stage for negative start
Nifty futures on the Singapore Exchange traded 32.50 points, or 0.27 per cent, lower at 11,890.50, indicating a negative start for Dalal Street.

Tech view: Nifty forms bearish candle
NSE Nifty on Monday saw some selling pressure around the 11,950 level, but the bulls did not make any attempt to recover the lost ground. The index ended up forming a bearish candle on the daily chart. The bias for the index remains negative until it decisively breaches the 11,950-12,000 zone, said analysts.

Asian shares soft on doubts over trade deal
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 per cent.
Japan's Nikkei was 0.2 per cent lower in early trade.

US stocks eke out gains
Wall Street’s three main indices on Monday barely extended the previous session’s closing records as investors waited for concrete progress on US-China trade relations after mixed headlines. The Dow Jones Industrial Average index rose 31.33 points, or 0.11 per cent, to 28,036.22, the S&P500 index gained 1.57 points, or 0.05 per cent, to 3,122.03 and the Nasdaq Composite index added 9.11 points, or 0.11 per cent, to 8,549.94.

Oil slips on trade deal uncertainty
US oil prices fell for the second straight day on Tuesday amid market jitters over limited progress between China and the US on rolling back trade tariffs, exacerbated by a rise in US inventories. WTI crude fell 10 cents to $56.95 a barrel, falling again from an eight-week high hit last Friday when hopes for the trade deal rose. Brent crude futures were down 12 cents at $62.32. A Chinese government source was quoted by broadcaster CNBC on Monday as saying there was gloom in Beijing about prospects for a trade deal.

DIIs buy Rs 309 crore worth stocks
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 271 crore on Monday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 309 crore, data suggests.


Rupee: 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.

10-year bonds: India 10-year bond yield fell 0.04 cent to 6.48, after trading in 6.53-6.47 range.

Call rates: The overnight call money rate weighted average was 4.61 per cent, according to RBI data. It moved in a range of 3.40-5.25 per cent.


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Sebi all set to redefine ‘promoter’ for India Inc
Listed Indian companies may soon see a radical shift in the way ‘promoters’ are classified. The Securities and Exchange Board of India (Sebi) is planning to overhaul the concept of promoters that could lead to the introduction of ‘controlling shareholders’ — a structure new to India but prevalent in various developed markets, reports ET. The capital markets regulator thinks that the promoter concept is outdated as many promoters have little or no say in the way companies are run but have the power to create nuisance value. The image and perception of some companies and management are also clouded by the action of these promoters.

Voda, Airtel to hike tariffs after 3 years
Vodafone Idea and Bharti Airtel said they would increase tariffs in December, the first price hike in more than three years that could help shore up revenue and operating income for the two lossmaking telecom companies but also cause some subscribers to shift to rival Reliance Jio Infocomm. In separate statements on Monday, Vodafone Idea and Airtel cited the financial stress in the sector, the current low tariffs and the need to invest in networks to keep up with surging data demand as the reasons for the move.

NBFCs with Rs 500 cr assets under IBC
The Reserve Bank can now seek resolution of non-banking financial companies having assets worth of at least Rs 500 crore under the insolvency law, a move that is likely to help in addressing woes in the NBFC sector. After discussions with RBI, the corporate affairs ministry on Monday issued a notification specifying the categories of financial service providers (FSPs) that can be taken up for resolution under the "generic framework" of the bankruptcy code.

IT cos may shed 30,000-40,000 mid-level staff
India's information technology services companies may shed 30,000 to 40,000 middle-level employees this year as growth slows down, IT industry veteran T V Mohandas Pai said Monday.The former Chief Financial Officer of IT major Infosys Ltd termed these job losses as once-in-five-years normal phenomenon with maturing of the industry.

India's finished steel exports fall 33.9% in 2018-19
India's finished steel exports dipped 33.9% 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% as against 103.13 MT in 2017-18, Minister of Steel Dharmendra Pradhan said while replying to a question in the Lok Sabha on Monday.

Strategic stake sale in 28 PSUs planned
The Cabinet has given 'in-principle' approval for the sale of strategic stakes in 28 state-run companies including state carrier Air India, minister of finance for state, Anurag Thakur told lawmakers on Monday. The government has so far raised Rs 17,364 crore ($2.43 billion) in the 2019-20 fiscal year ending in March, against the full-year's target of Rs 1.05 lakh crore, the minister said in a written reply in the lower house of parliament.

SC stays SAT order on Sebi power
The Supreme Court on Monday stayed an order of the Securities Appellate Tribunal (SAT) which had held that markets' watchdog Sebi does not have the power to bar auditors. A bench comprising Justices Arun Mishra and Indira Banerjee also issued notice on the appeal filed by Sebi against the SAT's September 9 order. The SAT, in its order which set aside the ban on audit firm Price Waterhouse (PwC), had noted that Sebi does not have the power to bar auditors.
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