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

Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 1,131 crore on Tuesday, data available with NSE suggested.

Dec 04, 2019, 08.01 AM IST
NEW DELHI: US President Donald Trump’s fresh comments that dashed hopes of an early resolution to trade issues with China have depressed financial markets. US shares fell overnight, Asian shares traded weak this morning and the domestic market is likely to follow suit.

Here’s breaking down the pre-market actions.


Singapore trading sets stage for negative start
Nifty futures on the Singapore Exchange traded 34.50 points, or 0.29 per cent, lower at 12,016.50, indicating a negative start for Dalal Street.

Tech view: Nifty forms bearish candle
Nifty50 fell below the 12,000 level on Tuesday and formed a bearish candle on the daily chart. In the process, the index closed below the 12,004 mark, which was its 13-day moving average. Market breadth was weak and Tuesday was the third straight session when the index made a lower high. Analysts advised ‘buy on dips’.

Asian shares fall on Trump’s comments
Asian shares extended their losses on Wednesday after US President Donald Trump said a trade deal with China might have to wait until after the 2020 presidential election, dashing market hopes for a quick preliminary agreement. Japan's Nikkei dropped 1 per cent in early trade.

US stocks fall as trade deal hopes wane
US stocks sold off for a third consecutive session on Tuesday after comments from President Donald Trump and Commerce Secretary Wilbur Ross threw cold water on hopes of a possible near-term respite from the market-bruising US-China trade war. The Dow Jones Industrial Average index fell 280.23 points, or 1.01 per cent, to 27,502.81, the S&P500 index lost 20.67 points, or 0.66 per cent, to 3,093.20.

Oil prices rise ahead of OPEC meet
Oil prices rose in advance of a meeting of OPEC and its allies to discuss whether to extend production curbs to support the market and following industry data showing that US crude stockpiles fell more than expected. Brent crude futures were up 28 cents, or 0.5 per cent, at $61.10 a barrel.

FIIs sell Rs 1,131 crore worth stocks
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 1,131 crore on Tuesday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 964 crore, data suggests.


Rupee: The Indian rupee surrendered early gains to settle flat at 71.66 to the US dollar amid emergence of fresh worries over global trade war.

10-year bonds: India 10-year bond yield fell 0.35 cent to 6.47, after trading in 6.46-6.50 range.

Call rates: The overnight call money rate weighted average was 4.99 per cent, according to RBI data. It moved in a range of 3.60-5.25 per cent.


  • India Nov Markit services PMI
  • API Crude oil stock change
  • UK Nov services PMI
  • China Caixin services PMI for Nov


GST structure up for review
The Goods and Services Tax (GST) Council is set to embark on a comprehensive review of the tax structure in the wake of growing revenue concerns when it meets on December 18. The review will include exempted items, GST and compensation cess rates and revenue augmentation measures. The GST Council secretariat has sought inputs from state governments on all these issues. Rate calibration to address the inverted duty structure, compliance measures other than those currently under implementation and any other revenue augmentation measures will also be up for review.

Telcos seek data floor price
Bharti Airtel, Vodafone Idea and Reliance Jio Infocomm have asked the telecom regulator to “urgently” set a floor price for data services to afford immediate relief to the debt-ridden industry at a time when other sources of funds such as equity and debt have “dried up.” The telcos, in a rare display of unanimity, said a tariff order from the Telecom Regulatory Authority of India (Trai) would be the best way to achieve this. Their rivalry would prevent voluntary tariff changes by any single operator, according to a December 3 letter from the Cellular Operators Association of India (COAI), which represents the three companies, to Trai chairman RS Sharma.

Trump signals delay in China trade deal
President Donald Trump said on Tuesday a trade deal with China might have to wait until after the US presidential election in November 2020, denting hopes that the two largest economies would soon reach an initial deal to ease their damaging trade war. "I have no deadline, no," Trump told reporters in London, where he was due to attend a meeting of NATO leaders.

S&P reaffirms India’s sovereign rating
The government on Tuesday said that ratings agency S&P Global has reaffirmed India’s sovereign rating at BBB- with stable outlook and it expects India’s economy to continue to outperform its peers along with strong growth over the next two years. “S&P has reaffirmed sovereign rating of India at BBB- with stable outlook. They have stated that India’s economy continues to achieve impressive long-term growth rates despite a recent deceleration,” economic affairs secretary Atanu Chakraborty said in a tweet.

India growth reaches trough: Goldman
India's growth might have troughed according to Goldman Sachs. The investment bank has forecast a higher growth at 6.6% for FY'21. But fiscal challenges continue, it said. “We expect that the slowdown episode that began in January 2018, to end soon, in response to better global growth, easier domestic financial conditions, positive fiscal impulse, some uplift in sentiment, and an easing of supply bottlenecks,” Prachi Mishra, India economist for Goldman Sachs, said.

NBFC liquidity pressure to continue: Fitch
Liquidity pressures faced by the non-banking financial sector following the IL&FS failure are likely to continue though funding costs have come off the peak, Fitch Ratings said on Friday. "We view wholesale and housing finance companies (HFCs) as more vulnerable -- given their higher leverage, weaker asset-and-liability maturity (ALM) profiles and higher concentration risks. Large retail finance companies with well-managed ALM profiles should continue to access bank and capital markets funding. Further, funding diversification in the offshore markets by larger issuers would benefit their funding profiles," it said in its outlook for emerging market finance and leasing companies.

3% Mudra loans turn bad: Govt
The government on Tuesday said close to 3% of Rs 6.04 lakh crore worth of loans sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) has turned into bad loans. Prime Minister Narendra Modi launched the PMMY on April 8, 2015, for providing collateral free loans of up to Rs 10 lakh to non-corporate, non-farm small/micro enterprises with a view to generating employment, and providing access to easy finance to small enterprises.
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