Top 10 things to know before you make your opening trade on November 18

The Indian market ended the day’s session on a negative note on Wednesday with the S&P BSE Sensex and Nifty each ending around 0.5 per cent lower, led by Reliance Industries and private banks.  

After a gap-down opening, the benchmark index continued the downside move throughout the day and settled at 17898.65 levels with a loss of 0.5 per cent while Bank Nifty slipped more than 200 points to close at 38041.60 levels, says Sachin Gupta AVP, Research Choice Broking.  

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On the sectoral front, Nifty Auto, IT and Consumption witnessed some gains while the rest of the indices closed in the red. Stocks like SBI Life, Maruti, and Asian Paints were the top gainers while UPL, Reliance, Britannia were the prime laggards for the day, the market analyst noted.   

“Technically, the index has formed a bearish candle on the daily time frame and also shifted below the Middle Bollinger Band formation, which shows weakness in the counter. On an hourly chart, the index has given a trendline breakdown, which points out some corrections,” he added.   

Furthermore, the index has given closing below 21 DMA as well as the stochastic indicator is trading negative crossover, it has support at 17750 levels, and resistance at 18100 levels, the analyst said.  

Stay tuned to Zeebiz.com to find out what could impact your trade today. We have collated a list of top 10 news points which could impact markets, companies, or economy:    

Global Markets:  

Major US indices Dow Jones, Nasdaq and S&P 500 shed between 0.26% to 0.58% in Wednesday's closing. Dow Jones closed 211 points lower to 35,931, Nasdaq composite lost 52 points to 15,921 and S&P 500 closed 12 points lower to 4,689.  

Asian Markets:  

Asian markets traded largely in negative on Thursday morning. Nikke 225 was trading 140 points down at 29,549, Hang Sang index shed 280 points to 25,376 and Shanghai Composite index was also down by 13 points to 3,524 around 7.15 am on Thursday. 

SGX Nifty:  

SGX Nifty Futures was trading 15 points lower to 17,869 around 7.15 am on Thursday, indicating flat to negative opening for the Indian stock market indices.  

Oil drops on oversupply warnings, rising COVID-19 cases  

Oil prices fell on Wednesday after the International Energy Agency (IEA) and OPEC warned of impending oversupply and as COVID-19 cases in Europe increased the downside risks to demand recovery, though a fall in U.S. gasoline stocks curbed losses.  

Brent crude futures dropped 32 cents, or 0.4%, by 1410 GMT to $82.11 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 43 cents, or 0.5%, to $80.33 a barrel.  

The IEA on Tuesday warned that while the "oil market remains tight by all measures, ... a reprieve from the price rally could be on the horizon ... due to rising oil supplies." [IEA/M]  

The agency said high price levels will see U.S. oil production rising again in 2022, accounting for about 60% of its forecast of 1.9 million barrels per day for non-OPEC supply growth.  

India’s coal demand likely to grow in absolute terms, phasing out difficult  

India’s coal consumption is expected to grow in absolute terms over the coming few years and phasing out the fuel could have severe repercussions on the livelihoods of many Indians, government sources said on Wednesday.  

During this month`s U.N. climate conference, India, backed by China and other coal-dependent developing nations, rejected a clause calling for the "phase-out" of coal-fired power.  

After a huddle between the envoys from China, India, the United States, and European Union, the clause was amended to ask countries to "phase down" their coal use instead.  

"While there will be an overall reduction of coal`s contribution to electricity generation in percentage terms, there will still be some increase in absolute terms," one of the sources said, declining to be identified in line with policy.  

Rupee advances 9 paise to 74.28 as crude cools off  

The rupee pared initial losses to settle 9 paise higher at 74.28 against the US dollar on Wednesday on lower crude oil prices. A strong dollar in overseas markets and losses in equity markets capped gains in the local currency.  

At the interbank forex market, the local unit opened on a weak note at 74.51 against the greenback. The unit rebounded from the lows later to settle at 74.28, higher by 9 paise over its previous close of 74.37.  

"Rupee witnessed volatile moves as selloff witnessed in all currencies except the dollar. Even after a strong rally in the dollar index rupee maintained gains as crude prices cooled off yet again giving support to the rupee. Gaining ahead, rupee can be seen in range 74.20-74.55," said Jateen Trivedi, Senior Research Analyst at LKP Securities.  

Sugar output up 24% at 21 lakh ton till Nov 15 this season  

India's sugar production rose 24 per cent to 20.9 lakh tonnes during October 1-November 15 on higher output in Maharashtra and Karnataka, while mills have entered into contracts to export 25 lakh tonnes of sweetener so far, according to industry body ISMA.  

Sugar marketing year runs from October to September.  

"Sugar production till November 15, 2021, in the current 2021-22 season is 20.90 lakh tonnes as against 16.82 lakh tonnes produced last year on 15th November 2020," Indian Sugar Mills Association (ISMA) said in a statement.  

Several sugar mills in the south and west, started their operations earlier this season, because of which the sugar production is higher, it added.  

Bank credit grows at 7.14 pc, deposits at 11.42 pc: RBI  

Bank credit grew by 7.14 per cent to Rs 111.64 lakh crore and deposits increased by 11.42 per cent to Rs 160.49 lakh crore in the fortnight ended November 15, 2021, RBI data showed.  

In the fortnight ended November 6, 2020, bank loans stood at Rs 104.19 lakh crore and deposits at Rs 144.03 lakh crore, according to the RBI's Scheduled Banks' Statement of Position in India as on November 5, 2021, data released on Wednesday.  

In the previous fortnight ended October 22, 2021, bank credit had grown by 6.84 per cent and deposits by 9.94 per cent. In FY2020-21, bank credit had risen by 5.56 per cent and deposits by 11.4 per cent.   

India cannot depend on imports for essential goods: FM  

India must become more self-reliant after the pandemic disrupted supply chains and showed the risks of depending on imports for essential goods, the finance minister said on Wednesday.  

"Even as we want to be linked with the global value chains, we have to understand and take cognizance of the risks it has posed us," Nirmala Sitharaman said. She said India had to import protective equipment and testing kits during the initial phase of the pandemic.  

She said India will need to build manufacturing centres at scale to reduce dependency in the future.  

FII & DII Data:  

Foreign portfolio investors (FPIs) remained net sellers for Rs 344.35 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net sellers to the tune of Rs 61.14 crore, provisional data showed on the NSE.  

Stocks under F&O ban on NSE    

Six stocks: IRCTC, Sun TV, BHEL, Indiabulls Housing Finance, SAIL, and National Aluminium have been placed under the F&O ban on Monday. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.  

(With inputs from PTI, Reuters, and other agencies)  

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)