Opening Bell

Date Heading Details
27-Nov-2020   08:44 Hrs IST Markets to make slightly positive start ahead of GDP figures <p align="justify">Indian markets ended higher on Thursday led by a sharp surge in metals, banking and financial stocks. Today, the markets are likely to make slightly positive start ahead of GDP figures for the second quarter which is scheduled to be released today post market hours. The union ministry of statistics and programme implementation (MoSPI) on November 27 will announce the gross domestic product (GDP) numbers for the second quarter (July-September 2020) of current financial year (FY 2020-21). SBI Research in its latest report said India's GDP likely contracted 10.7% in the second quarter, with a further recovery likely in the third quarter, citing improvements in economic indicators over October and November. Traders will be taking encouragement with Niti Aayog CEO Amitabh Kant's statement that digital infrastructure has become indispensable to the functioning of society and India can create $1 trillion of economic value using digital technology by 2025. Some support will come as the government said it has extended the Emergency Credit Line Guarantee Scheme (ECLGS) to the health sector and 26 other sectors identified by the Kamath Committee. Traders may take note of Reserve Bank of India Governor Shaktikanta Das' statement that the Indian economy has exhibited stronger pick up in momentum of recovery than expected. However, there may be some cautiousness as on Thursday, India reported 43,174 fresh Covid-19 cases, taking its tally to 9,309,871. The country's death toll mounted to 135,752. At 1,802,365, Maharashtra has the highest number of coronavirus cases, followed by Karnataka 879,560, Andhra Pradesh 865,000, Tamil Nadu 776,174 and Kerala 583,000. FMCG stocks may come under the spotlight after market research agency Nielsen said that India's FMCG market will contract by 1-3 per cent in the 2020 calendar year, as headwinds such as commodity inflation outweigh tailwinds. Meanwhile, India has slashed import tax on crude palm oil to 27.5 percent from 37.5 percent.</p><p align="justify">The US markets remained closed on Thursday for the Thanksgiving holiday. Asian markets are trading mostly lower on Friday pulling back from a record high hit earlier this week, amid renewed doubts about a highly-anticipated coronavirus vaccine and concern about the economic impact from the pandemic.</p><p align="justify">Back home, in an extremely volatile trading session, Indian equity benchmarks staged a recovery, recouping previous losses, to end the day higher on Thursday, led by robust gains in Metal, Basic Materials, Finance and Telecom stocks amid largely positive cues from global markets. The benchmarks staged a positive opening but soon slipped into red terrain in morning deals, owing to expiry of November future and option contracts. Investors' sentiment remain dented with the 'Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks (SCBs), September 2020' - released by the Reserve Bank of India (RBI) has indicated that bank credit growth decelerated to 5.8 percent in Q2 (July- September) of FY21 from 8.9 percent in the year-ago period. It also said aggregate deposits of banks rose 11 percent year-on-year in the July-September period as compared to 10.1 percent growth a year ago. Traders also took a note of report that the Finance Ministry has asked ministries and departments to restrict their expenditure for the remaining months of the current fiscal as per the Revised Estimates (RE) target, amid moderating revenues due to the COVID-19 crisis. However, market indices reversed trend and closed majorly positive, as some optimism remained among traders with a private report stating that the Indian economy is likely to have improved in the second quarter with GDP printing in at -7.8 percent as against 24 percent contraction in the June quarter. Traders took note of report that in a bid to push infrastructure creation in the country, the Union Cabinet has approved Rs.6000 crore capital infusion in National Investment and Infrastructure Fund's (NIIF) debt platform over the next two years. Separately, IT industry body Nasscom said that Indian tech start-ups are witnessing a gradual recovery with revenue acceleration and funding improving their cash availability and giving them longer runway to operate. Nasscom had conducted a 'Start-up Pulse Survey II' to understand what has changed and what the next six months look like for the tech start-up ecosystem in the country. The first survey was conducted in April-May this year. Finally, the BSE Sensex rose 431.64 points or 0.98% to 44,259.74, while the CNX Nifty was up by 128.60 points or 1.00% to 12,987.00.<br></p>
26-Nov-2020   08:38 Hrs IST Sensex, Nifty likely to open higher ahead of F&O expiry <p align="justify">Indian markets fell from their record-highs and ended lower on Wednesday after investors booked profits. Banking and financial stocks dragged the most, while IT and pharma stocks also weighed on the indices. Today, the start of F&amp;O expiry day is likely to be positive despite mixed cues from global peers. Traders will be getting encouragement with a private report stating that the Indian economy is likely to have improved in the second quarter with GDP printing in at -7.8 percent as against 24 percent contraction in the June quarter. Some support will come with another private report that India was the fourth major host of greenfield foreign direct investment (FDI) projects and eight major host of cross-border M&amp;A deals between 2004 to 2015. Traders may take note of report that in a bid to push infrastructure creation in the country, the Union Cabinet has approved Rs.6000 crore capital infusion in National Investment and Infrastructure Fund's (NIIF) debt platform over the next two years. Investors will track the meeting of SEBI-appointed Secondary Market Advisory Committee which is expected to discuss big bang reforms for the capital market. However, there may be some cautiousness with report that India reported 44,699 fresh Covid-19 cases on Wednesday, taking its tally to 9,266,697. The country's death toll mounted to 135,261. Meanwhile, market regulator SEBI has relaxed certain surveillance measures, including those pertaining to market wide position limits that were put in place eight months ago to curb volatility in the markets due to the coronavirus pandemic. Metal stocks will be in focus with World Steel Association (worldsteel) report that India's crude steel output increased marginally by 0.9 per cent to 9.058 million tonne (MT) in October 2020. There will be some reaction in real estate sector stocks as a recent CRISIL report on the real estate sector has said that new home sales have seen a surprise surge in the last couple of months bringing it back to pre-pandemic levels in key markets.</p><p align="justify">The US markets ended mostly lower on Wednesday as investors switched their focus from vaccine hopes to disappointing US jobs data and new Covid-19 lockdowns. Asian markets are trading mixed on Thursday as investors reacted to minutes released overnight from the U.S. Federal Reserve's November meeting.</p><p align="justify">Back home, Wednesday turned out to be a dismal day of trade for Indian equity benchmarks, where key gauges went home with a cut of over one and half percent each, breaching their crucial 43,850 (Sensex) and 12,900 (Nifty) levels, as investors booked profit across-the-board. Both indices had scaled fresh record highs in the opening session, as sentiments got a boost after Nilesh Shah, a part-time member of the economic advisory council to the Prime Minister, said the GDP contraction will improve to higher single digits in the September quarter, and the economy will be back to positive growth by the March quarter. Some support also came with CII National Committee on Retail Chairman Shashwat Goenka's statement that a cohesive national retail policy would go a long way in reviving the sector and help generate up to 30 lakh additional jobs in the country by 2024, He said a thorough national retail policy would help the sector bounce back and grow exponentially in the years to come. However, benchmark indices erased all gains and slipped into the red in late morning deals, as the sentiments turned pessimistic with S&amp;P Global Ratings' statement that non-performing loans in the Indian banking sector is likely to witness an uptick and may shoot up to 11 per cent of gross loans in the next 12-18 months. Some cautiousness also came after a senior finance ministry official said that India's score on protection of minority investors compiled by the World Bank as part of the Ease of Doing Business rankings has slipped recently and there is a need for stakeholders to improve on this aspect. Traders remain concerned even after Union Commerce and Industry Minister Piyush Goyal has said that the results of the second quarter of major companies show that profitability of most of them has gone up, indicating that the Indian industry has utilized the Covid period to do the belt-tightening, improve the product-mix, and focus on quality and productivity. Finally, the BSE Sensex fell 694.92 points or 1.56% to 43,828.10, while the CNX Nifty was down by 196.75 points or 1.51% to 12,858.40.<br></p>
25-Nov-2020   08:47 Hrs IST Benchmarks likely to make optimistic start amid firm global cues
24-Nov-2020   08:37 Hrs IST Markets likely to get flat-to-positive start on Tuesday
23-Nov-2020   08:25 Hrs IST Markets to make positive start of the F&O series expiry week
20-Nov-2020   08:07 Hrs IST Markets likely to make flat-to-positive start on Friday
19-Nov-2020   08:39 Hrs IST Benchmarks likely to open in red amid revived coronavirus fears
18-Nov-2020   08:38 Hrs IST Markets likely to get cautious start on Wednesday
17-Nov-2020   08:51 Hrs IST Markets to get optimistic start on Covid-19 vaccine hopes
13-Nov-2020   08:50 Hrs IST Markets to open in red amid weak global cues