China's Forex Reserves Fall $16 Bn In August

The Nifty 50 closed higher for the second consecutive session and decisively crossed its crucial 10,650 resistance level on November 16. Positive global cues and appreciation of the rupee supported the market.

The index remained in a positive terrain throughout the session and closed 65.50 points higher at 10,682.20. On the weekly basis, the S&P BSE Sensex and Nifty 50 rose around 0.9 percent each for the week ended November 16.

The index formed a bullish candle on the daily charts and Hanging Man kind of pattern on the weekly charts.

According to Pivot charts, the key support level is placed at 10,643.87, followed by 10,605.53. If the index starts moving upwards, key resistance levels to watch out are 10,707.87 and then 10,733.53.

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The Nifty Bank index closed at 26,245.55, up 90.80 points on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 26,134.53, followed by 26,023.46. On the upside, key resistance levels are placed at 26,344.73, followed by 26,443.87.

Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.

S&P, Dow advance on trade optimism

The S&P 500 and Dow Industrials rose on Friday after President Donald Trump said the United States may not have to impose further tariffs on Chinese goods, but falling shares of Nvidia Corp dragged down the Nasdaq. All three indexes had been lower in early trade as an underwhelming outlook from Nvidia weighed on the tech sector.

The Dow Jones Industrial Average rose 123.95 points, or 0.49 percent, to 25,413.22, the S&P 500 gained 6.07 points, or 0.22 percent, to 2,736.27 and the Nasdaq Composite dropped 11.16 points, or 0.15 percent, to 7,247.87.

Asia shares edge higher

Asian shares inched cautiously higher on Monday amid conflicting signals on the chance of a truce in the Sino-US trade dispute, while a new-found air of concern on the global outlook at the Federal Reserve undermined the dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan tacked on 0.1 percent and South Korea 0.5 percent. Japan's Nikkei gained 0.4 percent, but E-Mini futures for the S&P 500 slipped 0.3 percent.

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 53.5 points or 0.5 percent. Nifty futures were trading around 10,751-level on the Singaporean Exchange.

RBI board meeting today, will discuss MSME credit, reserves, other issues

The ongoing rift with the government is set to play out at the RBI's crucial board meeting Monday, with the Finance Ministry nominees and some independent directors expected to take on Governor Urjit Patel and his team over issues ranging from MSME credit to the central bank's reserves, though both sides are in favour of reaching a common ground. While there have been reports and demands from some quarters for the Governor to step down, sources said Patel is unlikely to yield under pressure and will rather mount a strong defence of the central bank's policies regarding stringent NPA recognition norms as well as measures taken to ease credit supply to MSMEs.

Patel and his four deputies, who all are members of the RBI's 18-member central board, will present a united front, while a few independent directors too are expected to support the central bank's mission to clean up bank balance sheets, sources said. The central board, headed by the RBI Governor, is expected to discuss issues mentioned in the agenda circulated to the board members in advance.

Off-agenda items can also be raised in the meeting, with the chair's permission.

BSE to part ways with S&P Dow Jones; plans to develop its own indices

BSE has decided to snap ties with S&P Dow Jones, which manages and operates benchmark Sensex, and plans to develop indices through its own in-house development team, exchange's officials said. The two entities had announced a joint venture -- Asia Index -- in 2013 to provide an array of indices enabling global and domestic investors to participate in South Asia's vibrant economies.

The deal with BSE came after the expiry of the licensing arrangement between India Index Services & Products (IISL), a joint venture of NSE and S&P-owned Crisil.

"Basically, we had done this tie-up five years back, but the joint venture could not do much in terms of expanding in the foreign jurisdiction, the usage of the indexes and all," BSE Managing Director and Chief Executive Ashishkumar Chauhan told investors in a conference call.

APEC fails to reach consensus as US-China divide deepens

Asia-Pacific leaders failed to agree on a communique at a summit in Papua New Guinea on Sunday for the first time in their history as deep divisions between the United States and China over trade and investment stymied cooperation.

Competition between the United States and China over the Pacific was also thrown into focus with the United States and its Western allies launching a coordinated response to China’s Belt and Road programme.

“You know the two big giants in the room,” Papua New Guinea (PNG) Prime Minister Peter O’Neill said at a closing news conference, when asked which of the 21 members of the Asia-Pacific Economic Cooperation (APEC) group could not agree.

Oil rises on expected OPEC cut

Oil prices rose on Monday as traders expected top exporter Saudi Arabia to push producer club OPEC to cut supply towards the end of the year. Despite that, market sentiment remains weak on signs of a demand slowdown amid deep trade disputes between the world’s two biggest economies, the United States and China.

Front-month Brent crude oil futures were trading at $67.29 per barrel at 0045 GMT, up 53 cents, or 0.8 percent, from their last close. US West Texas Intermediate (WTI) crude futures were up 61 cents, or 1.1 percent, at $57.07 per barrel.

Rupee ends at fresh 2-month high of 71.93

The rupee on November 16 strengthened further by 4 paise to close at a fresh two-month high 71.93 against the US currency, continuing its gaining streak for the fourth day, despite a rebound in oil prices and a stronger dollar.

Crude oil prices falling below the $70 per barrel mark and forex inflows have boosted the rupee sentiment as the domestic currency posted gains of 57 paise or 0.79 percent this week to touch two-month high levels.

Increased selling of the US currency by exporters and banks and gains in equity markets aided the rupee to post gains for the fourth day. The rupee opened higher at 71.94 per dollar against the last close of 71.97 per dollar and later touched a high of 71.71 per dollar on forex inflows and positive export data.

Forex reserves drop by $121.2 mn to $393.01 bn

The country's foreign exchange reserves declined by $121.2 million to $393.01 billion for the week ended November 9, largely on a dip in currency assets, RBI data showed on November 16.

The overall reserves had increased by $1.054 billion to $393.132 billion in the previous reporting week, after weeks of decline. For the week ended November 9, foreign currency assets, a major part of the overall reserves, declined $103.2 million to $368.035 billion, the Reserve Bank said.

RBI net sells $18.66 bn between April-Sept

The Reserve Bank of India (RBI) net sold $18.662 billion of the greenback in the spot market, during the first seven months of the current financial year, according to RBI data. In the same period last year, RBI was a net purchaser of the greenback, as it had bought $16.301 billion. In September, 2018, RBI sold $31 million of the US currency in the spot market on a net basis, as per the latest RBI data.

In the reporting month, the central bank purchased $1.012 billion, while selling $1.043 billion in the spot market. In August, and July, it had sold $2.323 billion and 1.87 billion, respectively, on a net basis.

Investments via P-Notes continue to drop; hits fresh low of Rs 66,587 cr

Investments in the Indian capital market through participatory notes (P-notes) continue to decline and hit a nine-and-a-half year low of Rs 66,587 crore till October. P-notes are issued by registered foreign portfolio investors (FPIs) to overseas investors who wish to be part of the Indian stock market without registering themselves directly. They, however, need to go through a due diligence process.

According to Sebi data, the total value of P-note investments in Indian markets -- equity, debt, and derivatives -- slumped to a fresh low of Rs 66,587 crore till October-end from Rs 79,548 crore crore at September-end.

Govt looks to garner Rs 5,000 cr from CPSE share buybacks in FY19

The government expects to garner at least Rs 5,000 crore through share buyback offers of state-run companies, including Coal India, in the current fiscal, a Finance Ministry official said. Coal India, in which the government had earlier this month sold 3.18 per cent stake to raise Rs 5,300 crore, has agreed to launch a share buyback early next year.

"Share buyback plans have been lined up with about eight companies, which will fetch at least Rs 5,000 crore. Coal India share buyback would happen in January," the official said.

As many as six CPSEs have made regulatory filings to the stock exchanges for launching share buyback programmes, which could fetch the government a little over Rs 3,000 crore. These companies are NHPC, BHEL, NALCO, NLC, Cochin Shipyard and KIOCL.

FPIs invest over $1 bn so far in Nov on easing oil prices, rupee recovery

Foreign investors have pumped in nearly Rs 8,285 crore into the Indian capital markets so far this month, after pulling out hefty funds in October, due to fall in crude oil prices, recovery in rupee and improvement in the liquidity situation. The recent infusion comes following a net outflow of more than Rs 38,900 crore in October, which was the steepest withdrawal in nearly two years.

Foreign portfolio investors (FPIs) had pulled out over Rs 21,000 crore from the capital markets (both equity and debt) in September. Before that, they had put in Rs 7,500 crore in July and August. According to depositories data, FPIs infused Rs 3,862 crore in the equity markets during November 1-16, and Rs 4,423 crore in the debt market, taking the total to Rs 8,285 crore (USD 1.14 billion).

Losses of PSU banks widens nearly 3.5 times in Q2 FY19

State-owned banks saw their cumulative losses widen nearly three-and-a-half times to Rs 14,716.2 crore in the July-September quarter of the current fiscal due to mounting bad loans. These 21 public sector banks had posted a net loss of Rs 4,284.45 crore in the September quarter of 2017-18.

On a quarterly basis, however, their performance was somewhat better as they narrowed down their losses by about Rs 2,000 crore to Rs 14,716.2 crore in the said quarter from Rs 16,614.9 crore in April-June 2018. Higher provisioning towards bad loans or non-performing assets (NPAs) had impacted the balance sheets of these PSU lenders.

As per the financial results posted by them, the biggest loss was posted by scam-hit Punjab National Bank (PNB) Rs 4,532.35 crore in the September quarter of the current fiscal as against a profit of Rs 560.58 crore in the year-ago period.

2 stocks under ban period on NSE

Securities in ban period for the next day's trade under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

For November 19, 2018, Adani Enterprises and Adani Power are present in this list.

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