The Indian market ended the day’s session on a negative note after opening in the green on Wednesday as Sensex and Nifty each closed around 0.5% lower, led by autos, IT and commodities consumer goods.

On the sector front, Nifty IT, FMCG & Auto lagged behind while Media, PSU Bank contributed marginal gains for the day. Stocks like Adani Ports, ONGC, Coal India were the main winners while Tata Consumer, Maruti, Infosys recorded a loss of almost 2.5%.

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Sachin Gupta, AVP-Research, Choice Broking, “Technically, on the daily chart, the index failed to hold up in higher territory as it tasted the neckline of the Head & Shoulder model and is again come down, indicating some weakness for the next day. ”

He added that the index, however the day before, took good support at the lower formation of the Bollinger Band and came out of the 17200 levels which is immediate near-term support. ”

“Nifty has immediate support at 17,200 levels while resistance at 17650 levels. On the other hand, Bank nifty has support at 36650 levels and resistance at 38,000 levels,” Gupta said in a note.

Likewise, Vijay Dhanotiya, Head of Technical Research at CapitalVia Global Research Limited, pointed out, “Market research suggests that holding above 17,400 will be an important level for the market to remain positive in the near term.

“If the market is able to maintain the 17400 level, it may witness positive momentum in the market which may lead to 18000. Momentum indicators such as RSI and MACD indicate the first signs of a market reversal.” Dhanotiya said in a post-trade comment.

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Global markets:

US markets closed mixed, with the Dow Jones recovering 200 points to close flat with a negative bias, while the Nasdaq Composite and S&P 500 finished in the green. The Dow Jones lost 9 points to 35,804, the Nasdaq Composite gained 70 points to 15,845 and the S&P 500 gained 11 points to 4,701 on Wednesday.

Asian markets:

Asian markets were seen as positive at the start of Thursday’s session. Japan’s Nikkei 225 index traded at 240 points up to 29,541, the Hang Seng of the Hong Kong Stock Exchange and the Shanghai Composite traded flat around 7.15am.

Smart SGX:

SGX Nifty Futures traded 14 points lower at 17,396 around 7.15 am, pointing to a flat open for Indian markets.

Oil stable as investors question release of reserves

Oil prices were largely flat on Wednesday as investors questioned the effectiveness of a US-led release of oil from strategic reserves and focused on how producers would respond.

Brent crude was down 8 cents, or 0.1%, to $ 82.25 a barrel at 3:36 p.m. GMT, after jumping 3.3% on Tuesday.

US West Texas Intermediate (WTI) crude futures fell 12 cents, or 0.1%, to $ 78.40 after gaining 2.3% the previous day.

The United States has said it will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain in an attempt to cool prices after l ‘OPEC + ignored calls to pump more.

54% don’t want crypto legalized in India: Survey

About 54% of those covered by a pan-Indian survey were not in favor of legalizing cryptocurrencies in the country and instead advocated treating them as digital assets held abroad, the platform said. LocalCircles digital community in a report.

LocalCircles said the study received more than 56,000 responses from people residing in 342 districts across the country, while the number of responses to individual questions differed.

In response to a question on how India should handle cryptocurrencies from a regulatory perspective, 8,717 responses were received.

Sebi sets operating standards for money ETFs

Market regulator Sebi on Wednesday released operating standards for silver exchange-traded funds (ETFs), a move that will allow investors to gain exposure to the commodity in a transparent manner.

Under the standards, the regulator specified guidelines on ETF investment objectives on money, valuation, determination of net asset value (NAV), tracking error as well as tracking error. and disclosure requirements.

Currently, Indian mutual funds are allowed to launch ETFs that track gold. In a circular, Sebi said silver ETFs will need to invest at least 95 percent of net assets in silver and money-related instruments.

Niti Aayog launches the idea of ​​full-stack digital banks

Government think-tank Niti Aayog on Wednesday proposed the creation of full-stack “digital banks”, which would rely primarily on the Internet and other nearby channels to deliver their services and not on physical branches, in order to alleviate the problems. financial deepening challenges encountered in the country.

The Aayog, in a discussion paper titled “Digital Banks: A Proposal for a Licensing and Regulatory Regime for India,” presents a brief and proposes a model and roadmap for a licensing and regulatory regime. digital banks for the country.

Digital banks or databases are banks as defined in the Banking Regulation Act 1949 (BR Act), according to the document.

TRAI offers zero charges on USSD messages for mobile banking

Telecommunications regulator Trai on Wednesday proposed to remove charges on USSD messages for mobile banking and payment services to promote digital transactions.

Unstructured Supplementary Service Data (USSD) messages are displayed on the screen of mobile phones and are not stored like SMS. This technology is widely used to display balance deduction in mobile phones where a message appears on the device screen after outgoing call or SMS.

Currently, the Telecom Regulatory Authority of India (Trai) has capped the price of a USSD session at 50 paise, with each session being able to be completed in eight stages.

Euro drops to July 2020 low as German corporate morale darkens

The euro fell on Wednesday after a survey showed German business morale deteriorated in November, while the Turkish lira remained under pressure as President Tayyip Erdogan defended rate cuts despite the surge inflation.

German business confidence deteriorated for the fifth month as supply issues in the manufacturing sector and an increase in coronavirus infections clouded the growth prospects for Europe’s largest economy. The Ifo Institute said its business climate index fell to 96.5 from 97.7 in October.

The euro fell 0.3% to its lowest level since early July 2020 to $ 1.1205.

FII and DII data:

Foreign portfolio investors (REITs) remained net sellers for Rs 5,122.65 crore in Indian markets, while domestic institutional investors (DII) were net buyers to the tune of Rs 3,809.62 crore, according to provisional data released on the NSE.

Stocks under F&O ban on NSE

Two actions: Escorts, Indiabulls Housing Finance were placed under F&O ban on Tuesday. Securities subject to the blackout period in the M&O segment include companies in which the security has exceeded 95% of the market-wide position limit.

(With contributions from PTI, Reuters and other agencies)

(Disclaimer: The views / suggestions / advice expressed here in this article are solely by investment experts. Zee Business suggests that its readers consult their investment advisers before making a financial decision.)