After a sharp fall, Bulls finally saw a ray of hope as traders rushed into cover their short positions pushing the index above crucial resistance levels post Moody’s upgrade.

-Such bounces are often sold into and market resumes it corrective stance| We saw that on Friday when Nifty surge past 10300 but failed to close above the same

-The market will continue to correct albeit with some bounces| Further rating upgrade, from Fitch or S&P looks unlikely in the near term

-Investors are advised not to generate aggressive long positions| They could sell on rise as long as Nifty trades below 10411

-In general traders should be cautious on trading on the long side.

-Gold at one-month top on weak dollar, uncertainty over Trump tax bill

-Oil rises over 2 percent, but shows first weekly fall in six

-Dollar weak on worries over U.S. tax reform outlook, Mueller probe

The rupee closed at 65.02 a dollar, up 0.47% from its previous close of 65.32

-FPIs bought Rs1276 crore from equity markets

-DIIs bought Rs1466 crore shares in Indian equity market

Headlines

-Tax overhaul drama moves to Senate as House approves its bill

Congressional Republicans took important steps on Thursday toward the biggest U.S. tax-code overhaul since the 1980s, with the House of Representatives approving a broad package of tax cuts, and a Senate panel advancing its own version of the legislation sought by senior lawmakers and President Donald Trump.

-Reuters poll: Major U.S. tax cuts not likely this year - economists

U.S. Republicans are not expected to push major tax cuts through Congress this year, according to a majority of economists in a Reuters poll, who in any case were skeptical that the legislation would provide a significant boost to the economy.

-All eyes on S&P, Fitch after Moody’s upgrade

After rating agency Moody’s upgraded the country’s sovereign rating after a gap of almost 14 years, all eyes are now on the other two global rating agencies, Standard & Poor’s and Fitch Ratings.

-Revenue collected under GST in October at Rs 95,131cr: Sushil Modi

The revenue collected under the Goods & Services Tax (GST) in October was Rs 95,131 crore and average revenue shortfall of states has come down to 17.6 percent, Bihar Deputy Chief Minister Sushil Modi said.

-NGT lifts ban on construction in Delhi-NCR, entry of trucks

In a breather to real estate developers, the National Green Tribunal (NGT) today lifted the ban on construction activities in Delhi-NCR after noting improvement in the city’s ambient air quality, and allowed the entry of trucks to the national capital.

-I-T dept seizes Rs 11 crore from entities in NSE co-location case

The income-tax department on Friday seized about Rs 11 crore cash as part of its searches in the tax evasion probe against a broker and others said to be involved in the high-profile co-location case.

-IRP nod must for recovering money from defaulter’s bank a/c: NCLAT

The NCLAT has said financial creditors cannot recover any amount from a defaulter’s bank account without the nod of the Interim Resolution Professional (IRP) during the corporate insolvency resolution process.

-BSE cautions trading members, investors against unsolicited messages

Leading exchange BSE has cautioned traders and investors against unsolicited messages being circulated by unregistered entities to induce investment and sale of shares.

-Banks asked to prevent defaulters from buying stressed assets

As many as 12 accounts each having more than Rs 5,000 crore of outstanding loans and accounting for 25 percent of total NPAs of banks are being under the Insolvency and Bankruptcy Code process.

-FY18 earnings estimates may need to be cut further, say brokerages

Sensex and Nifty’s FY18 consensus earnings per share have already been pared by 11.1% and 9.45%, respectively, since the start of the fiscal and are now at Rs1,528.89 and Rs494.46

-NSE SME to touch 100 mark, 50 IPOs likely in next 6 months

The National Stock Exchange expects about 50 companies will get listed on NSE SME in the next six months, says CEO Vikram Limaye

-India moves up one notch to 126 in per capita GDP terms: IMF data

India has seen its per capita GDP rise to $7,170 in 2017, from $6,690 last year, helping improve its rank by a position to 126th, as per IMF data

-Oil rises over 2 percent, but shows first weekly fall in six

Oil rebounded more than 2 percent on Friday after falling for five straight session as a major U.S. crude pipeline was shut and traders anticipated an OPEC deal to extend curbs on production.

For more watch the show Markets@Moneycontrol. Moneycontrol Editor talks to Maryam Farooqui on what will move the market today.

 22 Nov 2017, 08:36 AM