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Benchmarks trade sideways; breadth positive.

Equity indices were trading in a narrow range with small losses in mid-morning trade. Buying was seen in PSU banks and pharma stocks while IT shares declined.

The barometer index, the S&P BSE Sensex, was down 56.55 points or 0.13% at 43,771.31. The Nifty 50 index fell 19.1 points or 0.15% at 12,839.75.

The broader market traded with small gains. The S&P BSE Mid-Cap index was up 0.1% while the S&P BSE Small-Cap index rose 0.17%.

The market breadth was positive. On the BSE, 1364 shares rose and 1025 shares fell. A total of 160 shares were unchanged.

The November 2020 F&O contracts will expire today, 26 November 2020.

Foreign portfolio investors (FPIs) bought shares worth Rs 24.20 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,840.33 crore in the Indian equity market on 25 November, provisional data showed.

SEBI Regulation:

The Securities and Exchange Board of India (SEBI) has withdrawn a proposal to increase the margin requirement for non-futures and options (F&O) stocks in the cash market. Earlier this year, as the volatility spiked in the stocks following COVID-19 pandemic and heavy fall in global equities, SEBI, on March 20 this year had proposed to raise the margin requirement for non-F&O stocks to 40% in a phased manner.


RBI released Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks (SCBs) yesterday. Bank credit growth (Y-o-Y) decelerated to 5.8% in September 2020 from 8.9% a year ago: the deceleration was recorded across the population groups (i.e., rural, semi-urban, urban and metropolitan). Annual growth (Y-o-Y) in credit by private sector banks moderated significantly to 6.9% in September 2020 from 14.4% a year ago, whereas it increased marginally for public sector banks to 5.7 per cent from 5.2 per cent over the same period.

Buzzing Index:

The Nifty PSU Bank index rose 0.28% to 1,514.15. The index has gained 3.22% in three days.

Central Bank of India (up 1.64%), Union Bank of India (up 1.5%), Bank of India (up 0.9%), Indian Bank (up 0.84%), Canara Bank (up 0.67%), Bank of Baroda (up 0.61%) and UCO Bank (up 0.41%) were top gainers in PSU segment.

Stocks in Spotlight:

Meghmani Organics rose 3.80% to Rs 77.80 after the company announced plans to set up the multipurpose plant at Dahej at the cost of Rs 310 crore. The plant is expected to be commissioned by Q4 FY22,” it further said in a BSE filing made during market hours today. Further, Meghmani Organics informed that it commenced commercial production of two plants in Bharuch, Gujarat on 25 November 2020.

Future Consumer hit a lower circuit of 5% at 8.66 after Rajnikant Sabnavis resigned as the chief executive officer (CEO) of the company, effective from 27 November 2020. Consequently, Sabnavis shall also cease to be a key managerial personnel of the company, the company disclosed after market hours yesterday, 25 November 2020.

Global Markets:

Asian stocks were trading higher on Thursday as investors reacted to minutes released overnight from the U.S. Federal Reserve’s November meeting. The Bank of Korea on Thursday held steady on its key policy rate at a record low of 0.5%.

In US, the Dow Jones Industrial Average and the S&P 500 index closed lower on Wednesday as mounting U.S. layoffs in the wake of new mandated lockdowns to contain surging COVID-19 infections dampened investor risk appetite. The Nasdaq Composite outperformed.

The summary of the Fed meeting from earlier this month indicated that U.S. central bank officials discussed ways of getting more money into the economy, which is still recovering from the coronavirus pandemic.

The number of Americans filing first-time claims for jobless benefits increased further last week. Initial claims for state unemployment benefits totaled a seasonally adjusted 778,000 for the week ended November 21, compared to 748,000 in the prior week, the Labor Department said on Wednesday.

U.S. financial markets will be closed on Thursday for the Thanksgiving holiday and U.S. bonds and stocks will trade on a partial schedule on Friday.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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