Indian markets could open flat to mildly higher following mixed Asian markets today and mildly positive US markets on Thursday - HDFC Securities
U.S. equity benchmarks finished slightly higher Thursday, capping a turbulent session, as investors were buoyed by hopes that Washington lawmakers still could come together and pass a coronavirus aid relief package to limit the economic damage wrought by the pandemic. Later U.S. Treasury Secretary Steven Mnuchin called for an end to pandemic relief for struggling businesses, sparking a rare clash between the central bank and Treasury and weighing on sentiment.
Optimism around additional fiscal aid helped ease market concerns about how rising COVID-19 cases and new socialdistancing restrictions might impinge on the economic outlook. Initial jobless claims increased by a seasonally adjusted 31,000 to 742,000 in the seven days ended Nov. 14. Economists had forecast initial jobless claims to total 710,000.
Data from Japan showed core consumer prices fell in October at their fastest pace annually in nearly a decade, raising deflation fears in an economy that is still grappling with the pandemic. The country’s factory activity decline also sped up in November.
Asia-Pacific markets traded mixed on Friday as investors remained cautious over the short-term economic impact of the coronavirus as cases around the world continue to rise.
Indian equity benchmark indices fell sharply on Nov 19, falling the most in nearly a month. Indices sold off post 1230 pm local time even as European markets came under selling pressure due to lockdown related fears. At close the Nifty 50 index fell 1.3% to end at 12,771.7.
Nifty has formed a triple top in the near term over the past three days in the 12934-12963 band. For the upmove to continue it would be necessary to breach this band. On downmoves 12607-12770 could offer support. There is a slight damage to the bullish sentiment in the markets. In case we do not get another negative trigger soon, we could recover from this setback.
Reliance Retail receives Rs 47,265 crore from fund raise post 10.09% stake sale
Reliance Industries has completed the sale of about 10 percent stake in Reliance Retail Ventures Ltd (RRVL), its retail arm, to a clutch of foreign investors for Rs 47,265 crore. The largest fundraise exercise in the sector was completed within two months. Since September 25, the company has sold 10.09 percent stake in RRVL to private equity firms Silver Lake Partners, KKR, GIC, TPG and General Atlantic, as well as sovereign wealth funds Mubadala, Abu Dhabi Investment Authority (ADIA) and PIF. RRVL has received cumulative subscription amount of Rs 47,265 crore from the following financial partners and allotted 69.27 crore equity shares.
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