Sensex, Nifty may open lower
Asian stocks are trading mixed on Monday as China kept its benchmark lending rate unchanged.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 14 points at the opening bell. Addressing the Nation on Friday, 19 November 2021, Prime Minister Narendra Modi announced that the government has decided to repeal all three farm laws in the upcoming Winter Session of Parliament. The three farm bills are: Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020; Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Bill, 2020; and Essential Commodities (Amendment) Bill 2020. These bills were passed by Parliament during the monsoon session last year.
Global markets
Overseas, Asian stocks are trading mixed on Monday as China kept its benchmark lending rate unchanged. China on Monday kept the one-year Loan Prime Rate (LPR) unchanged at 3.85%. The five-year LPR was also left steady at 4.65%.
U.S. stocks ended mixed on Friday as the House passed a $1.75 trillion social spending bill while concern about a new coronavirus wave in Europe rattled investors.
The Dow Jones Industrial Average fell 268.97 points, or 0.75%, to 35,601.98. The S&P 500 ticked 0.14% lower to 4,697.96. The Nasdaq Composite advanced 0.40% to 16,057.44. The Nasdaq Composite Index closed above 16,000 points for the first time on Friday, in its second-straight record finish powered by technology stocks.
The House of Representatives voted Friday to pass President Biden’s $1.7 trillion social safety net bill, sending it to the Senate. Biden’s spending measure was approved on a 220-213 vote.
Domestic markets
Back home, the domestic equity benchmarks ended with modest losses on Thursday, mirroring the weakness in other Asian indices. The barometer index, the S&P BSE Sensex, tumbled 372.32 points or 0.62% to 59,636.01. The Nifty 50 index lost 133.85 points or 0.75% to 17,764.80. The domestic stock market was shut on Friday (19 November 2021) on account of Guru Nanak Jayanti.
Foreign portfolio investors (FPIs) sold shares worth Rs 3,930.62 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,885.66 crore in the Indian equity market on 18 November, provisional data showed.
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