10 things to know before the opening bell on November 23rd

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Wall Street: Wall Street pulled back from record highs on Monday and lender stocks rebounded as two-year US Treasury yields rose after President Joe Biden elected Jerome Powell as chairman of the Federal Reserve. European stocks remained unchanged, under pressure from fears of a resurgent coronavirus pandemic. The S&P 500 and Nasdaq Composite hit all-time highs before closing lower. The S&P 500 was down 0.32 percent to finish at 4,682.88, while the Nasdaq Composite was down 1.26 percent to 15,854.76 due to losses in technology stocks.

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Asian stocks: Asia stocks were mostly lower on Tuesday, following a decline on Wall Street after President Joe Biden named Federal Reserve Chairman Jerome Powell head of the central bank for a second term, reinforcing expectations that the US would have its Economic stimulus programs will soon be scaled back.

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D-street: The Sensex market benchmark plunged over 1,170 points, posting its worst one-day decline in over seven months on Monday amid concerns over government reform measures following the lifting of agricultural laws and the weak listing of the country’s largest fintech company, Paytm. The BSE measurement extended its losses for the fourth consecutive session, plummeting 1,170.12 points, or 1.96 percent, to hit its lowest closing level in over two months at 58,465.89 the day. Similarly, the NSE Nifty fell 348.25 points, or 1.96 percent, to 17,416.55, its lowest level since September 20.

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Crude oil: Oil prices fell Tuesday, undoing the gains from the previous session as the United States, Japan and India increase talks to release crude oil reserves to tame prices, amid threats of demand if COVID-19 cases flare up in Europe . The US Department of Energy is expected to announce a loan of oil from the Strategic Petroleum Reserve on Tuesday and be coordinated with other countries, said a Biden administration source familiar with the situation.

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Fuel prices: The Oil Marketing Companies (OMCs) kept fuel prices unchanged for the 19th straight day on Tuesday. Accordingly, a liter of gasoline in Delhi currently costs 103.97 rupees per liter and diesel at 86.67 rupees per liter. In Mumbai, gasoline and diesel prices are 109.98 rupees per liter and 94.14 rupees per liter, respectively.

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Dollar: The dollar hit a 16-month high against the euro on Monday after Federal Reserve Chairman Jerome Powell was nominated by President Joe Biden for a second four-year term pending COVID-19 lockdowns on the single currency was impaired. Lael Brainard, the Federal Reserve board member who was the other top candidate for the job, will become vice chairman, the White House said.

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Rupee: The rupee was down 9 paises and ended Monday at 74.39 (tentatively) against the US dollar as massive sell-offs in domestic stocks and a strong foreign greenback weighed on investor sentiment. In addition, rising crude oil prices in the international market and continued foreign capital outflows put pressure on the rupee, currency traders said. In the interbank foreign exchange market, the local currency opened weakly at 74.36 and continued to lose ground as trade progressed to hit the 74.51 per dollar. The local unit eventually settled at 74.39 per dollar, 9 paise less than its previous closing price of 74.30.

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Gold: According to HDFC Securities, gold prices in the state capital rose marginally by 17 rupees to 47,869 rupees per 10 grams on Monday in the face of the devaluation of the rupee, compared to 47,852 rupees per 10 grams in previous trading. Silver rose from Rs 64,246 per kilogram in the previous trade to Rs 444 to Rs 64,690 per kilogram. The Indian rupee lost 10 paises to close at 74.40 against the US dollar on Monday.

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Exports: The country’s exports rose in the three-week period of this month (November 12) by 18.8 percent to 20.01 billion the Ministry of Commerce. Imports rose 45.34 percent to $ 35.11 billion for the period from $ 24.15 billion for the same period last year, the data showed.

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Stocks under F&O prohibition for NSE: Escorts and Vodafone Idea – subject to the F&O ban for November 23rd. Securities in the blocked period of the F&O segment include companies in which the security has exceeded 95 percent of the market-wide position limit.