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Indian equity markets faced significant losses on November 28, with the BSE Sensex dropping 931 points (1.2%) to 79,302 and the NSE Nifty falling 274 points to 24,000. The decline was driven by weakness in IT and auto stocks, compounded by a stronger US dollar impacting emerging-market assets. Despite the downturn, market breadth remained positive with 1,865 shares advancing against 1,510 declining.
Ireland heads to the polls on November 29, with center-right parties Fianna Fáil and Fine Gael expected to form the next government amid a budget surplus bolstered by a European Court ruling on Apple. However, concerns loom over potential U.S. tax policy changes under President-elect Trump, which could impact Ireland's appeal to American companies. Housing affordability and homelessness remain pressing issues, with a significant need for new homes projected in the coming years.
Foreign investors are increasingly cautious about Indonesian stocks, resulting in equity outflows for the 15th consecutive session. In November alone, outflows reached $891 million, contributing to a nearly 9% decline in the benchmark equity index from its record high on September 19.
Vikas Khemani, founder of Carnelian Asset Management, downplays concerns over a slowdown in earnings, predicting a 14-15% growth over the next two years despite potential short-term dips. He notes that the narrative of foreign investors pulling out of India due to economic worries is misleading, as much of the capital reallocation to China has already occurred. Khemani emphasizes the importance of fund managers' strategies in market performance, explaining the shift of capital towards China during its market surge.
Moody’s Ratings is reviewing Sri Lanka’s sovereign credit rating for a potential upgrade as the country nears completion of its dollar bond restructuring. The new dollar notes offered for swap have been assigned a (P) Caa1 rating, while dollar debt maturing in 2030 has reached its highest level since June 2021.
The Bank of Korea has cut its benchmark interest rate by a quarter percentage point to 3% to support a slowing economy, revising its growth forecasts down to 2.2% for 2024 and 1.9% for 2025. This marks the second consecutive month of rate cuts amid high inflation and rising household debt, as global economic uncertainties persist. The bank's actions follow a previous cut in October, the first since May 2020, as concerns grow over the impact of new U.S. tariffs and geopolitical tensions.
Indian equity markets showed moderate gains on November 28, with the BSE Sensex up 146 points at 80,380 and the NSE Nifty rising 55 points to 24,330, buoyed by positive FII flows following recent state election results. Market breadth was favorable, with 2,427 shares advancing against 719 declining. Kranthi Bathini from WealthMills Securities noted a positive trend, with Nifty consolidating near 24,500, while Adani Enterprises led gains, surging over 4 percent.
China's yuan is projected to weaken to record lows as U.S. tariff threats escalate, with major investment banks forecasting an average of 7.51 per dollar by the end of 2025. The yuan's depreciation poses challenges for Chinese authorities, who aim to stabilize the currency while reviving the economy. The People's Bank of China is expected to implement measures to prevent excessive declines, balancing currency control with economic growth.
Nifty futures are trading flat, reflecting a cautious sentiment in Asian markets as local selloff pressures ease. Despite a rebound in Adani stocks, elevated valuations and sluggish foreign inflows are prompting options writers to demand higher premiums for hedges.
Indian benchmark indices, Sensex and Nifty 50, are expected to open flat on November 28, following GIFT Nifty's performance. After a volatile session, the Sensex rose by 230.02 points (0.29%) to close at 80,234.08, while the Nifty increased by 82.20 points (0.34%) to settle at 24,276.7, with notable gains in Adani Group stocks.
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