Nifty climbs above 19,700 level; most European markets advance

The key equity indices continued to pare losses in afternoon trade. The Nifty traded tad above the 19,700 level after hitting the day`s low of 19,670.50 in early afternoon trade. Markets in Europe and Asia mostly traded in the green on Monday.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 92.67 points or 0.14% to 65,702.06. The Nifty 50 index declined 22.85 points or 0.12% to 19,708.95.

Mahindra & Mahindra (down 2.13%), SBI Life (down 1.98%), Bajaj Finance (down 1.75%), Adani Enterprises (down 1.61%) and Ultratech Cement (down 1.38%) were the top Nifty losers.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.03% while the S&P BSE Small-Cap index gained 0.36%.

Rajesh Exports (down 10.35%), Balkrishna Industries (down 4.87%), BSE (down 4.61%), Concord Biotech (down 4.56%) and Finolex Industries (down 4.21%) were the top losers in the broader market segment.

The market breadth was positive. On the BSE, 1,921 shares rose and 1,816 shares fell. A total of 187 shares were unchanged.

Economy:

India�s forex kitty decreased by $462 million to $590.321 billion for the week ended November 10, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had increased by $4.672 billion to USD 590.783 billion.

Gold reserves were down by $608 million to $45.515 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by $36 million to $18.011 billion, the apex bank said. India�s reserve position with the IMF (International Monetary Fund) was up by $3 million to $4.791 billion in the reporting week, the data showed.

Stocks in Spotlight:

Larsen & Toubro (L&T) shed 0.87%. The company said that it has received a total penalty of Rs 238.95 crore from General Tax Authority of Qatar for variation in the income as declared by the company. The company said that the penalty levied is arbitrary and unjustified. Hence it has filed an appeal.

Vedanta rose 0.17%. CRISIL Ratings has downgraded its ratings on the long-term bank facilities and debt instruments of the company to �CRISIL AA-� from �CRISIL AA� and placed these ratings on �Rating Watch with Developing Implications� from �Rating Watch with Negative Implications� while reaffirming the ratings on the short-term debt instruments of the Company at �CRISIL A1+� and placing these ratings also on �Rating Watch with Developing Implications�.

Blue Dart Express fell 0.79%. The company said that it has partnered with India Post for introducing automated digital parcel lockers at selected post offices, offering customers an additional delivery method.

Global Markets:

Markets in Europe opened mostly higher while most Asian stocks traded higher on Monday as investors watched for changes to China�s benchmark lending rates.

The People�s Bank of China�s one-year loan prime rate is currently at 3.45%. The five-year benchmark loan rate stands at 4.2%. This is the third straight month that the People� Bank of China has held the one-year LPR after lowering it from 3.55% to 3.45% in August. The five year LPR meanwhile, has been held at 4.2% for five consecutive months, having been last lowered in June from 4.3%.

US stocks ended higher on Friday and clinched a third straight winning week amid a red-hot November rally. Those gains were sparked by tame U.S. inflation data that gave hope to investors that the Federal Reserve�s tough stance on rate policy may be in the rearview mirror.

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