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Market may correct on profit selling
27-Nov-18   08:04 Hrs IST

Domestic shares may open lower as mixed cues from other Asian shares may trigger profit selling after Monday's strong rally. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 58 points at the opening bell.

Overseas, Asian shares were mixed on Tuesday after US President Donald Trump quashed hopes of a trade truce with China, dampening risk appetite across the region.

In a media interview, Trump said it is highly unlikely that he would delay an increase in tariffs from 10% to 25% on 1 January 2019. His comments came days before the G-20 summit in Buenos Aires, Argentina, where he is set to meet Xi for trade talks. Many investors and decision makers are hoping that the summit will diffuse trade tensions between the US and China after each country applied additional tariffs on billions of dollars' worth of each other's imports.

US stocks closed higher Monday as retail shares rallied on expectations of strong sales as shoppers went hunting for deals on Cyber Monday. Stable oil prices and global equities gains also soothed sentiment after a bruising week of losses.

Crude oil prices clawed back some of last week's steep losses and jumped overnight. In the global commodities markets, Brent for January 2019 settlement jumped $1.68 a barrel or 2.86% to settle at $60.48 a barrel during the previous trading session. Prices fell to their lowest levels in more than a year on Friday amid growing worries of an oversupply in the oil market.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 62.74 crore on 26 November 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 351.78 crore on 26 November 2018, as per provisional data.

Domestic stocks snapped three-day losses yesterday, 26 November 2018, to score strong gains on positive global stocks. A sharp decline in crude oil prices also boosted gains. The Sensex ended above the psychological 35,000 mark after gyrating above and below that level in intraday trade. The barometer index, the S&P BSE Sensex, rose 373.06 points or 1.07% to settle at 35,354.08. The Nifty 50 index rose 101.85 points or 0.97% to settle at 10,628.60.

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