Market may extend gains

Market may extend rally amid falling crude oil prices. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 29.50 points at the opening bell.

In the global commodities markets, Brent for January 2019 settlement was down 25 cents at $65.22 a barrel. The contract fell $4.65 a barrel or 6.63% to settle at $65.47 a barrel during the previous trading session.

India imports majority of its crude requirements and a decline in crude eases concerns on fiscal deficit, inflation and gives more room for the government to boost growth through spending on infrastructure.

Overseas, most Asian shares edged lower as investors worry about slowing global growth with crude oil prices sinking on worries about weakening world demand and oversupply.

US stocks closed mostly lower after a volatile session Tuesday as oil prices tumbled, dragging the energy sector sharply lower, and a resolution of the US-China trade war remained elusive.

On the US data front, the National Federation of Independent Business small-business optimism index declined 0.5 points to a seasonally adjusted 107.4 in October, a four-month low. Further, the U.S. ran a $100 billion deficit in October, wider than the $63 billion deficit recorded in October 2017 as spending rose by double digits and receipts only increased by 7%, according to the Treasury Department.

In Europe, the United Kingdom and European Union agreed on the text for a Brexit divorce deal on Tuesday. Prime Minister Theresa May will present the draft withdrawal agreement to her senior ministers on Wednesday for discussion and then decide on the next steps.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 494.95 crore on 13 November 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 335.78 crore on 13 November 2018, as per provisional data.

Key benchmark indices scored strong gains yesterday, 13 November 2018, amid broad-based buying demand in index pivotals especially Reliance Industries, ICICI Bank and HDFC. The barometer index, the S&P BSE Sensex, gained 331.50 points or 0.95% to settle at 35,144.49. The Nifty 50 index rose 100.30 points or 0.96% to settle at 10,582.50. The Sensex ended above 35,000 mark after regaining that level in mid-afternoon trade.

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