Shares may rise on bargain hunting

Market is seen opening higher on bargain hunting after recent steep losses amid positive leads from other Asian markets. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 20 points at the opening bell.

Overseas, Asian indices traded higher. Trading sentiment was cautious as plunging oil prices fanned worries about a dimming outlook for the global economy. Investors also braced for a crucial meeting between US and Chinese leaders at the end of week.

US stocks closed lower Friday, pressured again by falling oil prices, which drove the indices to the second straight week of declines.

Investors also keyed in on developments in European politics, after the UK and European Union both announced progress on Thursday in outlining their future relationship after Britain exits the EU.

On the US data front, the Markit flash reading on manufacturing PMI fell to 55.4 in November, a three-month low.

Meanwhile, crude oil prices slumped to 2018 lows on Friday, pulled down by an emerging crude supply overhang. In the global commodities markets, Brent for January 2019 settlement fell $4.68 a barrel or 7.37% to settle at $58.80 a barrel during the previous trading session.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 446.24 crore on 22 November 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 49.68 crore on 22 November 2018, as per provisional data.

Indian equities settled with losses for third day in a row on 22 November 2018. The Sensex settled below the psychological 35,000 level after sliding below that level in late trade. The barometer index, the S&P BSE Sensex, lost 218.78 points or 0.62% at 34,981.02. The Nifty 50 index lost 73.30 points or 0.69% at 10,526.75.

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