You are here: Home » Markets » News
Business Standard

Market Ahead, November 19: All you need to know before the opening bell

Manufacturing made up 27.5 per cent of India's GDP in 2019, lowest in two decades, showing the share of the sector continues to shrink in the economy despite the government's Make-in-India push

Topics
Market Ahead | Markets | Make in India

BS Web Team  |  New Delhi 

After scaling fresh record peaks for the three straight sessions, the domestic equity market is expected to see a negative start on Thursday, as indicated by SGX Nifty. At 07:25 AM, the Nifty futures on the Singapore Exchange (SGX) were trading 67.5 points, or 0.52 per cent lower at 12,895.80 levels. Further, weak global cues are also expected to dent investor sentiment.

In the overnight trade, US stocks lost substantial ground at the close of a see-saw session as investors weighed encouraging vaccine developments against surging Covid-19 infections and lockdowns.

Asian stocks followed Wall Street’s sharp selloff on Thursday as concerns about rising coronavirus infections and new shutdowns in major US cities hosed down earlier investor enthusiasm about Covid-19 vaccine developments. Oil prices, too, slipped in the early trade.

Meanwhile, final results from Pfizer's Covid-19 vaccine trial showed its shot had a 95 per cent success rate and two months of safety data, paving the way for the drugmaker to apply for an emergency US authorisation within days, it said on Wednesday.

Pfizer said it expected the US FDA vaccine advisory committee to review and discuss the data in a public meeting that will likely be held in December.

Back home, India has reported nearly 38,617 fresh Covid-19 cases in the past 24 hours. Delhi recorded 6,396 fresh Covid-19 cases taking the infection tally in the national capital to over 495,000 on Tuesday.

On the macro front, manufacturing made up 27.5 per cent of India’s gross domestic product (GDP) in 2019, lowest in two decades, showing the share of the sector continues to shrink in the economy despite the government’s Make-in-India push. This makes India one of the least industrialised countries in Asia with the exception of Pakistan, Nepal, and Myanmar.

In the corporate news, IT services firm on Wednesday said it has fixed December 11 as the record date for its up to Rs 9,500 crore share buyback programme while India's largest IT services firm Tata Consultancy Services (TCS) on Wednesday said its shareholders have approved its up to Rs 16,000 crore share buyback plan.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, November 19 2020. 07:44 IST
RECOMMENDED FOR YOU
.