Daily Market Update: Sensex and NIFTY end low, Metal and IT Stocks under Selling Pressure

Date: 20/11/2018

Short Market Update: Market ends on a negative note. SRO for mutual fund distributors. Reliance applied for an overnight fund.

Today’s market ends on a negative note due to high selling pressure towards the end of the session. Metal and IT sector indexes ended in red.

BSE Sensex is down by 300.37 points or 0.84% and closed at Rs 34,474.51, and NSE Nifty ended down by 107.20 points or 1% at Rs 10,656.20. BSE Mid Cap ended down by 153.40 points or 1.02% and closed at Rs 14896.39. While Small Cap Index was down by 133.10 points or 0.92% and ended at Rs 14,405.55.

Today’s top gainers were GAIL, Adani Port, IndusInd Bank, Bajaj Finance and Zee Entertainment.

Biggest losers were Yes Bank, Hindalco, Indiabulls Hsg, Wipro and Dr. Reddy’s Lab.

Self-Regulatory Organization for Mutual Fund Distributors

Mutual Fund distributors to get a Self-Regulatory Organization (SRO). SEBI has asked AMFI to start preparing for an SRO. Distributors SRO will be responsible for micro-regulations of its members. It will spread awareness about mutual funds among people, educate, train and conduct screening test for distributors.

Airtel to raise US$ 2 Bn loan

Bharti Airtel agreed to two and three-year bilateral loans with 10-12 lenders. It is raising more than US$ 2Bn from banks due to high competition and the threat of rating downgrade to junk. The cost of the loan is 110-120 basis points above the London Interbank Offered Rate (LIBOR).

Reliance Applied for Overnight Fund

Reliance Mutual Fund files for an overnight fund. It is an overnight fund that will invest in overnight securities. Overnight securities have a maturity of one day and are of the least risk and are only affected by interest rate changes due to its short duration. The scheme will be a 100% debt fund investing in Repo/reverse REPO, and commercial and treasury bills. The scheme will not invest in credit default swaps, short selling, and securitized debt.

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