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Market may turn volatile due to F&O expiry

November 28 2019

Trading could be volatile as traders roll over positions in the F&O segment from the near month November 2019 series to December 2019 series. The November 2019 F&O contracts expire today, 28 November 2019.

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 10 points at the opening bell.

On the political front, Shiv Sena chief Uddhav Thackeray will take oath as the Chief Minister of Maharashtra today at Shivaji Park. While the Nationalist Congress Party (NCP) will reportedly get deputy chief minister's post in the new Sena-led Maharashtra government, the Congress is likely to get Assembly Speaker's post.

Overseas, Asian stocks are trading mixed on Thursday as bills backing protesters in Hong Kong were signed into law by U.S. President Donald Trump on Wednesday.

Trump reportedly signed into law two bills backing protesters in Hong Kong. That move came despite past objections by China amid ongoing trade negotiations between Beijing and Washington for an anticipated “phase one” deal. Hong Kong's government on Thursday voiced strong opposition to the move, saying it will send the wrong signal to protesters.

US stocks edged up for a fourth straight day to score another round of records Wednesday, supported by rosier U.S. economic data and ongoing hopes for a U.S. - China trade deal.

U.S. financial markets will be closed Thursday for Thanksgiving Day and will have an abbreviated trading schedule on Friday.

In US economic data, a revised estimate of third-quarter GDP that showed the U.S. economy expanded at a 2.1% annual pace versus a previous estimate of 1.9%. The Federal Reserve's Beige Book reported U.S. businesses have seen continued growth in economic activity, wages and prices during recent weeks, and they maintain a generally positive outlook.

Back home, the Sensex and the Nifty scaled record closing peaks on Wednesday as investors tracked positive mood around US-China trade talks. The barometer index, the BSE Sensex, rose 199.31 points or 0.49% to 41,020.61, its record closing high. The Nifty 50 index rose 63 points or 0.52% to 12,100.70, its record closing high.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 42.93 crore yesterday, 27 November 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 439.51 crore yesterday, 27 November 2019, as per provisional data.

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