Indian equities reversed its course following recovery in global markets and strong domestic GDP data. India’s Q2 GDP recorded a growth of 8.4% as economic activity moved towards normalcy after the impact of the second wave. The 30-share pack Sensex rose 619.92 points or 1.09 per cent to close at 57,684.79. Its broader peer NSE Nifty gained 183.70 points or 1.08 per cent to 17,166.90. Pharma names came under pressure but autos climbed on better-than-expected November sales data. Banking names were also in demand as investors rushed to buy them at low levels.
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India deserves to outperform and it will but it is just going to take a breather for now because it has run up too fast in a very short span of time
– Shankar Sharma
Gold tumbles Rs 302; silver declines Rs 81
Gold in the national capital on Wednesday tumbled Rs 302 to Rs 46,848 per 10 gram reflecting an overnight decline in international precious metal prices along with rupee appreciation, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 47,150 per 10 gram. Silver also dipped Rs 81 to Rs 61,031 per kilogram from Rs 61,112 per kilogram in the previous trade.
Tata Power Solar gets letter of award for Rs 945 cr project
Tata Power Solar has received letter of award (LoA) for a solar and battery storage project worth Rs 945 crore from Solar Energy Corporation of India Ltd (SECI). Under the SECI project, Tata Power Solar Systems Limited will build a 100 MW EPC (engineering procurement construction) solar project along with 120 MWh utility scale battery energy storage system (BESS), a company statement said.
The covid comeback has made the fx market very volatile. Until there is no confidence over the global economic recovery, the USDINR spot will remain afloat. The market’s focus is on Fed Powell’s testimony in front of the House later tonight, along with a slew of US economic data. The testimony document released by the Fed and Powell’s statement in front of the Senate altered, so tonight’s speech and data will be perennial to place further hawkish bets. This week in USDINR spot, we expect it to trade in between 74.70-75.25, and as long as it trades above 74.70, it will continue to be afloat.
– Emkay Global Financial Services
What to expect in Thursday’s trade?
— Ajit Mishra, VP – Research, Religare Broking
Day Trading Guide: 2 stock recommendations for Thursday
Stop loss: Rs 892
Target: Rs 1,020
Buy Balrampur Chini near Rs 330-326
Stop loss: Rs 318
Target: Rs 350
Rupee gains 22 paise to end at 74.91 against US dollar
MARKET VIEW: There is a likelihood of near-term bottom formation
— S Hariharan, Head- Sales Trading, Emkay Global Financial Services
After the sharp sell-off in the global markets yesterday, Indian equities reversed its course following recovery in global markets and strong domestic GDP data. India’s Q2 GDP recorded a growth of 8.4% as economic activity moved towards normalcy after the impact of the second wave. Though the Fed chair’s comment on speeding up the pace of the bond-buying taper plan kept investors cautious along with the concerns of Omicron, the global markets recovered sharply today.
– Vinod Nair, Head of Research at Geojit Financial Services
Market Stat: Gainers outpace losers
Top gainers & losers on NSE
Price as on 01 Dec, 2021 03:41 PM, Click on company names for their live prices.
CLOSING BELL: RIL, banks give Sensex 620 points lift; Nifty ends at 17,167; IndusInd, Axis Bank jump up to 5%
India VIX eases 9% to 19.30
IT spending in India expected to cross $100 bn in 2022: Gartner
Price as on 01 Dec, 2021 03:28 PM, Click on company names for their live prices.
Maruti Suzuki sales decline in November
Regular international flights not to resume from December 15; DGCA to announce new date soon
Price as on 01 Dec, 2021 02:52 PM, Click on company names for their live prices.
Impact of Omicron on emerging economies to depend on restrictions, policy support: Moody’s
The economic impact of the Omicron variant of COVID-19 on emerging economies will depend on a mix of government restrictions, public comfort with social interactions, and capacity of governments and central banks to provide additional policy support to the private sector, Moody’s Investors Service said on Wednesday.
Mid-sized motorcycle maker Royal Enfield on Wednesday said it has joined hands with British brand Belstaff to market an exclusive range of apparel. Launched in 1924, Belstaff is one of the leading British Heritage brands, known worldwide for its high-performance outerwear and jackets.
Price as on 01 Dec, 2021 02:28 PM, Click on company names for their live prices.
European shares start December on a high; Omicron impact in focus
European stocks rose on Wednesday as bargain hunters returned after a rough November, although investors remained concerned whether the Omicron variant will upend economic activity in the winter months. The pan-European STOXX 600 rose 0.8% as of 0816 GMT, tracking gains in Asian shares and U.S. futures after a sharp selloff in the previous session. (Source: Reuters)
Market veteran Shankar Sharma decodes market volatility and how to navigate it.
LIVE | Market veteran @1shankarsharma decodes market volatility and how to navigate it. What to Buy, Sell, Hold? Wa… https://t.co/u6WyKidVeI
— ET NOW (@ETNOWlive) 1638347423000
NIFTY PHARMA worst sectoral loser on NSE at this hour
IPO-bound LIC asks its policyholders to update PAN for participation in public offer
The Life Insurance Corporation (LIC) in the run up to its initial public offering, has asked its policyholders to update their PAN, so that they can participate in the proposed public offer. As per the proposed plan, up to 10 per cent of the LIC IPO issue size would be reserved for policyholders. “In order to participate in any such public offering, policyholders will need to ensure that their PAN details are updated in the Corporation’s records. Further subscribing to any public offering in India is only possible if you have a valid DEMAT account,” LIC said in a public notice.
Nykaa looks to triple store count in retail expansion, says CEO Falguni Nayar
Price as on 01 Dec, 2021 01:57 PM, Click on company names for their live prices.
Farm machinery and construction equipment major Escorts on Wednesday reported a 30 per cent decline in total tractor sales at 7,116 units in November 2021. The company had sold 10,165 units in the same month last year, Escorts said in a regulatory filing.
Price as on 01 Dec, 2021 01:55 PM, Click on company names for their live prices.
HDFC, Axis Bank sold Reliance Capital debt facilities to ACRE a few months before RBI superseded the R-Cap board
Price as on 01 Dec, 2021 01:53 PM, Click on company names for their live prices.
ICICI Venture, the alternative asset arm of ICICI Bank, said it has divested half of its 13.5 per cent stake in the recently concluded IPO of Go Fashion (India) Ltd, which owns women’s wear brand Go Colors. ICICI Venture had invested Rs 100 crore in Go Fashion for 13.5 per cent stake in 2018.
Price as on 01 Dec, 2021 01:46 PM, Click on company names for their live prices.
SBI Funds Management sold 66,400 equity shares in Strides Pharma Science via open market transactions on November 29, reducing shareholding to 5.42 per cent from 5.50 per cent earlier.
Price as on 01 Dec, 2021 01:35 PM, Click on company names for their live prices.
Edelweiss Financial Services said it is looking to raise up to Rs 500 crore through issuance of secured redeemable non-convertible debentures (NCDs). The base size of the issue is Rs 200 crore with an option to retain over-subscription up to Rs 300 crore.
Price as on 01 Dec, 2021 01:34 PM, Click on company names for their live prices.
Fear gauge India VIX eases 4.39%
After announcing mandatory quarantine for International passenger coming from ‘at risk’ countries, today The Maharashtra government has announced measures for domestic travel as well. For domestic passengers travelling to Maharashtra it is compulsory to have a Negative RT-PCR test report and interstate passengers must be fully vaccinated or have a negative RT-PCR report. It will a piece of good news for the diagnostic sector and we continue our buy call on Metropolis Healthcare Ltd with a target price of Rs 3,600.
– Yash Gupta, Equity Research Analyst, Angel One
Ather Energy’s Tarun Mehta talks to ET Now on IPO plans and more!
#ETNOWExclusive | With @atherenergy clocking in record sales & planning to expand its #manufacturing facilities, wh… https://t.co/TTjGbwcXvW
— ET NOW (@ETNOWlive) 1638338454000
We should expect the sequential improvement in economy to continue into the second half. My full year GDP growth forecast is about 9.5% so we think we are very much on track to meet that number.
– Radhika Rao, India Economist, DBS
Rakesh Jhunjhunwala’s 3 latest picks are in sell mode. Worth a look?
Nifty Bank up 1.47% led by IndusInd, Axis and RBL Bank
Price as on 01 Dec, 2021 12:22 PM, Click on company names for their live prices.
Zomato has announced the launch of Zomato Wings, a platform to connect investors with restaurants, to help them raise funds
Price as on 01 Dec, 2021 12:18 PM, Click on company names for their live prices.
Shares of NTPC Ltd added close to 5 per cent in early trade Wednesday as the state-owned power giant said that the 250-MW unit-4 of its Nabinagar power plant would commence commercial operations from midnight.
Price as on 01 Dec, 2021 12:09 PM, Click on company names for their live prices.
Shares of fertilizer companies jumped as much as 10 per cent during the early trade amid shortages in various states and positive reports. According to Reuters, India plans to increase 2021/22 fertiliser subsidies to a record Rs 1.55 trillion ($20.64 billion) to avoid shortages amid a sharp increase in global prices of the chemicals.
Price as on 01 Dec, 2021 12:07 PM, Click on company names for their live prices.
Sun Pharmaceuticals said its arm DUSA Pharmaceuticals Inc has reached settlement with Biofrontera to resolve a litigation over misappropriation of trade secrets and unfair practice, following which DUSA will receive $22.5 million (nearly Rs 170 crore).
Price as on 01 Dec, 2021 12:02 PM, Click on company names for their live prices.
Maruti Suzuki, the largest carmaker of the country said it has increased prices of all non-cargo variants of its Eeco van by Rs 8,000 owing to the introduction of passenger airbag. The increased price is effective from November 30, 2021.
Price as on 01 Dec, 2021 12:01 PM, Click on company names for their live prices.
Tega Industries fully subscribed within an hour of bidding
Star Health IPO continues to receive tepid response, subscribed 13%
The market direction is likely to be determined, in the short run, by news regarding the Omicron variant. If it proves to be less worrisome as generally feared, the market may stage a strong comeback, since the risk appetite of retail investors and DIIs appear to be strong and valuations are becoming attractive in many segments like financials.
– VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
While the index has opened with a gap, traders should not be hasty to jump on the long side. The markets have stiff resistance levels on the upside. On the contrary short positions can be strategically timed with strict stops. Since the market has opened with a gap, the risk-reward ratio would be favorable. If the Nifty does not hold 16,900, we could drop to 16,500.
– Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Go Fashion sees profit booking after stellar listing
Price as on 01 Dec, 2021 09:55 AM, Click on company names for their live prices.
Opening Bell: Sensex jumps 600 points, Nifty at 17,170; NTPC, Titan rise 3% each
Pre-open session: Sensex gains 245 pts, Nifty at 17,080
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 48 points, or 0.28 per cent, higher at 17,111.50, signaling that Dalal Street was headed for a positive start on Wednesday.
Tech View: Nifty may find support at 16,800
Nifty50 on Tuesday slipped below the psychological mark of 17,000 level and formed a bearish Inverted Hammer-like candle on the daily chart. Analysts said that candle indicates that follow up activity is missing and every bounce is being sold into. They believe the index may find some support near 16,800 while they see some resistance for the index at 17,200 levels.
Oil rises 1% ahead of OPEC meeting under Omicron cloud
Oil prices clawed back some losses on Wednesday after steep falls in the previous session, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant. US WTI crude futures rose 78 cents, or 1.2%, to $66.96 a barrel at 0122 GMT, after a 3.9% drop on Tuesday. Brent crude futures gained $1.01, or 1.5%, to $70.24 a barrel, after a 5.4% slump on Tuesday.
Japan stocks wobble on worries over virus, inflation
Tokyo stocks wobbled between positive and negative territory in directionless trade Wednesday as investors remained cautious about a new virus strain and US monetary policy moves over inflation. After opening higher, stocks dipped before recovering slightly by an hour into trade, with the benchmark Nikkei 225 index up 0.23 percent, or 64.77 points, to 27,886.53.
Hong Kong stocks open with gains
Hong Kong shares opened slightly higher on Wednesday morning after three days of losses as investors assess hawkish signals on monetary policy from Federal Reserve boss Jerome Powell and warnings about the ability of current vaccines to fight Omicron. The Hang Seng Index edged up 0.51 percent, or 120.31 points, to 23,595.57. The Shanghai Composite Index dipped 0.06 percent, or 2.00 points, to 3,561.89.
Wall St ends lower on taper acceleration worries
Wall Street’s main indexes closed lower on Tuesday after Federal Reserve Chair Jerome Powell signaled that the U.S. central bank would consider speeding up its withdrawal of bond purchases as inflation risks increase, piling pressure onto a market already nervous about the latest COVID-19 variant. Dow Jones fell 652.22 points, or 1.86%, to 34,483.72, the S&P500 lost 88.27 points, or 1.90%, to 4,567 and the Nasdaq Composite dropped 245.14 points, or 1.55%, to 15,537.69.
Rupee settles 6 paise lower at 75.13 per dollar
The rupee continued its losing run for the fourth day on Tuesday, dropping by 6 paise to 75.13 against the US dollar as investor concerns grew over fresh impact of new COVID variant on the economy. At the interbank foreign exchange market, the local currency opened on a strong note at 74.91 and witnessed an intra-day high of 74.86 and a low of 75.19 against the US dollar in a highly volatile trading session.
Sensex, Nifty on Tuesday
Equity indices surrendered early gains to close in the red on Tuesday, mirroring the nervousness in world markets about the impact of the Omicron variant of the coronavirus on global economic recovery. A depreciating rupee and unabated foreign fund outflows further weighed on sentiment, traders said. The 30-share BSE Sensex pared all gains to settle 195.71 points or 0.34 per cent lower at 57,064.87. Similarly, the NSE Nifty declined 70.75 points or 0.41 per cent to 16,983.20.