As traders booked profits in sync with the global market mood, the headline equity index Nifty formed a small red candle for the second consecutive day on the daily chart, indicating the resumption of minor profit booking in the market from all-time highs.
The weekly charts saw the formation of a long positive candle with upper shadow. The chart pattern remained positive with higher tops and bottoms. Analysts said Thursday’s record high of 18,887 could now be considered a new higher top of the sequence, and present weakness is expected to find a higher bottom in the short term.
Nifty is still holding above the short-term support levels.
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US stocks open lower after robust Nov jobs report
The Dow Jones Industrial Average fell 129.6 points, or 0.38%, at the open to 34265.45.
“FPIs turned strong buyers in November consistently buying financials, IT, autos, FMCG, capital goods and telecom. They were sellers in financials in October but were buyers in November. There is no consistency in their sectoral selling strategy. In the short run, the most important factor determining FPI strategy is the movement in the dollar index. When the dollar index moves up and is expected to trend up, they sell. Conversely, when the dollar index declines and is expected to trend down, they buy. Going forward, India will get its fair share of FPI money. But the high valuation in India will be a deterrent”
– V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Uniparts India IPO receives 25.32 times subscription on last day of offer
The Initial Public Offer (IPO) of engineering systems and solutions provider Uniparts India was subscribed 25.32 times on the last day of subscription on Friday. The IPO received bids for 25,66,29,175 shares against 1,01,37,360 shares on offer, according to NSE data.The category meant for Qualified Institutional Buyers (QIBs) was subscribed 67.14 times, while the quota for non-institutional investors got 17.86 times subscription and the portion for Retail Individual Investors (RIIs) 4.61 times.The IPO of up to 1,44,81,942 equity shares had a price range of Rs 548-577 a share.
NSE Indices launches new Nifty Bharat Bond Index
SE’s subsidiary NSE Indices has said it has launched one more index under the Nifty Bharat Bond Index series. The Bharat Bond Index series follows a target maturity date structure wherein each index in the series measures the performance of a portfolio of ‘AAA’ rated bonds issued by government owned entities maturing in a specific year.Nifty Bharat Bond Index — April 2033 – has been launched within the Nifty Bharat Bond Index series, according to a release by NSE on Thursday.In December 2019, NSE Indices launched the first two indices in the Bharat Bond Index with maturities in April 2023 and April 2030, and in July 2020, further two indices with maturities in April 2025 and April 2031 were launched.
Tech View: Nifty forms two back-to-back red candles. What traders should do next week
As traders booked profits in sync with the global market mood, the headline equity index Nifty formed a small red candle for the second consecutive day on the daily chart, indicating the resumption of minor profit booking in the market from all-time highs.The weekly charts saw the formation of a long positive candle with upper shadow. The chart pattern remained positive with higher tops and bottoms. Analysts said Thursday’s record high of 18,887 could now be considered a new higher top of the sequence, and present weakness is expected to find a higher bottom in the short term.Nifty is still holding above the short-term support levels.
Bears remained at the helm throughout the day as the benchmark index couldn’t pare the morning loss. However, the correction was limited to 0.62% by the end of the session. Over the near term, sentiment is likely to remain sideways, with 18,500-18,800 to be the crucial range. A decisive breakout from either band may induce a clean directional move in the market.
– Rupak De, Senior Technical Analyst at LKP Securities
The Bank Nifty started lower and remained sideward throughout the session. During the day Put writers have protected 43,000 levels; whereas on the higher end the index failed to move beyond 43,150. The daily RSI has entered a bearish crossover. Over the short term the trend is likely to remain sideways to negative. On the lower end, support is visible at 42,900/42,700. Resistance on the higher end is visible at 43,200/43,500.
– Rupak De, Senior Technical Analyst at LKP Securities
Domestic equities witnessed some pressure amid weak global cues, mixed Nov. auto sales number and investor’s cautious approach ahead of release of US monthly jobs data. Nifty ended its eight-day streak after witnessing rally of 4%. The index finally close with loss of 116 points (-0.6%) at 18696 levels. Broader market however outperformed and were up +0.6%. Realty and Metals continued to see traction. Niche sectors likely defence, pipes and beverage companies were in flavour on back of news flows.After rallying 4%, market seems to have taken a pause and is likely to consolidate for next few days. However, overall trend remains positive with Nifty headed towards 19K zones. Next week, markets will take cues from RBI’s policy meeting and we expect them to tone down their stance given positive macro data and dovish commentary from Jerome Powell. Also investors would keenly watch for outcome of Gujarat state election that is due next week. Result in favour of BJP would add to continued momentum as it would mean stability and set the stage for 2024 election. Other key data lined up to release next week are OPEC meeting, US & India Service PMI, Europe Q3 GDP and US Jobless claim data.
– Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
The rally in the domestic market was halted by negative cues from global counterparts and broad-based profit booking in large caps. The correction in the market was led by auto stocks as the sales data came in lower than expected due to weaker exports and sequential de-stocking. Declining manufacturing activity in the US is proof that the central bank’s policy tightening has started to show results, which in turn will encourage the Fed to keep rate hikes at bay.
– Vinod Nair, Head of Research at Geojit Financial Services
With IT stocks supporting the Bulls well this week, today we witnessed price action across select themes in the Small & Midcap space. On a day when Auto stocks dragged indices down post the monthly numbers, the street focused attention in the broader markets to segments like Tyres, Pipes & Sugar buoyed by positive newsflow as many stocks were keenly sought after in these pockets.
– S Ranganathan, Head of Research at LKP securities
Heatmap: 21 out of 30 stocks close in the red
Closing Bell: Sensex snaps 8-session rally, ends 416 points lower; Nifty below 18,700; Paytm jumps 8%, Adani Transmission tanks 3%
Top Sensex drags in late afternoon trade
Price as on 02 Dec, 2022 03:07 PM, Click on company names for their live prices.
ONGC, IOCL, Vedanta’s bonds worth $1.9 bn mature in FY23: Moody’s
Capital markets are volatile and investor appetite remains selective, so refinancing risks will remain elevated particularly for high-yield issuers such as Vedanta, which accounts for around 47 per cent of the upcoming bond maturities, it opined in a report on December 1.
Amara Raja Batteries and Government of Telangana sign MoU for state’s first Lithium-ion Battery Gigafactory
Price as on 02 Dec, 2022 02:24 PM, Click on company names for their live prices.
Maruti Suzuki to hike prices effective January 2023
European stocks drop at open, before US jobs data
London’s benchmark FTSE 100 index fell 0.3 percent to 7,534.12 points.
In the eurozone, Frankfurt’s DAX index retreated 0.2 percent to 14,455.58 points and the Paris CAC 40 shed 0.5 percent to 6,721.21.
Bajaj Hindusthan Sugar says paid all overdues; no account had overdues
Price as on 02 Dec, 2022 01:41 PM, Click on company names for their live prices.
Reliance Industries, operator of the world’s largest refining complex, is snapping up Russian refined fuels, including rare purchases of naphtha, after some Western buyers stopped Russian imports, trade flows data from Refinitiv showed.
Price as on 02 Dec, 2022 01:25 PM, Click on company names for their live prices.
What are the Nifty target revisions for the month of November?
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Shares of state-owned NLC India rose over 4% to Rs 86.9 in Friday’s intraday trade after the company signed an Memorandum of Understanding (MoU) with Grid Corporation of Odisha (GRIDCO). NLC India and GRIDCO have signed MoU for setting up of ground-mounted/floating solar power projects, pumped hydro storage projects, green hydrogen projects and many other renewable projects.
Price as on 02 Dec, 2022 12:33 PM, Click on company names for their live prices.
Top Sensex drags
Sensex down nearly 600 points
Tokyo shares close lower
Tokyo stocks closed lower on Friday, trailing losses on Wall Street as investors awaited the release of US employment data. The benchmark Nikkei 225 index fell 1.59 percent, or 448.18 points, to end at 27,777.90, while the broader Topix index gave up 1.64 percent, or 32.48 points, to 1,953.98.
Zydus Lifesciences gets final FDA nod for Estradiol Transdermal System that will be manufactured at Moraiya plant
Price as on 02 Dec, 2022 12:17 PM, Click on company names for their live prices.
The government on Thursday invited preliminary bids for strategic sale of NMDC’s Nagarnar Steel Plant. The last date for submitting bids for NMDC Steel Ltd is January 27, 2023, while the last date for submitting queries is December 29, 2022, the Department of Investment and Public Asset Management (DIPAM) said.
Price as on 02 Dec, 2022 12:08 PM, Click on company names for their live prices.
Digital financial services firm One97 Communications, which operates under Paytm brand, expects its blended net payment margin to stabilise at 5 to 7 basis points due to increase in share of UPI in the payment business, according to company’s founder and CEO Vijay Shekhar Sharma.
Price as on 02 Dec, 2022 11:47 AM, Click on company names for their live prices.
Explained: What are higher highs & higher lows?
#MarketsWithETNOW | What are lower-highs & lower-lows? @kbbothra discusses in this special edition of BNSN Pathshal… https://t.co/0ULzaCirJx
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Share of Yes Bank rallied 5% to Rs 17.9 in Friday’s intraday trade on BSE after US private equity firms Carlyle Group and Advent International got the Reserve Bank’s nod to own a combined 20% stake in the private sector lender.
Price as on 02 Dec, 2022 11:33 AM, Click on company names for their live prices.
SENSEX FALLS OVER 400 POINTS
What are Cosmo First’s buyback plans? CFO explains
#MarketsWithETNOW | What are Cosmo First's buyback plans? CFO Neeraj Jain joins in to give us an insight. Listen in… https://t.co/inq6C8UNyG
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Godrej Properties Ltd on Friday said it has bought 18.6 acre land at Kandivali in Mumbai to develop a premium housing project and expects sales revenue of about Rs 7,000 crore.In a regulatory filing, the company informed that the project would have a developable potential of about 3.72 million square feet with an estimated revenue potential of around Rs 7,000 crore.
Price as on 02 Dec, 2022 11:21 AM, Click on company names for their live prices.
These 5 stocks surge the most in morning deals
Price as on 02 Dec, 2022 10:36 AM, Click on company names for their live prices.
These 5 PSU stocks are the top gainers from the pack
Price as on 02 Dec, 2022 10:17 AM, Click on company names for their live prices.
Talbros Automotive Components receives multi-year orders worth Rs 420 crore
Price as on 02 Dec, 2022 10:15 AM, Click on company names for their live prices.
Indecisiveness crept in on anticipated lines after reaching the 18,900 vicinity. The consequent consolidation is expected to spill over to today as well, during which time, it would be important not to stretch much beyond 18,715, in order to stick with the 19,400 trajectory. Expect upsides hopes to be diluted on pull back beyond 18,715, but a collapse is not expected unless below 18,470.
– Anand James – Chief Market Strategist at Geojit Financial Services
Bitcoin breaches $17,000; Dogecoin, XRP and Solana tank up to 6%
“Changes made to the India exposure of the Asia ex-Japan and India long-only portfolios,” writes Chris Wood of Jefferies in his latest Greed and Fear note
#MarketsWithETNOW | "Changes made to the India exposure of the Asia ex-Japan and India long-only portfolios," write… https://t.co/HqR9LM1GQc
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A major market positive that has helped equity markets globally during the last several days has been the steady decline in the dollar index and US bond yields. This trend continues. The dollar index is now below 105 and the US 10- year bond yield is around 3.43 %. Another important data is the declining manufacturing activity in the US in November. This negative economic news is paradoxically positive news from the market perspective since it indicates that the US economy is responding to the monetary tightening by the Fed. So, US inflation is likely to decline further enabling the Fed to slow down rate increases and perhaps pause in Q1 of 2023. This is market positive. Back home, even though there is momentum in our markets, valuations are at elevated levels. Scope for further PE expansion is limited. Therefore, the market is likely to consolidate around the present levels.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
PB Fintech in focus as 2.28 cr of its shares (5.1% equity) change hands in 2 block trades
#StocksInNews | PB Fintech in focus as 2.28 cr of its shares (5.1% equity) change hands in 2 block trades… https://t.co/hGzQIUlfG1
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D-Street at record highs! What’s next? Will India maintain its outperformance? Where is Nifty headed?
LIVE | D-Street at record highs! What's next? Will India maintain its outperformance? Where is Nifty headed?… https://t.co/FlH1CJElR0
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YES Bank, PNB among most active stocks on NSE
Price as on 02 Dec, 2022 09:27 AM, Click on company names for their live prices.
Opening Bell: Sensex sheds 200 points, Nifty tests 18,750; Eicher Motors tanks 3%, PB Fintech jumps 5%
Pre-open session: Sensex sheds 250 points, Nifty below 18,750
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 54 points or 0.28% lower at 18,921.50 at 7 am, indicating a negative start for Dalal Street.
Asian stocks slip
- Japan’s Topix index fell 1.6%
- South Korea’s Kospi index fell 0.8%
- Australia’s S&P/ASX 200 Index fell 0.7%
US stocks end mixed
- S&P 500 declined 0.08%
- Nasdaq gained 0.13%
- Dow Jones Industrial Average declined 0.56%
Oil prices dip as dollar strengthens
Brent crude futures were down 11 cents or 0.1% at $86.77 per barrel by 1:28 GMT, while U.S. West Texas Intermediate (WTI) crude futures lost 14 cents or 0.2% to $81.08 per barrel.
Dollar wobbles as inflation ebbs
- Bloomberg Dollar Spot Index was little changed
- Euro was little changed at $1.0514
- Japanese yen was little changed at 135.46 per dollar
- Offshore yuan fell 0.1% to 7.0490 per dollar
After being net buyers in the last few sessions, foreign portfolio investors (FPIs) on Thursday turned net sellers. They sold shares worth Rs 1,566 crore, provisional data showed. DIIs, on the other hand, turned net buyers after being sellers in recent sessions. They net bought shares to the tune of Rs 2,665 crore.
Stocks in F&O ban
Bharat Heavy Electricals, Delta Corp, Indiabulls Housing Finance, and Punjab National Bank. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
Rupee ends higher vs US dollar
The Indian unit ended higher against the dollar on Thursday but pared some of the intraday gains. Rupee settled at 81.2150 a dollar, after testing a high of 80.9825 intraday.
Sensex, Nifty end at record highs
Sensex closed at a record of 63,284, up 184 points or 0.29% from the previous close. It touched a new intra-day high of 63,583. Nifty advanced 54 points, or 0.3%, to a new record close of 18,812. The index hit a new intraday high of 18,887.60.
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