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Business News/ Markets / Live Blog/  Sensex bleeds 1,200 points, Nifty ends below 17,500 in broad-based selling

Sensex bleeds 1,200 points, Nifty ends below 17,500 in broad-based selling

Market closing: Indian benchmark indices fell on Monday, amid broad-based selling. The Sensex touched a low of 58,011.92, while Nifty fell to 17,280.45 intraday. All sectoral indices closed lower, with PSU banks and realty worst hit

Stock Market Today: Sensex closed trading on Monday at 58,465.89, down 1170.12 points, or 1.96%, while Nifty closed at 17,416.55, down 348.25 points, or 1.96%. Premium
Stock Market Today: Sensex closed trading on Monday at 58,465.89, down 1170.12 points, or 1.96%, while Nifty closed at 17,416.55, down 348.25 points, or 1.96%. 

All sectoral indices traded in the red with realty, auto, PSU bank down over 2%. BSE Midcap and Smallcap indices also fell.

22 Nov 2021, 08:54:03 AM IST

17700 becomes a trend deciding level for Nifty: Angel One

We had an excellent start to the week on Monday (15 November) owing to favourable global cues. However, markets failed to sustain at higher as the early morning gains just disappeared in the first half. During the remaining part of the day, Nifty kept flirting around the equilibrium point. Eventually, in the absence of any momentum, Nifty ended the session tad above the 18100 mark. As the week progressed, markets started becoming a bit nervous and hence, we could see it grinding lower gradually by breaking minor supports on the way through. The selling aggravated on Thursday and in the process we first breached 17800 and then went on to even slide below the crucial support of 17700. Due to the modest recovery in the latter half, the bulls managed to defend this level on a closing basis.

During the week, Nifty did correct by nearly a couple of percent; which certainly cannot be considered as a major damage. Also it did close above the key support on a weekly basis but the way overall things are positioned, we will not be surprised to see it surrendering (17700) in the first half of the forthcoming week itself. Since last few days, we have been mentioning the ‘Head and Shoulder’ pattern on the daily chart of Nifty which was in process. After today’s close, the final (right) shoulder of this pattern is completed and prices are placed exactly at the ‘Neckline’ point of the same. A sustainable move below 17700 (which seems likely) would activate the pattern and as a result of this, we could see a fresh leg of correction in coming days. After this, next levels to watch out for would be 17450 and 17200, where one needs to reassess the situation. On the flipside, if Nifty manages to hold 17700 and move higher first, then 18000 – 18200 are to be considered as strong hurdles, which as of now we do not expect to get surpassed in the near future.

22 Nov 2021, 08:47:31 AM IST

SBI yet to refund ₹164 crore undue fee charged from Jan Dhan a/c holders

State Bank of India (SBI) is yet to return 164 crore of undue fee charged from the account holders of Pradhan Mantri Jan Dhan Yojana (PMJDY) towards digital payments during April 2017 and December 2019, a report said.

"On directions from the government, SBI has returned just about 90 crore, thereby withholding the bigger chunk of at least 164 crore with itself," said the report prepared by IIT-Mumbai

22 Nov 2021, 08:39:06 AM IST

Investors bet big on SIPs; inflows at ₹67,000 crore in April-October

Inflows in the mutual fund industry through systematic investment plans or SIPs reached close to 67,000 crore in the first seven months of the ongoing fiscal, suggesting growing popularity of the route for investment among retail investors.

This comes following an inflow of 96,080 crore through the route in 2020-21, data with the Association of Mutual Funds in India (Amfi) showed. Moreover, mutual fund SIP contribution has seen more than two-fold rise during the last five years. It was at 43,921 crore during 2016-17.

Also, the monthly collection through SIP surged to an all-time high of 10,519 crore in October, higher than 10,351 crore in September.

22 Nov 2021, 08:31:28 AM IST

India consortium explores areas in Rosneft project

Three state-run oil companies from India are seeking to invest jointly in the massive Vostok project of Russia’s Rosneft, two people aware of the development said, as the world’s third-largest crude oil consumer continues efforts to attain energy security.

The consortium of state-run ONGC Videsh Ltd (OVL), Indian Oil Corp Ltd (IOCL) and Oil India Ltd (OIL) has completed the technical evaluation of 30 out of 52 licence areas of the project, the people said, requesting anonymity.

22 Nov 2021, 08:26:43 AM IST

Airtel could scrap plans to rejig business

Bharti Airtel is rethinking its plan to separate its digital and infrastructure businesses from telecom, as the government's redefinition of adjusted gross revenue (AGR) to exclude non-telecom revenues has made the corporate restructuring announced by the Sunil Mittal-led carrier less appealing, The Economic Times said.

22 Nov 2021, 08:19:01 AM IST

Oil hits 7-week lows

Crude oil fell to seven-week lows on Monday, extending declines after the previous session's slide, on concerns about excess supply after Japan said it was weighing releasing oil reserves and over demand from a worsening Covid-19 situation in Europe.

Brent lost 57 cents, or 0.72%, to $78.32 a barrel as of 0206 GMT and U.S. West Texas Intermediate (WTI) crude futures were down 39 cents, or 0.51%, at $75.55 a barrel.

WTI and Brent prices hit their lowest since 1 October earlier in the session. They slumped around 3% on Friday.

Japanese Prime Minister Fumio Kishida signalled on Saturday he was ready to help counter soaring oil prices following a request from the United States to release oil from its emergency stockpile.

Meanwhile, concerns are growing that renewed Covid-19 curbs could hit demand.

22 Nov 2021, 08:11:26 AM IST

Airtel announces revised mobile tariffs

Telecom service provider Bharti Airtel today said it has decided to revise its prepaid tariffs with effect from November 26, 2021.

Airtel tariff hike
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Airtel tariff hike
22 Nov 2021, 08:02:20 AM IST

Stocks to Watch

Shares of Maruti, Reliance, PNB, Sun Pharma, Paytm, among others, will be in focus today.

The market is expected to react to the news of the scrapping of contentious farm laws and the decision of Reliance Industries and Saudi Aramco to re-evaluate the proposed investment in the oil-to-chemicals business.

22 Nov 2021, 07:55:37 AM IST

Embedded value of LIC likely at $150 billion

An actuarial valuation exercise has arrived at a $150 billion embedded value for Life Insurance Corp. of India, the first such valuation done by India’s largest insurer, which is set to start roadshows for its initial share sale next month, two people aware of the development said.

India’s largest insurer has also initiated talks with several foreign investors, including pension funds, to join as anchor investors in its initial public offering, the people said, requesting anonymity.

22 Nov 2021, 07:49:25 AM IST

SGX Nifty hints at flat start for Indian indices

SGX Nifty futures traded at 17,832.20 in early deals on Monday, down 0.01%, indicating a flat start for Indian benchmarks.

22 Nov 2021, 07:41:32 AM IST

Asian stocks fall amid concerns over Covid curbs

Most Asian stocks fell Monday amid concerns about European Covid-19 curbs and the risk of the US Federal Reserve speeding up stimulus withdrawal. The Treasury yield curve was near the flattest since the pandemic’s onset.

Shares declined in Japan and Australia, while South Korea climbed amid data showing export growth. U.S. futures edged up after sectors sensitive to the economic outlook led the S&P 500 lower Friday, while the technology-heavy Nasdaq 100 outperformed in an echo of the stay-at-home trade.

Treasuries trimmed a rally and the gap between yields on five-year and 30-year maturities was around the lowest since March last year. Bonds rallied Friday, reflecting risk aversion as surging European infections push Austria into a lockdown and spur Germany to tighten curbs. The curve flattened in part on signs the Fed may consider a more rapid drawdown of its bond-buying program.

A gauge of the dollar was steady. Oil extended declines on the prospect of key consumers adding emergency supplies as well as the flareup in Covid-19 cases in Europe. Japan and the U.S. may make a joint announcement on the release of crude reserves as soon as this week, according to a report.

On Friday, the S&P 500 fell 6.58 points to 4,697.96, while Dow had slid 268.97 points to 35,601.98, its third straight drop. The Nasdaq added 63.73 points to 16,057.44, for its sixth straight gain.

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