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Indian stock markets ended deep in the red on Friday amid volatility. Sensex closed at 57,696.46, down 764.83 points, while Nifty settled below 17,200, dragged mostly by FMCG, Pharma, Financial Services, and IT stocks. European shares opened firmer on Friday, shrugging off weakness in Asia as markets appeared to be slowly accepting the possibility of more covid-linked activity curbs and an accelerated pace of stimulus tapering by the U.S. Federal Reserve.
Key share indices ended lower on Friday amid broad-based selling in the market. Sensex ended at 57,696.46, down 764.83 points, while Nifty settled at 17,196.70, down 1.18%. Broader indices witnessed heavy selling pressure. The fear index, India VIX, rose 1.85%. Most sectoral indices, except Media and Realty, closed in the red. On the Sensex, five stocks advanced, while 25 stocks declined. Nifty saw 12 advances and 38 declines.
State-owned Oil and Natural Gas Corporation Ltd (ONGC) has signed a pact with Solar Energy Corp. of India (SECI) for undertaking renewable energy projects.
Star Health will cut the offer for sale portion of its IPO after the offering received a tepid response in its subscription period ending yesterday, according to a source. The IPO of the country's largest private health insurance firm was not fully subscribed by the close of bidding on Thursday, signalling that demand for IPOs in India could be waning.
Brokerage and research firm Edelweiss anticipates better prospects for metals sector as steel prices in China have started rising again on improvement in demand from the real estate and infrastructure sectors. All in all, the brokerage house maintains its positive view on the sector with Tata Steel (target price: ₹1,950) and JSPL (target price: ₹575) as the key stock picks in the metals space.
India's freight rates dropped sequentially in November, following the cut in taxes on diesel and slower goods haulage during the month, Crisil said on Friday. In its research report on freight activities, the ratings agency said the quantum of freight moved was flat-to-negative in the month just gone by after the pre-festive buzz in October.
For Indian investors, taking exposure in holding company stocks could be a relatively new concept given that there are not many such stocks among the plethora of companies listed on Indian exchanges.
A holding company is a business structure that has been registered with the intent of controlling other group companies. Since the main purpose of a holding company is to make investments in other group entities, it usually does not produce goods or services itself.
Can investing in holding company stocks fetch bumper returns?
Itsblockchain has collaborated with crypto asset management platform, Mudrex, to launch three new crypto indices with a major focus on gaming, metaverse, and low-cap cryptos. Mudrex is a global crypto investment platform backed by Y Combinator and Nexus Venture Partners that operates in 90 countries globally.
The Naukri JobSpeak index recorded a 26% year-on-year growth in November on the back of increased demand in retail sector, festive hype, and the opening up of educational institutes. The Naukri JobSpeak is a monthly index that calculates and records hiring activity based on the job listings on Naukri.com website month-on-month.
A recent report by State Bank of India's (SBI) research team has highlighted a curious case of increase in aggregate bank deposits followed by subsequent slump in alternate fortnights, which is quite a contrarian trend.
As per the provisional data released by RBI for the fortnight ended 19 November 2021, ASCB’s aggregate deposits have slumped by ₹2.7 lakh crore during the fortnight. This slump in deposits follows an abrupt increase by ₹3.3 lakh crore during the previous fortnight ended 5 November 2021.
In a bid to increase its footprint in the renewable space, especially in solar energy, Oil and Natural Gas Corporation (ONGC) signed an agreement with Solar Energy Corporation of India (SECI) on Thursday.
The Memorandum of Understanding (MoU) provides a broad, overarching framework for ONGC and SECI to collaborate and cooperate for undertaking renewable energy projects including solar, wind, solar parks, EV value chain, green hydrogen, storage, etc," an official release said. The MoU was signed by ONGC Chairman and Managing Director Subhash Kumar and SECI Managing Director Suman Sharma, a statement said.
The three-day initial public offering (IPO) of RateGain Travel Technologies will open for public subscription on December 7 which will conclude on December 9. The software-as-a-service (SaaS) company has fixed a price band of ₹405-425 a share.
US markets had a massive volatility during the previous night and towards the end they took a nosedive from the day high. As a result of this, yesterday early morning the SGX Nifty was first indicating a massive gap down. But as we came closer to our opening point, the global picture changed. Our markets started the day on a positive note; courtesy to some relief in the global peers. In fact as the day progressed, the buying momentum kept accelerating to conclude the weekly expiry precisely at 17400 by adding nearly 1.40% to the previous close.
The kind of price development we had in the previous session, the possibility of some recovery was on cards. But honestly speaking, Nifty has clearly over surpassed our expectations after extending the relief move beyond 17350. Now looking at the individual stocks, we may see Nifty heading towards 17500 – 17600; but we reiterate, markets are not completely out of the woods yet and hence, it’s advisable to stay light after nearing this zone. On the flipside, 17300 – 17200 are to be seen as intraday supports.
For today’s session, if Nifty continues with the bounce back mode, one can look to identify potential candidates that are trading at key supports and are likely to provide good buying opportunity. But we reiterate, our positional view remains bearish and hence, it’s advisable to book intraday profits if Nifty enters the above mentioned resistance zone.
Multibagger stock in Dolly Khanna portfolio: Indian stock market recently hit new highs before profit-booking trigger on Omicron virus concern. However, for those fail to make money in the recent rally, they have an advantage to cash-in now. As per the market experts, auto and ancillary sector had remained non-participant in the recent rally due to semiconductor problem. But, the issue in the auto sector is setting aside and hence this sector is expected to give sharp upside movement once the new Covid variant problem goes out.
Brokerage house Emkay's recent interaction with HG Infra Engineering’s management has quite positively refined its outlook on the business, built upon strong execution in H1FY22. The company's management, led by healthy delivery, recently upgraded its outlook for sales/EBITDA and order inflows. In addition, the management sees a 20%+ sales CAGR for the next two years as quite achievable.
India’s services activity remained elevated in November, but dropped marginally from October when it had registered the strongest growth in ten-and-a-half years, a private survey said. However, international travel restrictions by many countries due to the spread of the new coronavirus variant, Omicron, may hit services activity in the coming months.
Strongest growth but among the cheapest valuation
-Leading player in HVAC and commercial refrigeration; also emerging as a major player in room ACs with 13% market share
-Pent-up demand post-Covid, mass-market AC launches, consumption of processed food and infrastructure activity to fuel growth
-Stock offers the highest EPS growth (97% FY21-FY23E) but one of the lowest valuations (39x FY23E P/E) in our coverage; initiate with BUY, TP ₹1,371.
Indian organizations with mature data strategies for at least 12 months reported higher profit growth of 8% on an average, showed a survey by Cloudera and Vanson Bourne. The survey, published December 3, also found that Indian organizations lost $52,939 annually due to missed opportunities on account of poor handling of data.
Oil prices climbed on Friday, extending gains after OPEC+ said it would review supply additions ahead of its next scheduled meeting if the Omicron variant dents demand, but prices were still on course for a sixth week of declines.
U.S. West Texas Intermediate (WTI) crude futures rose $1.19, or 1.8%, to $67.69 a barrel at 0453 GMT, adding to a 1.4% gain on Thursday.
Brent crude futures rose $1.19 cents, or 1.7%, to $70.86 a barrel, after climbing 1.2% in the previous session.
Asia-Pacific countries should boost their healthcare capacity and fully vaccinate their people to prepare for a surge in COVID-19 cases fuelled by the Omicron variant, officials at the World Health Organization (WHO) said on Friday.
First detected in southern Africa last month and dubbed a "variant of concern" by the WHO, scientists are still gathering data to establish how contagious Omicron is, and the severity of the illness it causes.
It has been reported in at least two dozen countries, and started gaining a foothold in Asia this week, with cases reported from Australia, Japan, South Korea, Singapore, Malaysia and India. Many governments have responded by tightening travel rules.
Shares of Apollo Pipes surged on the BSE in Friday's opening deals as the stock traded ex-bonus ahead of its record date on Saturday. The company has fixed December 4 as record date for the purpose of finding out eligibility of shareholders entitled for issuance of bonus equity shares.
Anant Raj shares are one of the multibagger stocks in 2021 that has delivered around 150 per cent return to its shareholders in year-to-date time i.e. in 2021. In 2021, this multibagger realty stock has surged from around ₹27 to ₹67.45 per share levels and stocks market experts are of the opinion that Rakesh Jhunjhunwala stock may hit triple digit number in medium to long term.
Shares of Indian Energy Exchange (IEX) surged 9% to ₹264 apiece on the BSE in Friday's opening deals as the stock traded ex-bonus ahead of its record date on Monday. The energy exchange has fixed 6 December as record date for the purpose of finding out eligibility of shareholders entitled for issuance of bonus equity shares.
Nifty falls over 100 points from today's high.
The index is currently trading within its resistance zone of 17400-17500. It would need to close above this level for a positive short term trend to emerge. Once that happens we could expect higher levels of 17800-18000. Until that does not happen, the bias continues to remain on the sell side and traders should be watchful and cautious. If the market turns from here and breaks 17100, we would revisit the recent lows.
Gold prices in India today rebounded from one-month lows as futures on MCX rose 0.5% to ₹47,625 per 10 gram. On Thursday, gold prices fell 1% or about ₹500, tracking a fall in global markets. Silver futures edged higher to ₹61190 per kg.
For the second day, petrol prices remain unchanged in Delhi and can be bought at ₹95.41 per litre. Petrol prices in the national capital dropped sharply after Delhi government on Wednesday slashed the Value-Added Tax (VAT) to 19.4% from 30%. Falling by over ₹8 from Rs103.97, petrol has now become cheapest in the entire National Capital Region (NCR). Currently, in Gurgaon and Noida, a litre of petrol can be bought at ₹95.54 and ₹95.51 respectively.
16 of 30 Sensex stocks open in the green.
Two stocks have been put under the ban for trade on Friday, December 3, 2021 under the futures and options segment by the National Stock Exchange (NSE). The security has been put on ban under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE. Indiabulls Housing Finance continues to be under NSE's F&O ban stock list for today. Whereas, telecom stock Vodafone Idea has been added to the list by the stock exchange for Friday.
Nifty trading above the 17,300-mark at the pre-opening.
Stocks fell on Friday after Chinese ride-hailing giant Didi said it would delist in New York, renewing concern about U.S.-China tensions and tech regulation, while oil headed for a sixth consecutive weekly drop on Omicron and rate hike worries.
S&P 500 futures fell about 0.5%. Hong Kong's Hang Seng dropped 1.3%, dragged by big tech names. MSCI's index of Asia shares outside Japan fell 0.7%.
The risk-sensitive Australian dollar fell 0.3% and at just below 71 cents is close to a one-year low.
Didi ran afoul of Chinese regulators by pushing ahead with its $4.4 billion U.S. IPO in July and said on Weibo it was looking to move its listing to Hong Kong.
9 stocks to buy or sell today — 3rd December
The rupee on Thursday slipped 12 paise to close at 75.03 against the US dollar, weighed by uncertainties over the Omicron variant of the coronavirus. At the interbank foreign exchange market, the local currency opened at 75.06 and witnessed an intra-day high of 74.90 and a low of 75.07 against the US dollar.
Tega Industries IPO: The 3-day subscription of Tega Industries Initial Public Offering (IPO) is ending today. The public issue worth ₹619 crore has been subscribed 13.87 times in first two days of subscription. The public offer got subscribed 17.04 times in the retail category, 3.35 times in QIB category and 20.48 times in NII category. After the strong response from investors, grey market is also signaling strongly in favour of Tega Industries IPO. As per the market observers, Tega Industries shares are available at a premium of ₹420 in the grey market today.
Hindustan Zinc on Friday informed that the meeting of the Board of Directors of the company will be held on Tuesday, December 07, 2021 to consider and approve interim dividend on equity shares, if any, for the Financial Year 2021-22. The company further added that the record date for eligibility of interim dividend, if any, so declared will be December 15, 2021.
Last night (Wednesday), US markets had a massive volatility towards the end as they took a nosedive from the day high. As a result of this, today early morning the SGX Nifty was first indicating a massive gap down. But as we came closer to our opening point, the global picture changed. Our markets started the day on a positive note; courtesy to some relief in the global peers. In fact as the day progressed, the buying momentum kept accelerating to conclude the weekly expiry precisely at 17400 by adding nearly 1.40% to the previous close.
The kind of price development we had in the previous session, the possibility of some recovery was on cards. But honestly speaking, Nifty has clearly over surpassed our expectations after extending the relief move beyond 17350. Now looking at the individual stocks, we may see Nifty heading towards 17500 – 17600; but we reiterate, markets are not completely out of the woods yet and hence, it’s advisable to stay light after nearing this zone. On the flipside, 17300 – 17200 are to be seen as intraday supports. For the coming session, if Nifty continues with the bounce back mode, one can look to identify potential candidates that are trading at key supports and are likely to provide good buying opportunity. But we reiterate, our positional view remains bearish and hence, it’s advisable to book intraday profits if Nifty enters the above mentioned resistance zone.
Here is the list of the top 10 stocks that are likely to be in focus on Friday:
SGX Nifty futures traded at 17,363 in early deals, down 82 points or 0.45%, indicating a negative start for Indian benchmarks in Friday's trade.
Oil was steady in Asian trading after the OPEC+ alliance decided to keep restoring supply, but also said it could revisit the decision at any moment due to high levels of uncertainty in the market.
West Texas Intermediate traded near $66 a barrel after closing up 1.4% on Thursday following the decision by the producer group. The cartel agreed to add 400,000 barrels a day of crude to global markets in January in a move that should please major-consuming nations, especially the U.S.
Asian stocks were mixed Friday as traders evaluated risks from the omicron virus strain, while Treasury yields pared a climb spurred by Federal Reserve comments about a quicker reduction in stimulus.
Equities fluctuated in Japan, fell in South Korea and rose in Australia. China and Hong Kong face headwinds: Chinese shares traded in the U.S. slid over the risk of delisting for flouting disclosure rules, while developer Kaisa Group Holdings Ltd. failed to win approval for a debt swap, highlighting property-sector woes.
U.S. futures retreated, continuing a choppy week for investors. Dip buyers returning to U.S. stocks sensitive to the economic outlook fueled the S&P 500’s best climb since October.
Treasury yields dipped, retracing some of their jump in the U.S. on Thursday. Fed officials laid out the case for a faster removal of policy support amid high inflation. The dollar was steady. Crude was higher after OPEC+ proceeded with an output hike but left room for quick adjustments.
Stocks
S&P 500 futures slid 0.3% as of 9:13 a.m. in Tokyo. The S&P 500 rose 1.4%
Nasdaq 100 futures lost 0.4%. The Nasdaq 100 rose 0.7%
Japan’s Topix index rose 0.1%
Australia’s S&P/ASX 200 index added 0.2%
South Korea’s Kospi shed 0.5%
Hang Seng futures fell 0.7% earlier
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