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Sensex tanks over 900 pts, Nifty ends below 17,000 as Omicron spooks investors

Stock market today: Sensex settled 765 points lower to a little below 57,700 on Friday. Nifty50 index shed over 200 points to end below the 17,200 mark. (Photo: Reuters)Premium
Stock market today: Sensex settled 765 points lower to a little below 57,700 on Friday. Nifty50 index shed over 200 points to end below the 17,200 mark. (Photo: Reuters)

  • Market closing: Indian indices fell on Monday amid weakness in global peers. Sensex touched a low of 56,687.62 and high of 57,781.46 and Nifty moved between 16,891.70 and 17,216.75. All sectoral indices ended in the red, with IT index down over 2%

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US consumer prices in November are expected to show the largest annual advance in decades, keeping pressure on the Fed to deliver swifter policy tightening. Fed Chair Jerome Powell has signaled faster tapering of asset purchases amid elevated inflation

06 Dec 2021, 03:49:36 PM IST

Sensex slumps 949 points, ends below 57K; Nifty ends below 17,000

India stock markets ended lower for the second straight day, with benchmark indices down over 1.5% each, as investors worried about the spread of the Omicron variant.

The country reported reported cases of the heavily mutated Omicron coronavirus variant rose to 12 on Sunday, after Maharashtra said it detected seven new cases.

The Sensex tanked 949.32 points or 1.65% to close at 56,747.14, and Nifty was down 284.40 points or 1.65% to 16,912.30. 

Except UPL, all Nifty50 stocks ended in the red with Coal India, IndusInd Bank, Tata Consumer Products, Bajaj Finserv and HCL Technologies falling the most.

The IT index fell over 2%, while other sectors lost a percent each. The BSE MidCap and SmallCap indices fell over 1 percent each.

India VIX rises nearly 9% to 20.08.

Sensex stocks at close on 6 December.
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Sensex stocks at close on 6 December.
06 Dec 2021, 03:29:51 PM IST

PTC India Financial Services to get ₹125 crore from power plant resolution

06 Dec 2021, 03:28:56 PM IST

All sectoral indices in the red 

Sectoral indices.
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Sectoral indices.
06 Dec 2021, 03:18:46 PM IST

China cuts reserve requirement ratio as economy slows: Bloomberg 

China’s central bank cut the amount of cash most banks must hold in reserve, providing a liquidity boost to a slowing economy facing a worsening property slump and putting China on a clearly different policy trajectory than many other central banks.

The People’s Bank of China will reduce the reserve requirement ratio by 0.5 percentage point for all banks except those that are already on the lowest level of 5%, according to a statement published Monday. The cut will be effective on 15 December, according to the statement, which said the weighted average ratio for financial institutions will be 8.4% after the cut.

The cut is estimated to release 1.2 trillion yuan ($188 billion) of liquidity, the PBOC said in a Q&A accompanying the announcement. The move was signaled by Premier Li Keqiang last week when he said that authorities would cut the RRR at an appropriate time to help smaller companies, and is the second reduction this year.

06 Dec 2021, 03:15:28 PM IST

All Sensex stocks in the red

Sensex stocks
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Sensex stocks
06 Dec 2021, 02:57:28 PM IST

European stocks rise 

Oil stocks pushed European stocks on Monday after sharp losses late last week when fears about the Omicron variant and the U.S. monetary policy outlook weighed on investor sentiment. 

The pan-European STOXX 600 edged up 0.7%, with the energy sector climbing 1.4%. Oil prices rose by more than $1 a barrel after top exporter Saudi Arabia hiked prices for crude sold to Asia and the United States.

06 Dec 2021, 02:50:14 PM IST

India VIX jumps 10.87%

06 Dec 2021, 02:48:57 PM IST

Captive power projects seek restoration of coal supplies

While fuel stocks at coal-powered power projects are being ramped up, it's the captive power projects who are now pitching for restoration of coal supplies.

In a communication to the union power secretary, Indian Captive Power Producers Association (ICPPA) has said, “CPP industry consumers are struggling to get uninterrupted coal supplies for continued operations. CPP are getting overall coal supplies at just 40% to 50% levels."

This comes in the backdrop of fuel stock at 136 power projects totalling 166.109 giga watt (GW) run on coal being built up after depleting to 7.23 million tonnes (mt) on 8 October. India’s power plants burn around 1.85-1.87 mt of coal every day to generate electricity.

06 Dec 2021, 02:46:01 PM IST

Nifty below 17,000

Nifty50
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Nifty50
06 Dec 2021, 02:44:05 PM IST

Market check 

BSE indices.
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BSE indices.
06 Dec 2021, 02:19:21 PM IST

Rajya Sabha adjourned till 3 pm amid protests by opposition parties over issue of suspension of 12 MPs: PTI

06 Dec 2021, 02:13:16 PM IST

China tech index tumbles to lowest since launch as rout deepens

China tech shares tumbled on Monday, with a key gauge closing at its lowest level since launch last year as concerns mount over how much more pain Beijing is willing to inflict on the sector.

The Hang Seng Tech Index closed down 3.3%, its biggest decline in nearly two months, to the lowest level since before its July 2020 inception. Alibaba Group Holding Ltd. and JD.com Inc were the biggest losers, each sinking at least 4.9%. Both companies are also traded in the U.S.

The decline tracks Friday’s 9.1% plunge in the Nasdaq Golden Dragon China Index, which was the biggest decline since 2008, on worries that Didi Global Inc.’s delisting would put pressure on other Chinese firms to follow suit.

06 Dec 2021, 02:05:52 PM IST

Companies raised ₹52,759 cr from IPOs till October this fiscal: Sitharaman

A total of 52,759 crore has been raised by 61 companies through initial public offers till October this fiscal, higher than the funds mopped up through this route in the last financial year, the government told the Lok Sabha on Monday, according to a Press Trust of India report.

Of the 61 companies that hit the markets till October of the current fiscal, 34 entities were Small and Medium Enterprises (SMEs).

Finance Minister Nirmala Sitharaman said that a large number of manufacturing and service sector companies are coming up for listing.

"IPOs (Initial Public Offerings) are being brought by the companies regularly this year, and the amount raised in the current financial year till the month of October 2021, has surpassed the amount raised in the last financial year," she said.

06 Dec 2021, 02:02:40 PM IST

Nifty slips below 17,050

Nifty50
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Nifty50
06 Dec 2021, 02:00:34 PM IST

Higher costs, soft prices to impact profitability of steel manufacturers

Steel companies may report a hit to their profitability, effective this quarter (Q3 FY22), given the impact of higher input costs, especially that of coking coal, amid softening steel prices, ratings agency Icra said on Monday.

The agency said domestic steel prices have begun easing form the highs seen in the  second quarter, which would also adversely impact the industry’s profitability going ahead.

Even with cost pressures, the industry’s absolute profitability metrics are expected to remain healthy over the next twelve months, leading the ratings agency to maintain a ‘Positive’ outlook for the sector.

06 Dec 2021, 01:46:04 PM IST

Broader markets under pressure 

Nifty broader market indices.
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Nifty broader market indices.
06 Dec 2021, 01:32:56 PM IST

Infosys, HCL, RIL drag down Sensex lower 

Sensex contributors.
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Sensex contributors.
06 Dec 2021, 01:30:23 PM IST

Indiabulls Housing Finance approves NCD issue of up to ₹800 crore: BSE filing 

The Securities Issuance Committee of the board of directors of Indiabulls Housing Finance has approved the public issue by the company of secured, redeemable, non-convertible debentures of face value of 1,000 each (NCDs) for up to 200 crore with an option to retain oversubscription up to 800 crore, aggregating up to 1,000 crore, which is within the shelf limit of 2,000 crore.

06 Dec 2021, 01:24:26 PM IST

Bajaj Allianz Life launches 'Assured Wealth Goal'

Bajaj Allianz Life on Monday launched a guaranteed income cum life insurance plan - Bajaj Allianz Life Assured Wealth Goal.

The plan comes with two variants for customers to choose from. The first, Bajaj Allianz Life Assured Wealth Goal – Step-Up Income, generates an assured income which increases 10% every 5 years after the completion of premium payment term. 

The second, Bajaj Allianz Life Assured Wealth Goal – Second Income, focuses on generating additional income to supplement one’s finances. This plan is a simple product that provides guaranteed, tax-free income for a 25-years or 30-years period, as chosen by the customer,

06 Dec 2021, 01:23:06 PM IST

Dr Reddy's falls; US FDA's observations on company's Duvvada unit

06 Dec 2021, 01:12:32 PM IST

DSP Investment Managers launches DSP Nifty Midcap 150 Quality 50 ETF and DSP Nifty 50 ETF

06 Dec 2021, 01:07:06 PM IST

India VIX rises 3% to 19

06 Dec 2021, 12:58:32 PM IST

Highway monetisation to pick pace; NHAI looks to raise ₹2 trillion in 3 yrs

The Union government is set to press the button on asset monetisation operations in the road sector, by asking the National Highways Authority of India (NHAI) to find new buyers and operators for 21,700 km of operational highway stretches valued at over 2 trillion over the next three year starting next financial year.

The plan is to facilitate monetisation of NHAI assets so that the funds realised can be used by the highways builder for fresh construction, while boosting India's infrastructure development.

Minister for road transport and highways Nitin Gadkari informed the Parliament that 5,500 km of highways will be up for monetisation next fiscal, 7,300 km in 2023-24. and 8,900 km in 2024-25. Together these should help release 2 trillion to NHAI that could be used to build new highways and cut its debt, which was at 3.17 trillion at the end of 2020-21.

NHAI has been monetising government-funded highway projects since 2018. But the pace has been slow so far. The plan now is to use all the available modes for monetisation including, toll operate transfer (ToT) model, InvIT (infrastructure investment trust) model and toll securitisation model.

For the current fiscal, NHAI has identified 86 stretches with an aggregate length of around 4,912 km for monetisation. Also, in November NHAI launched its maiden InvIT, another mode of asset monetisation, to mop up 5,100 crore by monetising 390 km highway stretches. It also used toll securitisation for raising 9,731 crore to part-fund the Delhi-Mumbai greenfield expressway project in March this year.

06 Dec 2021, 12:50:59 PM IST

Myanmar court sentences ousted leader Aung San Suu Kyi to 4 years in prison: Agencies 

06 Dec 2021, 12:42:47 PM IST

Inox Wind says unit to raise funds by way of IPO

Inox Wind unit, Inox Green, to raise funds by fresh issue of shares up to 5 billion rupees. The fund raise will also comprise offer of sale of shares by certain existing shareholders.

06 Dec 2021, 12:38:32 PM IST

India’s payments transaction volumes grew 53% in 12 months

The rise in volume and value of payments transactions, including that of Real Time Gross Settlements (RTGS) and digital payments, in the last 12 months have outpaced the growth clocked in the last five years.

According to P. Vasudhevan, chief general manager, Payment and Settlement Systems, Reserve Bank of India (RBI), the rate of growth of payments transactions has surged 53% in volume terms and 28% in value terms in the last 12 months.

06 Dec 2021, 12:23:44 PM IST

NCLT bench to give final order in Reliance Capital insolvency case later today 

06 Dec 2021, 12:03:22 PM IST

Morepen Laboratories has get approval from US FDA to market generic anti-allergy drug in America: BSE filing

Morepen Laboratories has received US FDA approval for its anti-allergy drug Fexofinadine Hydrochloride that is marketed in India under the popular brand name Allegra, among others, and is the generic Sanofi Aventis, France. Fexofinadine is a widely used, second generation antihistamine drug for the treatment of allergy symptoms and hay fever.

The company has tied-up for regular supplies of Fexofinadine to one of its top US customers, with which the company has long standing relations lasting over two decades. The company has already supplied validation quantities and the regular commercial supplies would start after approval of validation batches. Fexofinadine is a very established anti-allergy drug with a market size of around 700MT and expected to give immediate impetus to company’s export business.

 

06 Dec 2021, 11:52:23 AM IST

IT dept detects black income of ₹100 crore after raids on Kolkata group: PTI

The income tax department has detected unaccounted income of about 100 crore after it recently raided a Kolkata-based group engaged in manufacture of TMT bars and construction material, the CBDT said on Monday.

The searches were carried out on December 1 at over 20 premises linked to the unidentified group in West Bengal and Odisha.

A number of "incriminating" evidences in the form of documents and digital data demonstrating high-value unaccounted cash payments, unaccounted cash purchase and sales, suppression of production, etc. have been seized, the Central Board of Direct Taxes (CBDT) said in a statement.

06 Dec 2021, 11:46:30 AM IST

Nifty technicals: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One

Traders can continue with a stock specific approach and we may see trades on both sides if Nifty remains in a consolidation mode. But it would be a prudent strategy to keep booking timely profits and considering the volatile nature of global markets, carrying aggressive bets overnight should be strictly avoided. 

As far as levels are concerned, 17350 – 17500 – 17600 are to be considered as immediate hurdles; whereas on the flipside, 17000 – 16800 should be treated as a cluster of support.

06 Dec 2021, 11:42:35 AM IST

Shriram Properties IPO to open 8-10 Dec; price band at ₹113 - ₹118/share

06 Dec 2021, 11:36:52 AM IST

Market volatility to rise on Omicron spread: Yash Gupta, Equity Research Analyst, Angel One

The new covid variant that was initially detected in South Africa spread its legs in different parts of the world. As of now, more than 30 countries have detected the Omicron virus along with India. In the last couple of days, the cases of the omicron virus have increased significantly. Now the total tally has reached 21 cases in India, Several states had reported omicron cases, recently Rajasthan has reported 9 cases of omicron virus, earlier Maharashtra, Hyderabad etc has already reported several cases. Initial data from South Africa on Omicron suggest that the patients require less medical intervention during the recovery period. WHO recently said that they will tell more about this virus this week.

If this virus quickly spreads in India then the market will be volatile for the upcoming next two weeks, along with that any further development on the effectiveness of vaccines on new virus will be key monitrable for Indian markets.

06 Dec 2021, 11:28:24 AM IST

CC spends show robust growth in October; receivables per card lag spends but reach pre-covid levels: ICICI Securities 

Credit card (CC) spends grew a strong 26% month-on-month (MoM) in October. The traction was evident from the record absolute CC spend of Rs1 trillion during the month and the ratio of ‘credit card to debit card’ spend, which stands at 1.32x now (the highest since Apr’19). However, CC spends in November are likely to be flattish as per visible trends. SBI Cards (SBIC) reported 59bps MoM gain in Oct’21 spends market share after three consecutive months of decline.

- Tracking the lagged growth in receivables: CC outstanding ‘per card in force’ (CIF) grew 4.5% MoM to Rs18,582 as of Oct’21. This is similar to levels seen in FY19/FY20/FY21 (end basis). It, however, is lower than the growth in spends. Monthly spend per CIF was at Rs15,366 in Oct’21 vs Rs11,688 in Mar’21.

- Total CC spend rose 26% MoM in Oct’21 but Nov’21 trend is more flattish. Oct’21 CC spends reached a record high of Rs1trn. Ratio of ‘CC spend to debit card spend’ came in at 1.32x in Oct’21, the highest since Apr’19. As per visible trends, CC spends are likely to stay flattish in Nov’21.

- Market share in spends – SBIC witnessed improvement in Oct’21. SBIC’s market share improved 59bps MoM to 18.9% in Oct’21 vs 18.3% in Sep’21, but remained lower than the 19.4% registered in FY21. The same for HDFC Bank stood at 26.3% / 27% in Oct’21 / FY22-TD.

- Total CIFs increased by 1.3mn in Oct’21: Overall CIF improved sequentially to 66.4mn cards, up 12%/2% YoY/MoM. SBIC’s market share dipped marginally to 19.23% in Oct’21 vs 19.35% in Sep’21, while that of HDFC Bank remained stable at 23%.

- CC spend per transaction increased 8% MoM in Oct’21 for industry vs 14% MoM for SBIC. SBIC spend per card came in at Rs4,455 vs average of Rs3,811 witnessed between Apr’21-Sep’21.

- CC outstanding per CIF grew 4.5% MoM to Rs18,582 as of Oct’21. This is similar to levels seen in FY19/FY20FY/21 (end basis). It is lower than the growth in spends. Monthly spend per CIF was at Rs15,366 in Oct’21 vs Rs11,688 in Mar’21.

06 Dec 2021, 11:11:47 AM IST

MapMyIndia IPO to open on 9 Dec; price band set at ₹1,000-1,033/ share: PTI

Digital mapping company MapMyIndia, which powers Apple maps, has fixed a price band of 1,000-1,033 a share for its 1,040-crore initial share-sale, which will open on 9 December.

The three-day initial public offering (IPO) will conclude on 13 December. The bidding for anchor investors will open on December 8, the company announced.

The IPO is entirely an offer for sale of up to 10,063,945 equity shares by existing shareholders and promoter.

The OFS comprises sale of up to 42.51 lakh equity shares by Rashmi Verma, up to 27.01 lakh equity shares by Qualcomm Asia Pacific Pte Ltd and up to 13.7 lakh equity shares by Zenrin Co Ltd. In addition, the remaining 17.41 lakh equity shares will be offloaded by several other selling shareholders.

06 Dec 2021, 10:55:18 AM IST

Derivatives Weekly View: ICICI Securities 

Nifty:

The Nifty has almost erased the losses of the penultimate Friday during the week. Continued strength in tech space along with short covering in metal stocks helped Nifty to recover. However, Index failed to sustain above 17400 and gave away some gains in the last session and gained close to 1% last week. On the other hand, midcaps have shown some resilient and outperformed Nifty.

From the options perspective, despite the marginal decline in the volatility and recovery, Put option bases are significantly lower than the Call bases. While the highest Call option base is near 50 lakh shares at 17400 and 17500 strike suggesting hurdle at higher levels. However, the highest Put base is at 17000 strike may act as an immediate support. We believe only a sustain move above 17400 is crucial for the recovery to continue. Hence, we feel Nifty is likely to trade in a broader range of 16800-17400 in coming week.

Bank Nifty

Last week was relatively better for Bank Nifty as it failed to attract follow up selling after almost 16% cut from the high. Few private banks has reverted from there Put bases which has provided cushion to the index. However, volatility is likely to remain high in coming days as FII’s continued to remain negative for the week.

Throughout the November series and early December, Bank Nifty attracted lot of Call writing due to which the Put to Call ratio of index slipped towards 0.62. However, it has reverted last week and moved towards 0.92 as the quantum of Call writing has declined and Put writing has started picking up pace.

 

06 Dec 2021, 10:32:37 AM IST

Eastern,  southern India see steeper cement price correction in November

With demand fizzling out mainly due to unseasonal rains in many parts of the India, cement sales have taken a knock.

"As per our channel checks, industry volumes likely declined in high-teens month-on-month (high single digit year-on-year) in Nov’21 owing to festivities, construction ban in the North, sand mining issues in the East region, heavy rains in parts of South India, limited labor availability, and a higher base," analysts at Emkay Global Financial Services Ltd said in a report on 2 December.

Consequently, investor fears that muted demand would weigh on prices, which were raised only recently, have come true.

Latest dealers channel checks by various brokerages show that on an average cement prices on a pan-India level declined by around 3% in November compared to the previous month. Among regions, east and southern India saw steeper price corrections than other markets.

06 Dec 2021, 10:25:09 AM IST

Amit Shah to give statement on Nagaland firing incident in Parliament: ANI 

Union Home Minister Amit Shah will give a statement on the Nagaland firing incident in both the Houses of the Parliament on Monday.

Some Naga youth were reportedly killed in Oting village of Nagaland's Mon district on Saturday when they were allegedly fired at by security forces, who suspected them to be terrorists.

Reportedly, irked villagers torched vehicles of security forces and some people were reportedly shot when security forces opened fire to control the irate mob.

Nagaland Chief Minister Neiphiu Rio on Sunday ordered a high-level probe into the reported killings of civilians by security forces and the government has formed a Special Investigation Team (SIT) to probe into the matter.

The Indian Army has expressed regret over the incident and said it is being investigated at the highest level.

A day after the reported civilian killings by security forces, the state government on Sunday prohibited all mobile internet, data services, bulk SMS of all providers in the entire area of Mon district with immediate effect.

Shah on Sunday expressed anguish over the incident and conveyed condolences to bereaved families.

06 Dec 2021, 10:23:19 AM IST

Nifty IT worst hit among sectoral indices 

Nifty IT index.
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Nifty IT index.
06 Dec 2021, 10:14:52 AM IST

Nifty view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The markets have opened on a tepid note. We have failed to keep above the 17400-17500 level which is a major hurdle for the Nifty. A bullish trend can emerge only post that. Until then a "sell on rallies" approach can be adopted. 16900 is a near-term support for the index and if we break that, the markets can crack further.

06 Dec 2021, 10:07:03 AM IST

Maruti slumps over 2%; CLSA downgraded stock to sell

CLSA has downgraded its rating on Maruti Suzuki India to 'sell' from 'underperform' and lowered target price to 6,420 from 6,550 as the automaker has been consistently losing market share in the fast growing and most profitable sports utility vehicle (SUV) segment.

India's largest carmaker has said that longer waiting periods with semiconductor shortage affecting production can have a negative impact on car demand, although the supply constraints of chips have gradually improved over the last few months. 

The company currently has a pending order of around 2.5 lakh units with demand in the market continuing to be buoyant, while its production was over 80% of normal in November.

"The bookings show that the demand continues to be quite robust, both in terms of inquiries and the bookings, but now availability is an issue and waiting periods have gone up," Maruti Suzuki India Ltd (MSIL) senior executive director (Marketing & Sales) Shashank Srivastava.

06 Dec 2021, 09:51:15 AM IST

NMDC to pay interim dividend of ₹9.01 per share for FY22

The board of directors of NMDC at its meeting held on 3 December has fixed 15 December as the record date for the purpose of payment of interim dividend at the rate of 9.01 per share for the financial year 2021-22

06 Dec 2021, 09:46:12 AM IST

Sensex stocks at this hour 

Sensex stocks 
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Sensex stocks 
06 Dec 2021, 09:39:53 AM IST

SoftBank to invest $50 mn in SaaS company SenseHQ

SoftBank Vision Fund 2, backed by Japan’s SoftBank Group Corp., will invest $50 million in software-as-a-service (SaaS) firm SenseHQ at a valuation of more than $500 million, a senior company executive said.

SenseHQ, run by Sense Talent Labs Inc., is a HR-technology-enabled talent engagement and staffing platform that helps companies hire and engage with candidates in bulk.

“With this funding, we will continue to ramp up our go-to-market strategy and increase awareness with companies that hire at scale across rapidly growing industries, including healthcare, manufacturing, logistics and retail," Sanjay Dharmani, managing director of Sense’s Indian unit said in an interview.

06 Dec 2021, 09:38:56 AM IST

Tech Mahindra rises; company buys Activus Connect for $62 million

06 Dec 2021, 09:29:57 AM IST

Gainers/losers on Nifty at this hour 

Nifty stocks
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Nifty stocks
06 Dec 2021, 09:24:17 AM IST

Nifty check 

Nifty50
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Nifty50
06 Dec 2021, 09:23:36 AM IST

Sensex in opening deals 

BSE indices 
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BSE indices 
06 Dec 2021, 09:07:11 AM IST

Nifty below 17,200 in pre-open 

Nifty50
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Nifty50
06 Dec 2021, 09:06:19 AM IST

Sensex in pre-open 

Indices at pre-open 
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Indices at pre-open 
06 Dec 2021, 08:58:44 AM IST

Nifty view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The Nifty failed to keep above the 17400-17500 zone which is a bearish signal. We are resisting at higher levels and therefore the upside is definitely capped in that region. Unless we do not get past the patch of 17400-17500 on a closing basis, we won't really see a meaningful upside rally. If the markets were to break 17100 next week it would be a matter of concern as there is every possibility we re-enter the current bear trend.

06 Dec 2021, 08:52:24 AM IST

IPO-bound LIC improves asset quality, lowers net NPA to 0.05%

The Life Insurance Corporation (LIC) in the run up to its proposed initial public offering (IPO) has improved its asset quality for the financial year which ended March 2021.

According to the latest Annual Report of Life Insurance Corporation of India (LIC) ahead of its proposed IPO, the non-performing assets (NPAs) as of March 31, 2021, are 35,129.89 crore out of a total portfolio of 4,51,303.30 crore.

While the sub-standard assets are 254.37 crore, the doubtful assets are 20,369.17 crore and loss assets are 14,506.35 crore.

The annual report stated that an amount of 34,934.97 crore is provided as per Insurance Regulatory and Development Authority of India (IRDAI) guidelines in the books of accounts towards non-performing assets. (Read here)

06 Dec 2021, 08:50:01 AM IST

Salesmen threaten to disrupt supplies in protest against RIL

India’s household goods salesmen have threatened to disrupt supplies to mom-and-pop stores if consumer companies provide products at lower prices to Reliance Industries Ltd (RIL), according to a letter seen by Reuters.

Reuters reported last month Indian salesmen representing companies such as Reckitt Benckiser Group PLC, Unilever PLC, and Colgate-Palmolive Co. said their sales had dropped 20-25% in the last year as mom-and-pop stores were increasingly partnering with Indian billionaire Mukesh Ambani’s RIL.

Ambani’s deeply discounted offerings were prompting more stores to order digitally from his JioMart Partner app, posing an existential threat to more than 450,000 company salesmen who for decades served every corner of the vast nation by going store-to-store to take orders.

Citing the Reuters story, the All India Consumer Products Distributors Federation—which has 400,000 members —has written to consumer companies demanding a level playing field, saying they must get products at the same prices like other big corporate distributors such as RIL.

06 Dec 2021, 08:44:14 AM IST

Tata’s chip plan faces hurdles

The Tata Group’s reported plan to set up a $300 million semiconductor manufacturing facility on a wartime basis is likely to face some headwinds given the absence of raw materials in India and its scarce availability outside due to the ongoing shortage globally since the pandemic, says a report.

The pandemic and its after effects on increased demand for data and consumer electronics have left semiconductor makers unable to keep up with supplies.

Adding to the pains are the extreme weather and natural disasters in many producing countries such as the Taiwanese drought; hurricanes, extreme cold weather and flooding in the US; and a major fire at the Renesa’s plant in Japan, which have all put further pressure on supply chains, according to a note by Fitch Solutions, an affiliate of Fitch Ratings.

06 Dec 2021, 08:31:57 AM IST

US likely to announce diplomatic boycott of Beijing Winter Olympics

06 Dec 2021, 08:14:07 AM IST

17500-17600 a sturdy wall for Nifty: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One

Overall, last week our market managed to close in the positive terrain, but it was certainly a challenging week for both counter parties. Market was clearly unsure of its direction for the most part of the week. If we look at it from a technical point of view, market is respecting the levels precisely. 

At the beginning, the Nifty started rebounding after reaching the price target of ‘Head and Shoulder’ pattern of 16800 and on Friday, it became nervous after nearing a stiff resistance zone of 17500-17600. Direction wise, we continue to remain cautious and there is no doubt we are still in a ‘Sell on rise’ kind of market. This view will remain intact as long as Nifty does not surpass 17900 which is the confluence point of two key trend lines. 

Also, sooner or later, we expect the recent low around 16800 is to be breached soon, but it will happen immediately or after some more consolidation in the range of 16800-17500; we need to assess the situation in the coming week.

Meanwhile, traders can continue with a stock specific approach and we may see trades on both sides if Nifty remains in a consolidation mode. But it would be a prudent strategy to keep booking timely profits and considering the volatile nature of global markets, carrying aggressive bets overnight should be strictly avoided. As far as levels are concerned, 17350 – 17500 – 17600 are to be considered as immediate hurdles; whereas on the flipside, 17000 – 16800 should be treated as a cluster of support.

06 Dec 2021, 08:08:59 AM IST

RBI may hold on to rates amid virus risk

The Reserve Bank of India is likely to keep interest rates on hold and postpone policy normalization at a key meeting this week, as the Omicron variant of the novel coronavirus poses risks to India’s economic recovery.

There have been expectations that the central bank’s monetary policy committee (MPC) will narrow the policy corridor between repo and reverse repo by increasing the latter at the end of its three-day meeting on Wednesday. However, 60% of respondents to a Mint poll of bankers and economists expect RBI to maintain the reverse repo rate—the rate at which banks lend to RBI against government securities—at 3.35%. Only 40% expect a 15-20 basis points hike in the reverse repo rate. (Read here)

06 Dec 2021, 08:07:36 AM IST

Oil prices gain as Saudi Arabia increases prices of its crude

Oil prices rose by more than $1 a barrel on Monday after top exporter Saudi Arabia raised prices for its crude sold to Asia and the United States, and as indirect U.S.-Iran talks on reviving a nuclear deal appeared to hit an impasse.

Brent crude futures for February gained $1.69, or 2.4%, to $71.57 a barrel, while U.S. West Texas Intermediate crude for January were at $67.92 a barrel, up $1.66, or 2.5%.

On Sunday, Saudi Arabia raised January official selling prices for all crude grades sold to Asia and the United States by up to 80 cents from the previous month.

06 Dec 2021, 08:04:16 AM IST

Stocks to Watch

Shares of Reliance Industries, Tech Mahindra, SBI, auto shares, Future Retail, among others, will be in focus today.

06 Dec 2021, 08:02:19 AM IST

SGX Nifty trade flat 

SGX Nifty futures traded at 17,246 in early deals on Monday, up 11 points, indicating a flat start for Indian benchmarks.

06 Dec 2021, 07:55:43 AM IST

Asia stocks on back foot as tech stocks, Omicron weigh

Most Asian stocks fell on Monday, led by Chinese technology companies, as investors weighed uncertainties about the omicron variant and looked to U.S. inflation data and the Federal Reserve’s hawkish tilt. Treasuries pared some of Friday’s rally.

Equity benchmarks dropped in Japan, while Hong Kong opened weaker, dragged by an index of tech stocks. Losses in Asia were milder than the declines in the U.S. Friday. Mainland China shares rose after a report that the amount of cash banks have to keep in reserve may be cut this month.

Japan's Topix index fell 0.6%, Australia’s S&P/ASX 200 Index lost 0.3%, Kospi declined 0.2%, Hang Seng Index fell 0.8%, while the Shanghai Composite Index rose 0.3%.

On Friday on the Wall Street, major indexes closed lower, with the Nasdaq leading declines as investors bet that a strong jobs report would not slow the Federal Reserve's withdrawal of support while they grappled with uncertainty around the Omicron coronavirus variant. 

The Dow Jones Industrial Average fell 59.71 points, or 0.17%, to 34,580.08, the S&P 500 lost 38.67 points, or 0.84%, to 4,538.43 and the Nasdaq Composite dropped 295.85 points, or 1.92%, to 15,085.47.

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