Market LIVE: Sensex gains 400 pts, Nifty at 17,100; Reliance top gainer

Stock Market LIVE Updates: Indian indices opened lower on Monday. Many sectoral indices are trading in red with PSU Bank, power, and auto sectors down over 2%

Sensex and Nifty opened in the red today with most of the sectors dragging. Only six of the 30 Sensex stocks opened in green. Only Friday too, Indian stocks tumbled nearly 3% to hit a three-month low, tracking Asian markets, as investors pressed the panic button over reports of a new and possibly vaccine-resistant coronavirus variant. Currency markets stabilized after Friday’s volatility.

‘Indian economy in better shape than a year ago’

India's macroeconomic situation is certainly better than what it was a year ago, eminent economist Pinaki Chakraborty said on Monday, while expressing hope that the country will be back on the path of economic growth if there is no major third wave of the covid-19 pandemic. In an interview with PTI, Chakraborty, who is the director of the National Institute of Public Finance and Policy (NIPFP), said that inflation may remain at an elevated level as there was a significant fiscal and monetary expansion in the last 18 months. "The current macroeconomic situation is certainly much better than what it was one year back. We are seeing recovery in most sectors," he said.

Paytm Payments Bank launches Paytm Transit Card

Paytm Payments Bank Limited on Monday announced the launch of Paytm Transit Card, keeping in mind the vision of one nation, one card. The card will take care of users' everyday needs — from travel in metro, railways, state-owned bus services, toll & parking charges, to payments at offline merchant stores, online shopping and more. The card also enables withdrawal of money from ATMs

Asian stocks fall further after new virus variant spreads

Asian stock markets fell further Monday after the omicron variant of the coronavirus was found in more countries and governments imposed travel controls.

Tokyo, Shanghai, Hong Kong and Sydney declined, though losses were much smaller than Friday's sharp decline after reports said the variant first spotted in South Africa appeared to be spreading around the globe.

On Friday, Wall Street's benchmark S&P 500 index fell 2.3% for its biggest daily loss since February. Investors sold banks, energy and airline stocks and shifted money into bonds and other safe-haven assets.

Reliance Industries shares find favour after Jio tariff hike

Shares of Reliance Industries (RIL) were trading more than 2% higher in Monday's early deals after the Mukesh Ambani-led group's telecom subsidiary Jio announced a price hike in its prepaid tariffs from next month, following its rivals Bharti Airtel and Vodafone Idea (VIL). The tariff hikes entail JioPhone Plan, Unlimited Plans, and data add on up to 21% hike. Last week, Airtel and Vodafone Idea had announced up to a 25% hike in their prepaid plans tariffs to improve financials.

Omicron won’t affect smartphone business in India but exports worry

The breakout of a new Covid-19 strain, Omicron, will not have much impact on mobile manufacturing and its sales. However, the exports out of India to the African countries could see a negative impact due to Omicron as the first variant was reported from there. The Indian mobile market won’t see much change, barring public movement, because this post-Diwali period is considered to remain low, always. Having said that, we need to stay vigilant to tackle any unwarranted situations.

ONGC to NMDC: Here are 5 Stocks Value Investors Should Closely Track

Value investing consists of investing in companies that are often ignored or unappreciated at attractive prices. These stocks usually trade at low multiples of price to book value, have steady growth and return ratios, and offer attractive dividend yield.

FMCG investors in a fix on lack of clarity on rural growth outlook

At the time when urban India was grappling with the first wave of the coronavirus pandemic, rural demand had come to the rescue of makers of fast-moving consumer goods (FMCG). But after the second wave, things have flipped. There are concerns that the once buoyant rural demand is fading. With FMCG companies continuing to battle severe input cost inflation, muted rural demand adds to investors' discomfort. Further, the management commentaries of large FMCG companies do not provide much clarity on what lies ahead on this front.

U.S. stock futures, oil rally as mood lightens

U.S. stock futures led a market rebound on Monday as investors prepared to wait a few weeks to see if the Omicron coronavirus variant would really derail economic recoveries and the tightening plans of some central banks.

Oil prices bounced more than $3 a barrel to recoup a chunk of Friday's shellacking, while safe-haven bonds and the yen lost ground as markets latched onto hopes the new variant of concern would prove to be "mild".

Go Fashion IPO: Latest GMP ahead of shares listing

The three-day initial public offering (IPO) of Go Fashion (India) Limited, which owns women's wear brand Go Colors, received a whopping 135.46 times subscription on its last day of subscription that concluded on November 22. The ₹1,013.6-crore IPO received bids for 1,09,44,34,026 shares against 80,79,491 shares on offer.

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

As expected the markets opened weak post Friday's close where the index failed to close above 17200. The short term is weak and the medium term is now shaping up to become weak too. If we trade below 17000 on a closing basis, the Nifty can slip further to 16500. On the upside, the resistance is at 17500 and unless we do not get past that on a closing basis, any up move can be strategically used to go short on the markets.

Paytm share prices fall sharply post Q2 results, then recover

Shares of One 97 Communications Ltd, the parent of Paytm, fell as much as 4.6% today in early trade after the fintech company's net loss for its second quarter widened due to a rise in expenses. That comes after shares ended last week 17% below the company’s IPO price of ₹2,150. However, at 9:50 am, Paytm shares pared losses to trade flat at ₹1,780 in line with a recovery in broader markets. Stock markets benchmark Sensex fell sharply in early trade but later pared losses to trade flat.

India's Reliance mulls bid for UK telco BT Group

Indian oil-to-telecoms conglomerate Reliance Industries Ltd is considering an offer for British telecom company BT Group Plc, the Economic Times reported on Monday, citing sources familiar with the matter. Billionaire Mukesh Ambani's Reliance might make an unsolicited offer to buy into BT Group or try to get a controlling share in it, the report said, adding that the firm may also propose to partner with BT's fibre optic arm Openreach and fund its expansion plans.

Rollover Report for November-December 2021: Angel One

Since the June series, we witnessed a fabulous run in our market to clock a fresh record high in every series. This winning streak finally ended in November series as we saw some consolidation in the initial two weeks and then after touching the 18200 mark, the selling got aggravated to correct 1000 points in merely six trading sessions. Eventually, we concluded the Festive series slightly above 17400.

Now let’s take a quick glance at the F&O activities. During the series, we saw a good amount of short formation especially in BankNifty which was a major dragger. Rollover for Nifty and BankNifty stood at 82.56% and 83.76% respectively, which is certainly above the three-month average. This clearly indicates that bears are tightening their grip on the market and are expecting a further correction in the coming series. Surprisingly, stronger hands halted selling in index futures last week and opted to add some longs in recent correction and have also rolled over these longs in the upcoming series. This has resulted in their ‘Long Short Ratio’ surging from 54% to 70% now. However, they remained net sellers in equities for November month. Considering the relentless selling by FIIs and short rollovers, we would maintain our recent cautious stance on market.

Jio announces up to 21% hike in tariffs from 1 December

Reliance Jio Infocomm Ltd on Sunday said it will raise its prepaid tariffs by 21%, matching hikes by rivals Bharti Airtel Ltd and Vodafone Idea Ltd, and formally ending the bruising price war that started with the entry of the Mukesh Ambani company in 2016. Jio’s new plans will take effect on 1 December. The move comes days after rivals Airtel and Vodafone Idea raised tariffs by 20-25%, citing the need for higher revenues to make their operations sustainable.

Adani Group says 'disappointed' by MSCI’s decision to drop Adani Ports from some of its climate change indices

Adani Group issued a statement with respect to MSCI's action on climate change indices as it dropped Adani Ports from some of its climate change indices. Adani Ports in an exchange filing on Sunday said that the MSCI's decision on climate indices is disappointing.

Asian markets extended losses but oil bounces after Omicron rout

Asian markets fell again Monday but oil rebounded strongly as investors try to assess the threat of the new Omicron Covid strain on the global economic recovery.

Equities around the world went into freefall Friday on news of the heavily mutated variant, which some fear could evade vaccines, as it forced several governments to throw up flight bans from southern Africa where it was discovered and introduced fresh containment measures.

Indiabulls Housing Finance stock under NSE's F&O ban list for today

Only one stock has been put under the ban for trade on Monday, November 29, 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 is the only stock under NSE's F&O ban stock list for today. The derivative contracts in the mentioned securities have crossed 95% of the market-wide position limit and are therefore have been currently put in the ban period by the stock exchange, said NSE.

Petrol, diesel prices today: Fuel prices remain unchanged

Fuel rates continued to remain steady as petrol and diesel prices remained unchanged on Monday across various cities in the country including the national capital Delhi, metro cities Mumbai, Kolkata and Chennai. 

Q2 results: Many small firms yet to beat pandemic blues

As many as 38% of BSE-listed companies, mostly smaller businesses, struggled to match their pre-covid sales in the three months to September even as results from other companies made for a generally positive third quarter earnings season.

On the face of it, the latest corporate earnings appear to be just what the doctor ordered, with combined net profits of listed companies rising to a record ₹2.31 trillion. Indian companies posted a strong net profit growth of 62% year-on-year (y-o-y), with an equally stunning 29% sales growth, as the economy recovered quickly, showed a Mint analysis of 3,137 BSE-listed companies.

Promoter stake up in Adani Green even as Mauritius funds sell

A Mauritius-based promoter entity has acquired about 5% of equity shares in recent months in Adani Green Energy, indicating a doubling down on the renewables bet by group chairman Gautam Adani. The purchase of shares by Infinite Trade and Investments Ltd has taken the promoter shareholding in the company from 56.29% as of March to 60.14% in November. Adani Green Energy currently has a market capitalization of ₹2.14 trillion.

Paytm in focus again as analysts query CEO on path to profits

After a turbulent debut for the company behind India’s largest initial public offering, Paytm’s top executives spent 90 minutes on a call with investors and analysts on Saturday as they dissected its business model and raised questions on monetization.

Whether officials have done enough to ease doubts on revenue streams and profitability prospects remain to be seen when markets reopen. One97 Communications, the parent of the digital payments giant, ended last week 17% below its offer price of 2,150 rupees ($28.68), after falling to as low as 1,271 rupees at one point.

Gold drops as easing virus variant concerns curb haven demand

Gold fell after some concerns over the omicron coronavirus strain eased, boosting risk appetite even as the World Health Organization urged caution.

Two South African health experts, including the doctor who first sounded the alarm about omicron, suggested the variant is presenting with mild symptoms so far. But the WHO said Sunday it would take time to assess the severity of the new strain and the initial reported infections were among university students, with younger patients tending to have milder symptoms.

Spot gold dropped as much as 1.3% before trading 0.4% lower at $1,795.26 an ounce by 7:59 a.m. in Singapore. The Bloomberg Dollar Spot Index steadied after a 0.3% decline on Friday, while S&P 500 and Nasdaq 100 contracts were in the green and oil rebounded.

SGX Nifty gains points in early deals

SGX Nifty futures traded at17,089.5 in early deals, down 46 points or 0.3%, indicating a positive start for Indian benchmarks in Friday's trade.

Asian stocks fall

Asian stocks fell while U.S. equity futures, crude oil and Treasury yields climbed as traders tried to calibrate the possible impact of the omicron coronavirus strain on global economic reopening.

Equities in Japan, South Korea and Australia retreated. S&P 500 and Nasdaq 100 contracts were in the green and oil jumped back above $70 a barrel. The 10-year U.S. Treasury yield advanced above 1.50%

The moves indicated a measure of calm after Friday’s dramatic plunge in risk assets. Two South African health experts -- including the doctor who first sounded the alarm about omicron -- suggested the variant is presenting with mild symptoms so far. The World Health Organization urged caution, saying it will take time to assess the strain.

The yen weakened and a dollar gauge was steady. The currency of South Africa, where the variant was identified, rallied against the greenback.

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