Market LIVE: Sensex, Nifty flat amid Omicron fears; RIL, Adani Ports in focus

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.

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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.

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Nifty broad market indices at open

Most of the broad market indices are trading in the red.

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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.

Top gainers/losers in opening deals

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24 of 30 Sensex stocks in red

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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.

Markets in pre-open

At market pre-opening, Sensex was down nearly 500 points.

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Nifty at pre-open

At market pre-opening, Nifty was down nearly 400 points.

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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. 
Check latest fuel rates here.

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…