Shrugging off a tepid global setup, domestic benchmark indices traded higher. HDFC twins, RIL and Infosys were the lead Sensex contributors in early trade. Sectorally, barring PSU Banks and Realty, all indices traded firm. Firm dollar and rising crude amidst Omicron concerns is likely to cap upside for the market. That said, investors would be keeping an eye on Anand Rathi Wealth IPO, which kicks off today.
!1 New UpdateClick here for latest updates
UK shares slide as inflation, Omicron risks grow
UK shares fell on Thursday due to fears around the Omicron coronavirus variant, with the United States confirming its first case of the new strain, while warnings about inflation from major central banks further added to the downbeat mood. The benchmark FTSE 100 index declined 0.8% at 0805 GMT, diverging from its Asian peers, while the domestically focussed mid-cap index fell 0.9%.
Dish TV clarifies on news report: Bharti Airtel in talks to buy majority stake in Dish TV
Dish TV said that the company is not aware of the transaction which has been reported in the above mentioned news report.
NIFTY IT biggest sectoral gainer, rises nearly 1.5%
India VIX eases over 2% to below 19
Hindustan Unilever Limited said it has eliminated coal usage across its operations replacing it with green alternatives such as biomass and biodiesel.
Price as on 02 Dec, 2021 01:39 PM, Click on company names for their live prices.
Street Signs
- Euro Stoxx 50 futures fell 1.3% in early trading on Thursday, indicating Wednesday’s 1.7% gain in the EUROSTOXX , its best day since May, would be reversed, and FTSE futures were down 1.13%
- In contrast, S&P 500 futures rose 0.56% and Nasdaq 100 futures gained 0.49%. Both underlying indexes closed down over 1% on Wednesday.
UK’s Medicines and Healthcare products Regulatory Agency has approved sotrovimab, a Covid-19 treatment which has been developed by GSK and Vir Biotechnology.
Price as on 02 Dec, 2021 01:22 PM, Click on company names for their live prices.
Ola booking crosses 10 lakh scooters, says Reuters; Fiem is major supplier for Ola scooters
Price as on 02 Dec, 2021 12:56 PM, Click on company names for their live prices.
Positive BoP dynamics and RBI’s war chest of FX reserves should ideally help keep a mild upward bias on INR. However, global headwinds amid new virus risk, faster Fed normalization and tighter global financial conditions may imply that FPIs ask for a higher EM risk premium, which could pressure EM assets, including India. Overall, INR performance will be caught between mixed external terms of trade, gradually changing global risk environment and RBI’s FX stance. We will keep an eye on any potential news on India’s inclusion in global bond indices in the coming quarters, which could spur debt flows.
– Emkay Global
Jet Airways is in talks with Boeing & Airbus for a $12 bn order
Price as on 02 Dec, 2021 12:30 PM, Click on company names for their live prices.
Maruti Suzuki announces further price hikes
The cost of company’s vehicles continue to be adversely impacted due to increase in various input costs. Therefore, it has become imperative for the Company to pass on some impact of the above additional costs to customers through a price hike. The price rise has been planned in January, 2022. The increase shall vary for different models.
L&T and ReNew announce partnership to focus on the Green Hydrogen business in India
Price as on 02 Dec, 2021 12:05 PM, Click on company names for their live prices.
Road logistics market in India to reach USD 330 bn by 2025: Report
- The road logistics market in India is expected to grow at a compounded annual growth rate of 8 per cent in the next five years, to reach USD 330 billion by 2025, as per a report.
- This growth will be fueled by factors such as the rapidly growing e-commerce sector and a growing retail sales market, among others, according to ‘Inter-city Logistics Market Study’, released by consulting firm RedSeer’s early stage research arm, RedCore on Thursday.
Top Sensex contributors at this hour
MARKET WATCH: Sensex extends gains, rises 500 points
Mahindra Logistics and Asia-Pacific logistics specialist LOGOS announced a long-term lease agreement for setting up 1.4 million square feet of warehouse facilities in the Delhi-National Capital Region.
Price as on 02 Dec, 2021 11:11 AM, Click on company names for their live prices.
NSE Indices launches new Nifty BHARAT Bond Index
NSE’s index services subsidiary, NSE Indices on Thursday said it has launched one more index under the Nifty BHARAT Bond Index series. The BHARAT Bond Index series follows a Target Maturity Date structure wherein each index in the series measures the performance of a portfolio of AAA rated bonds issued by government owned entities maturing in a specific year. The new index within the Nifty BHARAT Bond Index series is named Nifty BHARAT Bond Index – April 2032. The existing four BHARAT Bond ETFs managed an overall AUM of more than Rs 37,000 crore as on November 30, 2021.
Ethereum, Dogecoin, Polkadot rally up to 8%
The cryptocurrency market extended gains on Wednesday, despite investors booking profits in Dogecoin. Investors fancied altcoins at lower levels. Barring the Dogecoin and dollar-pegged Tether, all other eight out of the top 10 digital tokens were trading higher. Ethereum rallied 7 per cent, whereas Solana and Polkadot surged 5 per cent.
Lupin Inc., a wholly-owned subsidiary of global pharma major, Lupin has entered into an agreement with TTP pie (The Technology Partnership pie) to acquire the exclusive worldwide rights to develop, manufacture and commercialize Inhalation products using TTP’s soft-mist inhalation technology platform.
Price as on 02 Dec, 2021 10:47 AM, Click on company names for their live prices.
IPO SUBSCRIPTION UPDATES
Tega Industries: 5.92 times
Anand Rathi Wealth: 28%
Source: BSE
Check out the top 10 gainers in morning trade
Price as on 02 Dec, 2021 10:37 AM, Click on company names for their live prices.
ICICI Direct recommends Subscribe to Anand Rathi Wealth IPO
ARWL is a play on wealth management business where Ultra HNI segment is witnessing significant growth. Given the fundamentals and growth potential, valuation of (ARWL) looks reasonable, as at upper end of price band, the company is valued at ~7.5% AUM and ~18.7x EPS (annualised FY22E). The closest listed peer IIFL Wealth has over Rs 2.2 lakh crore in AUM and trading at 25xFY22E (consensus) offers healthy growth potential too. We remain positive in the space and assign SUBSCRIBE rating to the IPO.
The index continues its positive trajectory since yesterday. We are still far from restarting the up move. The Nifty needs to trade above 17,400-17,500 for the short-term trend to change in favor of the bulls. Until then the bias continues to be on the downside.
– Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
RSWM to invest Rs 350 crore for Capex, suggests media report
Price as on 02 Dec, 2021 10:05 AM, Click on company names for their live prices.
Auto sales in November 2021 were impacted by chip shortage in passenger vehicles, light commercial vehicles, and the domestic premium motorcycle segment. The passenger vehicle segment saw healthy inquiries and booking in the festive season and thereby volumes in this segment are expected to improve once the chip shortage situation gets resolved. In the commercial vehicle space, the medium and heavy commercial vehicle segments continued their gradual recovery supported by improved fleet utilization levels.
– Arun Agarwal, Deputy Vice President – Fundamental Research, Kotak Securities.
The construction and engineering player JMC Projects said that it has secured two orders worth Rs 1,795 crore, which includes water supply projects worth Rs 1,085 crore
Price as on 02 Dec, 2021 10:02 AM, Click on company names for their live prices.
In the short run we are in uncharted territory. Improving macros – GDP growth, GST collections, PMI – augur well for markets while rising inflation and its impact on monetary policy normalisation are concerns. Confirmation of the first Omicron case in the US and its presence in 23 countries now is a major concern. This is a sentiment negative for all markets but the markets have the potential to surprise since risk-appetite for equity is high globally. So, any positive news regarding Omicron can push markets up even though risk is high.
– VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Telecom stocks in focus as SC to hear the one-time spectrum charge case today
Price as on 02 Dec, 2021 09:56 AM, Click on company names for their live prices.
IEX slips 2% as UBS downgrades the stock to Sell from Buy
Price as on 02 Dec, 2021 09:50 AM, Click on company names for their live prices.
Nifty Pharma best sectoral gainer in early trade
Check out the top performing stocks from the pharma pack
Check out the most active stocks on NSE
Price as on 02 Dec, 2021 09:25 AM, Click on company names for their live prices.
OPENING BELL: Sensex gains 150 points, Nifty tops 17,200; M&M, HDFC gain 2% each
Pre-open session: Sensex gains 250 pts; Nifty at 17,120
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 122.5 points, or 0.71 per cent, lower at 17,122.50, signaling that Dalal Street was headed for a weak start on Thursday.
Tech View: Nifty50 has support at 17,050
Nifty50 on Wednesday climbed over 1 per cent and formed a bullish candle on the daily chart. Analysts said the buying was seen partly due to short covering in the banking space. They feel the NSE barometer needs to see follow up buying to give any decisive sign of recovery. Analysts see resistance for the index at the 17,300 level while they expect 17,050 to act as immediate support for the index.
Hong Kong stocks drop at open
Hong Kong stocks began Thursday on the back foot again, tracking losses across most of Asia following a late plunge on Wall Street fuelled by news that the United States had reported…
Read More: Sensex Today: Stock Market Live Updates: Sensex holds firm above 58K; Nifty tests 17,300