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Paytm recovers early losses after disappointing Q2
Price as on 29 Nov, 2021 10:20 AM, Click on company names for their live prices.
As expected the markets opened weak post Friday’s close where the index failed to close above 17,200. The short term is weak and the medium term is now shaping up to become weak too. If we trade below 17,000 on a closing basis, the Nifty can slip further to 16,500. On the upside, the resistance is at 17,500 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.
– Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The outbreak of the Omicron variant and the WHO classifying it as ‘a variant of concern’ has introduced a new element of uncertainty over global growth and markets. The sharp global market correction on Friday reflects this uncertainty and fear. Risk-averse investors can move to defensives like pharma and FMCG which will be resilient in these difficult times. Investors with a high risk-appetite can consider calibrated buying in high quality banking and IT stocks.
– VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Opening Bell: Sensex sheds 300 pts, Nifty at 16,850; Voda Idea surges 10%, Bharti Airtel up 1%
Sensex recovers in pre-open session, still down 45 pts; Nifty at 17,000
Pre-open session: Sensex drops 400 pts, Nifty at 16,600
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 39,50 points, or 0.23 per cent, higher at 17,083.00, signaling that Dalal Street was headed for a positive start on Monday.
Tech View: Nifty50 slips below 100-DMA; stay cautious
Nifty50 on Friday slipped below its 100-day moving average (DMA) and lost the important support of the 20-week moving average. It formed a bearish candle on both daily and weekly scales. Analysts are cautious and believe more downside from here cannot be ruled out.
Oil recoups losses amid Iran talks
Oil prices rose on Monday, recouping some losses after Friday’s plunge of about $10 a barrel, as investors looked for bargains but remained cautious with the focus on the Omicron coronavirus variant and Iran nuclear deal negotiations. Brent crude futures climbed $3.05, or 4.2%, to $75.77 a barrel by 0014 GMT, after falling $9.50 on Friday. US West Texas Intermediate crude was up $3.27, or 4.8%, at $71.42 a barrel, having tumbled $10.24 in the previous session.
Hong Kong stocks sink at open
Shares in Hong Kong and mainland China opened with more losses Monday morning to extend a sell-off across world markets fuelled by fears about the new Omicron variant. The Hang Seng Index dropped 0.71 percent, or 170.03 points, to 23,910.49. The Shanghai Composite Index lost 0.99 percent, or 35.42 points, to 3,528.67, while the Shenzhen Composite Index on China’s second exchange fell 1.10 percent, or 27.67 points, to 2,479.48.
Tokyo shares open lower on Omicron fears
Tokyo stocks opened lower on Monday as scientists raced to learn more about the new Omicron Covid variant that has prompted countries to strengthen border control efforts. The benchmark Nikkei 225 index was down 1.30 percent, or 374.67 points, to 28,376.95 in early trade. The broader Topix index slipped 1.43 percent, or 28.32 points, to 1,956.66.
US stocks settled lower on Friday
Stocks sank Friday, with the Dow Jones Industrial Average briefly falling more than 1,000 points, as a new coronavirus variant first detected in South Africa appeared to be spreading across the globe. The index closed down 905.04 points to end the day at 34,899.34. The S&P 500 index dropped 106.84 points, or 2.3%, to close at 4,594.62. It was the worst day for Wall Street’s benchmark index since February. The Nasdaq Composite lost 353.57 points, or 2.2%, to 15,491.66.
Rupee plunges 37 paise to month’s low
The rupee on Friday plunged by 37 paise or 0.50 per cent against the US dollar to close at a nearly month’s low as investors turned cautious in view of massive selloffs in domestic equities and worries over a new variant of COVID-19. The rupee erased all of its gains in the month while suffering its worst weekly loss of 59 paise since October 8 due to month-end dollar demand and on anticipation that the US Fed will accelerate asset tapering..
Sensex, Nifty on Friday
The Sensex nosedived 1,688 points while the Nifty slumped below the 17,100-level on Friday as a new and potentially vaccine-resistant coronavirus variant sent shockwaves through global markets. The variant, detected in South Africa, Botswana and Hong Kong so far, has an unusual combination of mutations, as per initial reports.
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