The market extended losses and fell quite sharply with the benchmark indices plunging 2 % on November 22, dragged by banking and financials, FMCG, Pharma, IT stocks, and index heavyweight Reliance Industries. Consistent FII selling was the key reason for correction in the market.

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“The Nifty has formed a bearish candle at the top with divergence seen in RSI, which was suggesting that profit booking at higher levels can be seen, and the index corrected almost 6.5 %. It has given a breakdown of the neckline of a head and shoulder pattern, which is a reversal pattern, suggesting downside movement in the coming sessions. The index has closed below its 21- and 50-day moving averages and the Stochastic and MACD indicators are trading with a negative crossover, which points to a weakness for the coming sessions,” said Sachin Gupta, AVP-Research at Choice Broking.

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The broader markets also witnessed a steep fall with the Nifty Midcap 100 index falling 3.01 % and Smallcap 100 index declining 2.74 %.

According to pivot charts, the key support levels for the Nifty are placed at 17,196.27, followed by 16,975.94. If the index moves up, the key resistance levels to watch out for are 17,721.07 and 18,025.53.

Indian Indices

The BSE Sensex crashed 1,170.12 points to close at 58,465.89, while the Nifty50 fell 348 points to 17,416.50 and formed a large bearish candle on the daily charts.

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SGX Nifty

The trends on SGX Nifty indicate a negative opening for the index in India with a 23-points loss. The Nifty futures were trading at 17,433.20 on the Singaporean Exchange around 06:30 hours IST.

US Markets

After trading higher for much of the day, major US stock market indices ended either flat or lower on Monday. The S&P 500 fell 15.02 points, or 0.3%, to 4,682.94.

The Dow Jones Industrial Average rose 17.27 points, or less than 0.1%, to 35,619.25.

The Nasdaq fell 202.68 points, or 1.3%, to 15,854.76.

The Russell 2000 index of smaller companies fell 11.81 points, or 0.5%, to 2,331.35.

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Asian Markets

Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.54% and the Nikkei 225 rose 0.13%. The Hang Seng lost 0.44%.

European Markets

European markets finished mixed as of the most recent closing prices. The FTSE 100 gained 0.59% and the CAC 40 rose 0.15%. The DAX lost 0.51%.

SBI yet to refund Rs 164 crore undue fee charged from Jan Dhan a/c holders

State Bank of India (SBI) is yet to return Rs 164 crore of the undue fee charged from the account holders of Pradhan Mantri Jan Dhan Yojana (PMJDY) towards digital payments during April 2017 and December 2019, a report said.

Reacting to the report the bank said, “There has been a news article on 22.11.2021 that SBI is not refunding charges recovered from the customers on digital transactions. We confirm that Bank is in full compliance with the Government and regulatory directives in this regard.” 

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Bharti Airtel added 2.74 lakh, mobile subscribers in September

Bharti Airtel added 2.74 lakh mobile subscribers in September even as larger rival Reliance Jio lost 1.9 crore users and Vodafone Idea lost 10.77 lakh subscribers during the month, according to data released by telecom regulator TRAI on Monday. The subscriber base of Airtel stood at 35.44 crores in September as against 35.41 crore users in August. The net additions for the telco came in at 2.74 lakh users, the monthly subscriber data compiled by the Telecom Regulatory Authority of India (TRAI) showed.

IIFL Finance looks to sell stake in Housing Finance unit

IIFL Finance is preparing to divest stake in its subsidiary, affordable housing financier IIFL Home Finance, as it looks to unlock value, multiple industry sources with knowledge of the matter told Moneycontrol.

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DLF Cyber City Developers Ltd raises Rs 1,000 crore via NCDs

DLF Cyber City Developers Ltd (DCCDL), the rental arm of DLF Ltd, has successfully raised Rs 1,000 crore through private placement of listed, secured, and redeemable non-convertible debentures (NCDs) at 6.7 % annual fixed coupon maturing in September 2024.

RBI announces draft scheme for amalgamation of PMC Bank and Unity Small Finance Bank

The Reserve Bank of India on November 22 placed in the public domain a draft scheme for the amalgamation of Punjab and Maharashtra Cooperative (PMC) Bank and Unity Small Finance Bank (USFB). The draft envisages the takeover of the assets and liabilities of PMC Bank including deposits, by USFB in terms of the provisions of the scheme, giving a greater degree of protection for depositors.

India’s GDP likely to grow 8.1% in Q2 FY22: SBI report

The country’s GDP growth is likely to be around 8.1 % in the second quarter of the current financial year and in the range of 9.3-9.6 % during fiscal 2022, according to an SBI research report. In the first quarter of FY 22, the economy grew 20.1 %. For fiscal 2022, RBI has estimated real GDP growth to be at 9.5 % — 7.9 % in Q2, 6.8 % in Q3, and 6.1 % in Q4.

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Exports rose 18.8% to $20 billion so far in November

The country’s exports rose 18.8 % to $20.01 billion during the three week period of this month (November 1-21), due to healthy growth in sectors such as petroleum products, engineering goods, chemicals and gems, and jewellery, according to the preliminary data of the commerce ministry. Imports during the period increased 45.34 % to $35.11 billion as against $24.15 billion during the corresponding period last year, the data showed.

PayU India’s revenue grew by 56% in the first half of FY22

Payment gateway and credit company PayU India saw a 72 % growth in total payments value (TPV) to $18.9 billion in the first half of the financial year 2021-2022.

PayU India’s parent Prosus said in its half-yearly financial update that the company also saw a 56 % growth in revenues during the period, despite India witnessing the destructive second wave of Covid-19 during the beginning of the financial year.

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Bulk Deal Data

Societe Generale sold 4,62,468 equity shares in Fino Payments Bank at Rs 401.48 per share on the NSE, the bulk deals data showed.

DSP Mutual Fund acquired 5,00,001 equity shares in Thangamayil Jewellery at Rs 1,322.1 per share on the NSE. However, promoters — Narayanan Balusamy Kumar, Das Balarama Govinda, and Balusamy Ramesh — sold 1,66,667 equity shares each at the same price on the NSE, the bulk deals data showed.

Dolly Khanna bought 1.4 lakh equity shares in Ananta Soya at Rs 147.72 per share on the BSE, the bulk deals data showed.

Plutus Wealth Management LLP sold 75,000 equity shares in ION Exchange at Rs 2,220 per share on the BSE, the bulk deals data showed.

Ipca Laboratories acquired 10.5 lakh equity shares in Lyka Labs at Rs 123 per share; however, investors Shreyans Jashwantlal Shah sold 3.45 lakh equity shares and Vipul Priyakant Dalal sold 2,40,121 equity shares at the same price on the BSE, the bulk deals data showed.

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DII and FII data

Foreign institutional investors (FIIs) net sold shares worth Rs 3,438.76 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 2,051.18 crore in the Indian equity market on November 22, as per provisional data available on the NSE.

NSE F&O Ban

Escorts, and Vodafone Idea – are under the F&O ban for November 23. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

Quarterly Results

Nitiraj Enginee Standalone September 2021 Net Sales at Rs 8.78 crore, down 24.56% Y-o-Y

Hindcon Chemica Standalone September 2021 Net Sales at Rs 12.47 crore, up 21.67% Y-o-Y

Pudumjee Ind Standalone September 2021 Net Sales at Rs 0.91 crore, up 161.55% Y-o-Y

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Geekay Wires Standalone September 2021 Net Sales at Rs 64.44 crore, up 43.2% Y-o-Y   

Sonal Mercant Consolidated September 2021 Net Sales at Rs 5.04 crore, up 7.76% Y-o-Y

Aakash Explorat Standalone September 2021 Net Sales at Rs 18.04 crore, up 11.3% Y-o-Y

Adcon Capital S Standalone September 2021 Net Sales at Rs 0.08 crore, up 31.68% Y-o-Y

Bhanderi Infra Consolidated September 2021 Net Sales at Rs 0.66 crore, down 69.95% Y-o-Y

Zota Health Car Standalone September 2021 Net Sales at Rs 35.40 crore, up 25.67% Y-o-Y

GKB Ophthalmics Consolidated September 2021 Net Sales at Rs 18.53 crore, up 20.53% Y-o-Y

Aspinwall Standalone September 2021 Net Sales at Rs 55.46 crore, down 2.6% Y-o-Y

Chembond Chem Consolidated September 2021 Net Sales at Rs 83.76 crore, up 24.52% Y-o-Y

Sungold Capital Standalone September 2021 Net Sales at Rs 0.35 crore, down 20% Y-o-Y 

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Zota Health Car Consolidated September 2021 Net Sales at Rs 35.39 crore, up 25.64% Y-o-Y

Galada Finance Standalone September 2021 Net Sales at Rs 0.28 crore, up 58.22% Y-o-Y

Swastika Invest Consolidated September 2021 Net Sales at Rs 20.85 crore, up 2.79% Y-o-Y

Upsurge Invest Standalone September 2021 Net Sales at Rs 12.91 crore, up 46.73% Y-o-Y

Nitiraj Enginee Consolidated September 2021 Net Sales at Rs 8.78 crore, down 24.56% Y-o-Y

Anjani Finance Consolidated September 2021 Net Sales at Rs 0.13 crore, down 37.92% Y-o-Y

Pudumjee Ind Consolidated September 2021 Net Sales at Rs 0.91 crore, up 161.55% Y-o-Y

Cubical Fin Ser Standalone September 2021 Net Sales at Rs 1.53 crore, up 361.24% Y-o-Y

Abhishek Finle Standalone September 2021 Net Sales at Rs 0.24 crore, up 100.5% Y-o-Y    

Fert and Chem Standalone September 2021 Net Sales at Rs 781.65 crore, down 25.33% Y-o-Y

GKW Standalone September 2021 Net Sales at Rs 9.77 crore, up 35.16% Y-o-Y               

Salona Cotspin Standalone September 2021 Net Sales at Rs 164.37 crore, up 210.48% Y-o-Y