On Thursday, key benchmark indices continued the previous session’s surge to close at the day’s high and up more than a percent, driven by robust buying demand across sectors despite generally negative indications from global rivals amid concerns over the new Omicron variant. The broader markets finished higher as well.

The Nifty50 has formed a long bull candle on the daily chart, having just crossed crucial overhead resistance at 17,350, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities. “This is a positive sign and displays the strength of the bulls in a downtrend,” he said.

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The broader indices ended in green; the BSE Midcap index rose 1.01%, while the Small cap index was up by 1.12%. The top gaining sectoral indices on the BSE were Utilities up by 2.21%, Power up by 2.11%, IT up by 1.88%, TECK up by 1.85%, and Oil & Gas up by 1.74%, while there were no losing sectoral indices on the BSE.

According to pivot charts, the key support levels for the Nifty are placed at 17,227.23, followed by 17,052.77. If the index moves up, the key resistance levels to watch out for are 17,498.23 and 17,594.77.

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Indian Indices

Sensex touched high and low of 58,513.93 and 57,680.41, respectively, and rose 776.50 points or 1.35% to 58,461.29 in the previous session. There were 28 stocks advancing against 2 stocks declining on the index while Nifty traded in a range of 17,420.35 and 17,149.30 and was up by 234.75 points or 1.37% to 17,401.65. There were 47 stocks advancing against 3 stocks declining on the index. 

SGX Nifty

The trends on SGX Nifty indicate a positive opening for the index in India with a 200-points gain. The Nifty futures were trading at 17,449.20 on the Singaporean Exchange around 06:15 hours IST.

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US Markets

Dow Jones Industrial Average index surged 617.75 points, or 1.82%, to 34,639.79. The S&P500 index rose 64.06 points, or 1.42%, to 4,577.10. The tech-heavy Nasdaq Composite Index jumped 127.27 points, or 0.83%, to 15,381.32.

Asian Markets

Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.55%, while the Nikkei 225 led the Shanghai Composite lower. They fell 0.65% and 0.09% respectively.

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European Markets

European markets finished broadly lower today with shares in Germany leading the region. The DAX is down 1.19% while France’s CAC 40 is off 1.10% and London’s FTSE 100 is lower by 0.47%.

Sebi asks stockbrokers to disclose investors charter

Markets regulator Sebi on Thursday asked stock brokers to disclose investors’ charter as well as data pertaining to complaints they received on their websites. The new guidelines will come into effect from January 1, 2022, the Securities and Exchange Board of India (Sebi) said in a circular.

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OPEC+ alliance approved an increase in production of 400,000 barrels per day for the month of January

OPEC and allied oil-producing countries have decided to maintain the amount of oil they pump to the world even as the new omicron variant casts a spikey shadow of uncertainty over the global economic recovery from the coronavirus pandemic. Officials from OPEC countries, led by Saudi Arabia, and their allies, led by Russia, voted Thursday to stick with a pre-omicron pattern of steady, modest monthly increases in oil releases — a pace that has frustrated the United States and other oil-consuming nations as gasoline prices rise. The OPEC+ alliance approved an increase in production of 400,000 barrels per day for the month of January at a meeting.

The Reserve Bank on December 2, 2021  said it has filed an application with the National Company Law Tribunal (NCLT) for initiation of bankruptcy proceedings against Reliance Capital.

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RBI moves NCLT to initiate bankruptcy proceedings against Reliance Capital

The RBI superseded Reliance Capital’s board on November 29 due to the company’s failure to satisfy its payment obligations. Later, on November 30, the RBI formed an advisory committee to advise Reliance Capital’s administrator. Sanjeev Nautiyal, ex-DMD of State Bank of India, Srinivasan Varadarajan, ex-DMD of Axis Bank, and Praveen P Kadle, ex-MD & CEO of Tata Capital Limited, are members of the committee. The RBI has filed the application with the NCLT’s Mumbai bench. Previously, the RBI stated that it will apply to the NCLT in Mumbai to designate the administrator as the Insolvency Resolution Professional.

Motherson Sumi Systems becomes the only Indian automotive component company to feature in DJSI Emerging Markets 2021

Motherson Sumi Systems Ltd, a manufacturer of automotive components, announced on December 2 that the company has been included in the Dow Jones Sustainability Indices. “Motherson Sumi Systems Limited (MSSL) is proud to announce that it has been included in the Dow Jones Sustainability Emerging Markets Index for the first time,” the firm stated in a regulatory filing. It is the first Indian automotive component manufacturer that has qualified for the DJSI Emerging Markets 2021.” MSSL, which is currently the largest auto ancillary in India and one of Forbes magazine’s Fab50 companies in India, added that this achievement demonstrates its commitment to sustainable business practices and a focus on continuously improving performance in all aspects of the environmental, social, and governance (ESG) framework of sustainability.

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Canara Bank raises Rs 1,500 crore via Basel-III compliant bond

State-owned Canara Bank on Thursday said it has raised Rs 1,500 crore by issuing Basel-III compliant bonds. “Our bank came out with issuance of Rs 1,500 crore of additional tier I bonds on 30th November 2021. The bank received a total bid amount of Rs 4,699 crore, out of which full issuance of Rs 1,500 crore was accepted at 8.05 percent,” Canara Bank said in a regulatory filing. To comply with Basel-III capital regulations, banks globally need to improve and strengthen their capital planning processes.

Bharat Dynamics sign a contract worth Rs 471.41-crore with the Indian Army

Bharat Dynamics Limited (BDL) announced on December 2 that it has obtained a contract with the Indian Army for the refurbishment of IGLA-1M missiles for Rs 471.41 crore. The deal will be for ten years, according to a regulatory filing by the defense PSU. BDL also manufactures and supplies guided missiles and related equipment, undersea weapon systems, aerial weapon systems, ground support equipment, and product life cycle support.

Coal stocks at over 136 power plants in the country improved to 18.95 million tonnes (MT) in November

Coal stocks at over 136 power plants in the country improved to 18.95 million tonnes (MT) in November this year as compared to the previous two months, Parliament was informed on Thursday. The stock of coal at these plants was 10.37 MT in September and 8.07 MT in October. “As on 26th November 2021, the total coal stocks available with 136 linkage-based power plants monitored on a daily basis in Central Electricity Authority (CEA) was 18.958 MT, which is sufficient to run these plants for an average of 9.5 days,” Power Minister R K Singh said in a written reply to the Lok Sabha. “The details of average daily coal stocks in these power plants during the months of September 2021 and October 2021 were 10.34 MT and 8.07 MT, respectively,” he informed the House. The government has taken various steps for the maintenance of adequate coal stocks with power plants, the minister said. 

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Jet Airways is in talks with Boeing and Airbus to place an order worth $12 billion

Jet Airways is reportedly in talks with airplane makers Boeing Co and Airbus SE to place an order worth $12 billion, Reuters reported on December 2, citing Bloomberg News. The new owners of the airlines – United Arab Emirates-based businessman Murari Lal Jalan and United Kingdom-based investment firm Kalrock Capital have told that Jet is planning to buy at least 100 narrow-body aircraft. The Jalan-Kalrock consortium is set to invest about $200 million through equity and debt in Jet Airways over the next six months.

SBI signs an agreement with Adani Capital for co-lending to farmers

SBI has joined hands with Adani Capital as a co-lending partner to provide loans to farmers in the country. State Bank of India (SBI) has signed a master agreement with Adani Capital Private Ltd (Adani Capital), the NBFC arm of Adani Group, for co-lending to farmers for purchase of tractor and farm implements, to increase efficiency in farm operations and productivity of crops, SBI said in a release on Thursday. SBI said this partnership will enable it to target farmer customers in the interior hinterland of the country looking for the adoption of farm mechanization to enhance the productivity of crops.

Maruti Suzuki to hike prices depending on the model

In a filing on December 2, Maruti Suzuki announced that it would increase prices in January 2022, owing to an increase in input costs. The price hike shall vary for different models.

Notably, this is the fourth time in the last one year and the third time in less than six months that the automobile manufacturer has increased prices, with hikes previously announced in March, July, and September as well.

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Bulk Deal data

According to bulk deals data, Societe Generale purchased 36,00,000 shares of Karda Constructions Ltd on the NSE for Rs 16.65 per share.

Similarly, the bulk deals data showed that Nalanda India Equity Fund Ltd and Nalanda India Fund Ltd sold 22,28,570 and 29,71,430 equity shares in Kirloskar Oil Eng Ltd on the NSE for Rs 180.92 per share.

Crown Lifters’ promoters, including director Hanif Hussain Jaria, sold stakes in the firm via open market transactions on the NSE. According to bulk deals data, the promoters and their families sold up to 15 lakh shares on the exchanges.

Individually, Hanif Hussain Jaria and Asif Hussain Jaria dumped 6,85,000 equity shares, while Husain Virji Jaria sold 1,50,000 shares in the firm at the same price of Rs 26.3 per share on the NSE on Thursday, according to bulk deals data.

Similarly, from the promoter family, Karim Kamruddin Jaria bought 7,60,000 equity shares, while Nizar Nooruddin Rajwani and Siraj Virji Jaria each picked up 3,80,000 equity shares in the company at Rs 26.3 per share on the NSE, as per the bulk deals data. 

Nanalal Bhanji Dudhaiya and Satish Ramsevak Pandey bought and Shilpa Ashok Gandhi sold 60,000 equity shares each in the Debock Sale Marketing Ltd at Rs 103.45 per share on the NSE, the bulk deals data showed. 

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DII and FII data

Foreign institutional investors (FIIs) sold shares worth a net Rs 909.71 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 1372.65 crore in the Indian equity market on December 2, as per provisional data available on the NSE.

NSE F&O Ban

Indiabulls Housing Finance and Idea are under the F&O ban for December 3. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.

Quarterly Results

Libas Consumer Standalone September 2021 Net Sales at Rs 10.64 crore, up 12.6% Y-o-Y

Wealth First Po Consolidated September 2021 Net Sales at Rs 7.59 crore, up 32.34% Y-o-Y

Sundaram Consolidated September 2021 Net Sales at Rs 14.41 crore, up 14.09% Y-o-Y

Shrenik Standalone September 2021 Net Sales at Rs 9.27 crore, down 94.74% Y-o-Y

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Globe Textiles Standalone September 2021 Net Sales at Rs 84.60 crore, up 27.92% Y-o-Y

Bombay Super Standalone September 2021 Net Sales at Rs 17.18 crore, down 2.56% Y-o-Y

Mask Investment Standalone September 2021 Net Sales at Rs 0.02 crore, down 15.81% Y-o-Y

HLE Glascoat Consolidated September 2021 Net Sales at Rs 124.02 crore, up 2.07% Y-o-Y

V2 Retail Consolidated September 2021 Net Sales at Rs 149.53 crore, up 75.93% Y-o-Y

Gajanan Sec Standalone September 2021 Net Sales at Rs 0.14 crore, up 169.38% Y-o-Y