Indian equity benchmarks snapped a two-day winning streak and ended over a percent lower on Friday, dragged by losses across most sectors, especially Energy, Banking, and FMCG shares amid uncertainty surrounding the Omicron variant.
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The Nifty50 has formed a long bear candle on the daily chart, completely engulfing the long bull candle of the previous session, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
“The last two sessions’ candles indicate the formation of a dark cloud cover type pattern. Technically, such patterns are formed at the highs and the area is considered a reversal pattern on the downside,” he said. The recent bounce of the last few session seems to have been completed, and the market turned down from the highs, Shetti added.
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The broader indices ended mixed; the BSE Midcap index fell 0.01%, while the Small cap index was up by 0.33%. The top gaining sectoral indices on the BSE were Capital Goods up by 0.76%, Industrials up by 0.30%, and Basic Materials up by 0.22%, while Energy down by 2.30%, Bankex down by 1.00%, FMCG down by 1.00%, Finance down by 0.93% and Healthcare down by 0.79% were the top losing indices on BSE.
According to pivot charts, the key support levels for the Nifty are placed at 17,088.4, followed by 16,980.1. If the index moves up, the key resistance levels to watch out for are 17,397.4 and 17,598.1.
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Indian Indices
The Sensex fell 764.83 points or 1.31% to 57,696.46 and the Nifty was down by 204.95 points or 1.18% to 17,196.70. The Sensex touched high and low of 58,757.09 and 57,640.57, respectively and there were 4 stocks advancing against 26 stocks declining on the index while the Nifty traded in a range of 17,489.80 and 17,180.80 and there were 12 stocks advancing against 28 stocks declining on the index.
SGX Nifty
The trends on SGX Nifty indicate a positive opening for the index in India with a 70-points gain. The Nifty futures were trading at 17,242.20 on the Singaporean Exchange around 06:30 hours IST.
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US Markets
The Dow Jones Industrial Average fell 59.71 points to 34,580.08, dragged down by a 1.9% loss in Boeing. The 30-stock index was down more than 300 points earlier in the session. The S&P 500 dropped 0.8% to 4,538.43. The technology-focused Nasdaq Composite dipped 1.9% to 15,085.47.
Asian Markets
Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 1.00% and the Shanghai Composite rose 0.94%. The Hang Seng lost 0.09%.
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European Markets
European markets finished lower on Friday with shares in Germany leading the region. The DAX was down 0.61% while France’s CAC 40 was off 0.44% and London’s FTSE 100 was lower by 0.10%.
Ahead of its IPO, LIC enhances asset quality and reduces net NPA to 0.05%.
Ahead of its proposed initial public offering (IPO), insurance behemoth LIC has improved its asset quality for the financial year ended March 2021. The non-performing assets (NPAs) as of March 31, 2021, are Rs 35,129.89 crore out of a total portfolio of Rs 4,51,303.30 crore, according to the latest Annual Report of Life Insurance Corporation of India (LIC). The sub-standard assets are Rs 254.37 crore whereas the doubtful assets are Rs 20,369.17 crore and loss assets are Rs 14,506.35 crore. An amount of Rs 34,934.97 crore is provided as per IRDAI guidelines in the books of accounts towards non-performing assets, it said. The percentage of gross NPA is 7.78 percent while the net NPA is 0.05 percent at the end of March 2021. This is lower than gross NPA of 8.17 percent (as a percentage of its debt portfolio) and net NPA of 0.79 percent in the previous year.
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Canara Bank has launched a limited-time offer, with home loans beginning at 6.65%.
Canara Bank on December 4 announced the launch of a limited period offer where customers can avail home loan at an interest rate starting from 6.65 percent per annum. This offer is applicable to all customers irrespective of the loan amount. “Along with the attractive rate of interest and quick & hassle-free sanction, the Bank has waived processing and documentation charges. This is a great opportunity to get a home loan from Canara Bank to derive the benefits of this limited period offer,” the bank said in a release. In addition, the customers can request the bank for a home loan online by scanning the QR code. The bank said that through this online facility, customers will be able to achieve instant approval. ‘Scan & apply’, ‘get instant approval’ is also available for a car loan, education loan, gold loan, and personal loan added the release.
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Tech Mahindra acquires 100% stake in Activus Connect
Tech Mahindra on December 3 announced that it has acquired a 100 percent stake in Activus Connect, a leading provider of work-at-home customer experience management solutions. The company said that the acquisition will augment Mahindra’s position as a leading digital transformation enabler in the Work-at-Home Customer Experience Management domain. “Additionally, Tech Mahindra will leverage Activus Connect’s customizable Omni-channels and AI-powered compliance analytics platform, SmartVirtual™, to render a secure cloud-based ecosystem of technologies, analytics, and virtual management practices. This will enable friendly, smart, efficient, and effective outcomes for consumers across the globe,” the company said in a release.
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India’s forex reserves down by $2.713 million to $637.687 billion
The country’s foreign exchange reserves declined by $2.713 billion to $637.687 billion in the week to November 26, RBI data showed. In the previous week ended November 19, the reserves had increased by $289 million to $640.401 billion. It touched a lifetime high of $642.453 billion in the week ended September 3, 2021. In the reporting week ended November 26, the dip in the foreign exchange reserves was on account of a decline in foreign currency assets (FCA), a major component of the overall reserves and gold reserves, Reserve Bank of India’s (RBI) weekly data released on Friday showed. FCA dropped by $1.048 billion to $574.664 billion in the reporting week, the data showed.
Tata Motors and Honda are considering raising their prices beginning next month
With input costs continuing to rise, automakers like Tata Motors, Honda, and Renault are looking to increase vehicle prices from January next year to offset the impact. Already, car market leader Maruti Suzuki and luxury automakers Audi and Mercedes-Benz have announced to hike vehicle prices from next month. While Maruti said the price rise planned for January 2022 will vary for different models, Mercedes-Benz said its hike will be on select models by up to 2 percent due to feature enhancement and rising input costs. On the other hand, Audi said its price increase effective January 1, 2022, will be up to 3 percent across its entire model range owing to rising input and operational costs.
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Bulk Deal data
Promoter Jaya Chandrakant Gogri sold 70,000 equity shares in Aarti Surfactants at Rs 1,050.87 per share on the NSE, the bulk deals data showed.
Eriska Investment Fund acquired 31 lakh equity shares in Karda Constructions at Rs 17 per share on the NSE, the bulk deals data showed.
Nalanda India Equity Fund sold 20,21,814 equity shares in Kirloskar Oil Engines at Rs 184.88 per share on the NSE, the bulk deals data showed.
Malabar Select Fund offloaded 4,01,224 equity shares in Krishna Institute of Medical Sciences at Rs 1,319.04 per share on the NSE, the bulk deals data showed.
Trust Capital Services India bought 64 lakh equity shares in National Highways Infra Trust at Rs 101.61 per share, however, ICICI Bank (Trading) sold 84 lakh equity shares in the company at Rs 101.61 per share on the NSE, the bulk deals data showed.
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DII and FII data
Foreign institutional investors (FIIs) offloaded Indian equities worth net Rs 3,356.2 crore on Friday. However, domestic institutional investors made purchases of net Rs 1,648.8 crore, according to provisional exchange data.
NSE F&O Ban
Indiabulls Housing Finance and Idea are under the F&O ban for December 6. 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.
Also Read| DII & FII data: FII offloaded shares worth 3,356 crore on NSE
