Following two days of steep losses, Indian equity indexes staged a strong return on Tuesday. The rebound was broad-based, with financial, information technology, oil and gas, and metal companies contributing the most to the increases in both the Sensex and the Nifty50. The Bank Nifty increased by 2.5%.
The 50-scrip index has formed a reasonable bull candle on the daily chart, besides Monday’s long bear candle, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
“This candle pattern indicates the formation of an inside day type pattern, which could have a positive impact in the next session,” he said.
The broader indices ended in green; the BSE Midcap index rose 1.29%, while the Small cap index was up by 1.14%. The top gaining sectoral indices on the BSE were Metal up by 3.20%, Realty up by 2.58%, Bankex up by 2.54%, Basic Materials up by 2.02%, and PSU up by 1.83%, while there were no losing sectoral indices on the BSE.
According to pivot charts, the key support levels for the Nifty are placed at 17,025.77, followed by 16,874.83. If the index moves up, the key resistance levels to watch out for are 17,289.66 and 17,402.63.
Indian Indices
BSE Sensex rose 886.51 points or 1.56% to 57,633.65 and the Nifty was up by 264.45 points or 1.56% to 17,176.70. The BSE Sensex touched high and low of 57,905.63 and 56,992.27, respectively and there were 29 stocks advancing against 1 stock declining on the index while The Nifty traded in a range of 17,251.65 and 16,987.75 and there were 45 stocks advancing against 5 stocks declining on the index.
SGX Nifty
The trends on SGX Nifty indicate a flat opening for the index in India with a 10-points gain. The Nifty futures were trading at 17,320.20 on the Singaporean Exchange around 06:30 hours IST.
US Markets
The S&P 500, Wall Street’s broadest gauge, finished the day up 2.1%, while the Dow rose 1.4% or just under 500 points. The Nasdaq Composite, which had lagged behind the others on Monday, gained 3%.
Asian Markets
Asian markets finished broadly higher yesterday with shares in Hong Kong leading the region. The Hang Seng was up 2.71% while Japan’s Nikkei 225 was up 1.89% and China’s Shanghai Composite was up 0.16%.
European Markets
European markets closed sharply higher yesterday with shares in France leading the region. The CAC 40 was up 2.91% while Germany’s DAX was up 2.82% and London’s FTSE 100 was up 1.49%.
Reliance and TA’ZIZ formed a joint venture for $2 billion in chemical projects in Ruwais
Reliance Industries Ltd (RIL) on December 7 announced the launch of a strategic joint venture with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) for chemical projects worth $2 billion in Ruwais, a town located 240 km to the west of Abu Dhabi City. “The new joint-venture will construct and operate a Chlor-Alkali, Ethylene Dichloride (EDC) and Polyvinyl Chloride (PVC) production facility, with an investment of more than $2 billion,” RIL said in a statement. The joint venture, named ‘TA’ZIZ EDC & PVC’, will be a “world-scale chemical production partnership” at the TA’ZIZ Industrial Chemicals Zone in Ruwais.
MoEngage, a SaaS startup, has raised $30 million in funding led by Steadview Capital
Customer analytics startup MoEngage on December 7 said that it has raised $30 million led by Steadview Capital, doubling its valuation to about $500 million in six months. While MoEngage said its valuation has doubled, it declined to comment on the valuation. Existing investors Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital, and Matrix Partners India invested as well. Founded in 2014, MoEngage helps companies measure customer engagement and analyse metrics in order to improve it, which may help companies formulate their marketing and data strategy. Like most software-as-a-service companies, it works on a subscription model, where companies pay a recurring fee for their services.
Nestle India receives government approval for the PLI scheme for processed fruits and vegetables
FMCG major Nestle India said on December 7 that it has received approval from the government for the production-linked incentive (PLI) scheme for processed fruits and vegetables. In June 2021, the company had submitted its proposal towards the Indian government’s PLI for the food processing sector under the eligible categories of ready-to-eat/ready-to-cook and processed fruits and vegetables, Nestlé India said in a regulatory filing. It further said that on December 6, 2021, the company has ”received communication from the Government of India that its proposal with respect to processed fruits and vegetables has been approved”. Thanking the government for the approval, Nestlé India said it has ”always believed that the PLI scheme for the food processing sector will help farmers and the food processing industries”.
SpiceJet has been ordered to cease operations by the Madras High Court due to unpaid debts
The Madras High Court has ordered the winding up of private carrier SpiceJet Limited and directed the official Liquidator attached to the High Court to take over its assets, in a plea filed by a Swiss company over unpaid dues. The court was allowing a company petition from Credit Suisse AG, a stock corporation registered under the laws of Switzerland, which prayed for winding up of the Indian firm under the provisions of the Companies Act, 1956 and appoint the Official Liquidator of the High Court as the Liquidator with all powers under Section 448 of the Companies Act to take charge of SpiceJet’s assets, properties, stock in trade and books of accounts.
The IOC has renewed its agreement to purchase up to 2 million tons of oil from Russia’s Rosneft
Indian Oil Corporation (IOC), the nation’s largest oil firm, has renewed a deal to buy up to 2 million tonnes of crude oil in 2022 from Russia’s Rosneft, the Russian oil producer said. IOC had in February 2020 signed a deal with Rosneft Oil Company to import up to 2 million tonnes of oil via the port of Novorossiysk. In 2021, the deal envisaged supply of up to 1.7 million tonnes of crude oil but IOC bought just on parcel or shipload as the cost of transporting the oil made it uneconomical, when compared to alternatives. For 2022, the deal is for the supply of up to 2 million tonnes of oil from the Black Sea port of Novorossiysk. India has tied up supplies from Russia to the US in a bid to diversify its oil import basket, cutting reliance on the Middle East to meet its oil needs.
Bulk Deal data
Nikunj Kaushik Shah and Nikunj Stock Brokers Ltd sold 48,000 and 72,000 equity shares in Destiny Logistics at Rs 10.27 and 10.51 per share respectively on the NSE, the bulk deals data showed.
Axis Bank Limited for the second straight session dumped 3,62,362 equity shares in MT Educare at Rs 7.62 per share on the NSE, as per the bulk deals data.
In Nandan Denim Limited, Agarwal Manmohan Shivkumar and Deepika Agrawal bought 4,50,000 and 3,50,000 equity shares at Rs 110.55 and 110.5 per share respectively, while CNM Finvest Private Limited sold 5,00,000 equity shares at Rs 110.57 per share on the NSE, the bulk deals data portrayed.
Basavaraj Channappa Mahashetti and Nanalal Bhanji Dudhaiya each bought 42,000 equity shares in Debock Sale Marketing at Rs 100.27 and Rs 96.2 per share, while Ramesh Bhandappa Munnoli and Satish Ramsevak Pandey each sold 42,000 equity shares in the company at Rs 96.2 and Rs 100.8 per share on the NSE, according to the bulk deals data.
In Universus Imagings Ltd, Ankit Jain bought 62,000 equity shares and Mace Venture sold 60,375 equity shares at Rs 779.81 and Rs 780.92 per share on the NSE, the bulk deals data showed.
DII and FII data
Foreign institutional investors (FIIs) sold shares worth net Rs 2,584.97 crore, while domestic institutional investors (DIIs) bought shares worth net Rs 2,605.81 crore in the Indian equity market on December 7, as per provisional data available on the NSE.
NSE F&O Ban
Indiabulls Housing Finance is under the F&O ban for December 8. 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.
