Indian equity benchmarks erased initial gains in the last hour to end half a % lower on Wednesday on the back of fresh selling pressure in select index heavyweights like Maruti Suzuki, Infosys, ITC, and Reliance Industries.

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The index has reversed direction after reaching 17,600, a level that has served as an important support in the past, said Shrikant Chouhan, Head-Equity Research (Retail) at Kotak Securities. There are signs of further weakness in the market in the short term, he said.

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“The next best support exists at 17,300, 17,200, and 17,100. A ‘buy and sell’ strategy can be used… On the upside, levels 17,500 and 17,600 will be the biggest hurdles,” Chouhan added.

The broader indices ended mixed. The BSE Midcap index fell 0.57%, while the Small cap index was up by 0.44%. The Nifty Midcap 100 index fell 0.4 % and the Nifty Smallcap 100 index gained 0.63 %. The top gaining sectoral indices on the BSE were Oil & Gas up by 0.78%, PSU up by 0.60%, Bankex up by 0.53%, Utilities up by 0.52%, and Telecom up by 0.10%, while IT down by 1.24%, Auto down by 1.18%, TECK down by 1.02%, Capital Goods down by 0.93% and FMCG down by 0.86%

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According to pivot charts, the key support levels for the Nifty are placed at 17,312.54, followed by 17,209.97. If the index moves up, the key resistance levels to watch out for are 17,559.14 and 17,703.17.

Indian Indices 

BSE Sensex fell 323.34 points or 0.55% to 58,340.99 while the Nifty50 was down by 88.30 points or 0.50% to 17,415.05 and formed a bearish candle on the daily charts.

SGX Nifty

The trends on SGX Nifty indicate a positive opening for the index in India with a 25-points gain. The Nifty futures were trading at 17,438.80 on the Singaporean Exchange around 07:00 hours IST.

US Markets

The US stock markets on Wednesday closed slightly higher ahead of the Thanksgiving holiday. The S&P 500 edged higher, even as more stocks fell than rose, while Dow Jones Industrial Average edged lower.

The S&P 500 rose 10.76 points, or 0.2%, to 4,701.46.

The Dow Jones Industrial Average fell 9.42 points, or less than 0.1%, to 35,804.38.

The Nasdaq rose 70.09 points, or 0.4%, to 15,845.23.

The Russell 2000 index of smaller companies rose 3.60 points, or 0.2%, to 2,331.46.

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Asian Markets

Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.14% and the Shanghai Composite rose 0.10%. The Nikkei 225 lost 1.58%

European Markets

European markets finished mixed as of the most recent closing prices. The FTSE 100 gained 0.27%, while the DAX led the CAC 40 lower. They fell 0.37% and 0.03% respectively.

India and USA agree on a transitional approach for digital tax on e-commerce supplies

In a major reform of the international tax system, on October 8 this year, India and United States joined 134 other members of the OECD/G20 Inclusive Framework in reaching an agreement on the Statement on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalization of the Economy. The final terms of the agreement shall be finalized by February 1, 2022, the finance ministry added.

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Reliance Strategic Business Ventures Ltd (RSBVL) to acquire the franchise in UAE T20 League

Reliance Industries Limited announced in a statement on November 24 that it will, through its subsidiary Reliance Strategic Business Ventures Ltd (RSBVL), acquire the rights to own and operate a new franchise cricket team in the Emirates Cricket Board’s upcoming UAE T20 League.

The airport infra sector is expected to turn around this fiscal with Rs 3,200-crore operating profit

After reporting operating loss last year, the airport infrastructure sector in the country is expected to turn around this year with an operating profit of Rs 3,200 crore, driven by a likely 82-84 % growth year-on-year in air passenger traffic during the period, according to a report by rating agency ICRA. The agency also said that due to the COVID-19 pandemic, the ongoing capacity expansion plans at the major airports are expected to be delayed by 12-18 months.

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IBM India FY21 net profit falls 21% to Rs 2,070 crore

IBM India reported a net profit of Rs 2,070 crore for the year ended March 2021, down 21 % from last year due to renegotiation of contracts and lower billings. The company had reported Rs 2,617 crore in net profit for the same period last year. Revenue fell 6 % to Rs 25,365 crore for FY21, from Rs 27,103 crore for the same period last year, according to a filing by the business intelligence platform Tofler. The company’s total expenses for the fiscal were reported at Rs 22,311 crore.

Indian GDP to grow 7.8% in Q2, 9.4% in FY22

Real GDP will grow 9.4 % in FY22 and decelerate to 7.5 % for FY23 as the base effects result in the higher growth in the ongoing fiscal wear-off, according to the report by economists at HDFC Bank released on Wednesday.

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Sensex can hit 70,000 by December 2022: Morgan Stanley

One of the world’s leading investment/brokerage firms, Morgan Stanley, continues to remain bullish on India for the near to medium term. In its recent report, the brokerage has highlighted that in the immediate to near term, the Indian markets are expected to consolidate amidst strong volatility. The brokerage expects the BSE Sensex to reach 70,000 by December 2022 in its base case scenario, which has a probability of 50 %. For this to happen, it assumes stability in the pandemic situation and a recovery in the economy.

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L&T signs pact with Tamil Nadu govt to build a data center at Kanchipuram

Larsen & Toubro (L&T) on Wednesday said it has entered into a pact with the Tamil Nadu government to establish a data center in the state. L&T will establish 90 MW capacity data centers and associated units in a phased manner in Kanchipuram over the next five years.

Bulk Deal data

Ipca Labs acquired 48 lakh equity shares in Lyka Labs (16.7 % of total paid-up equity) at Rs 130.4 per share on the BSE.nHowever, Shruti Mayank Shah & Prasham Mayank Shah sold 15 lakh shares each, and Mayank Jashwantlal Shah offloaded 18 lakh shares at Rs 130.4 per share on the BSE.nIn total, Ipca Labs, so far, bought 76,24,142 equity shares or 26.57 % stake in Lyka Labs via open market transactions in the current week. Lyka Labs was locked in a 5 % upper circuit today at Rs 135.

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Among other bulk deals, ace investor Dolly Khanna bought 22,344 equity shares in Simran Farms (0.58 % stake) at Rs 135.19 per share on the BSE. The stock rallied 8 % to close at Rs 136.55.

Sony Sebastian sold 1,06,19,497 equity shares in Vikas Proppant & Granite at Rs 1.6 per share on the NSE.

Alpha Leon Enterprises LLP bought 50,000 equity shares in NXT DIGITAL at Rs 31.9 per share, however, Aviator Global Investment Fund offloaded 73,174 equity shares at Rs 33.58 per share and New Leaina Investments sold 75,083 equity shares in the company at Rs 31.91 per share on the NSE.

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DII and FII data

Foreign institutional investors (FIIs) net sold shares worth Rs 5,122.65 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 3,809.62 crore in the Indian equity market on November 24, as per provisional data available on the NSE.

NSE F&O Ban

Escorts and Indiabulls Housing Finance are under the F&O ban for November 25. 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.

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