Indian equity benchmarks ended choppy session marginally in green in tandem with a similar recovery in other markets as investors waited for more details to assess the severity of the Omicron coronavirus variant on the world economy, allowing battered stock markets and oil prices to recover. 

The Nifty is hinting at the formation of a long-legged doji type candle, signalling indecision among market participants after correction, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.”Normally, such a formation after a reasonable decline could be considered a trend reversal for the market post-confirmation. There is the possibility of a minor pullback rally in the coming sessions,” he said.

The broader indices were trading in red; the BSE Midcap index was down by 0.93%, while the Small cap index was down by 1.90%. The top gaining sectoral indices on the BSE were TECK up by 0.67%, IT up by 0.65%, Consumer Durables up by 0.54%, Energy up by 0.43% and Telecom up by 0.26%, while Utilities down by 2.61%, Realty down by 1.98%, Power-down by 1.97%, Oil & Gas down by 1.51%, PSU down by 1.49% were the top losing indices on BSE.

According to pivot charts, the key support levels for the Nifty are placed at 16,837.3, followed by 16,620.7. If the index moves up, the key resistance levels to watch out for are 17,215.6 and 17,377.3.

Indian Indices

The BSE Sensex rose 153.43 points or 0.27% to 57,260.58 and the Nifty was up by 27.50 points or 0.16% to 17,053.95 on Monday. 

SGX Nifty 

The trends on SGX Nifty indicate a positive opening for the index in India with a 30-points gain. The Nifty futures were trading at 17,120.20 on the Singaporean Exchange around 07:20 hours IST.

US Markets

The Dow Jones Industrial Average gained 236.6 points to 35,135.94. The S&P 500 added 1.3% to 4,655.27, and the tech-focused Nasdaq Composite rose 1.9% to 15,782.83. The small-cap benchmark Russell 2000, full of the most economically sensitive stocks, fell 0.2% to 2,241.98.

European Markets

European markets finished higher today with shares in London leading the region. The FTSE 100 is up 0.94% while France’s CAC 40 is up 0.54% and Germany’s DAX is up 0.16%.

Moody’s assigns ‘B3’ ratings to Ola

Moody’s Investors Service on Monday said it has assigned a first-time B3 corporate family rating (CFR) to ANI Technologies, which operates ride-hailing service, Ola. Moody’s CFRs are opinions of a corporate family’s ability to honor all of its financial obligations. It has also assigned a B3 rating to the company’s proposed senior secured term loan.

ICRA upgrades DLF Limited rating

Real estate major DLF Limited on November 29 said that it has received a rating upgrade from the country’s premier rating agency ICRA to AA- with Stable Outlook. This follows the recent rating upgrade done by another premier rating agency CRISIL in August. The long-term rating has been upgraded to CRISIL AA-/Stable, it said in a regulatory filing. The rating upgrade demonstrates the strong business fundamentals of the company and reflects the underlying improvement in the operating performance.

GDP grew 8.3% in Q2, 9.4% full year

Leading rating agency, India Ratings expects the economy to grow 8.3 percent in Q2 and close the year with 9.4 percent in FY’22, which is 10 bps lower than the consensus forecast. The agency has attributed the higher growth to the nine consecutive quarters of over 3 percent agriculture growth, which has brightened consumer spending and the resultant uptick in private final consumption expenditure, which is likely to clip at around 10 percent in September quarter of the current fiscal.

Go Fashion to debut on November 30

Women’s bottom-wear brand Go Colors operator Go Fashion is likely to debut with a 65-70 percent premium on the bourses on November 30, given the IPO subscription and demand in the grey market. The company held an 8 percent share in the organised women’s bottom-wear market in FY20. It has a healthy, asset-light business model and had operating cash flows despite volatility in profit in the last three fiscals. Go Fashion mopped up Rs 1,014 crore from the public issue that was subscribed 135.46 times during November 17-22. Non-institutional investors had put in bids 262.08 times the portion set aside for them and qualified institutional investors’ reserved portion was subscribed 100.73 times. Retail investors bought shares 49.70 times the portion reserved for them. The company’s shares are available at a massive premium of 65-75 percent (Rs 450-520) in the grey market, translating into a trading price of Rs 1,140-1,210 per share in the grey market against an issue price of Rs 690 per share, as per IPO Central and IPO Watch.

RBI imposes penalty of Rs 1 crore on Union Bank of India

The Reserve Bank of India (RBI) on November 29 imposed a monetary penalty of Rs one crore on the Union Bank of India for violating certain provisions related to the sale of stressed assets and reporting of frauds. The RBI inspection revealed non-compliance with rules on classification of an account as a red flag account despite the presence of early warning signals and also failure to disclose provisioning for Security Receipts (SRs) in its Annual Report, the central bank said. This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the RBI said.

RBI allows LIC to increase stake in Kotak Mahindra Bank

Kotak Mahindra Bank, on November 29, said the Reserve Bank of India (RBI) had granted its approval to Life Insurance Corporation of India (LIC) to increase holding in the bank up to 9.99 percent. The approval is valid for a period of one year, the bank said. This is subject to compliance with the provisions issued by the Securities and Exchange Board of India (SEBI), provisions of the Foreign Exchange Management Act, 1999, and any other guidelines/regulations and statutes, as applicable, the bank said.

Asian Paints to invest Rs 960 crore

Asian Paints Ltd on Monday said it will invest Rs 960 crore to expand the manufacturing capacity of its facility situated at Ankleshwar in Gujarat. The company has signed a memorandum of understanding with the Government of Gujarat commencing the proposed expansion of manufacturing capacity of paint from 1.3 lakh KL to 2.5 lakh KL and resins and emulsions from 32,000 MT to 85,000 MT, Asian Paints said in a regulatory filing.

Bulk Deal Data

Renowned investor Dolly Khanna on Monday bought 19,642 additional shares of Simran Farms at Rs. 167.96 apiece through a bulk deal on the BSE.

Prior to today, Dolly Khanna had bought 22,344 shares of Simran Farms through a bulk deal on the BSE on November 24.

Shares of the company ended 5 percent higher at Rs. 173.45 on the BSE.

In another transaction, India Equity Fund bought 45,000 shares of Natural Capsules at Rs. 198.99 apiece through a bulk deal on the BSE.

DII and FII data

Foreign institutional investors (FIIs) sold shares worth net Rs 3,332.21 crore, while domestic institutional investors (DIIs) bought shares worth net Rs 4,611.41 crore in the Indian equity market on November 29, as per provisional data available on the NSE.

NSE F&O Ban

One stock – Indiabulls Housing Finance – is under the F&O ban for November 30. 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.