Covid news, GDP nos & two IPOs among key factors to drive market this week

sensex, Nifty, Omicron, IPOs, dalal street, GDP, Nifty50

NEW DELHI: Two IPOs, auto sales numbers, PMI readings, quarterly GDP data, core sector data, the kick start of the winter session of parliament, and above all, the unfolding of developments relating to the new Covid variant would set the tone for the domestic market in the coming week.

Global economic indicators such as Chinese PMI reading and US jobless claims would also be keenly watched after a selloff in global equities this past week.

For the week, the BSE Sensex plunged 2528.86 points, 4.24 per cent to close at 57,107. The NSE Nifty50 plummeted 738.35 points, or 4.16 per cent, to 17,026.45.

“In our sense, this correction was on the cards irrespective of the news flows, We continue with our cautious stance, and until any signs of reversal are seen, short term traders should avoid aggressive bets and trade with proper money management,” said Ruchit Jain, Trading Strategist at 5paisa.com.

This is what investor focus will be in the coming week:

Two IPOs to hit D-Street

Star Health and Allied Insurance Company will kick off its Rs 7,294 crore IPO on N0vember 30, Tuesday. Rakesh Jhunjhunwala-backed Star Health and Allied Insurance Company has set the price band for its Rs 7,249 crore initial public offer (IPO) at Rs 870-900 per share. This would be the third-largest IPO in 2021 after Paytm and Zomato, which raised Rs 18,300 crore and Rs 9,375 crore, respectively.

Tega Industries, a manufacturer of consumables for the mining industry, will hit Dalal Street the next day, December 1, Wednesday. The price band for this IPO has been fixed at Rs 443-453 a share. The three-day initial public offering (IPO) will open on December 1 and conclude on December 3, the company announced.

Q2 GDP growth likely at 8.4 per cent

The September quarter GDP print will be out at 12 pm on November 30, Tuesday. A median of 44 economist estimates polled by Reuters, forecast year-on-year growth at 8.4 per cent in the September quarter. This would be against a 20.1 per cent growth in the June quarter and 1.6 per cent growth in March quarter.

“We expect India’s GDP to grow 8.5 per cent YoY in Q2FY22 amid some support from a favourable statistical base along with a gradual removal of lockdown restrictions by most states towards the end of the last quarter,” said Acuité Ratings & Research.

Winter session: All eyes on Crypto bill

The winter session of the parliament, starting November 29, will be in focus as 26 bills, including the cryptocurrency bill, will be tabled. The bill will aim to create a facilitative framework for the creation of the official digital currency to be issued by the RBI. It also seeks to prohibit all private cryptocurrencies in India, however, it may allow for certain exceptions to promote the underlying technology of cryptocurrency and its uses.

” Currently there is a lot of uncertainty but the government is making efforts to soon put out proper regulation with regards to crypto investment as it is quickly getting widespread across India,” Hemang Jain of Motilal Oswal Securities said last week.

New Covid variant a cause of concern

Dubbed as ‘Omicron‘, the new virus variant has found itself in the list of ‘variant of concern’. The announcement from the United Nations health agency, post-market hours of Friday, marks the first time in months that WHO has classified a Covid-19 variant as such. The delta variant, which has become the world’s most prevalent, is in the same category. An eye on how the news unfolds regarding the same would be keenly watched.

Monthly PMI, auto sales data

Ajit Mishra, VP for Research at Religare Broking said, market participants will be eyeing a few macroeconomic data and domestic events next week.

“As the week marks the beginning of the new month, auto sales will also start pouring in from December 1. Besides, we have manufacturing and services PMI data scheduled on December 1 and December 3 respectively,” he said. Globally also, PMI readings especially in China and weekly jobless numbers in the US will be keenly tracked.

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