Top 10 things you should know before the market opens

Asia's Tech News Daily

#Market Cues

Stock Market, Share market

The Indian stock market is expected to open in the green as trends on the SGX Nifty indicate a positive start for the broader index in India, with a gain of 36 points.

The BSE Sensex was down 195.71 points to 57,064.87, while the Nifty50 fell 70.80 points to 16,983.20, and formed a bearish candle on the daily charts on Tuesday. Banking and financials, auto, and metal stocks witnessed selling pressure.

According to pivot charts, the key support levels for the Nifty are placed at 16,834.84, followed by 16,686.47. If the index moves up, the key resistance levels to watch out for are 17,228.13 and 17,473.07.

Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms that would impact the Indian as well as international markets.

US Markets

Global stock benchmarks and oil prices fell sharply on Tuesday after drugmaker Moderna warned that the existing vaccines are unlikely to be as effective against the new coronavirus variant, spurring investors to pile into safe-haven assets such as government bonds and the yen.

The Dow Jones Industrial Average fell 652.22 points, or 1.86 percent, to 34,483.72, the S&P 500 lost 88.26 points, or 1.90 percent, to 4,567.01, and the Nasdaq Composite dropped 245.14 points, or 1.55 percent, to 15,537.69.

Asian Markets

The Asia-Pacific stocks were mixed in the Wednesday morning trade, following an overnight tumble stateside, as investors continued to assess the impact of the recently discovered omicron COVID variant.

In Japan, the Nikkei 225 climbed 0.3 percent in early trade, attempting to recover after multiple sessions of losses. The Topix index advanced 0.22 percent. South Korea’s Kospi gained 0.62 percent.

SGX Nifty

Trends on SGX Nifty indicate a positive start for the broader index in India, with a gain of 36 points. The Nifty futures were trading around 17,099 levels on the Singaporean exchange.

India’s real or inflation-adjusted gross domestic product (GDP) grew 8.4 percent during July-September, swinging sharply to the positive quadrant compared to the previous year’s 7.4 percent fall. However, the big question still remains: Is this strong enough to fully offset the COVID-19 shock?

The GDP for July-September in 2021 at constant 2011-12 prices stood at Rs 35,73,451 crore, which was 0.3 percent higher than Rs 35,61,530 crore in 2019-20. This is a big leap compared to the first quarter (April-June), when real GDP grew 20.1 percent, compared to 2020-21, but was still 9 percent lower than the 2019-20 GDP levels of the same quarter.

S&P Global Ratings on Tuesday kept India’s economic growth forecast for the fiscal year to March 2022 unchanged at 9.5 per cent but raised its predictions for the subsequent year on broadening out of the recovery.

“India is learning to live with the virus. Following the peak in COVID-19 cases around mid-year, the stringency index has declined, mobility has recovered, and consumer and business confidence has improved,” S&P Global Ratings said in a report.

The combined output of eight core industries has surged 7.5 percent in October as compared to the same period last year, showed the official data released on November 30. The cumulative output, apart from registering a year-on-year growth, has also marked a sequential growth as the core industries grew by 4.4 percent in September 2021.

“The combined Index of eight core industries stood at 136.2 in October 2021, which increased by 7.5 per cent (provisional) as compared to the index of October 2020,” the commerce and industries ministry said in an official release.

Chairman Jerome Powell said on Tuesday that the Federal Reserve will consider acting more quickly to dial back its ultra-low-interest rate policies to counter higher inflation, which he acknowledged will likely persist well into next year.

The Fed is currently reducing its monthly bond purchases, which are intended to lower longer-term borrowing costs, at a pace that would end those purchases in June. But he made clear that Fed officials will discuss paring those purchases more quickly when it meets next mid-December.

Doing so would put the Fed on a path to begin raising its key short-term rate as early as the first half of next year. A higher Fed rate would, in turn, raise borrowing costs for mortgages, credit cards and some business loans.

The Centre’s fiscal deficit during April to October that is the first seven months of the year is well below last year’s at Rs 20,200 crore as against Rs 39,200 crore, CNBC-TV18 reported.

It is also 36.3 percent less than the Budget estimates for FY22, data released by the Controller General of Accounts (CGA) has revealed. The central government had set a fiscal deficit target of Rs 15.07 lakh crore for the financial year.

The revenue receipts were at 70.5 percent of this year Budget estimates as against 34.2 percent last year. At the same time, total expenditure stood at 524 percent of the Budget target versus54.6 percent last year.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 5,445.25 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 5,350.23 crore in the Indian equity market on November 30, as per provisional data available on the NSE.

Stocks under F&O ban on NSE

One stock – Indiabulls Housing Finance – is under the F&O ban for December 1. 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.

With inputs from Reuters & other agencies

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