Telefónica and Wipro engage to offer network automation
Telefónica and Wipro announced an agreement to initiate the transformational journey towards Network Operations by introducing Continuous Integration, Continuous Deployment and Continuous Testing (CI/CD/CT) in Telefonica’s German and Brazilian markets, with the perspective of expansion to Spain and UK.
Wipro was quoting at Rs 642.75, down Rs 1.05, or 0.16 percent on the BSE.
Gaurav Garg, Head of Research, Capitalvia Global Research:
The Indian Benchmarks started today with gap-down opening amid weak global cues and selling across sectors. Traders will be concerned as foreign institutional investors (FIIs) net sold shares worth Rs 3,438.76 crore in the Indian equity market on November 22.
There will be some cautiousness with Crisil ratings report that the demand growth for petrol and diesel is going to be severely impacted due to push towards compressed natural gas (CNG), ethanol blending and electric vehicles.
Some support may come as an SBI research report stated that the country’s GDP growth is likely to be around 8.1 percent in the second quarter of the current fiscal year and in the range of 9.3-9.6 percent during fiscal 2022.
Our research suggests that the levels of 16700-17000 may act as an important support level in the market. If the market sustained above the support of 16700, we can expect it to trade in the range of 16700-17500.
Nifty IT index fell 1 percent dragged by the Infosys, Coforge, L&T Technology Services
Rupee Opens:
Indian rupee opened lower at 74.49 per dollar on Tuesday against Monday’s close of 74.40.
The US dollar rose 0.52% yesterday amid a decline in US stock markets and surge in US treasury yields. Further, dollar the rallied on reports that Federal Reserve Chairman Jerome Powell was nominated for a second term by President Joe Biden, said ICICI Direct..
Rupee future maturing on November 26 depreciated by 0.13% yesterday on strong dollar, risk aversion in domestic markets and FII outflows, it added.
Market at 10 Benchmark indices erased all the opening losses and trading flat with Nifty above 17400.The Sensex was down 70.98 points or 0.12% at 58394.91, and the Nifty was up 3.30 points or 0.02% at 17419.80. About 1939 shares have advanced, 793 shares declined, and 99 shares are unchanged.
Latent View Analytics shares debut with 169% premium:
Data analytics services provider Latent View Analytics started off the first day trade with a massive 169 percent premium on the bourses on November 23, which was largely on expected lines.
The stock opened at Rs 530 on the BSE and the opening tick on the National Stock Exchange was Rs 512.20, against issue price of Rs 197 per share, changing the mood at Dalal Street that was spoiled by the disappointing listing of Paytm, the leading digital payments platform.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:
The Nifty once again approached the 17200 level and has bounced from there. This is a good support for the index and if there is any turn on the upside, it has to happen from here. If we break this level, we will slide further to 16900.
On the upside there are multiple resistance levels and the trend for the short term remains bearish. Hence any pullback should be looked at as an opportunity to go short.
Nifty PSU Bank index rose over 1 percent supported by the J&K Bank, Indian Bank, Bank of Baroda
Santosh Meena, Head of Research, Swastika Investmart:
Technically, Nifty witnessed the breakdown of head and shoulder formation that is a sign of the first meaningful correction where rising 100-DMA around 17100 will act as an immediate and strong support level.
Nifty tried to hold the 17300-17250 support zone in late trade but it is vulnerable to fall again at any pullback where 17500 is an immediate hurdle, while 17600 will act as a critical hurdle.
BSE Metal index gained 1 percent led by the Vedanta, Gail India, Hindustan Zinc
Airtel adds 2.74 lakh mobile users in September; Jio, VIL lose subscribers: TRAI data
Bharti Airtel added 2.74 lakh mobile subscribers in September even as larger rival Reliance Jio lost 1.9 crore users and Vodafone Idea lost 10.77 lakh subscribers during the month, according to data released by telecom regulator TRAI on Monday. The subscriber base of Airtel stood at 35.44 crore in September as against 35.41 crore users in August. The net additions for the telco came in at 2.74 lakh users, the monthly subscriber data compiled by the Telecom Regulatory Authority of India (TRAI) showed.
India’s largest telecom operator Reliance Jio had 42.48 crore mobile subscribers as on September as it lost net 1.90 crore users. Troubled Vodafone Idea lost 10.77 lakh subscribers during the month under review and its subscriber base shrank to 26.99 crore as on September 2021.
Gainers and losers on the BSE Sensex in the early trade:
