Stock Market News:
The market is expected to open flat on November 30 as trends in the SGX Nifty indicate a cautious opening for the domestic equity benchmarks with a gain of 2 points.
In the previous session, the BSE Sensex rose 177 points to 62,682, while the Nifty50 closed above the 18,600 mark for the first time, climbing 55 points to 18,618 and forming a bullish candlestick pattern which resembles the Bullish Marubozu Opening kind of pattern on the daily charts, making higher high for fifth consecutive session.
As per the pivot charts, the key support level for the Nifty is placed at 18,568, followed by 18,538 & 18,490. If the index moves up, the key resistance levels to watch out for are 18,664 followed by 18,694 and 18,742.
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 which could impact Indian as well as international markets:
US Markets
The S&P 500 ended down on Tuesday, with losses in Apple and Amazon ahead of an upcoming speech by US Federal Reserve Chair Jerome Powell that could provide hints about magnitude of future interest rate hikes.
The S&P 500 declined 0.16% to end the session at 3,957.60 points. The Nasdaq declined 0.59% to 10,983.78 points, while Dow Jones Industrial Average rose 0.01% to 33,852.13 points.
Asian Markets
Asia-Pacific shares were mixed on Wednesday ahead of the release of data on China’s November factory activity, in which analysts are expecting to see a contraction for the second time in a row.
In Australia, the S&P/ASX 200 pared earlier losses and traded 0.18% higher after reporting lower-than-expected monthly inflation data. The Nikkei 225 in Japan fell 0.42% and Topix slipped 0.41%. South Korea’s Kospi
reversed losses to rise 0.45%. The MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed.
SGX Nifty
Trends in the SGX Nifty indicate a cautious opening for the broader index in India with a gain of 2 points. The Nifty futures were trading around 18,760 levels on the Singaporean exchange.
Oil up on China COVID hopes, but OPEC+ output concerns offset gains
Oil rose on Tuesday on expectations for a loosening of China’s strict COVID-19 controls, but concerns that OPEC+ would keep its output unchanged at its upcoming meeting limited gains.
Brent crude futures settled at $83.03 a barrel, losing 16 cents, or 0.2%. US West Texas Intermediate (WTI) crude futures settled at $78.20 a barrel, up 96 cents, or 1.2%.
India annual GDP growth to slow in September quarter as COVID effect fades
Annual growth in the Indian economy likely slowed in the July-September quarter as COVID distortions faded, economists said ahead of GDP data due on Wednesday that will provide clues about its resilience in the face of global economic turmoil.
Asia’s third-largest economy is expected to post annual growth of 6.2% in the three months to Sept. 31, according to a Reuters poll, down from explosive growth of 13.5% in the previous quarter, which was inflated by comparison with weak activity during COVID-19 lockdowns.
The gross domestic product data will cast light on the health of the economy as pandemic related disruptions ease and the government steps up spending in the hope that private spending and investments will follow, economists said.
“Several indicators suggest that the Indian economy is making resilient progress in Q2 FY23 in spite of the drag from global spill overs,” State bank of India’s economist Soumya Kanti Ghosh said, using the designation used by the government for the July-September quarter.
Alibaba to sell $200 million worth of shares in Zomato today: Report
Alibaba, which owns about 13 percent stake in restaurant aggregator and food delivery unicorn Zomato through two of its subsidiaries, will sell shares worth $200 million through a block deal on November 30, CNBC Awaaz said on November 29.
Ant Financial and Alipay would bring down their stake in Zomato to about 10 percent, the report said quoting sources. The block deal is said to happen at a discount of about 5-6 percent, the report said. Investment bank Morgan Stanley would be the broker to the deal.
Uniparts India IPO opens today
Engineered systems manufacturer Uniparts India will be the last initial public offering (IPO) to open for subscription in November. The public issue will open on November 30 and the bidding will continue till December 2, 2022. The anchor book opened for a day on November 29.
The company has fixed a price band of Rs 548-577 per share. The IPO is an offer-for-sale (OFS). The share sale is expected to fetch Rs 835.6 crore to the selling promoters and investors at the upper end of the price band. On offer will be 1.44 crore shares.
Among promoters, The Karan Soni 2018 CG-NG Nevada Trust and The Meher Soni 2018 CG-NG Nevada Trust will offload 11 lakh shares each, while 22 lakh shares are being offered by Pamela Soni.
FII and DII data
Foreign institutional investors (FIIs) have net-bought shares worth Rs 1,241.57 crore, while domestic institutional investors (DIIs) net-sold shares worth Rs 744.42 crore on November 29, as per provisional data available on the NSE.
South Korea October factory output drops at fastest pace since May 2020
South Korea’s factory output dropped in October by more than expected and at the fastest pace in nearly 2-1/2 years, government data showed on Wednesday, amid weakening demand due to a global economic slowdown, and aggressive rate hikes.
The country’s industrial output fell by a seasonally adjusted 3.5% in October from a month earlier, accelerating from a revised 1.9% decline in September, according to Statistics Korea. It missed economists’ expectations of a 1.0% fall tipped in a Reuters survey and marked the fastest decline since May 2020.
Stocks under F&O ban on NSE
The National Stock Exchange has added Punjab National Bank, and retained BHEL, Delta Corp and Indiabulls Housing Finance, under its F&O ban list for November 30. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
With inputs from Reuters and other agencies
