The stock market indices opened on a positive note amid positive global cues.
At 09:16 AM, the Sensex was up 287.71 points or 0.50 percent at 57,548.29. The broader Nifty was up 84.10 points or 0.49 percent at 17,138.10. About 1329 shares have advanced, 506 shares declined, and 85 shares are unchanged.
Among early gainers at the opening bell were Tata Motors, Titan Company, SBI, Coal India and Bajaj Finance. while losers were M&M, HUL, Britannia Industries, Divis Labs and Shree Cements.
Asian markets trade positive
Asian share markets were trading largely in positive territory on Tuesday as investors became cautiously optimistic the new Omicron variant might not cause a widespread global economic disruption to worsen the coronavirus pandemic.
US stocks close higher
The Nasdaq Composite Index notched its biggest daily gain since May, while Dow industrials and the S&P 500 had their largest percentage climbs in more than a month, after President Joe Biden told Americans the fight against the omicron variant of coronavirus won’t involve “shutdowns or lockdowns.”
Meanwhile, pending home sales rose 7.5 percent in October, compared with September, the National Association of Realtors reported Monday. Economists polled by MarketWatch had projected a 0.7 percent increase for pending home sales in October. Compared with last year, pending sales were down 1.4 percent, reflecting how much home-buying activity has cooled from the breakneck pace of last year.
European Central Bank policymakers sought to reassure investors rattled by the new variant, arguing that the euro zone's economy had learned to cope with successive waves of the pandemic.
Oil prices rebound
Speculation that oil producing group OPEC and its allies, known as OPEC+, may pause an output increase in response to the spread of Omicron aided the oil price rebound.
China PMI above expectations
China’s official manufacturing Purchasing Managers’ Index for November came in at 50.1 on Tuesday. That was above expectations by analysts in a Reuters poll for a reading of 49.6. The official non-manufacturing PMI in November eased to 52.3 from 52.4 in October, as the services sector took a hit from the fresh lockdown measures as China raced to contain the latest outbreak. China's official October composite PMI, which includes both manufacturing and services activity, stood at 52.2, up from October's 50.8.
GDP seen growing at 8.3% in Q2, 9.4% full year
The economy is expected to grow 8.3 percent in Q2 and close the year with 9.4 per cent in FY22 which is 10 bps lower than the consensus forecast, India Ratings said.
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 the September quarter of the current fiscal.
Another major reason is the near three-fold jump in vaccination, which soared to 890.21 million as of October-end from 335.72 million at June-end.
The government will announce the numbers on Tuesday.
FII data
On November 29 2021, Foreign institutional investors have done net selling of worth Rs -3,332.21 crores. Continuous selling from FII’s shows rising inflation risk and uncertainty regarding high valuations in Indian equities but it is a short term trend and is part of the normal cyclical nature of the Indian economy. while domestic institutional investors have done net buying of worth Rs 4,611.41 crore in the Indian equity market.
Star Health IPO
The three day initial public offering of Star Health will be open today (November 30) and will end on December 2.
