Updated on: Monday, November 29, 2021, 09:24 AM IST

Stock markets open flat: Sensex declines over 230 points, Nifty gives up 17,000

The increase of new COVID cases in Europe and detection of new covid variants in South Africa created a panic in the market. |

The increase of new COVID cases in Europe and detection of new covid variants in South Africa created a panic in the market. |


The stock market indices opened weak on first day of trading, November 29. The increase of new covid cases in Europe and detection of new covid variants in South Africa created a panic in the market.

At 9:17 AM, the Sensex was down 233.04 points or 0.41 percent at 56,874.11. The Nifty was down 91.50 points or 0.54 percent at 16,935. About 683 shares have advanced, 1246 shares declined, and 94 shares are unchanged.

IndusInd Bank, Bharti Airtel, Sun Pharma, HCL Technologies and Dr Reddy’s Labs were among major gainers on the Nifty, while losers included Adani Ports, Tata Motors, Hero MotoCorp, ONGC and M&M.

Nifty crashed almost 3 percent on November 26 due to the fresh scare about the new strain of Covid Virus identified in South Africa. At close Nifty was down 2.91 percent or 509.8 points at 17,026.5.

On a weekly basis, Nifty fell a massive 4.16 percent, the highest since January 2021. Nifty keeps facing selling pressure on every rise and is making new lows. Advance decline ratio is deeply in the negative. Nifty now has support from 16,722 while 17,269-17,326 band could be the resistance.

US stocks closed lower on Friday

US stock benchmarks suffered withering losses on Friday as stock and commodity markets plunged, after scientists detected a new COVID variant in South Africa that could be to blame for a recent sharp surge in cases, especially in Europe. Little is known of the variant, detected in South Africa, Botswana and Hong Kong, but scientists say it has an unusual combination of mutations, may be able to evade immune responses and could be more transmissible.

US. markets were closed for Thanksgiving on Thursday and ended at 1 p.m. Eastern Time on Friday, three hours earlier than usual,

Dow index logged the worst daily drop since October 28, 2020. The decline for the S&P 500, Dow and Nasdaq Composite posted their worst Black Friday performance since 1950. The 10-year Treasury note retreated by more than 10 basis points to fall to around 1.54 percent versus 1.644 percent on Wednesday

Bitcoins falls sharply

Bitcoin fell sharply alongside other assets on Friday, hitting a seven-week low and officially entering bear market territory. The world’s biggest cryptocurrency sank nearly 8% in the last 24 hours to $54,321, according to Coin Metrics data.

Oil posts worst day of year on Friday

Oil posted its worst day of the year on Friday, tumbling to the lowest level in more than two months as the new COVID-19 strain sparked fears about a demand slowdown just as supply increases. USoil settled 13.06 percent, or $10.24, lower at $68.15 per barrel, falling below the key $70 level. It was the contract’s worst day since April 2020. Both contracts registered their fifth straight week of losses for the longest weekly losing streak since March 2020.

Bullion erases November rally

Bullion has erased its November rally and is almost back to where it started the month as investors weighed the potential of the Federal Reserve removing policy support at a faster pace to keep inflation in check, with the possible impact of the omicron strain on the global recovery.

The November 22-25 poll of 44 economists put the median year-on-year India GDP growth forecast at 8.4 percent in the July-September period. The Indian economy expanded 1.6 percent and 20.1 percent in the January-March and April-June quarters, respectively. The report will be released at 1200 GMT on November 30.

China's industrial firms grow at fast pace

Profits at China's industrial firms grew at a faster pace in October, the statistics bureau said on Saturday, providing a buffer for a faltering economy battered by soaring raw material prices. Profits in October rose 24.6 percent from a year earlier to 818.7 billion yuan ($128.1 billion), the official data showed, quickening from a 16.3 percent gain reported in September.

Asian markets steady in early trade

Asian markets regained a little composure on Monday as investors settled in for a few weeks of uncertainty on whether the Omicron variant would really derail economic recoveries and the tightening plans of some central banks. Uncertainty about a new emerging coronavirus strain could continue to spook markets.

Two IPOs to hit market this week to raise Rs 7,868 cr

Star Health and Allied Insurance Company and Tega Industries are set to float their initial public offerings (IPOs) this week to cumulatively raise Rs 7,868 crore.

The three-day initial share-sale of Star Health will open on November 30 and conclude on December 2, while that of Tega Industries will be open for public subscription during December 1-3.

This comes after 10 firms successfully concluded their initial public offerings in November. So far in 2021, as many as 51 companies have launched their IPOs to raise over Rs 1 lakh crore, according to the analysis of data with exchanges.

FII data

On November 26 2021, Foreign institutional investors have done net selling of worth Rs 57,85.83 crores. while domestic institutional investors have done net buying of worth Rs 22,94.11 crore in the Indian equity market.

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Published on: Monday, November 29, 2021, 09:24 AM IST