The benchmark indices opened flat on Tuesday. Sensex was down 122.97 points or 0.20 percent at 60,595.74. The broader Nifty was down 34.80 points or 0.19 percent at 18074.70. About 1104 shares have advanced, 763 shares declined, and 96 shares are unchanged.
ONGC, L&T, Hero MotoCorp, Maruti Suzuki and TATA Consumer Products were among major gainers, while losers were Hindalco, Tata Steel, HDFC, Reliance Industries and JSW Steel.
Wall Street indices decline
Wall Street indices closed out Monday’s session near the unchanged mark as rising Treasury yields dented the appetite for technology stocks, while Boeing shares advanced on signs of demand for its freighter aircraft.
The Dow Jones Industrial Average fell 12.86 points, or 0.04 percent, to 36,087.45, the S&P 500 lost 0.05 point at 4,682.80 and the Nasdaq Composite dropped 7.11 points, or 0.04 percent, to 15,853.85.
Asian shares trade mixed
Shares in Asia-Pacific were mixed in Tuesday trade as the Reserve Bank of Australia released minutes from its recent monetary policy meeting. The S&P/ASX 200 in Australia declined 0.48 percent.
The Nikkei 225 in Japan slipped slightly while the Topix index climbed 0.28 percent. In South Korea, the Kospi hovered above the flatline.
Oil prices slip
Oil prices slipped on Tuesday as a rebound in COVID-19 cases in Europe raised concerns over demand amid expectation that supply will rise, while some in the market still fear the US may release crude reserves to stop a rally in gasoline prices.
Brent futures fell 9 cents, or 0.1 percent, to $81.96 a barrel, as of 0105 GMT, while US West Texas Intermediate (WTI) crude slid 10 cents, or 0.1 percent, to $80.78 a barrel.
Gold prices hit five-month high
Gold prices hit a five-month high on Monday as inflation worries burnished the safe-haven metal’s appeal even as the dollar and U.S. bond yields strengthened. Spot gold was up 0.1 percent at $1,866.03 per ounce by 1902 GMT, following a slight pullback earlier in the day due to profit-taking.
Interest rate hikes tend to reduce non-interest bearing gold’s appeal as it raises the metal’s opportunity cost. However, the US benchmark 10-year Treasury yields rose to near three-week high, increasing the opportunity cost of holding the bullion. The dollar index gained 0.3 percent to a 16-month high against its rivals.
RBI introduces internal ombudsman for select NBFCs
Reserve Bank of India (RBI) on November 15 introduced an internal ombudsman mechanism for select NBFCs.
The RBI has directed deposit-taking NBFCs (NBFCs-D) with or more branches and Non-Deposit taking NBFCs (NBFCs-ND) with asset size of Rs 5,000 crore and above having public customer interface to appoint Internal Ombudsman (IO) at the apex of their internal grievance redress mechanism within a period of six months.
Certain NBFCs not having public customer interface and certain types of NBFCs such as standalone Primary Dealers (PDs), NBFC - Infrastructure Finance Companies (NBFC-IFCs), Core Investment Companies (CICs), Infrastructure Debt Fund - Non-Banking Financial Companies (IDF-NBFCs), Non-Banking Financial Company – Account Aggregators.
Bharat Bond ETF likely to be launched on December 3
The third tranche of Bharat Bond ETF is likely to be launched on December 3, according to people in the know.
The ETF issue is likely to have a greenshoe option, which will allow any over-subscription over the base issue to also get absorbed in the issue.
The third tranche of the ETF is expected to have maturity of April 2032. The first tranche of Bharat Bond ETF, which was launched in January 2020, raised Rs 12,400 crore, while second tranche launched in July 2020, raised Rs 15,000 crore.
S&P 500 to move lower in 2022: Morgan Stanley
Morgan Stanley analysts see the S&P 500 moving lower in 2022, with equity markets more volatile as earnings growth slows, bond yields climb and companies try to manage supply chain disruptions and higher input costs.
While Morgan Stanley does expect earnings for the S&P 500 overall to be solid, chief U.S. equity strategist Michael Wilson expects “significant” earnings dispersion at the stock level, making the year more about stocks than sectors or styles.
9 stocks under F&O ban
Nine stocks – Bank of Baroda, BHEL, Escorts, Indiabulls Housing Finance, IRCTC, NALCO, Punjab National Bank, SAIL and Sun TV Network – are under the F&O ban.
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