The benchmark indices opened on a positive note on November 24. The Sensex was up 63.10 points or 0.11 percent at 58727.43. The broader Nifty was up 31.50 points or 0.18 percent at 17,534.80. About 1,480 shares have advanced, 312 shares declined, and 81 shares are unchanged.
ONGC, Adani Ports, Tata Motors, UltraTech Cement and SBI Life Insurance were among major gainers on the Nifty.
Nifty recovered from early losses on Nov 23 and ended in the positive, breaking a 4 day losing streak. At close Nifty was up 0.50 percent or 86.8 points at 17,503.3.
Nifty bounced up well after making a low of 17,216. Advance decline ratio also went deeply in the positive. 17,613 could be the next resistance for the Nifty while 17,280 could be a support. The broader market having fallen sharply could bounce up longer than the Nifty.
US stocks close higher
US stocks ended mostly higher Tuesday after a choppy day of trading that saw the technology sector under pressure, with the Dow Jones Industrial Average and S&P 500 closing with gains while the tech-heavy Nasdaq Composite index fell.
Energy shares rallied, however, as oil prices bounced despite the White House announcing the US would release crude from its Strategic Petroleum Reserve in a coordinated move with other countries to try to lower the cost of gasoline. A coordinated release from government oil reserves led by the United States may add about 70 million to 80 million barrels of crude supply, smaller than the more-than-100 million barrels the market has been pricing in, analysts at Goldman Sachs said.
The market may be pricing in a rise in interest rates beginning in the middle of next year, which is not positive for long-duration assets like technology stocks.
The so-called flash survey of US manufacturers rose to a two-month high of 59.1 in November from 58.4 in the prior month, while a similar survey of service-oriented companies fell to a two-month low of 57 from 58.7.
Japan PMI at fastest pace of expansion
The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) rose to a seasonally adjusted 54.2, its fastest pace of expansion since January 2018. The reading, which was lifted by a pickup in overall output and new orders, compared to a final 53.2 in the previous month.
The au Jibun Bank Flash Services PMI Index improved to a seasonally adjusted 52.1 from the previous month's final of 50.7, putting it more firmly into expansion territory. The reading marked the fastest pace of growth since September 2019, which was just before a sales tax hike hit consumer confidence.
IHS Markit's Flash Composite Purchasing Managers' Index for Europe, a good indicator of overall economic health, jumped to 55.8 in November from 54.2 in October.
New Zealand’s central bank raised interest rates to 0.75 percent to curb price pressures and projected 2 percent benchmark borrowing costs by the end of 2022.
Asian stocks steady in early trade
Asian stocks were steady Wednesday and Treasury yields held a climb as traders weighed the prospect of tighter monetary policy to curb inflation. Crude oil trimmed an advance.
Govt to introduce cryptocurrency regulation bill
In the winter session of Parliament, the Indian Government will introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021. Securities and Exchange Board of India (SEBI) has postponed the implementation of the 50 percent cash-margin rule for futures and options (F&O) traders and credit-default swaps (CDS) segment from December 1, 2021, to February 28, 2022, in its recent circular.
Rakesh Jhunjhunwala-backed Star Health to launch IPO
Rakesh Jhunjhunwala-backed Star Health and Allied Insurance Company is set to launch its maiden public offer on November 30, 2021. The offer closes on December 2. Information about price band and lot size will be disclosed today.
FIIs net selling worth Rs 4,477.06 cr
On November 23, 2021, Foreign institutional investors have done a net selling of worth Rs 4,477.06 crore, while domestic institutional investors did net buying of worth Rs 1,412.05 crore in the Indian equity market.
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