Markets ended with marginal gains on Thursday with Nifty closing above 17500 while Bank Nifty ended with losses of 0.5%. The Nifty in USD terms still remains 0.65% away from previous week high as USDINR strengthened in the past few days. Thus, the area of 17630-17650 should be seen as a major resistance for markets in coming days. Adding to it, USDINR has also triggered a breakout above 75.66 in the international market which may trigger rupee volatility with USDINR hitting 52 week high and JPYINR poised for a major breakout above 66.60. As Nifty in USD terms is still prevailing below rising wedge support, we expect 17312 to act as a major trigger for breakdown in the coming days.
Asia-Pacific markets declined on Friday as investors assess risks associated with the new omicron Covid variant and look ahead to key inflation data in the U.S. Both the S&P 500 and Nasdaq 100 retreated, ending a three-day rally, as losses in consumer discretionary and real estate stocks led the market lower. Treasuries pared back a rally after a lackluster sale of 30-year bonds. Oil tumbled back toward $70 per barrel and Bitcoin fell below $50,000, with losses accelerating.
Events – Metro Brands IPO opens ; price band fixed at Rs485-500 per equity share, Star Health Care listing (issue price Rs900), October IIP data
Stocks to watch
- ITC – The FMCG player has confirmed that it will hold its first-ever analyst meet on December 14. Analysts have taken this announcement as a sign of the company making efforts to increase transparency.
- Can Finance Home – company announced that it will consider the proposal of payment of interim dividend for financial year 2021-22 on December 14, 2021.
- HFCL Limited fixes QIP price as Rs. 68.75, allots shares, 5% discount on yesterday price
- Idea – Media report said Vodafone Idea has raised enough money to pay bondholders as the due date approaches.
- Marksans Pharma Limited announces UK MHRA approval for Loperamide 2mg Hard Capsules – positive
- HCL Tech has named Santhosh Jayaram Global Head of Sustainability, reaffirming the organization’s commitment to integrating sustainability as a key element of its business and growth.- positive
- Bajaj Electricals board approves review of corporate structure – positive
- HCC – Media report that the Bankers may approve HCC new resolution plan on Lavasa projects.
- JMC Projects has assigned the rating as CARE AA-; Stable (Double A Minus; Outlook: Stable) to the proposed issue of NCD.
- InterGlobe Aviation and SpiceJet – The Directorate General of Civil Aviation has extended the suspension of scheduled international commercial passenger services till January 31, 2022.- Expects volatile
- RBL Bank – The lender is seeking buyers for its Rs 105-crore loan exposure to Future Corporate Resources which holds a majority stake in Future Coupon, a 51:49 joint venture with Amazon.
- MindTree has been named a Major Contender in the Everest Group Internet of Things (IoT) Supply Chain Solutions PEAK Matrix® Assessment 2022.
- Dr. Reddy’s Laboratories announces the launch of Valsartan Tablets, USP in the U.S. Market- along with its subsidiaries together referred to as “Dr. Reddy’s”) today announced the launch of Valsartan Tablets, USP, a therapeutic equivalent generic version of Diovan® (valsartan) Tablets approved by the U.S. Food and Drug Administration (USFDA.
- Yes Bank partners with The Fintech Meetup to drive fintech innovation at grass root level
- Bharti Airtel announced the launch of ‘Airtel India Startup Innovation Challenge’ in partnership with Invest India. The company invites early stage Indian startups to demonstrate solutions for 5G, IoT, Cloud Communications, Digital Advertising and Digital Entertainment.
- Tata Power Focus – Union Minister of Power and MNRE R.K Singh has chaired an interministerial meeting on PLI scheme on Advanced Chemistry Cell Battery Storage and Strategy to acquire lithium mines abroad.
- REC board approves sale and transfer of Kallam Transmissiom, process for sale of the said SPV to the successful bidder(s) is expected to complete in the financial year 2021-22
- UPL: nurture.farm completes largest ever project to eliminate stubble buring in India – positive
- Dishman Carbogen Amcis welcomes results of Clinical Research Study in vitamin D deficiency/insufficiency with Covid patient – positive
- JSPL records steel production of 6.74 lakh tonnes up 10% yoy in November 2021 – positive
Economy & Policy
Govt procures paddy worth Rs 64,000 cr at MSP in 2021-22 mkt year so far
India’s economy likely to grow 10.5% in FY22, 9% in FY23 – Credit Suisse
ADB approves Rs 2,645-crore loan to improve urban services in India
In 2020, India imported 377 tons of gold bars and dore from over 30 countries – WGC
Equity MFs see ninth straight month of inflows in Nov, at over Rs 11,000 cr
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